Robinhood Alternatives: Which Apps Offer Options Trading?

Alex Miles
ByAlex MilesReviewed byZac McClure, MBAUpdated on January 21, 2025 · minute read
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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.

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

Best for advanced charting and zero commissions

Webull provides commission-free trading on stocks, options, ETFs, and crypto, with a focus on advanced tools and intuitive design.

-  Pros & Cons

Pros

  • Zero commissions on most trades

  • Extended trading hours

  • Robust charting and technical analysis tools

Cons

  • Limited customer support options

  • Some advanced order types are unavailable

-  Why our experts picked it

Webull’s user-friendly features and advanced tools make it an excellent alternative to Robinhood for beginners and experienced traders.

E*TRADE

Best for educational resources and options trading

E*TRADE’s OptionsHouse platform offers powerful tools for options traders with extensive educational content for all experience levels.

-  Pros & Cons

Pros

  • 24/7 customer support

  • Extensive research and education tools

  • Access to a variety of investment options

Cons

  • Interface may feel overwhelming to beginners

  • Higher fees for certain mutual funds

-  Why our experts picked it

For traders seeking alternatives to Robinhood with more comprehensive educational resources, E*TRADE is a top choice.

tastytrade

Best for options-focused trading

Formerly known as tastyworks, tastytrade is designed for serious options traders with low commissions and specialized tools.

-  Pros & Cons

Pros

  • Low-cost options trading

  • Advanced analytics for options

  • Social trading features

Cons

  • Limited stock research tools

  • Steeper learning curve for beginners

-  Why our experts picked it

tastytrade’s platform is a strong Robinhood alternative for investors focused on options trading and advanced strategies.

Charles Schwab

Best for professional-grade tools and education

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.

-  Pros & Cons

Pros

  • Comprehensive educational resources

  • Access to bonds, mutual funds, and other investments

  • Paper trading for strategy testing

Cons

  • Complex platform may be intimidating for new traders

  • Slightly higher fees

-  Why our experts picked it

For traders looking for the best Robinhood alternative with professional tools, Schwab is a reliable option.

Reasons for deciding against Robinhood

Many traders consider switching from Robinhood due to:

  1. Limited investment options: Robinhood doesn't support bonds, mutual funds, or commodities.

  2. Customer service challenges: Live support can be difficult to reach.

  3. Payment for order flow: Some users have concerns about the potential for less favorable trade executions.

  4. 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

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Alex Miles
Alex MilesCo-Founder at TokenTax
Prior to TokenTax, Alex worked as a Product Designer at Dropbox and before that Readmill (acquired by Dropbox). He holds a BS in Digital Information Design - Interactive Media from Winthrop University.
Zac McClure
Reviewed byZac McClureCo-Founder & CEO at TokenTax
Zac co-founded TokenTax after his career in international finance and accounting at JPMorgan, Imprint Capital and Bain. He has worked in more than half-dozen countries and received his MBA from the UPenn Wharton School.

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