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This feature makes it much easier to build a diversified portfolio — you're able to buy many more companies, even if you don't have a lot of money to invest. Unlike many traditional brokerages, Robinhood users can buy certain cryptocurrencies right in their stock trading account.
What's more, it's completely free. Pure-play crypto brokerages generally charge comparatively high fees for a similar service. There is, however, a catch: Currently, for many customers, your only option is to buy cryptocurrencies with USD, and sell them for USD. You won't be able to send the coins you buy, nor receive coins from another wallet. Robinhood is in the process of changing this: It recently rolled out crypto wallet features for more than two million customers, and in May , announced plans to build a new noncustodial wallet that will allow customers to access the decentralized web.
The wallet will be available by the end of , with beta testing for waitlisted customers planned this summer. The list of available cryptocurrencies is much smaller than you'll find at a true crypto brokerage. That — and the lack of comprehensive wallet offerings — gave Robinhood's crypto offering a relatively low overall score in our analysis of the best crypto exchanges and platforms , which includes pure-play crypto brokerages like Coinbase and Gemini.
But compared to other stock brokers, Robinhood's crypto offering stands out. It all happens within the app in a matter of minutes, with just a few quick questions that gather your personal information, contact details, Social Security number and means of funding your account. The company says approved customers are notified in less than an hour, at which point they can initiate bank transfers.
Robinhood uses instant verification with many major banks, sparing users the hassle of reporting micro-deposits to an account to verify information. We should note, however, that Robinhood has been the subject of complaints suggesting that signing up may be too easy.
But for investors who know what they want, the Robinhood platform is more than enough to quickly place trades. It supports market orders, limit orders, stop limit orders and stop orders. Though Robinhood's research offerings still pale in comparison to other brokers, the company has made strides to increase the tools and research available for customers, offering analyst ratings, lists of top movers, earnings calendars and links to earnings calls.
Candlestick charts are available on mobile, and the service resurfaces information from other Robinhood customers to create its own universe of data. For example, investors can view the most popular stocks on the platform and sort them by various criteria.
The in-app feature tells users they can expect a call back within 30 minutes of requesting it. Robinhood also offers a cash management account that currently pays 1. Robinhood Gold offers investors the ability to trade on margin. New investors should be aware that margin trading is risky. Here's more on how margin trading works. On November 8, , Robinhood announced a data security incident that revealed personal information for a portion of account holders, including email addresses, full names and, in limited cases, dates of births and zip codes.
The company said it doesn't believe bank account, debit card or Social Security information was affected, and no customers experienced a financial loss. FINRA said millions of customers had received false or misleading information from Robinhood, and millions were affected by system outages during the March market volatility.
In January , the app came under fire for its decision to restrict trading during the extreme market volatility surrounding GameStop and other heavily shorted stocks. In December , Robinhood was charged by the Securities and Exchange Commission for misleading customers.
Also in December , the Commonwealth of Massachusetts accused Robinhood of aggressively attracting inexperienced investors to its platform and using gamification techniques to manipulate customers. The complaint also states that many Robinhood users were given access to advanced — and risky — options trading products, even when they identified as having no or limited investment experience.
In August , Robinhood announced plans to hire hundreds of new customer support representatives. Throughout the surge of new investors during and into , Robinhood — along with other brokers — experienced outages and other technical issues that disrupted service.
Both the outages and the January restrictions led to class-action lawsuits. If a streamlined trading platform and mobile experience or the ability to trade cryptocurrency are important to you, Robinhood is a solid choice. But now that plenty of online brokers have joined Robinhood in eliminating commissions, casual investors can afford to shop for the broker that suits them best. Interested in other brokers that work well for new investors? Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs.
We adhere to strict guidelines for editorial integrity. We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The final output produces star ratings from poor one star to excellent five stars. Ratings are rounded to the nearest half-star.
For more details about the categories considered when rating brokers and our process, read our full methodology. Our Take 4. The scoring formula for online brokers and robo-advisors takes into account over 15 factors, including account fees and minimums, investment choices, customer support and mobile app capabilities.
Jump to: Full Review. Account minimum. Learn more. Show details. Streamlined interface. Cryptocurrency trading. Cons No retirement accounts. No mutual funds or bonds. Limited customer support. Compare to Similar Brokers Current Product. NerdWallet rating NerdWallet's ratings are determined by our editorial team.
Sign up now. Full Review Where Robinhood shines. Robinhood is best for:. Users are drawn to its simple design and of course the lack of fees on share trades. However, all is not lost! There are a number of platforms available in Australia that let you trade US stocks without having to open a United States trading account. Want to compare more investing platforms? Check out this comparison. You calso invest in other assets including crypto, currencies, and CFDs.
However, each available stock is listed on the site, a handy option if you want to browse. For example, when you call up a share on the app, it will give you a list of recent comments from fellow traders. It also offers social-trading, which means you can directly copy the trades of other investors.
Australian platform Stake has a very focused approach. It only offers US stocks, but there are plenty of them available. It also offers fractional investing in shares. Stake has a stripped-back interface and to find stocks you have to search for them by code. However, it also features lists of trending stocks in key sectors. In our experience, you're most likely — by far — to get GoPro.
Stake also offers a premium product, Stake Black. Honourable mention. However, it's not free. You will have to set up an account to trade Australian shares before you can establish one to trade US shares and you can only fund your US account from your Australian account. Setting up an account gives you free day access to its Premium service, which offers features including an impressive array of share analysis information, detailed stock reports and, like eToro, a social trading aspect.
All information is anonymous. We are now starting to move into more complex territory. As well as a foreign exchange fee of 0. If the buffer level isn't reached, you won't pay that amount. Another British firm, IG Markets started in so it is about as legit as they get. IG charges a 0. However, this is waived if you trade at least three times on your share trading account during the quarter or hold no open positions in your share trading account at the end of the quarter.
The platform is clearly laid out and easy to navigate and also offers an excellent education section with videos. At Finty we want to help you make informed financial decisions. We do this by providing a free comparison service as well as product reviews from our editorial staff.
Some of the products and services listed on our website are from partners who compensate us. This may influence which products we compare and the pages they are listed on. Partners have no influence over our editorial staff. For more information, please read our editorial policy and find out how we make money. Finty members get. Disclaimer: You need to be logged in to claim Finty Rewards. If you proceed without logging in, you will not be able to claim Finty Rewards at a later time.
In order for your rewards to be paid, you must submit your claim within 45 days. Business credit cards Business loans. Home Investing Robinhood alternatives for Australians. Frustrated that popular US share trading platform Robinhood is not available in Australia?
There are alternatives to Robinhood that let you trade in US shares from these shores. Our top pick eToro. Pros Commission-free trading in US and other international stocks. Fractional trading means you can buy a part of a share. User-friendly interface that lists each stock available to trade. Great if you want to browse stocks. Social trading and copy trading. This could be an issue if you were hoping to start smaller.
The popular US share trading app, Robinhood. View the real-time ANZBY price chart on Robinhood and decide if you want to buy or sell commission-free. Other fees such as trading (non-commission) fees. Invest in stocks, options, and ETFs at your pace and commission-free. Stocks & funds offered through Robinhood Financial. Other fees may apply. See our Fee.