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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.

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 Investments

4.6 / 5 ★★★★★

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 typesBrokerage, IRA, Custodial, Joint brokerage, Trust
Annual fee$0 per year
Available asset typesStocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency, Gold/Commodities, CDs, Treasury Bills

Robinhood

Robinhood

4.4 / 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 typesBrokerage, IRA, Margin
Annual fee$0 per year
Available asset typesStocks, Options, ETFs, Cryptocurrency

Betterment

Betterment

4.4 / 5 ★★★★★

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 typesBrokerage, IRA
Annual fee0.25% on balances up to $99,999
0.4% on balances of $100,000+
Available asset typesETFs, Cryptocurrency

E*TRADE

E*TRADE from Morgan Stanley

4.3 / 5 ★★★★★

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, IRA, Education (529), Custodial, Joint brokerage
Annual fee$0 per year
Available asset typesStocks, Bonds, Options, Mutual funds, ETFs, CDs, Futures

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.

1 - 9 of 9
Name Product USFST Ratings Available asset types Stock trade fee Minimum deposit Cash sweep APY Signup bonus
Tastytrade
Finder Score: 4.4 / 5: ★★★★★
Tastytrade
★★★★★
Stocks, Options, ETFs, Cryptocurrency, Futures, Treasury Bills
$0
$0
N/A
Get $50-$5,000
Competitive, capped options commissions, with a reliable trading platform designed for serious traders.
SoFi Invest®
Finder Score: 4.2 / 5: ★★★★★
SoFi Invest®
★★★★★
Stocks, Options, Mutual funds, ETFs, Alternatives
$0
$0
0.02%
Get up to $10,000 cash
Zero-commission stocks, ETFs and options, with no options per-contract fees. Plus, a no-advisory-fee robo-advisor and complimentary access to financial planners.
OPTO
Finder Score: 3.1 / 5: ★★★★★
OPTO
★★★★★
Stocks, ETFs
$0
$0
N/A
Earn up to $300
AI-driven thematic investing, with proprietary research, fractional shares and commission-free stocks and ETFs.
eToro
Finder Score: 4 / 5: ★★★★★
EXCLUSIVE
eToro
★★★★★
Stocks, Options, ETFs, Cryptocurrency
$0
$0
4.9%
FINDER EXCLUSIVE: Get a guaranteed $15 bonus
No commission stock, ETF and options trades, with 4.9% interest on your options account balance and no options contract fees.
Robinhood
Finder Score: 4.4 / 5: ★★★★★
Robinhood
★★★★★
Stocks, Options, ETFs, Cryptocurrency
$0
$0
4.5%
Get a free stock
Trade stocks, options, ETFs and crypto without commissions and on a user-friendly platform. Plus, a 1% IRA match and no options contract fees.
Public.com
Finder Score: 4.2 / 5: ★★★★★
Public.com
★★★★★
Stocks, Bonds, Options, ETFs, Cryptocurrency, Alternatives, Treasury Bills, High-yield cash account
$0
$0
4.6%
Get up to $10,000 and transfer fees covered
Build a diversified portfolio of stocks, bonds, options, ETFs, crypto and alternative assets, with a high-yield cash account and options contract rebates.
Stash
Finder Score: 3.7 / 5: ★★★★★
Stash
★★★★★
Stocks, ETFs
$0
$0
0.1%
Get $10 when you sign up and deposit $5
Automated investing, individual stock and ETF investing and banking services for as low as $3 per month.
Wealthfront
Finder Score: 4.5 / 5: ★★★★★
Wealthfront
★★★★★
Stocks, ETFs
$0
$500
5%
Get $50
Automated stock and bond ETF investing with the ability to trade individual stocks for as little as $1 apiece.
Zacks Trade
Finder Score: 3.8 / 5: ★★★★★
Zacks Trade
★★★★★
Stocks, Bonds, Mutual funds, ETFs, CDs
$0.01
$250
2.83%
Get up to $500
Trade stocks, options, ETFs, mutual funds and bonds, with powerful trading tools and low margin rates.
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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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