If you’re looking for M1 Finance alternatives, consider platforms like Robinhood, Webull, E*TRADE, and MooMoo.
These options offer commission-free trades and easy-to-use interfaces, just like M1 Finance. They also provide various investment choices, including stocks, ETFs, and cryptocurrencies.
These similarities are not the only factors to consider when picking a platform. You should also think about factors like fees, customer support, research tools, account requirements, and educational resources.
For example, Robinhood is known for its simplicity and beginner-friendly interface, while Webull offers advanced charting tools. E*TRADE has a long-standing reputation and robust research resources, while MooMoo provides access to international markets.
By considering these factors, you can find the investment platform that best fits your needs. Here are some M1 Finance alternatives you may want to consider before making a final decision.
Table of Contents
M1 Finance Alternatives in a Glance
| Features | MooMoo | E*TRADE | Robinhood | Webull |
| Trading Experience | Easy-to-use with professional tools | Desktop platform with advanced features | Beginner-friendly with a “gamified” interface | Mobile-first with professional tools and 24/7 support |
| Investment Options | Stocks, ETFs | Stocks, ETFs, options, futures, mutual funds | Stocks, ETFs, options, cryptocurrencies | Stocks, ETFs, options, cryptocurrencies |
| Commission Fees | $0 commission on U.S. stocks and ETFs | $0 commission on U.S. stocks and ETFs | $0 commission on U.S. stocks and ETFs | $0 commission on U.S. stocks and ETFs |
| Customer Support | Phone and email support during trading hours | 24/7 customer service via various channels | Phone, email, and live chat support | 24/7 customer support via various channels |
| Educational Resources | FAQs, educational offerings, community with 20+ million users | Market analysis, educational materials, financial consultants | “Gamified” interface, investment education | Educational resources, research tools, community support |
| Account Minimum | None | None | None | None |
| Special Features | Real-time Level 2 market data, advanced technical indicators, extended trading hours | Competitive APY on cash, comprehensive trading tools, access to market analysis | “Gamified” interface, round-the-clock trading for cryptocurrencies | Access to cryptocurrencies, round-the-clock trading, professional tools |
| Drawbacks | No fractional stocks or crypto, no support for mutual funds or retirement accounts | Some users may want more advanced trading tools | Paused trading during volatile events | May lack unique assets or tools compared to other platforms |
Top Pick for Commission-Free Trading: Moomoo
Moomoo is an online and mobile trading platform that stands out for its commission-free trades, advanced tools, and customizable interface. Beginners as well as seasoned traders can benefit from this program.
Users benefit from real-time market data, sophisticated research tools, and diverse investment opportunities. Among M1 Finance alternatives, Moomoo offers welcome bonuses and referral programs to enrich its platform.
Key Features
- Commission-free trading for stocks, ETFs, options, and ADRs in U.S. markets.
- Advanced and customizable trading platform for desktop and mobile.
- Extensive research tools, including advanced charting and technical indicators.
- Free real-time Level 2 market data from the NYSE.
- A paper-trading platform for practicing strategies risk-free.
- Low margin rates starting at 6.8% for U.S. and Hong Kong stocks.
- Access to Hong Kong and Chinese investments for portfolio diversification.
Similarities with M1 Finance
- Both offer commission-free trades, promoting cost-effective investing.
- Provide user-friendly platforms with customizable features.
- Focus on simplifying investing while offering advanced tools for analysis and trading strategies.
Pros & Cons
Pros
- Commission-free stocks, ETFs, and options
- Advanced and customizable trading platform
- Advanced research tools
- Free real-time Level 2 market data (NYSE)
- Free paper trading
- Low margin rates
- Access to Hong Kong and China investments
Cons
- Limited product and account types offered
- High transfer-out rates
- Tools and trading platforms can be overwhelming
Top Alternative for Accessibility: E*TRADE
ETRADE is a versatile brokerage platform suitable for both new and experienced traders. With a variety of trading tools and educational resources, it caters to a wide range of investors.
Offering multiple trading platforms, from the user-friendly Web platform to the advanced Power ETRADE platform, it is suitable for traders of all levels.
Key Features
- Versatile Trading Platforms: E*TRADE provides various platforms to suit different trading styles and experience levels.
- Diverse Investment Choices: Investors can trade stocks, bonds, ETFs, mutual funds, options, and futures, with access to over 4,000 no-transaction-fee mutual funds.
- Educational Resources: Among M1 Finance alternatives, E*TRADE offers extensive educational resources, including webinars, online courses, and thematic investing guides, to help investors make informed decisions.
- Retirement Planning Assistance: With Roth and traditional IRAs available and retirement planning tools and advice, E*TRADE supports investors in building their retirement portfolios.
E*TRADE promotions offer a cash bonus of up to $2,500 for new customers, serving as a great reason to explore its features.
Similarities with M1 Finance
- Beginner-Friendly: Both E*TRADE and M1 Finance offer services to beginner investors with easy-to-use platforms and educational resources, making investing accessible to all.
- Commission-Free Trades: Like M1 Finance, E*TRADE offers commission-free trades for stocks, ETFs, and options, providing cost-effective investing options.
- Diverse Investment Choices: E*TRADE, similar to M1 Finance, offers a diverse range of investment options, allowing users to build portfolios tailored to their goals.
Pros & Cons
Pros
- Easy-to-use tools.
- Excellent customer support.
- Advanced mobile app.
- Commission-free stock, options, mutual fund and ETF trades.
Cons
- Website can be difficult to navigate.
- Low interest rate on uninvested cash.
Best Alternative for Beginner-Friendly Interface: Robinhood
Robinhood is a popular brokerage platform known for its low costs and easy-to-use interface.
It’s favored by many mobile users and investors for its accessibility and features like commission-free trades, free cryptocurrency trading, and 24/5 stock trading.
In comparison to other M1 Finance alternatives, closing a Robinhood account is relatively straightforward.
Key Features
- Commission-Free Trades: Robinhood offers free trading for stocks, options, ETFs, and cryptocurrencies, making investing affordable.
- 1% Match on IRA Contributions: Robinhood’s IRAs offer a unique feature of a 1% match on contributions, encouraging retirement savings.
- Free Cryptocurrency Trading: Users can trade cryptocurrencies without any fees, setting Robinhood apart from other brokerages.
- 24/5 Stock Trading: With Robinhood’s 24-Hour Market feature, users can place orders any time between Sunday and Friday, adding flexibility to trading.
- IPO Access: Robinhood allows users to participate in initial public offerings, offering opportunities to invest in new companies.
- Sign-Up Bonus: New users receive a free stock sign-up bonus, instantly boosting their portfolios.
- Referral Bonus: Users can earn more free stocks by referring friends to Robinhood.
Similarities with M1 Finance
- User-Friendly Interface: Like M1 Finance, Robinhood offers a simple and easy-to-use platform for easy investing.
- Individual Taxable Accounts and IRAs: Robinhood supports both individual taxable accounts and IRAs, giving access to investors at different stages.
- Margin Accounts: Robinhood provides margin accounts for users interested in increasing their investments, similar to M1 Finance.
Pros & Cons
Pros
- No account minimum.
- Streamlined interface.
- Cryptocurrency trading.
- IRA with 1% match.
- The high-interest rate on uninvested cash.
Cons
- No mutual funds or individual bonds.
- Limited customer support.
Best Alternative for Cryptocurrency Trading: Webull
Webull is a brokerage platform renowned for its affordability and advanced trading tools, appealing to both beginners and seasoned investors as one of the M1 Finance alternatives.
Offering Webull commission-free stock and options trades, along with a user-friendly mobile interface. It also provides a compelling option for affordable and feature-rich investing.
Additionally, Webull promotions offer a welcome bonus to new users.
Key Features of Webull
- Low Cost: Webull provides free stock and options trades, making it a cost-effective choice for investors.
- Advanced Tools: With a focus on mobile usability, Webull offers advanced charting and screening tools.
- Wide Investment Selection: Alongside stocks and options, Webull supports commodities and futures trading, catering to diverse investment preferences.
- Cash Management: Users can earn a competitive 5% APY on uninvested cash, offering an attractive option for managing funds.
Similarities with M1 Finance
- Intermediate Investors: Webull, like other M1 Finance alternatives, suits intermediate investors seeking both simplicity and advanced features.
- Active Traders: Catering to active traders, Webull offers a comprehensive trading platform and advanced order options.
- Options Traders: With its emphasis on options trading and advanced charting, Webull mirrors the offerings of M1 Finance alternatives for options traders.
Pros & Cons
Pros
- Low costs.
- Easy-to-use platform.
- Advanced tools.
- Access to cryptocurrency.
- High interest rate on uninvested cash.
- High order execution quality.
Cons
- No mutual funds.
- Thin educational support.
What is M1 Finance?
M1 Finance, among alternatives, offers unique “pie investing,” where users create or select pre-made portfolios containing various investments. This approach suits beginners and those seeking a hands-off investment method.
Users can sign up for M1 Finance to manage their investments or choose from expert-designed portfolios. It’s ideal for individuals who prefer a straightforward investment approach without extensive management.
Is M1 Finance Right for You? Consider These Factors
Understanding Your Investments: If you prefer full control and a deep understanding of your investments, alternatives to M1 Finance might be more suitable.
Limited Investment Options: M1 Finance lacks trading options for forex, options, or cryptocurrencies, limiting your investment choices.
Lack of Advanced Tools: Unlike some platforms, M1 Finance doesn’t offer advanced tools like limit orders, which could be a drawback for advanced traders.
In simpler terms, if you desire more investment options and advanced trading tools, exploring alternatives to M1 Finance might be beneficial.
Finding the Right Trading Tools: Is M1 Finance for You?
M1 Finance offers a convenient solution for investors who prefer a hands-off approach, allowing the platform to manage their investments automatically.
However, this style of investing might not fit everyone’s preferences. For individuals who seek more control over their trades or have specific sectors they wish to invest in, exploring the M1 Finance alternative could be advantageous.
By considering alternative platforms, investors can adjust their investment strategies more efficiently to meet their unique needs and goals.
Ways to Make Money With M1 Finance
Here are several ways you can make money with M1 Finance:
- Effortless Portfolio Balancing: Utilize M1’s “Pies” feature to effortlessly distribute your investments among different options, ensuring a balanced portfolio with minimal effort.
- Compound Interest: Take advantage of fractional shares, where dividends are reinvested immediately, allowing you to benefit from compound interest right from the start of your investment journey.
- Expert Guidance or Diversification: Follow Model Portfolios crafted by industry experts or diversify your investments across various sectors and industries to potentially enhance your returns over time.
- Commission-Free Trading: Trade stocks without worrying about fees, thanks to M1 Finance’s commission-free trades, which allow you to buy and sell stocks without any additional costs eating into your profits.
- High Dividend Yield Stocks: Consider investing in stocks with high dividend yields to create a steady income stream over time, contributing to the steady growth of your wealth.
Conclusion
While M1 Finance offers convenient features for investors, exploring M1 Finance alternatives can provide additional options for those seeking specific investment preferences or advanced trading tools.
FAQ
What are some M1 Finance alternatives?
Some M1 Finance alternatives include Robinhood, Webull, E*TRADE, and MooMoo, which offer commission-free trades and diverse investment options.
Are M1 Finance alternatives suitable for beginner investors?
Yes, many M1 Finance alternatives cater to beginner investors with user-friendly interfaces and educational resources to help them navigate the investment process.
Do M1 Finance alternatives offer commission-free trades?
Yes, similar to M1 Finance alternatives like Robinhood, Webull, and MooMoo provide commission-free trades for stocks, ETFs, and options, making investing more affordable for users.
