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Robinhood vs. E*TRADE

Nowadays, the industry powerhouse offers free equity trading again, along with a broad product lineup, and robust trading platforms aimed at active traders and buy-and-hold investors.

Launched in , Robinhood is much newer to the online brokerage space. Its claim to fame is commission-free investing, with free trades in stocks, ETFs, options, and cryptocurrencies. While that was a huge advantage in the company's early years, there are many commission-free brokers to choose from now. During the sharp market declines and heightened volatility that took place in early March , Robinhood experienced extensive outages that affected its users' ability to access the platform at all, leading to a number of lawsuits.

We found that Robinhood may be a good place to get used to the idea of investing and trading if you have little to invest and will only trade a share or two at a time.

It's easy to open and fund an account, whether you're on a mobile device or computer. Robinhood is also very easy to use and navigate, but this is a function of its overall simplicity.

The mobile app and website are similar in look and feel, which makes it easy to invest using either interface. Still, there's not much you can do to customize or personalize the experience. You can open and fund a new account in a few minutes on the app or website. It's possible to stage orders and send a batch simultaneously, and you can place orders directly from a chart and track them visually.

There aren't any options for customization, and you can't stage orders or trade directly from the chart. Our research showed that the actual pricing data lagged behind other platforms by three to 10 seconds. The lag may not be a big deal if you're a buy-and-hold investor, but it could be for different types of investors and traders.

Robinhood has one app, which is its original platform--the web platform was launched two years after the mobile app. One thing that's missing from its lineup, however, is Forex. Robinhood's range of offerings is very limited in comparison. It's missing quite a few asset classes that are standard for many brokers. Data is also available for 10 other coins.

While mobile users can enter a limited number of conditional orders, you can stage orders for later entry on all platforms.

Not surprisingly, Robinhood has a limited set of order types. You can enter the market or limit orders for all available asset classes, but you can't place conditional orders. The router looks for a combination of execution speed and quality, and the company states it takes measures to get the best execution available in the market. Robinhood doesn't publish its trading statistics the way other brokers do, so it's hard to rank its payment for order flow PFOF statistics.

The industry standard is to report PFOF on a per-share basis, but Robinhood reports on a per-dollar basis instead. Robinhood doesn't disclose its price improvement statistics, which could lead one to make negative assumptions about its order routing practices. Still, its target customers are trading in very small quantities, so price improvement is probably not a huge consideration. Robinhood's trading fees are simple: You can trade stocks, ETFs, options, and cryptocurrencies for free.

Both brokers generate interest income from the difference between what you're paid on your idle cash and what they earn on customer balances.

It also has a stock loan program in which you can share the revenue it generates from lending the stocks held in your account to other traders or hedge funds usually for short sales. Robinhood retains all the income it generates from loaning out customer stock and doesn't share it with clients.

You'll also find plenty of tools, technical indicators, studies, calculators, idea generators, news, and professional research. Robinhood's research offerings are predictably limited.

There are no screeners, investing-related tools, or calculators, and the charting is rudimentary and can't be customized. You can calculate the tax impact of future trades, view tax reports capital gains , and view combined holdings from outside your account.

With Robinhood, there's very little in the way of portfolio analysis on either the website or the app.

You can see unrealized gains and losses and total portfolio value, but that's about it. It holds about 30 live events each year and has a significant expansion planned for its webinar program for While Robinhood's educational articles are easy to understand, it can be hard to find what you're looking for because they're posted in chronological order and there's no search box.

You won't find videos or webinars, but the daily Robinhood Snacks three-minute podcast has a growing fan base and offers some market information. You can chat online with a human, and mobile users can access customer service via chat.

There's limited chatbot capability, but the company plans to expand this feature in Robinhood handles its customer service via the app and website. There's no inbound phone number, so you can't call for assistance.

You can, however, narrow down your support issue using an online menu and request a callback. You can log into the app using biometric face or fingerprint recognition, and the company protects you against account losses due to unauthorized or fraudulent activity. Robinhood's technical security is up to standards, but it's lacking the excess SIPC insurance. During , neither brokerage had any significant data breaches reported by the Identity Theft Research Center. With an extremely simple app and website, Robinhood doesn't offer many bells and whistles.

But if you're brand new to investing and are starting with a small balance, Robinhood could be a good place to gain some experience before switching to a more versatile broker. Investopedia is dedicated to providing investors with unbiased, comprehensive reviews and ratings of online brokers.

We established a rating scale based on our criteria, collecting thousands of data points that we weighed into our star-scoring system. In addition, every broker we surveyed was required to fill out an extensive survey about all aspects of its platform that we used in our testing. Many of the online brokers we evaluated provided us with in-person demonstrations of its platforms at our offices. Our team of industry experts, led by Theresa W. Carey , conducted our reviews and developed this best-in-industry methodology for ranking online investing platforms for users at all levels.

Click here to read our full methodology. Identity Theft Resource Center. Your Money. Personal Finance. Your Practice. Popular Courses. Investing Brokers.

Read full review. Important During the sharp market declines and heightened volatility that took place in early March , Robinhood experienced extensive outages that affected its users' ability to access the platform at all, leading to a number of lawsuits. Methodology Investopedia is dedicated to providing investors with unbiased, comprehensive reviews and ratings of online brokers. Article Sources. Investopedia requires writers to use primary sources to support their work.

These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

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Nowadays, the industry powerhouse offers free equity trading again, along with a broad product lineup, and robust trading platforms aimed at active traders and buy-and-hold investors. Launched in , Robinhood is much newer to the online brokerage space. Its claim to fame is commission-free investing, with free trades in stocks, ETFs, options, and cryptocurrencies. While that was a huge advantage in the company's early years, there are many commission-free brokers to choose from now. During the sharp market declines and heightened volatility that took place in early March , Robinhood experienced extensive outages that affected its users' ability to access the platform at all, leading to a number of lawsuits. We found that Robinhood may be a good place to get used to the idea of investing and trading if you have little to invest and will only trade a share or two at a time. It's easy to open and fund an account, whether you're on a mobile device or computer. Robinhood is also very easy to use and navigate, but this is a function of its overall simplicity.

It also provides services for employee stock ownership plans , student loan benefit administration, advisor services, margin lending, online banking , and cash management services.

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