Top Alternatives To Robinhood For Trading Stocks And Crypto-Currency Without Limits
In the last week, the GameStop fiasco has expanded to several other stocks and now cryptocurrencies. The whole event is becoming something of a meme, which has angered some people higher up the chain. Some companies, such as the now-infamous Robinhood
, began to lock down what stocks and cryptocurrencies investors could buy, much to the ire of the internet and WallStreetBets
. As Robinhood has fallen from grace, consumers are now looking for new platforms to buy stocks and cryptocurrency, and we have compiled some options to help you along.
Buy Dogecoin And Other Cryptocurrencies
Binance And Binance.US
We list Binance and Binance.US first because it seems to be one of the most fully-featured cryptocurrency-buying platforms. In all cases, we use Dogecoin
as the example for what each site looks like, and the Binance page for Dogecoin appears rather robust. It features what seems to be live data paired with several types of charts. Moreover, you can make limit and stop-limit buy and sells, which is incredibly useful for the fluctuating coin market in which we find ourselves.
When it comes to setting up an account, it does take a little work to get off the ground. You need to verify your identity with personal information, a piece of mail addressed to your home to verify your address and a photo of an ID. Once you have that done, though, you can send funds through a bank account or via a debit card. You can follow this link here to get started with Binance
in the U.S.
If you do not want to use Binance, Bittrex is an alternative with an incredibly similar feature set. It has the same types of charts, sell types, and other data to monitor crypto-markets. To get started, you need to sign up and then verify your account with images of your driver's license and yourself. If you want to start buying crypto on Bittrex, you can follow this link to sign up
Buy GameStop, AMC, AMD, And Other Stocks
Fidelity seems to be the up-and-coming redditor replacement for Robinhood and, while it isn't exactly perfect, it is a solid option. Overall, usability is not the best, but it certainly works once you get used to it after a minute or two. Also, Fidelity has not been limiting the purchase of stocks like other competitors, so they are the present best option. As far as signing up goes, it is fairly simple to get through, and then you can dig into quite a bit of data about specific stocks. Again, it requires some experimenting and exploring, but it gets easier to use as time goes on. If you want to join the flocks leaving Robinhood, you can join Fidelity here
There are also other alternatives out there like E-Trade and TD Ameritrade, which are commission-free for stocks and ETFs. However, both of those firms have the same problem as Robinhood: they limited trading of GME last week which has drawn the ire of the WallStreetBets faithful. Until both firms back away from this practice, it's likely that they will remain on the back burner for investors interested in meme stocks.
When it comes to investing, you need companies that are transparent and are trustworthy. As of right now, Robinhood, Webull, and other options for stocks and cryptocurrencies do not fit the bill after playing games with customers who wanted to legitimately invest, even if it was related to the hype surrounding GameStop. If you get to sign up for any of the platforms we listed, let us know what you thought of them in the comments below or if you have a better alternative.
And remember, don't consider our options here as professional financial advice. This guide is simply to be used for informational purposes as you navigate this wild and turbulent period in trading stocks and buying cryptocurrency.