Best Robinhood Alternatives for Non-US Citizens
If you’re not a US citizen, don’t fret—you can still join the Robinhood bandwagon! The app has been making waves in the financial world, as it allows users to invest in companies at no cost, with no fees and no minimum account balance.
For US citizens, this offer is only available through an invite-only beta program, but if you’re not from the States, you can get your hands on it right away.
Advantages of Robinhood alternatives
There are a number of advantages to using a Robinhood alternative for non-US citizens. For one, these platforms tend to offer more diverse investment options. This can be helpful if you're looking to diversify your portfolio or simply want to have more control over your investments.
Additionally, many of these alternatives offer lower fees and commissions, which can save you money in the long run. Finally, some of these platforms provide educational resources that can help you learn more about investing. With all these benefits, it's easy to see why many people are turning away from Robinhood alternatives and choosing other platforms instead.
SharesHub
If you're looking for a Robinhood alternative that allows you to trade stocks without commission fees, SharesHub is a great option. Although it's not available in the US, it does offer service to over 30 countries. One thing we liked about this platform was that the only expense is when you buy or sell shares - no hidden costs.
Furthermore, they have very good customer support and a user-friendly website with tutorials on how to use their platform. Another important feature is their extensive range of financial instruments which include equity, fixed income, and derivatives trading as well as margin trading.
One downside we found was the lack of dividend reinvestment plans (DRIPs) but apart from this small detail SharesHub has many positive aspects
Saxo Bank
If you're looking for a top-notch online broker that isn't Robinhood, then Saxo Bank is a great option. Located in Denmark, Saxo Bank is one of the leading online brokers in Europe and serves clients from over 180 countries.
Saxo Bank offers competitive pricing, excellent customer service, and a user-friendly platform. Plus, as a non-US citizen, you'll be able to trade US stocks without any problems. You can make deposits with multiple currencies, such as euros or pounds sterling.
You will also have access to free forex trading, commodities trading, and ETFs. There are no commission fees on many securities and a very low fee on others (you won't pay more than $25). Lastly, they offer their own iOS app which is available through iTunes.
TD Ameritrade
Although TD Ameritrade isn’t as well known as Robinhood, it’s a great option for non-US citizens. TD Ameritrade is an online broker that offers a wide range of investment products, including stocks, ETFs, mutual funds, and more. The best part?
You can trade commission-free. Plus, there’s no account minimum, so you can start investing with as little or as much money as you’d like. If you're not sure where to start, TD Ameritrade's Investing Academy will walk you through the process of building your portfolio based on your needs and goals.
They also offer financial advice on their blog that can help answer any questions you might have about the stock market.
eTrade
If you're a non-US citizen looking for a Robinhood alternative, eTrade is a great option. eTrade is an online broker that offers a wide range of investment options, including stocks, bonds, ETFs, and mutual funds.
Plus, eTrade has no account minimums, so you can start investing with as little as you like. eTrade also offers 24/7 customer support and is backed by the SIPC (Securities Investor Protection Corporation).
There are some drawbacks to eTrade though - it doesn't offer fractional shares, there's a $4.95 fee per trade, and its mobile app is lacking. Overall though, eTrade is a good option if you're not in the US and want to invest in stocks or other securities without having to deal with any account minimums or commissions.
Conclusion
If you're a non-US citizen looking for a good investment platform, there are plenty of great alternatives to Robinhood. Some of the best include Acorns, Stash, and Wealthfront. Each has its own unique set of features and benefits, so be sure to do your research before choosing one. For example, Acorns is more geared towards micro-investing, whereas Wealthfront specializes in people with over $100k in assets.
