5 alternatives to the SoFi Invest app | finder.com

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SoFi Invest alternatives

SoFi’s fees are among the lowest, but these 5 alternatives may offer better investment options and research tools.

Our pick for beginner investors: Robinhood

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  • $0 commissions
  • Download the app or trade online
  • Start trading right away with instant deposits
Go to site

SoFi Invest shines for its low fees and user-friendly interface. But it lacks advanced research tools and access to options trading, mutual funds and bonds. Here are five SoFi Invest alternatives that make up for its drawbacks.

SoFi Invest alternatives

Fidelity Investments

Fidelity Brokerage Account

Like SoFi Invest, Fidelity Investments offers commission-free stocks and ETFs. But Fidelity takes it a step further by adding commission-free options trading. Fidelity also offers more than 3,000 index funds that don't charge expense ratios. SoFi doesn't offer options, index funds or mutual funds –– but Fidelity does.

Active traders on Fidelity can use sophisticated research tools like a stock screener with more than 400 criteria and third-party research. SoFi lacks such robust research tools. However, SoFi charges no management fee for its automated investing platform. Fidelity Go, a similar alternative, charges a management fee up to 0.35% on large balances.

Account typesRetirement
Stock trade fee$0
Minimum deposit to open$0
Option trade fee$0 + $0.65/contract
Asset typesStocks, Bonds, Options, Mutual funds, ETFs

Robinhood

Robinhood

3.5 / 5 ★★★★★

Among apps like SoFi Invest is Robinhood. It provides zero-commission stocks and ETFs and also offers commission-free options trading. Plus, Robinhood doesn't charge a per-contract fee on options, which is rare for most brokers.

Like SoFi Invest, Robinhood is best for beginners. You can visit its website to access a library of educational articles about investing and personal finance topics. But unlike SoFi, Robinhood doesn't currently offer an automated investing platform or individual retirement accounts (IRAs).

Account typesBrokerage
Annual fee0%
Stock trade fee$0
Minimum deposit to open$0
Option trade fee$0
Asset typesStocks, Options, ETFs, Gold/Commodities

Betterment

Betterment

A top alternative similar to SoFi automatic investing is Betterment. It's a robo-advisor that recommends automated portfolios built with low-fee ETFs. But although Betterment charges a 0.25% management fee while SoFi charges none, Betterment offers tax-loss harvesting. This automated strategy can minimize the tax burden related to your investments.

Moreover, Betterment clients with at least a $100,000 balance get access to a team of certified financial planners (CFPs). These are fiduciaries who are legally required to provide financial planning advice in your best interest.

Account typesRetirement, Robo-Advisor
Annual fee0.25% on balances up to $99,999
0.4% on balances of $100,000+
Stock trade fee$0
Minimum deposit to open$0
Option trade feeN/A
Asset typesStocks

E-Trade

E-Trade

Another full-service brokerage, E-Trade, features the competitive fees of discount brokers like SoFi.

E-Trade offers commission-free stocks and ETFs. But it gives investors access to a bigger menu of securities, including bonds, mutual funds and futures. E-Trade's advanced research tools are free for all clients regardless of their balances. Investors can access streaming market data, live market commentary, stock screeners and more through E-Trade Web. E-Trade Pro provides features like dynamic charting and risk-reward analysis.

In addition, the top-rated app lets you trade stocks, ETFs, options and futures. It also boasts more than 100 technical studies and preset scans. However, some of E-Trade's research tools may be a bit complex for beginner investors.

Account typesBrokerage, Retirement, Robo-Advisor
Annual fee0.3%
Stock trade fee$0
Minimum deposit to open$0
Option trade fee$0 + $0.65/contract,
or $25 if it is a broker-assisted trade
Asset typesStocks, Bonds, Mutual funds, ETFs

Chase You Invest

You Invest Portfolios

Like SoFi Invest, Chase You Invest offers active and automated investing accounts. But Chase You Invest wins the battle when it comes to research tools and resources. For example, you have access to JPMorgan's exclusive market research. And you can use a stock screener or view detailed forecasts. You can access your investments via the Chase mobile app, ranked best in customer satisfaction for wealth management mobile apps by J.D. Power.

However, Chase You Invest falls short of SoFi with its automated investing platform. Chase's robo-advisor, Chase You Invest Portfolios, requires a $500 minimum investment and a 0.35% annual management fee.

Account typesRetirement, Robo-Advisor
Annual fee0.35%
Stock trade feeN/A
Minimum deposit to open$500
Option trade feeN/A
Asset typesETFs

Pros and cons of SoFi Invest

SoFi invest is an interactive investing app that’s great for beginners. It offers automated investing and active investing accounts. You also get free access to certified financial planners (CFPs) over the phone for a limited time after opening an account.

Pros

  • Low fees
  • Straightforward to use
  • Educational resources

Cons

  • Limited investment options
  • Lack of sophisticated research tools

Transfer your brokerage account

When changing brokers, the process may vary depending on your current broker and the one you’re moving to. SoFi doesn’t charge a transfer fee to move money from an automated investing account to another brokerage account. However, it charges a $75 fee if you move money from a SoFi active investing account to another broker. The broker you’re moving to may charge an incoming transfer fee.

SoFi Invest typically uses the Automated Customer Account Transfer Service (ACATS) to move assets over to another broker. So expect to go through the following process.

  1. Get a statement from your broker that has information like your account number and current assets.
  2. Open the same type of account with your current broker. For example, an individual brokerage account should go to another individual brokerage account.
  3. Fill out a transfer initiation or ACAT form with your new broker.
  4. Your current broker validates your form or notifies you of the next steps within three business days.
  5. Your old broker completes the process and moves funds within six business days.

Note: Some brokers don’t accept the proprietary funds of others. So you may not be able to transfer mutual funds or ETFs managed by your old broker.

Compare trading platforms

Consider these names if you are looking to change brokers.

Name Product Stock trade fee Asset types Option trade fee Annual fee Signup bonus
Sofi Invest
$0
Stocks, ETFs, Cryptocurrency
N/A
0%
N/A
A free way to invest in stocks, ETFs and crypto.
Robinhood
$0
Stocks, Options, ETFs, Gold/Commodities
$0
0%
Free stock (chosen randomly with a value anywhere between $2.50 and $200)
Sign up using the "go to site" link
Make unlimited commission-free trades in stocks, funds, and options with Robinhood Financial.
Interactive Brokers
$0
Stocks, Bonds, Options, Mutual funds, ETFs
$0 + $0.65/contract, $1 minimum
0%
N/A
IBKR Lite offers $0 commissions, and IBKR Pro offers advanced tools for professional traders.
Webull
$0
Stocks, Options, ETFs
$0
0%
Get one free stock valued between $2.50 and $250 when you open an account, one more with a deposit
Open an account
Margin financing rates start at 3.99%. No monthly subscription fees for margin.
Public
$0
Stocks, ETFs
N/A
$0 per month
N/A
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Compare up to 4 providers

*Signup bonus information updated weekly.

Disclaimer: The value of any investment can go up or down depending on news, trends and market conditions. We are not investment advisers, so do your own due diligence to understand the risks before you invest.

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