- So today we are going to be comparing
the three most popular free investing apps out there,
which are M1 Finance, Webull
and of course the original, the OG, which is Robinhood.
So, one thing I do want to mention really quick,
if you guys do decide to open an account
with any of these brokerages,
I have supplied links down in the description below.
For the purpose of full transparency,
I am affiliated with some of these brokerages
if you do decide to use my link.
Your use of that link is not required
but it is very much appreciated
as it allows me to make videos like this
and provide this free information.
So that being said, let's go over this here
and talk about the differences between these three
and which one may be the best fit for you.
So the first thing to talk about
is the minimum amount of money to begin investing.
With M1 Finance, it is $100 for a traditional account
or $500 for a retirement account.
Robinhood has $0 commission
but they currently do not offer a retirement account.
They have mentioned they are going
to launch this at some point, but that date is unknown.
Now, Webull on the other hand just recently announced
the launch of their retirement accounts which is awesome.
And both of them have a $0 minimum.
So in terms of the account minimum,
Webull is going to be the best here,
offering both retirement accounts and traditional accounts
with no minimum balance.
While M1 Finance has that $100 to $500 minimum
based on the account you're looking to open.
Next up, let's look at what assets
you can trade with each of these platforms.
With M1 Finance you can trade stocks in ETFs
that trade on the major stock exchanges.
Robinhood lets you trade the same stocks and ETFs
as well as many cryptocurrencies and options
and again, all of these are commission free.
And then, Webull is going to offer even more than that
with the stocks, ETFs, options and short selling.
So just so you guys understand this here,
of these three three investing apps
Webull is the only one that supports short selling,
Robinhood is the only one that supports cryptocurrency,
all of them allow you to trade stocks and ETFs.
Basically if you're looking for those specialty assets
you may want to consider one over the other.
Next up, what is the sign up incentive
for opening an account?
There is no sign up incentive with M1 Finance unfortunately.
Robinhood does offer a free stock if you use a referral link
and it is worth up to $500 when you open that account.
That is a referral link,
if your friend invites you to that platform.
And then Webull does have the best option
as far as the free stock incentive.
They give you not one but two free stocks.
The first one is for opening the account
and that stock is worth up to $250.
And the second free stock,
is when you actually fund the account worth up to a $1,000.
So with Webull, if you open and fund an account,
and the link to do that is down below,
you can get two free stocks worth up to $1,250.
Now let's talk about the strengths of these three platforms.
So M1 Finance is great
because they offer drip or dividend reinvestment.
So if you want to earn that compound interest
and reinvest your dividends you can do that with M1 Finance
and that is not offered by Robinhood or Webull.
So M1 Finance is very popular among dividend investors.
They also offer over 30 expert Pis or portfolios
that are completely free to invest in,
that are built by investing experts.
So if you want some guidance
as far as what you should be investing in,
and Webull and Robinhood unfortunately
do not offer any kind of expert guidance or portfolios,
it's completely up to you to figure out what to invest in.
They also offer fractional shares,
so you can buy as little as one 10,000th of a share
of any given stock or ETF.
And that's really helpful for stocks like Amazon
that trade at over a $1,000 per share.
You have to buy whole shares of stock and ETFs
through both Robinhood and Webull.
And then it's also great for passive investors
because of the automation features
and those expert portfolios.
Moving on,
Robinhood has the strengths of offering cryptocurrency
which is not offered by the other two,
and it's a very easy to understand
beginner friendly platform.
Webull on the other hand has the best sign up incentive,
that is one of their strengths.
You can get those two free stocks worth up to $1,250.
They also have a trading simulator
which is great for beginners who want to practice trading
without investing real money.
And that is not offered on M1 Finance or Robinhood.
And they also have a number of great research tools
that go above and beyond what you would find on Robinhood.
As far as the weaknesses go,
this is where the platforms ultimately fall short.
M1 Finance only offers one trading window per day.
So in order to cut down on costs, they place all buy
and sell orders at one point during the day.
So there's just that one trading window.
With Webull and Robinhood,
you get that open ended trading window
so you can trade at any point in time,
and they offer extended hours trading.
The weakness for Webull is that
because it is such a advanced platform
with a lot of sophisticated research tools,
it can be a bit overwhelming for a complete beginner.
And then as far as Robinhood goes,
it is a very basic platform which is good for beginners
but it's going to probably be lacking in many areas
as you become a more sophisticated investor.
And they're the only brokerage on this list
that does not offer retirement accounts
which is another weakness.
So overall in most cases, who are these platforms best for?
Well M1 Finance is best for passive investors,
dividend investors,
and other long term portfolio based investors.
Robinhood is best for someone who is a complete beginner,
who wants the most basic, simple
and easy to understand brokerage out there,
and is an active trader.
And Webull is better for somebody
who's a more intermediate active trader,
who wants more research tools
and the trading simulator and short selling
and those other different options that are available.
But anyways guys that's going to wrap up this video,
like I said, all the links are down in the description below
if you want to sign up for any of these accounts.
And thank you guys so much for watching
and I hope to see you in the next video.
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