Can You Trade Forex on Robinhood?

With its commission-free trades on stocks and other assets accessible via mobile devices or the web, you might wonder, “Can you trade forex on Robinhood?” It’s a sensible question from a smart investor. It could make good dollars and cents to sift through forex trading platforms to find one where you can save money on each trade. 

Since the launch of Robinhood in 2013, many other active traders may have asked, “Can you trade forex on Robinhood?” Here’s a look at why Robinhood doesn’t offer foreign exchange trading and Robinhood alternatives for forex.

Does Robinhood Offer Forex Trading?

No, Robinhood does not offer forex trading. Robinhood primarily focuses on stocks and exchange-traded funds (ETFs). Traders can also access options for stocks and ETFs listed on exchanges in the United States. 

On Robinhood, you can trade American Depositary Receipts (ADRs) – products that allow U.S. residents to trade and hold shares of foreign companies in U.S. markets – on 519 foreign-based companies. Through Robinhood Crypto, you can trade cryptocurrencies through a separate account.

Why Robinhood Doesn’t Offer Forex

The reasons you won’t find forex trading on Robinhood could stem from the company sticking to how it disrupted the brokerage industry: by providing retail investors and beginning traders simple access through an easy-to-use interface to trade securities.

Robinhood’s business model is centered around providing traders mobile access to U.S. stocks and ETFs offered through Robinhood Financial. Even its cryptocurrency offering is delivered through Robinhood Crypto, a separate entity.

The complex nature of trading forex compared to stocks would require the platform to step away from why it appeals to retail and beginning investors: simplicity. A Robinhood forex offering would require robust educational resources and customer support to deal with the complexities around currency pairs, leverage and margins. Also, forex trades around the clock, and Robinhood is not set up for 24/5 trading in the global forex market.

Regulation could be another factor in Robinhood not expanding into offering forex trading. Robinhood Financial is regulated by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and state regulators. Having to deal with the strict regulation of forex trading from the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA) might have kept Robinhood from wanting to add to its platform.

What You Can Trade on Robinhood

Robinhood launched with access to equities, expanding into options. The company now offers investors the chance to trade in 10,818 securities. You can also trade options and ADRs, giving you exposure to foreign companies through U.S. markets.

• Stocks: Buy and sell stocks listed on U.S. exchanges.
• ETFs: Trade in more than 2,300 ETFs.
• Options: Trade options on U.S. stocks and ETFs.
• Cryptocurrencies: Select from 43 cryptos, including all the most popular ones.

Cryptocurrencies are available through Robinhood Crypto, which is not a member of FINRA or the Securities Investor Protection Corporation (SIPC).

Best Robinhood Alternatives for Forex Trading

Robinhood attracts many investors with its commission-free trades, lack of a minimum deposit and absence of an account inactivity fee. However, if you’re looking to trade forex, you must look for forex trading platforms.

FOREX.com

Why We Picked It: FOREX.com, launched in 2001 and headquartered in Bedminster, New Jersey, is known for lightning-fast trade execution, tight bid and ask spreads and comprehensive research tools. FOREX.com offers the MetaTrader 5 platform, popular among experienced forex traders. Reuters news is integrated into and comes standard in MT5.

To attract and retain traders, FOREX.com offers several ongoing promotions. If you switch your trading to FOREX.com, you can earn 5% of your initial deposit, up to $10,000, in cashback. If you join the VIP program, you can get $10 in rebates for every million currencies traded monthly. You can earn a 4% annual percentage yield (APY) on account balances between $10,000 and $500,000 and an additional 1.5% on balances over $500,000.

Pepperstone

Why We Picked It: Founded in 2010, Pepperstone is headquartered in Melbourne, Australia, but serves traders internationally through offices in Cyprus, Dubai, Dusseldorf, Kenya and London. Pepperstone does not allow clients from the U.S. because it is not regulated in the U.S. However, it is considered one of the top options for non-U.S. traders because of competitive pricing, fast execution of trades and high-level client service.

This year, Pepperstone took home three awards from CompareForexBrokers, which recognizes industry leaders in transparency, innovation and a client-first approach, including 2025 Best Overall Broker, Best MT4 Forex Broker and Best Broker for Forex.

Pepperstone is considered a reputable broker in the forex and contract for difference (CFD) industry. The broker offers traders access to more than 90 currency pairs through MetaTrader 4 and MT5.

tastyfx

Why We Picked It: The parent company of tastyfx, IG Group, was founded in 1974 as the first of its kind. The Chicago, Illinois-based company launched IG U.S. in 2019 and rebranded as tastyfx in 2024.

A broker exclusive to traders who are U.S. residents, tastyfx offers commission-free trades, the MT4 platform and MT4/MT5 add-ons. It also offers TradingView and a proprietary trading platform, ProRealTime. 

The simplicity of use makes the broker good for beginners, and the fast trade execution speed may appeal to experienced, high-volume traders. The broker offers a rebate of 15% cashback on high-volume trading of $50 million or more per month.

In January 2025, ForexBrokers.com awarded IG Group No. 1 in five important areas to consumers, investors and traders: overall broker, mobile app, trust score, education and web platform.

OANDA

Why We Picked It: Founded in 1996 as a small tech company supplying free exchange rate data, OANDA has grown into a global trading business. With a corporate office in New York, OANDA also has offices in Canada, London, Japan, Australia, Singapore, Poland, the British Virgin Islands and Malta.

OANDA stands out among brokers because of its reputation and strong market research capabilities. Traders rate OANDA high for competitive commission-free spreads and the range of currency pairs available. OANDA gives you access to 68 currency pairs.

OANDA’s main trading platforms are MT4 and its proprietary trading platform, Trade. However, other trading platforms, such as Seer Trading Platform, are available in OANDA’s marketplace. MT5 is available to some OANDA clients, but not in the U.S. market. OANDA provides access to several charting platforms, including TradingView, MotiveWave, NinjaTrader and MultiCharts.

Choose Your Alternative to Robinhood to Trade Forex

Simplicity and accessibility brought instant popularity to Robinhood, especially among young investors. New and casual investors rate Robinhood high for its mobile access. However, you can’t trade forex on Robinhood. 

That leaves you to look elsewhere for a foreign exchange broker that fits your trading style. FOREX.com, Pepperstone, tastyfx and OANDA give you four highly rated and reputable Robinhood alternatives for forex. Now that you know more about each forex broker, you can decide whether one meets your financial goals.