Robinhood Alternatives: Which Apps Offer Options Trading?
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Robinhood alternatives like Webull, E*TRADE, tastytrade, and Charles Schwab offer advanced tools, broader investment options, and features tailored to different trading needs. Choosing the right platform depends on your experience level and trading goals.
When trading on Robinhood or its alternatives, ensure accurate tax reporting for your gains and losses. Tools like TokenTax simplify the tax filing process and help you stay compliant.
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Robinhood is popular for its commission-free trades and user-friendly design. However, many traders seek alternatives with more advanced tools, broader investment options, or different fee structures. If you’re wondering which apps can you do options trading besides Robinhood, this guide explores the best Robinhood alternatives tailored to various trading needs.
Robinhood is regulated by the SEC and FINRA, making it a secure platform for beginners. Learn more about its features in our review of Robinhood’s safety or see how it compares to crypto-specific platforms in our guide: Robinhood vs. Coinbase.
Calculate your crypto gains with our free crypto profit calculator.
Apps for options trading besides Robinhood
Here are top Robinhood alternatives that offer options trading and other advanced features:
Webull provides commission-free trading on stocks, options, ETFs, and crypto, with a focus on advanced tools and intuitive design.
E*TRADE’s OptionsHouse platform offers powerful tools for options traders with extensive educational content for all experience levels.
Formerly known as tastyworks, tastytrade is designed for serious options traders with low commissions and specialized tools.
Charles Schwab's thinkorswim platform is widely regarded as one of the most advanced trading tools available. It offers unparalleled charting and paper trading features.
Reasons for deciding against Robinhood
Many traders consider switching from Robinhood due to:
Limited investment options: Robinhood doesn't support bonds, mutual funds, or commodities.
Customer service challenges: Live support can be difficult to reach.
Payment for order flow: Some users have concerns about the potential for less favorable trade executions.
Basic tools: Advanced traders often find Robinhood’s tools insufficient.
Calculate your crypto gains with our free crypto profit calculator.
How your Robinhood trades are taxed
Trading activity on Robinhood—or any alternative—is subject to taxes.
Short-term capital gains: Assets held for less than one year are taxed at your ordinary income rate.
Long-term capital gains: Assets held for more than one year are taxed at a lower rate.
Reporting requirements: Robinhood provides a 1099-B form to report your trades, gains, and losses.
Our platform at TokenTax can help simplify the tax reporting process for your Robinhood or alternative trading activity.
Robinhood alternatives FAQs
Is Robinhood trustworthy
What are Robinhood alternatives for non US citizens
Does Robinhood make money on crypto
How long do Robinhood crypto transfers take
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