Robinhood Alternatives—How To Open an Account With Cash App and E-Trade

With GameStop stock trading suspended on Robinhood, as well as on Webull, some users may be looking to open accounts with other trading apps such as Cash App and E-Trade.

GameStop, which has seen a recent surge in stock value driven by investments from users on the subreddit r/WallStreetBets, saw its share price climb by 134.84 percent on Wednesday, reaching $347.51 at the close of the market.

How to open an account at Cash App and E-Trade

Cash App

Users can also open a Cash App Investing account from Cash App, the mobile payment service, for stock trading. Users will need to download Cash App from either the Google Play Store for Android phones or the App Store for iPhones to set up a Cash App Investing account.

Cash App Investing accounts, which are only available to U.S. residents, charge no commission fees when you buy or sell stock.

To open an account, you must be 18 or older and be able to provide the following information, according to the Cash App Investing website:

  • Full name
  • Date of birth
  • Social Security number
  • U.S. residential address
  • Employment status and name of employer

"Cash App Investing is required to collect this information in order to verify your identity and comply with applicable regulations. Cash App Investing accounts are self-directed individual brokerage accounts. All other account types, including trading on margin, are not supported at this time.

"While Cash App Investing does not charge any fees per trade, there may be fees assessed that are required by government agencies (such as the SEC [U.S. Securities and Exchange Commission]). We will disclose these fees prior to your confirmation of a trade and they will be listed in the trade confirmation," Cash App advises.

E-Trade

Users can also buy or sell stocks using E-Trade, which takes "$0 commissions for online US-listed stock, ETF [exchange traded fund], and options trades," according to its website.

Users can set up a new E-Trade account by clicking on "open an account" on their website and following the prompts thereafter.

The website notes: "When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also utilize a third-party information provider for verification purposes and/or ask for a copy of your driver's license or other identifying documents."

Smartphone apps Washington, D.C. January 2021
The Robinhood stock trading app seen on a smartphone in Washington, D.C., pictured on June 24, 2020. With GameStop stocks no longer available for trading on Robinhood, some users may be looking to set up accounts with other trading apps, including Cash App and E-Trade. Getty Images