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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.

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Javier Simon

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

SoFi Invest alternatives

Fidelity Investments

Fidelity Investments

9 Excellent

Go to site Read review
Like SoFi Invest, Fidelity Investments offers zero commission on stocks & ETFs. Fidelity also offers more than 3,000 index funds that don't charge expense ratios. SoFi doesn't offer 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.
Annual fee$0 per year
Minimum deposit$0
Signup bonusN/A

Robinhood

Robinhood

9.4 Excellent

Top Offer

Get a free stock when you successfully sign up and link your bank account.
Go to site Read review
Among apps like SoFi Invest is Robinhood. It provides zero-commission stocks and ETFs and also offers no commission 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).
Annual fee$0 per year
Minimum deposit$0
Signup bonusGet a free stock

Betterment

Betterment

8.8 Great

Read review
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.
Annual fee0.25% on balances up to $99,999
0.4% on balances of $100,000+
Minimum deposit$10
Signup bonusN/A

E*TRADE

E*TRADE from Morgan Stanley

8.6 Great

Read review
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.
Annual fee$0 per year
Minimum deposit$0
Signup bonusGet up to $1,000
terms apply

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.

11 of 11
Product Finder Score Available asset types Stock trade fee Minimum deposit Cash sweep APY Offer
Finder score
9 Excellent
Stocks, Options, Mutual funds, ETFs, Alternatives
$0
$0
0.01%
Get up to $1,000 in stock when you open and fund a new account. T&C apply.
Trade stocks, ETFs, and options with zero commissions, invest in IPOs or automate your portfolio, with exclusive perks available through SoFi Plus.
Go to site More info
Finder score
9 Excellent
Stocks, ETFs, High-yield cash account
$0
$500
4.00%
Get a $50 bonus when you sign up and fund a taxable automated investing account with at least $500.
Automate your stock and bond portfolio or trade individual stocks for as little as $1 apiece. Plus, earn 4% APY on your cash.
Go to site More info
Finder score
9 Excellent
Stocks, Bonds, Options, ETFs, Cryptocurrency, Investments, Retirement, Treasury Bills, High-yield cash account
$0
$0
4.1%
Get up to $10,000 and transfer fees covered when you move your portfolio to Public.
Build a diversified portfolio of stocks, bonds, options, ETFs and crypto, with a high-yield cash account and options contract rebates.
Go to site More info
OPTO logo
Finder score
7.2 Great
OPTO
Finder score
7.2 Great
Stocks, ETFs
$0
$0
4%
Earn up to $300 when you deposit between $2,000–$25,000+.
Copy top-performing portfolios or build your own stock index on Opto's AI-driven thematic investing platform, and get 4% APY on your cash.
Go to site More info
Interactive Brokers logo
Finder score
9.2 Excellent
Interactive Brokers GlobalTrader
Finder score
9.2 Excellent
Stocks, Options, Mutual funds, ETFs, Cryptocurrency
$0
$0
3.83% Lite
4.83% Pro
Trade in a simulated trading environment and access a wide range of tradable assets.
Go to site More info
eToro logo
Finder score
8.2 Great
eToro
Finder score
8.2 Great
Stocks, Options, ETFs, Cryptocurrency, Futures, Investments
$0
$0
3.9%
No commission stock, ETF and options trades, with 3.9% interest on your options account balance and no options contract fees. See full disclosure.
Go to site More info
Webull logo
Finder score
9.4 Excellent
Webull
Finder score
9.4 Excellent
Stocks, Bonds, Options, ETFs, Futures, Money market funds
$0
$0
Up to 8.10%
Trade stocks, ETFs and equity options commission-free, with access to futures, advanced charting tools, a robo-advisor and event trading powered by Kalshi.
Go to site More info
Zacks Trade logo
Finder score
8.2 Great
Zacks Trade
Finder score
8.2 Great
Stocks, Bonds, Options, Mutual funds, ETFs, CDs
$0.01
$250
2.83%
Get up to $1,000 when you open and fund an account. Terms apply.
Leverage powerful trading tools and low margin rates to trade stocks, options, ETFs, mutual funds and bonds.
Go to site More info
Robinhood logo
Finder score
9.4 Excellent
Robinhood
Finder score
9.4 Excellent
Stocks, Options, ETFs, Cryptocurrency, Futures, Event contracts, High-yield cash account
$0
$0
4%
Get a free stock when you successfully sign up and link your bank account.
Trade stocks, options, crypto and more, with advanced trading tools, fractional shares and exclusive perks for Gold members.
Go to site More info
Acorns logo
Finder score
8 Great
Acorns
Finder score
8 Great
Stocks, ETFs
$0
$0
N/A
Get a $20 bonus when you set up an account and make your first recurring investment (min. $5).
Automate investing with recurring contributions starting at $5 and invest spare change from everyday purchases.
Go to site More info
Stash Investments LLC logo
Finder score
7.4 Great
Stash
Finder score
7.4 Great
Stocks, ETFs
$0
$0
0.1%
Get $5 when you sign up and deposit $5.
Bank, automate your portfolio or invest in individual stocks and ETFs for as low as $3 per month.
Go to site More info
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What is the Finder Score?

The Finder Score crunches 147 key metrics we collected directly from 18+ brokers and assessed each provider’s performance based on nine different categories, weighing each metric based on the expertise and insights of Finder’s investment experts. We then scored and ranked each provider to determine the best brokerage accounts.

We update our best picks as products change, disappear or emerge in the market. We also regularly review and revise our selections to ensure our best provider lists reflect the most competitive available.

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Written by

Writer

Javier Simon is a freelance finance writer at Finder and a certified educator in personal finance (CEPF). He’s featured on NerdWallet, Bankrate, Yahoo Finance and Fox Business, where he’s shared his expertise on personal finance topics, such as investing, retirement planning, taxes, budgeting and savings. He has also covered breaking news, such as student loan forgiveness initiatives, the housing market and inflation’s impact on consumers’ wallets. His passion is turning complex financial concepts into actionable content that can help people improve their financial lives. Javier holds a bachelor’s degree in multimedia journalism from SUNY Plattsburgh. See full bio

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