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- The Robinhood investment app is taking a hit for trading crashes during stock and cryptocurrency surges.
- If you are looking to leave Robinhood or are new to trading, you may want to consider alternatives like Acorns and Ellevest.
- To find the best option for you, consider whether you want a hands-off or do-it-yourself investing approach.
- See Insider’s Picks for the best stock trading apps.
The popular Robinhood investment app has come under fire due to server issues that have kept many crypto traders from buying Dogecoin. The trade crash comes as popular cryptocurrency Dogecoin continues to climb nearly 30%.
Robinhood also made headlines earlier this year after members of the r / WallStreetBets Reddit forum spiked the stock price of Gamestop. Robin Hood, along with TD Ameritrade and Webull, temporarily halted sales of Gamestop and other booming stocks, resulting in a backlash from users.
Like more users revolt against Robinhood, you may be wondering if you should transfer your Robinhood shares and explore other investment applications. Fortunately, there are plenty of choices for active and passive traders – and some of them are especially great for new investors.
Read on to see which app is right for you.
1 Charles Schwab has a long list of investment and wealth building products
Among Schwab’s investment products are self-directed brokerage accounts, automated investment accounts, IRA and retirement accounts, education and custody accounts, and more.
You can create a brokerage account without having to respect a minimum account. In addition, Schwab offers commission-free transactions for stocks, ETFs and options. Charles Schwab also offers several other investments including mutual funds, money market funds, bonds, fractional stocks, international stocks, annuities, and more.
Whether you are more of a passive investor or not, Schwab also offers a automated investment platform who manages your investments for you.
2. Acorns manages the investment process for you
All you’ll need is a minimum of $ 5 to start investing, and you’ll need to pay a monthly fee of $ 1, $ 3, or $ 5, depending on which plan you choose.
A die acorns The great features are called Round-Ups which invest any spare currency left over from certain purchases. You’ll just need to link your debit or credit card to get started, then Acorns will round your purchases to the next dollar and invest the change.
There are three plans to choose from: Acorns Lite, Acorns Personal and Acorns Family. Acorns Lite costs $ 1 per month and includes access to an investment account. With Acorns Personal ($ 3 per month), you can take advantage of both an investment account, IRA, and a checking account. Acorns Family costs $ 5 per month and includes an investment account, retirement account, checking account, and children’s investment account.
3.Fidelity consolidates active trading accounts and automated accounts under one roof
You can both actively trade and use the help of faithfulness automated investment platform, Fidelity Go, if you wish.
Like Charles Schwab, Fidelity allows you to trade stocks, ETFs and options without earning commissions. Fidelity also offers fractional stock trading, but its fees for automated advice differ.
You won’t need a certain account size to get started with Fidelity Go, but you will need to pay $ 3 per month if your account balance is between $ 10,000 and $ 49,999. If you have $ 50,000 or more, you’ll pay an asset-based fee of 0.35% per annum. You won’t have to pay anything if you have less than $ 10,000.
4. Ellevest offers automated and goal-oriented investments
Ellevest is an automated investment platform offering automated account management, learning resources and coaching services, all aimed at women. While the investing app does not provide self-directed trading, it does offer a range of financial tools and resources.
This app also offers an Ellevest Spend and Save * account, personalized management for Traditional, SEP and Roth IRAs, one-on-one sessions with financial planners and career coaches at a discounted member rate, and unlimited access to career opportunities. e-learning such as workshops and e-mail courses.
Click here to open an account »
5. E * TRADE provides thousands of free mutual funds
E * TRADE offers commission-free trading on stocks, options and ETFs listed in the United States. The investment app’s account offering also includes IRAs and Education Savings Accounts (ESAs). As for its investments, E * TRADE offers more than 9,000 mutual funds. More than 4,400 of them are mutual funds with no transaction fees.
The company also provides automated investment advice and managed portfolios, but you’ll need at least $ 500 to get started.
6. Betterment automates investing and retirement savings for you
Improvement is widely regarded as a pioneer in the automated investment platform industry (which you may have heard referred to as robo-advisors). The investment platform offers automated investment management for investment and retirement accounts, and it allows you to get started without meeting a minimum account size requirement.
You will only have to pay an annual fee of 0.25% if you use the company’s digital plan. Betterment’s premium plan gives you unlimited access to Certified Financial Planners (CFP), but you’ll need an account balance of at least $ 100,000.
Click here to open an account »
7. SoFi is best for newbie investors
SoFi’s investment choices are limited to stocks and ETFs, but the investment app makes up for that with its free offerings. SoFi also offers an automated investing account at no cost, but you’ll need at least $ 1 to start investing.
SoFi accepts individual and joint brokerage accounts, traditional IRAs, Roth IRAs, and SEP IRAs. One of the biggest costs of SoFi’s active investment account is cryptocurrency trading. SoFi charges 1.25% on all cryptocurrency transactions.
Rickie Houston is a wealth building reporter at Personal Finance Insider who covers investing, brokerage and wealth building products.
* Banking products and services are provided by Coastal Community Bank, FDIC member, under license from Mastercard International.