M1 Finance vs Robinhood: Should You Choose M1 Over Robinhood?

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We’ll compare two of the popular robo-advisors – M1 Finance vs Robinhood. Although automated investments date as far back as 2006, the modern breed of robo-advisors emerged in 2008. Their inception coincided with the great financial depression. Now, rather than being data-oriented, these robo-advisors better support human intervention.

Some platforms even provide human advisors to guide you in your investment journey, while others let technology control everything. With a wide variety of robo-advisors to choose from, small- and deep-pocketed individuals alike are turning to automated investment solutions. Consequently, robo-advisors have gained massive traction.

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Along with a bigger following, digital financial advisors have seen an increase in assets under management (AUM). Statistics suggest that by 2025, the robo-advising market will reach over $16 trillion in AUM.

As such, the ecosystem has attracted both genuine and malicious actors. In this article, we’ll provide an M1 Finance vs Robinhood comparison.

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What is M1 Finance?

M1 Finance is a digital investment platform founded in 2015 and headquartered in Chicago, Illinois. The platform is registered with the Securities Investors Protection Corporation (SIPC) and FINRA. M1 uses military-grade security measures to secure its core engine and users.Note that SIPC insures up to $500K with $250K dedicated to securing cash deposits. M1 Finance boosts its insurance on deposits with $250K FDIC (Federal Deposit Insurance Corporation) insurance. Also, the platform provides user-centric security measures such as 2-factor authentication.

The robo-advisor provides a professionally designed mobile app to provide users access wherever and whenever. The app is available on the App Store and Google Play for iOS and Android-powered devices. Learn more about M1 Finance in this M1 Finance Review.

What is Robinhood?

Robinhood is an online platform allowing investments in stocks, cryptocurrency, options, exchange-traded funds (ETF), and more. The platform is headquartered in Menlo Park, California. Robinhood is registered with the United States Securities and Exchange Commission (SEC), is registered with the Financial Industry Regulatory Authority (FINRA), and is recognized by the SIPC.

The SIPC allows users to securely interact with securities at a maximum of 500,000 USD. Unfortunately, Robinhood’s cryptocurrency offering isn’t protected by the SIPC or FINRA. Robinhood uses high-level security measures to keep accounts safe. For example, it hashes account passwords and encrypts sensitive information such as social security numbers. Additionally, its mobile app securely accesses the server to avoid malicious tapping while a custom PIN code, FaceID, or TouchID access the app.

Available Investments

M1 Finance

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Trusts – Using M1 Finance trust accounts, you can invest in irrevocable and revocable trusts that support securities investments. The platform only supports US domestic trusts with no legal controversies.

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Stocks – The platform offers great opportunities for people looking to invest in stocks. However, the platform limits the available stocks to those listed on reputable stock exchanges that are actively traded.

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ETFs – Exchange-traded funds are another available investment on M1 Finance. If you are a shallow-pocketed investor, M1 allows you to interact with low-cost exchange-traded funds.

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Bonds – Types of bonds include treasury bonds, intermediate-term bonds, foreign bonds, and high-yield corporate bonds. When building a portfolio on M1 Finance, you can include different types of bonds to reduce risks while maximizing returns.

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Fractional shares – M1 Finance divides a security up to 100,000 times, allowing investors to buy even the smallest portions of shares.

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Robinhood

Cryptocurrency – Robinhood allows users to invest in cryptos such as Ethereum (ETH), Dogecoin (DOGE), and Bitcoin (BTC).

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Gold – For precious metal enthusiasts, Robinhood allows you to invest in gold. Robinhood’s gold investors have access to research reports and can trade on a margin of up to 2.5 percent annually.

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Options – Robinhood supports options trading. Options traders can take a long or short position on an investment. Apart from novice moves, the platform gives experienced traders a chance to flex their muscles using straddles, condors, and other advanced trading strategies.

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IPO – The platform allows users to access upcoming initial public offerings (IPOs) and be among the first public investors.

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Fractional shares – With Robinhood, you can invest a minimum of $1 on a stock using fractional shares.

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Breakdown of Investments

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Fees and Commissions Comparison

M1 Finance

M1 Finance offers commission-free trading. However, it charges for activities such as ACH return, amendment repairs, returned wires and recalls, TOD (transfer on death) account transfer, turning unclaimed assets to the state, and mailing paper copies of account statements.

Additionally, the robo-advisor transfers regulatory fees to the investor, including those associated with the SEC.

Robinhood

Robinhood vows to provide fee-less trading “now and forever.” Not even funds transfers incur charges. However, just like M1 Finance, investors on the platform incur fees imposed by regulatory bodies such as FINRA. These fees are meant to cover the costs of supervising and regulating participants in the securities market. Note that the commission is only charged on sells.

FINRA remits the commissions received to the SEC. Fortunately, the fees amount to $5.10 per $1 million of principal sells. Other fees transferred to Robinhood users include ADR (American Depository Receipt) fees. Financial institutions issuing ADR certificates charge anywhere between $0.01 and $0.03 per share of foreign stocks trading on stock exchanges in the United States.

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That’s not all. Robinhood charges for services such as paper statements, domestic/international overnight mail, and paper confirms.

Features

M1 Finance

With M1 Finance, you can invest, borrow, and spend your funds. The platform enhances your spending experience by providing users with a debit card. Other features include:

Automated investing accounts – These accounts allow M1 Finance investors to combine manual actions with automation.

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Custodial accounts – M1 enables you to make custody investments meant for your children or other minors. This option is only available for M1 Finance Plus users.

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Retirement accounts – Customers can set up either SEP, Roth, or traditional IRAs. Retirement account holders can invest in fractional shares.

Robinhood

Trading – Robinhood majors on enabling users to trade different assets.

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Margin – The platform offers margin capabilities allowing investors to stake more in a trade than they own in their account.

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Savings account – The account comes with a MasterCard-enabled debit card for easier spending.

Notably, Robinhood lacks some crucial features, such as the borrow/lend function. Instead, it only provides leverage amounts for users to boost their trading amount.

Referral Programs

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M1 Finance’s affiliate program provides those with a passion for promoting financial tools with a way to earn from their promotions. When you share M1 Finance as an affiliate, you get $100 for each referral with a minimum account balance of $1K. Additionally, you get access to promotional materials to help you spread the word.

For users who only want to share the platform with friends and family, M1 offers the refer-a-friend option in which the invitee and the inviter each receive a $50 bonus. Check out our M1 Finance referral article to know the steps on how to use an M1 Finance referral link.

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Robinhood also runs an affiliate and a refer-a-friend referral program. However, the platform’s rewards system is different from that of M1 Finance. For example, the refer-a-friend option rewards the inviter and the invitee with free stocks rather than cash deposits.

Affiliates enjoy perks such as attending exclusive events, earning special offers all year round, and gaining helpful insights.

Customer Service

M1 Finance connects with its customers through email, phone, and a chatbot on its website. However, service via phone are only available from Monday to Friday between 9 a.m. and 4 p.m. Eastern Time.

Robinhood provides customer support through its app or website. Also, it provides phone support for issues related to options trading. To receive phone support, you must request a callback by submitting your phone number to an online form. Without a phone number available for users to call, Robinhood seems to lag in customer support.

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Education and Research

M1 Finance educates its customers through a detailed FAQ section and help articles. Additionally, M1 sends users an email newsletter to help investors enhance their skills and knowledge of the investment ecosystem.

Robinhood has a shallow “Learn” section although it’s supplemented with a help center and in-app news resources. Also, the company hosts a podcast known as “Robinhood Snacks” that helps make up for the shortage of information on its website.

Pros and Cons

M1 Finance

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Robinhood

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Conclusion

M1 Finance is a better fit for knowledgeable investors than it is for beginners. This is because the platform allows for extensive portfolio customizations that require experience and know-how. In short, it’s for those who ready know what they want and are only looking for cheaper automated options.

On the other hand, Robinhood is ideal for users in their formative investment years. This is evident in it’s the platform’s support for investors looking to interact with small quantity trades. Additionally, the application is easy to use.

That said, the choice for the best robo-advisor between M1 Finance and Robinhood depends largely on your experience level and the features you prefer. For example, if you are looking for a platform to access loans against your portfolio, then M1 Finance is the place for you. On the other hand, if you need to trade on margin, Robinhood has you covered.

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What is M1 Finance?

What is Robinhood?

Available Investments

M1 Finance

Robinhood

Fees and Commissions Comparison

M1 Finance

Robinhood

Features

M1 Finance

Robinhood

Referral Programs

Customer Service

Education and Research

Pros and Cons

M1 Finance

Robinhood

Conclusion

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