SoFi Invest alternatives

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

4.2 / 5 ★★★★★

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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 types	Brokerage, Retirement
Option trade fee	$0 + $0.65/contract
Available asset types	Stocks, Bonds, Options, Mutual funds, ETFs

Annual fee	N/A

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Robinhood

Robinhood

4 / 5 ★★★★★

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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 types	Brokerage
Annual fee	0%
Option trade fee	$0
Available asset types	Stocks, Options, ETFs, Cryptocurrency

Annual fee	0%

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Betterment

Betterment

4.2 / 5 ★★★★★

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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 types	Retirement, Robo-Advisor
Annual fee	0.25% on balances up to $99,999 0.4% on balances of $100,000+
Available asset types	Stocks, Bonds, ETFs, Cryptocurrency

Annual fee	0.25% on balances up to $99,999 — 0.4% on balances of $100,000+

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E-Trade

E*TRADE

4 / 5 ★★★★★

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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 types	Brokerage, Retirement, Robo-Advisor
Annual fee	0.3%
Option trade fee	$0 + $0.65/contract, or $25 + $0.65/contract for broker-assisted trades
Available asset types	Stocks, Bonds, Options, Mutual funds, ETFs, Futures

Annual fee	0.3%

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JPMorgan Automated Investing

JPMorgan Automated Investing

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Like SoFi Invest, JPMorgan offers active and automated investing accounts. But JPMorgan wins the battle when it comes to research tools and resources. For example, you have access to 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, while SoFi's automated investing platform doesn't charge any fees, you'll pay a 0.35% annual management fee with JPMorgan.

Account types	Retirement, Robo-Advisor
Annual fee	0.35%
Available asset types	ETFs

Annual fee	0.35%

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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.

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.

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Name	Product	Available asset types	Stock trade fee	Minimum deposit	Signup bonus
SoFi Invest SoFi Invest Finder Award		Stocks, Options, ETFs, Cryptocurrency	$0	$0	Get up to $1,000 when you fund a new account within 30 days.	Winner of Finder’s Best Low-Cost Broker award.	Go to site More Info		loading Fetching your data...
EXCLUSIVE eToro eToro Finder Award		Stocks, Options, ETFs, Cryptocurrency	$0	$0	FINDER EXCLUSIVE: Get a guaranteed $15 bonus when you sign up and deposit $100	Winner of Finder’s Best Broker for Beginners award. Not available in NY, NV, MN, TN, and HI.	Go to site More Info		loading Fetching your data...
tastytrade tastytrade		Stocks, Options, ETFs, Cryptocurrency, Futures	$0	$0	Get $100 - $2,000 when you you open and fund an account with $5,000 to $100,000+	Highly commended for Best Derivatives Trading Platform award.	Go to site		loading Fetching your data...
Robinhood Robinhood		Stocks, Options, ETFs, Cryptocurrency	$0	$0	Get a free stock when you successfully sign up and link your bank account.	Make unlimited commission-free trades, plus earn 4% interest on uninvested cash in your account with Robinhood Gold.	Go to site More Info		loading Fetching your data...
JPMorgan Self-Directed Investing JPMorgan Self-Directed Investing		Stocks, Bonds, Options, Mutual funds, ETFs, Treasury Bills	$0	$0	Get $50 - $700 when you open and fund an account with $10,000 - $250,000+	Go to site More Info		loading Fetching your data...
E*TRADE E*TRADE		Stocks, Bonds, Options, Mutual funds, ETFs, Futures	$0	$0	Get up to $600 or more when you open and fund a new account.	E*TRADE offers commission-free stocks, access to mutual funds and advanced trading tools. Other fees apply.	Go to site More Info		loading Fetching your data...

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