The post Best SoFi Invest Alternatives by Ryan Peterson appeared first on Benzinga. Visit Benzinga to get more great content like this.
The top choices for a SoFi alternative are Interactive Brokers, Charles Schwab and Webull.
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 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 Best Alternatives to SoFi Invest:
- Best for Trading Ideas: Public.com
- Best for Advanced Traders: Interactive Brokers
- Best for Research and Support: Charles Schwab
- Best for Active Trading: Webull
- Best for Long-Term Investors: Fidelity
- Best for Beginners: Robinhood
- Best for Social Trading: eToro
- Best for Low-Cost Trading: moomoo
- Best for Deep Research Tools: Zacks Trade
- Best for Advanced Trading Features: TradeStation
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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
get started
securely through public.com’s
website
Public is the only investing platform that lets you trade stocks, ETFs, crypto, bonds, options and alternative assets—like fine art and collectibles—all in one place. Public also provides access to custom company metrics, live shows about the markets, and insights from a community of millions of investors, creators, and analysts.
Today, Public provides more ways to create a diversified portfolio than nearly any other online broker. Members can engage in sophisticated investing strategies and access a wealth of investing insights—from company-specific analysis to live audio shows and town hall-style Q&As. In addition, Public offers a premium membership tier with unique company KPIs, detailed performance metrics, and institutional-grade research.
Best For
- Stock and ETF investors
- Crypto investors
- Investors looking to diversify with alternative assets or bonds and options
- Commission-free stock and ETF trading
- Fractional share investing
- Advanced data, tools, and insights with Public Premium
- You can’t transfer crypto to another wallet
- No mutual funds or precious metals
- At this time, only offers individual brokerage accounts and not IRAs
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
get started
securely through Interactive Brokers’s
website
Interactive Brokers is a comprehensive trading platform that gives you access to a massive range of securities at affordable prices. You can buy assets from all around the world from the comfort of your home or office with access to over 150 global markets. Options, futures, forex and fund trading are also available, and most traders won’t pay a commission on any purchase or sale.
IBKR is geared primarily toward experienced traders and investors but now with the availability of free trades with IBKR Lite, casual traders can also acclimate to IBKR’s offerings.
Best For
- Access to international markets
- Active traders
- Detailed mobile app that makes trading simple
- Wide range of available account types and tradeable assets
- IB SmartRouting provides significant price improvement vs. industry
- Fractional trading allows investing regardless of share price
- Industry’s lowest margin rates
- Earn more by lending your fuly-paid shares
- Beginner investors might prefer a broker that offers a bit more hand-holding and educational resources
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
get started
securely through Charles Schwab’s
website
Charles Schwab is a solid choice for traders of all skill levels. It offers full access to the U.S. equity and options markets as well as 30 international markets. Traders can create a diverse portfolio with $0 commissions and no account minimums. Schwab’s margin trading is expensive but Schwab makes up for it with affordable futures and options trades, along with a comprehensive mobile offering.
Best For
- 3 trading platforms perfectly in sync makes matching your platform to your skill level a snap
- Excellent futures trading education for new traders
- $0 account minimum means anyone can start trading
- Wide range of available assets to trade, including futures and 30 global markets
- SmartStreet Edge platform is powerful enough for advanced traders, yet easy enough for new traders to utilize
- Unique educational resources (like infographics and podcasts) make learning fun
- Margin rates are more expensive than competitors
- More limitations on available margin than competitors
- Expensive mutual funds
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
get started
securely through Webull’s
website
Webull is a commission-free trading platform designed with both beginner and advanced investors in mind. Offering an extensive range of assets like stocks, ETFs, and futures, Webull makes it easy for users to manage their investments through a highly intuitive interface. With educational resources, paper trading options, and no minimum account balance required, Webull caters to those looking to start investing without high upfront costs. The platform’s mobile app ensures that users can trade anytime, anywhere, making it a flexible choice for those with busy lifestyles. Webull’s customer service options are limited, and the platform may feel overwhelming to those completely new to investing.
Best For
- Commission-free trading
- Mobile and desktop trading
- Beginners and experienced traders alike
- No commissions on trades
- Extensive range of tradable assets
- Easy-to-use mobile app
- Limited customer service options
- Learning curve for complete beginners
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
get started
securely through Fidelity Investments’s
website
Fidelity is a comprehensive and responsive brokerage suitable for both new and experienced traders alike. With complete access to the full U.S. stock and options markets, a set of state-of-the-art education and research tools, as well as a wide fee-free fund selection, Fidelity is equally useful for the veteran swing traders to novices opening their first accounts. Mobile traders will be especially happy with Fidelity’s app, which mirrors full capabilities of the platform. Though there isn’t much to criticize about Fidelity, the broker does have a few areas where it can afford to improve. Margin rates are significantly higher than most other brokers, especially for traders borrowing less than $25,000. It also doesn’t offer any access to the futures markets. Despite these minor flaws, Fidelity remains a strong choice for most investors.
Best For
- Easy-to-navigate yet functional platform strikes the perfect balance between expert tools and comfort for beginners
- Mobile trading app is fully-optimized and mirrors full functionality of the desktop platform
- Wide range of education and research options make learning more about securities and the market easier and less time-consuming
- Complete range of both independent and managed services available at exceptionally affordable prices
- Offers access to both domestic markets and 25 foreign markets, as well as a wide range of options contracts and over 10,000 mutual funds
- Mobile app that is well-integrated and works just as well as the desktop platform
- Wide selection of education tools and resources available free of charge
- Margin rates higher than many other competing brokerages
- No access to futures trading
- High fees for buying a non-Fidelity mutual fund (with over 3,300 fee-free funds available)
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
get started
securely through Robinhood’s
website
Robinhood is a popular trading platform known for its commission-free trades and user-friendly mobile app. Ideal for novice investors, Robinhood makes it easy to buy and sell stocks, ETFs and cryptocurrencies. The platform offers a straightforward, no-frills experience, making it accessible for users new to investing. With features like fractional shares and a sleek interface, Robinhood lowers the barriers to entry for investing, allowing users to start with just a few dollars. It lacks the advanced tools and research options that more experienced investors might seek. Overall, Robinhood is a great choice for beginners seeking a simple way to invest.
Best For
- Beginners looking for simplicity
- Mobile-first investors
- Commission-free trades
- User-friendly mobile app
- Instant double
- Cash management
- Access to cryptocurrencies
- Limited research tools
- No mutual funds available
- Basic customer support options
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
get started
securely through eToro’s
website
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
Past Performance is not an indication of future results.
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRAand SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
eToro is a leading trading and investing platform that’s recognized for its stock and crypto broker services. Its standout feature, copy-trading, allows users to reproduce the trades of other investors on the platform. In addition to stocks and cryptocurrencies, eToro provides Smart Portfolios — diversified portfolios of crypto assets managed by eToro.
The platform is regulated by regulatory authorities such as the FCA, SEC, ASIC and CySEC, ensuring a level of trust and security for users. While eToro boasts a user-friendly web and mobile platform, it has limited customizability and lean educational and research offerings. Overall, eToro provides a convenient and regulated platform for social trading and investment.
Best For
- Investors who want to follow and copy other traders
- Investors who want to trade crypto, stocks and options on the same platform
- Beginners who want to invest in stocks and ETFs with zero commissions and copy-trading features
- Commission-free stocks and ETFs trading
- Innovative social investing platform with CopyTrader feature
- Access to a wide range of cryptocurrencies, stocks and ETFs
- Free virtual trading account and digital wallet
- High spreads for buying and selling crypto assets
- Contracts for difference (CFDs) unavailable inside the U.S.
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
get started
securely through Moomoo’s
website
Investing is a long-term journey, and moomoo can help guide investors of all levels every step of the way. Utilized by over 21 million users worldwide – including in the US, Singapore, Australia, Japan, Malaysia and Canada – moomoo is an investment and trading platform that empowers investors with pro-grade, easy-to-use tools, data and insights.
moomoo provides advanced charting tools, technical analytics and Level 2 data for funded accounts, so investors have the resources to make more informed investment decisions. Users can access educational materials and interactive events, as well as share and learn through the inline community.
With a low-cost, competitive fee structure, moomoo can work for all investors.
Best For
- Novices
- Intermediate and advanced traders
- Active traders
- Equity and index options trading
- Commission free trading for US options, stocks and ETFs and 6.8% margin rate
- Wealth of free options tools and features, including customizable options chain, options calculator, unusual options activity, implied volatility analysis, 13 options strategies and 0 days to expiration (0DTE) options by volume
- Free Level 2 data for funded accounts
- Advanced charting tools with 100+ indicators, 37+ drawing tools and 20 candle patterns
- No minimum deposit to open an account
- 24/7 online chat support
- 5.1% APY in Cash Sweep program for new and qualified users
- Does not support crypto
- Does not support retirement accounts or mutual funds
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
Get started
securely through Zacks Trade’s
website
Founded by Len Zacks of Zacks Investment Research, the Zacks Trade online discount brokerage offers clients a broad range of financial assets to trade and invest in, as well as access to many of the most active global exchanges. Zacks Trade has considerable resources for active traders and investors, including excellent research and trading platforms.
Zacks Trade’s 3 trading platforms include a wide array of trading tools and can be completely customized for active traders. Another advantage of Zacks Trade is phone access to a live human broker to enter trades and receive trade confirmations from. Unlike many other brokers, Zacks Trade doesn’t charge an extra fee for this service, although the broker still charges a per share transaction fee even though quite a few of its competitors now offer commission-free stock trading.
If you’re an experienced trader or investor who can afford the broker’s rather high minimum deposit, Zacks Trade could be worth considering.
Best For
- Self-directed traders and investors
- Active traders
- International traders and investors
- Those wanting access to a human broker
- Excellent research resources
- Access to over 90 international exchanges
- 3 trading platforms and a mobile app
- Free access to a human broker
- Charges commissions on stock trades
- No forex, precious metals, futures or cryptocurrency trading
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
get started
securely through TradeStation’s
website
TradeStation is for advanced traders who need a comprehensive platform. The brokerage offers an impressive range of investable assets as frequent and professional traders appreciate its wide range of analysis tools. TradeStation’s app is also equally effective, offering full platform capabilities.
Best For
- Advanced traders
- Options and futures traders
- Active stock traders
- Comprehensive trading platform and professional-grade tools
- Wide range of tradable securities
- Fully-operational mobile app
- Confusing pricing structure to leave new traders with a weak understanding of what they pay
- Cluttered layout to make navigating TradeStation’s platform more difficult than it should be
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
Can I invest with SoFi?
Yes, SoFi offers investment options for stocks and ETFs.
Answer Link
Is SoFi financially stable?
Yes, SoFi is a well-established financial technology company with a broad range of services.
Answer Link
How does SoFi make money?
SoFi earns revenue through lending, financial products and some trading fees.
Answer Link
Is my money safe at SoFi Invest?
Yes, SoFi Invest is a regulated broker and is protected by SIPC.
Answer Link
Is SoFi Invest FDIC insured?
Investment accounts are not FDIC insured, but cash balances in SoFi Invest accounts are typically swept into FDIC-insured banks.
Answer Link
The post Best SoFi Invest Alternatives by Ryan Peterson appeared first on Benzinga. Visit Benzinga to get more great content like this.