Looking for the right investment platform but think SoFi Invest isn’t cutting it for you? Whether you’re after more advanced trading tools, lower fees or a different selection of assets, plenty of alternatives like Interactive Brokers, Charles Schwab and Webull might better fit your needs.
Investing should feel empowering, not limited. Let’s explore some of the best alternatives to SoFi Invest that offer a broader range of features, better pricing and more flexibility for every type of investor.
Quick Look at the Top SoFi Invest Alternatives:
10 Best SoFi Invest Alternatives
If SoFi’s offerings feel limited or not aligned with your goals, here are 10 other platforms that might be a better fit.
1. Best for Trading Ideas: Public.com
With no commissions and no account minimum, Public.com is a platform that helps you bring stocks, ETFs, crypto, alternative investments and more all into one portfolio. There are educational tools for beginners, tools for advanced investors and a customer care team that is available 24/7
Why we picked it: Public.com allows you to access assets that can complete a full portfolio and serves both beginners and advanced traders with a simple and easy-to-manage platform.
2. Best for Advanced Traders: Interactive Brokers
Interactive Brokers (IBKR) is known for catering to seasoned traders and investors who need access to global markets, low fees and a wide range of investment products. With access to over 150 markets in more than 33 countries, IBKR is perfect for those looking for international exposure. It’s also packed with powerful tools for active traders, including advanced charting, algorithmic trading and comprehensive order types.
Why we picked it: : Interactive Brokers offers some of the lowest margin rates in the industry and a vast selection of investment options, making it ideal for experienced investors who need flexibility and power in their trading.
3. Best for Research and Support: Charles Schwab
Charles Schwab stands out with its extensive research tools, robust customer support and wide range of investment options. Schwab offers commission-free trading for stocks and ETFs plus access to a comprehensive suite of financial planning tools, retirement accounts and in-depth market research. Its platform is intuitive, making it easy for beginners and experienced investors to find what they need.
Why we picked it: Schwab’s blend of powerful research tools and educational resources makes it a strong alternative for those prioritizing informed decision-making.
4. Best for Active Trading: Webull
Webull is a platform designed for traders who love to stay hands-on. With commission-free trading across stocks, ETFs, options and cryptocurrencies, Webull is built for active traders. The platform offers a range of technical indicators, customizable charts and advanced order types. Webull’s user-friendly app is a favorite for those who need to trade on the go.
Why we picked it: Webull offers a slick mobile experience with robust trading tools and real-time data that keep active traders engaged and in control.
5. Best for Long-Term Investors: Fidelity
Fidelity is a powerhouse for long-term investing, offering a wide range of investment products including mutual funds, stocks, bonds and more. Known for its strong customer service, educational resources and low-cost index funds, Fidelity caters to beginners and experienced investors focused on retirement or wealth building. Its robo-advisor service also provides automated portfolio management with low fees.
Why we picked it: Fidelity’s emphasis on long-term growth, low-cost funds and solid customer service make it a great choice for investors who plan for the future.
6. Best for Beginners: Robinhood
Robinhood is often the first stop for new investors due to its simple interface and commission-free trading. The app offers instant access to stock, ETF and crypto trading with no account minimums. While it lacks in-depth research tools, it’s perfect for beginners who want to get started without getting bogged down in complex features.
Why we picked it: Robinhood’s straightforward, user-friendly design and zero-commission trading make it a solid choice for beginners dipping their toes into the investing world.
7. Best for Social Trading: eToro
eToro is a unique platform that combines traditional trading with social networking. It offers stocks, ETFs and cryptocurrencies alongside its CopyTrader feature, letting users mimic the trades of successful investors. The platform’s social features and community-driven approach make it a great choice for those who want to learn from others while investing.
Why we picked it: eToro’s social trading features and wide range of investment options set it apart for those who want a more interactive trading experience.
8. Best for Low-Cost Trading: moomoo
Moomoo offers commission-free trading across stocks, ETFs and options, focusing on providing low-cost, high-value tools. It’s great for traders looking for an affordable platform with advanced features like AI-driven analysis, customizable charts and in-depth market data. The platform’s low fees and extensive research tools appeal to budget-conscious traders.
Why we picked it: moomoo combines low fees with powerful tools, making it ideal for cost-effective trading without sacrificing functionality.
9. Best for Deep Research Tools: Zacks Trade
Zacks Trade is designed for serious investors who value in-depth research and analytics. With access to a wealth of third-party research, advanced charting tools and international trading options, it is perfect for those who like to dive deep into market analysis before making moves.
Why we picked it: Zacks Trade’s extensive research and analytical tools make it a standout option for those who prioritize data-driven decisions.
10. Best for Advanced Trading Features: TradeStation
TradeStation is a go-to for experienced traders who need powerful tools and customization. It offers commission-free trading for stocks, ETFs and options, advanced tools for backtesting, automated trading and charting capabilities. The platform is known for catering to active traders who require more sophisticated features.
Why we picked it: TradeStation’s comprehensive suite of advanced trading tools makes it a prime choice for those who want to fine-tune their strategies and execute precisely.
What to Look for in a SoFi Invest Alternative
When seeking an alternative to SoFi Invest, there are key factors to consider based on your investing style and needs:
- Low or no account minimums and fees: Look for platforms that offer low-cost or no-cost access to investing, especially if you’re starting small or want to minimize fees.
- Fractional shares available: If you prefer investing in high-priced stocks but don’t want to buy whole shares, make sure your chosen platform offers fractional shares for flexibility.
- Diverse investment options: Consider platforms that provide access to a broad range of assets – stocks, ETFs, crypto and more – to build a well-rounded portfolio.
- Educational resources: Strong educational content, such as webinars, articles and tutorials, is a must for beginners and those looking to refine their strategies.
- Robust research and analysis tools: If you’re serious about making informed investment decisions, look for platforms with advanced research tools, real-time data and comprehensive analysis.
- Strong customer service: Reliable customer support is key, especially when you need quick answers or help with your account.
What Is SoFi Invest?
SoFi Invest is a user-friendly investment platform offering commission-free trading for stocks and ETFs. It’s part of the larger SoFi ecosystem, known for catering to young professionals with various financial products from loans to insurance. SoFi Invest is designed to appeal to beginners and those who want a streamlined investing experience, offering features like automated investing, fractional shares and access to IPOs.
Is SoFi Invest Worth It?
For those just starting out or looking for an all-in-one financial solution, SoFi Invest can be a convenient option. Here’s why:
- Simple, no-fee trading: SoFi offers commission-free trading with no account minimums, making it accessible to beginners.
- Access to multiple asset classes: Users can trade stocks (even IPOs) and ETFs within one platform.
- Integrated financial ecosystem: As part of SoFi, users can easily connect their investing accounts with other financial products like loans and insurance.
While SoFi Invest has plenty of perks, there are a few limitations to consider:
- Limited research tools: SoFi Invest doesn’t offer the in-depth analysis or advanced research tools that more experienced investors might need.
- Basic platform features: SoFi may not meet the needs of advanced traders who are looking for features like algorithmic tools or margin accounts.
- Narrow investment choices: While SoFi covers the basics, its asset selection is more limited than platforms offering access to international markets, bonds or more specialized funds.
Which SoFi Invest Alternative is Right for You?
Choosing the right investing platform is all about finding one that aligns with your goals: low fees, diverse assets or advanced tools. SoFi Invest is a good starting point, but if you’re ready to level up your investment strategy, plenty of alternatives might better fit your needs.
Frequently Asked Questions
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Yes, SoFi offers investment options for stocks and ETFs.
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Yes, SoFi is a well-established financial technology company with a broad range of services.
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SoFi earns revenue through lending, financial products and some trading fees.
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Yes, SoFi Invest is a regulated broker and is protected by SIPC.
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Investment accounts are not FDIC insured, but cash balances in SoFi Invest accounts are typically swept into FDIC-insured banks.
