Robinhood vs Fidelity

robinhood vs fidelity

Robinhood vs Fidelity

Robinhood vs Fidelity: which financial products are available? What are the service fees? How is the customer support like?

Here’s a quick comparison. You will find a more detailed comparison below.

Overview

Fidelity and Robinhood are both known to traders and investors.

They both are very secure platforms with many features to make your trading experience great.

Fidelity is a world wide known name in the trading and investment world.

It is a full service broker with a very strong online presence. The brokerage now also offers free trading (no commissions).

In contrast, Robinhood is fairly new. However, it is becoming very popuplar thanks to its commission free trading.

In fact, Robinhood shocked the financial industry in 2015 by being the first to offer free trading to its users. This has changed the industry forever.

Robinhood vs Fidelity Detailed Comparison

Instruments Availability

Fidelity offers all traditional instruments. Indeed, it offers stocks, 10000+ mutual funds, and bonds. Furthermore, it offers forex trading.

In comparison, Robinhood offers a limited set of instruments which are stock, ETFs and options. However, Robinhood allows to trade in cryptocurrencies as well.

Service Fees

Both companies offer commission free trading for many instruments. Fidelity however does charge fees for a few products.

Although Fidelity offers free trading on stock, ETFs and penny stocks trading, options do cost $0.65 per contract. Moreover, it charges a $75 fee for certain mutual funds.

Robinhood has a simplified structure. Indeed it does not charge any trading fee while trading stocks, ETFs or options.

Customer Support

Fidelity offers a reliable 24/7 customer support line, which is efficient and easy to reach. Indeed, users can talk to agents by telephone and chat.

You can also reach customer support agents by email and social media.

Robinhood has a limited customer service, which can only be reached by email. That means you cannot reach Robinhood directly by chat or telephone.

However, customers can request a callback to get better support.

Robinhood vs Fidelity – Final Word

In conclusion, both platforms offer similar services. However, the services offered are for different types of users.

Fidelity is for users looking for a wide range of traditional instruments, while Robinhood is a great choice for active traders who want to invest in crypto and use options.

With its wide rande of instruments, Fidelity promotes long term investing whereas Robinhood is notorious for its simplified day trading experience.