We found 11 online brokers that are appropriate for Trading Alternative Robinhood Investment Platforms.
Robinhood is one of the most popular and cheapest brokerage platforms in the market. This is the reason why many entry-level traders and individual retail investors enjoy trading with Robinhood. However, many traders might be contemplating to close their accounts with Robinhood to seek a different experience with another platform. Therefore, this is where this article will help breakdown some of the important aspects to take note off when deciding to close your account with Robinhood.
There are various reasons why traders decide to quit Robinhood. While it provides traders with a no-commission trading experience, easy-to-use mobile app trading, and other benefits, Robinhood users may experience some limitations after a while. Some of them decide to quit Robinhood and move to other brokerage services. Furthermore, there is no account closure fee in Robinhood so you can basically close your account anytime.
Robinhood works well for beginner individual traders that enjoy an effective trading experience through apps, however, it may not be suitable for investors looking to build their retirement accounts. The platform currently does not offer individual retirement accounts(IRA). Also, regardless of your assets, your earnings are subject to taxation.
Even though it provides accessibility to trading accounts, Robinhood lacks analysis, research, and backtesting tools. Robinhood also tends to direct traders into specific options with no detailed information. That is why traders in Robinhood perform more speculative trading than traders in other platforms. Matured investors would find that they need to use third-party tools or sources and go back to their accounts to execute trades.
For Forex traders who want to broaden their access to stocks, futures, and CFDs, they may have to consider another brokerage platform. Robinhood has no MT4 and MT5 integration yet in its Forex trading. At this point, trading the Forex would be done without any access to the mentioned assets. Therefore, if you are looking to venture into Forex trading, leaving the Robinhood platform might be ideal.
When it comes to day trading, Robinhood has restrictions that may limit advanced traders. Only three days of day trading per week is given for Robinhood traders. Even though the limitation is a form of protection and compliance with regulation, some more impatient traders might find this annoying. Therefore, if you are an active day trader, you may consider quitting Robinhood.
Overall, you can quit Robinhood anytime especially if you face limitations that do not suit your trading goals or preferences. You may consider moving to another platform with more comprehensive features and services.
Even though you can close your Robinhood account anytime, it should be done well. You can start by selling your stored securities and empty your balance as Robinhood won't approve the closure if you still have money in your balance. The liquidation process would cost you nothing and there are no commission fees required. Next, you will also need to transfer the cash to your bank account through Robinhood mobile app.
Once your balance is already $0.00, you can send a Robinhood account closure request email to [email protected] This process may take up to 7 days to process.
Another way to close your Robinhood account is by submitting a closure form through the mobile app. You can select the contact support in the help menu, then select my account, and then select close my account. There you can leave a message of the account closure request. Unfortunately, there's no hotline or a quicker way to request account closure in Robinhood.
Once your closure request has been completed and approved, Robinhood would provide you with trade confirmations, account statements, and necessary tax documents that you can access through the mobile app.
If you decide to transfer your securities to another brokerage company, there would be a $75 account transfer fee. You will receive the reimbursement if you transfer your Robinhood account to Ally Invest, but a transfer fee is applied for other firms. Otherwise, you can simply cash out your securities first and move them to the bank before investing in your account in another broker. The cash transferred to your bank account is free of charge which makes this option cheaper.
Robinhood associates are also available in the working(market) hours to assist you with the account closure process. You can ask them for a more detailed closure process but the processes mentioned above might be sufficient for most.
Overall, closing an account with Robinhood is recommended for traders looking to diversify their trades in areas that Robinhood cannot provide. In order to close your account, simply follow the steps listed above. However, it should be noted that you will not be able to reactivate your closed Robinhood account. Therefore, you need to carefully consider all factors previously mentioned before closing your Robinhood account.
We've collected thousands of datapoints and written a guide to help you find the best Quit Robinhood for you. Our aim is that this information helps you choose a trustworthy, reputable and professional broker who can satisfy your trading needs online. We have compiled a list of what we consider the best Alternative Robinhood Investment Platforms below.
There are a number of important factors to consider when picking an online Alternative Robinhood Investment Platforms trading brokerage.
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
We compare these features to make it easier for you to make a more informed choice.
Here are the top Alternative Robinhood Investment Platforms.
Compare Alternative Robinhood Investment Platforms min deposits, regulation, headquarters, benefits, funding methods and fees side by side.
All brokers below are Alternative Robinhood Investment Platforms. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more Alternative Robinhood Investment Platforms that accept Alternative Robinhood Investment Platforms clients
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eToro
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IC Markets
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Roboforex
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AvaTrade
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XM
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XTB
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Pepperstone
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FP Markets
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Trading212
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Plus500
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EasyMarkets
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Regulation | Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC) | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | Cyprus Securities and Exchange Commission (CySEC) | Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), ASIC (406684), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), The Financial Services Agency (JAPAN FSA), Financial Futures Association of Japan (FFAJ), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), Polish Financial Supervision Authority (KNF), Israel Securities Association (ISA), British Virgin Islands Financial Services Commission (BVI), BVI (SIBA/L/13/1049) | Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) | Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG), Dubai Financial Services Authority (DFSA), Dubai International Financial Center (DIFC),Financial Sector Conduct Authority (FSCA), XTB AFRICA (PTY) LTD licensed to operate in South Africa | Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 | Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), Financial Supervision Commission (FSC) | Plus500UK Ltd authorized & regulated by the FCA (#509909), Plus500CY Ltd authorized & regulated by CySEC (#250/14), Plus500AU Pty Ltd (ACN 153301681), ASIC in Australia AFSL #417727, FMA in New Zealand, FSP #486026 and Authorised Financial Services Provider in South Africa FSP #47546, Plus500SEY Ltd is authorised and regulated by the Seychelles Financial Services Authority (Licence No. SD039), Plus500SG Pte Ltd (UEN 201422211Z) holds a capital markets services license from the Monetary Authority of Singapore (MAS) for dealing in capital markets products (License No. CMS100648-1), PLUS500AU (PTY) LTD is regulated by the FSCA (Financial Sector Conduct Authority), Plus500 adheres to MiFID rules | Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) |
Min Deposit | 10 | 200 | 1 | 100 | 5 | No minimum deposit | 200 | 100 | 1 | 100 | 100 |
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Used By | 27,000,000+ | 180,000+ | 10,000+ | 300,000+ | 3,500,000+ | 250,000+ | 89,000+ | 10,000+ | 15,000,000+ | 15,500+ | 142,500+ |
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Platforms | Web Trader, Tablet & Mobile apps | MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac | MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile apps | Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5 | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, Mirror Trader, Web Trader, Tablet & Mobile apps | MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps | MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps | MT4, Web Trader, Tablet & Mobile apps |
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Learn More |
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Up with etoro |
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Up with icmarkets |
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Up with roboforex |
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Up with avatrade |
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Up with xm |
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Up with xtb |
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Up with pepperstone |
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Up with fpmarkets |
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Up with trading212 |
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Up with plus500 |
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Up with easymarkets |
Risk Warning | 78% of retail investor accounts lose money when trading CFDs with this provider. | Losses can exceed deposits | Losses can exceed deposits | 71% of retail investor accounts lose money when trading CFDs with this provider | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 74-89 % of retail investor accounts lose money when trading CFDs | Losses can exceed deposits | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. | 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. | Your capital is at risk |
Demo |
eToro Demo |
IC Markets Demo |
Roboforex Demo |
AvaTrade Demo |
XM Demo |
XTB Demo |
Pepperstone Demo |
FP Markets Demo |
Trading 212 Demo |
Plus500 Demo |
easyMarkets Demo |
Excluded Countries | ZA, ID, IR, KP, BE, CA, JP, SY, TR, IL, BY, AL, MD, MK, RS, GN, CD, SD, SA, ZW, ET, GH, TZ, LY, UG, ZM, BW, RW, TN, SO, NA, TG, SL, LR, GM, DJ, CI, PK, BN, TW, WS, NP, SG, VI, TM, TJ, UZ, LK, TT, HT, MM, BT, MH, MV, KZ, GD, FJ, BB, BM, BS, AG, AI, AW, LB, SV, PY, HN, GT, PR, NI, VG, AN, | AF, GN, SL, BW, IR, SY, MM, IQ, TG, KH, LS, YE, CI , LR, ZW, CU, LY, TZ, CG, ML, BO, LR, NE, AO, GM, NG, AG, GH, KR, KG, GN, SN, NA | US, JP | BE, BR, KP, NZ, TR, US, CA, SG | US, CA, IL, KR, IR, MM, CU, SD, SY | US, IN, PK, BD, NG , ID, BE, AU | AF, AS, AQ, AR, AM, AZ, BY, BE, BZ, BT, BA, BI, CM, CA, CF, TD, CG, CI, ER, GF, PF, GP, GU, GN, GW, GY, HT, VA, IR, IQ, JP, KZ, LB, LR, LY, ML, MQ, YT, MZ, MM, NZ, NI, KP, PS, PR, RE, KN, LC, VC, WS, SO, GS, KR, SS, SD, SR, SY, TJ, TN, TM, TC, US, UY, VU, VG, EH, YE, ZW | US, JP, NZ | US, CA | MY, BE, US, CA, CN, ID, PH, TG, NG, DO, MA, ZW, PR, TZ, TN, UG, BW, AO, AE | US |
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
You can compare Alternative Robinhood Investment Platforms ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.
We also have an indepth Top Alternative Robinhood Investment Platforms for 2022 article further below. You can see it now by clicking here
We have listed top Alternative Robinhood Investment Platforms below.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.