If you don’t know on which platform to start trading, you need to compare different brokers to find the best. DotBig or Robinhood – which is the best one?
If you think that it’s quite easy to find a good broker in 2022, think twice. Modern industry is very competitive, and it’s difficult to make the best choice among such a diversity of different companies.
We would like to simplify this task to you by introducing the comparison of two reliable brokers – DotBig vs Robinhood.
|Bonus||10% welcome bonus||1 Free Stock
after linking your bank account (stock value range $2.50-$225)
|Year of foundation||2003||2013|
|Tradable instruments||Currency pairs, stocks, cryptocurrencies, commodities, indices, cryptocurrencies, ETFs, CFDs||Stocks, ETFs, options, cryptocurrency|
|Trading platforms||MT5, DotBig Web, Mobile||Web, Mobile|
|Payment services||Bank transfer, Visa, Mastercard, Transferwise, Skrill, WebMoney, PayPal, Qiwi, YooMoney||Bank transfer|
Comparison of Brokers’ Commissions
In this part, we will focus not only on commissions related to trading but on non-trading fees and account minimums. This plays a great role both for beginners and professionals Newbies can find out which broker is cheaper and save their money in case they cannot succeed in trading due to the lack of experience.
Professionals find this information essential because when they know their potential expenditures due to the trading costs, they can better manage their budgets.
DotBig isn’t the broker to offer the lowest minimum deposit. In order to start trading there, users are required to deposit not less than $250 and open a trading account. The broker doesn’t charge trading fees because they are included in spreads. However, DotBig LTD does charge non-trading fees.
Clients have to pay a 3.5% commission for withdrawing money from the Standard account. If they use bank transfer, the fee is 35 Euro per withdrawal. Finally, DotBig charges fees for inactivity.
Unlike DotBig, Robinhood doesn’t require a minimum deposit. Additionally, it doesn’t charge any non-trading fees. However, there are several online trading fees you should be aware of before creating a personal account.
- Regulatory Transaction Fee – $5.10 per $1,000,000 of principal (sells only)
- Trading Activity Fee – $0.000130 per share (equity sells) and $0.00218 per contract (options sells), no greater than $6.49
- American Depositary Receipt (ADR) Fees – $0.01-$0.03 per share
Broker Comparison: Trading Conditions
Online trading might be a complicated process that’s why it’s relevant for every trader to choose the broker that would offer the most profitable trading conditions. DotBig and Robinhood are very different brokers in terms of trading conditions, which means they both may appeal to you, depending on your needs and abilities.
DotBig LTD is a good choice for Forex traders. Clients of the broker can trade 72 currency pairs with a minimum spread of 1.2 pips and a leverage of 1:400. Robinhood doesn’t offer currency pairs.
Instead, Robinhood has a very wide selection of stocks. The complete number of stock securities blast through the 5,000 mark. The selection of shares on DotBig is much more limited – only 244 assets.
Both DotBig and Robinhood are good for trading crypto assets. DotBig LTD offers over 600 digital currencies and similar to Robinhood allows commission-free trading. The trading cost on DotBig is included in spreads, but on Robinhood, it’s completely free.
Robinhood is highly praised for the possibility to invest in Gold. DotBig, on the other hand, offers 6 commodities and 13 indices.
Broker Comparison: Platforms and Tools
If you are used to trading via MetaTrader5, on DotBig, you have the possibility to choose this option. But you can also try its Web platform or trade currencies via mobile app. Robinhood also has a Web Platform and mobile app. Its mobile development can be easily downloaded on either iOS or Android gadgets and is considered to be one of the best on the market so far.
The greatest disadvantage of Robinhood is the lack of tools for research. This is not a problem for DotBig clients, who get free access to multiple research and analysis tools, including signals and indicators, and piles of training materials.
Which Broker is Better Overall?
Robinhood has a lot of notable advantages:
- a very user-friendly interface of the mobile app
- no trading fees
- Quick funding
- The ability to invest in Gold
However, despite all its benefits, it might be better than DotBig only in terms of stock trading. If you prefer brokers with multiple assets to trade, you are better to explore more about DotBig.