Why choose SoFi Invest
SoFi Invest is a US discount stockbroker regulated by the top-tier SEC and FINRA.
It offers commission-free US stock and ETF trading without withdrawal or inactivity fees. The account opening process is seamless, fully digital and really fast. Customer support gives relevant and quick answers. It is a good choice for beginner investors.
On the negative side, SoFi Invest is available only for US residents. The product portfolio is limited, covering only stocks and ETFs. Also, research tools are very basic.
BrokerChooser gave SoFi Invest a 4.4/5 rating based on analyzing 600+ criteria and testing via opening a live account.
- Free stock and ETF trading
- Fast and fully digital account opening
- Fast customer support
Not sure if this is the right broker for you? See the best ones.
See how the best brokers in the United States compare to SoFi Invest
Fees
- Commission-free stock and ETF trading
- No withdrawal fee
- No inactivity fee
We compared SoFi Invest's fees with two similar brokers we selected, Alpaca Trading and Robinhood. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of SoFi Invest alternatives.
Commission-free stock and ETFs
It’s extremely great as SoFi Invest has commission-free US stock trading.
Broker | US stock |
---|---|
SoFi Invest | $0.0 |
Alpaca Trading | $0.0 |
Robinhood | $0.0 |
Average margin rates
SoFi Invest USD margin rate fees are slightly lower than the industry average. USD margin rate fees are calculated as follows: 10% annual margin rates
Broker | USD margin rate |
---|---|
SoFi Invest | 10.0% |
Alpaca Trading | 8.5% |
Robinhood | 6.8% |
Low options commission
SoFi Invest US stock index options fees are about half of the industry average. US stock index options fees are calculated as follows: $5 exercise and assignment fee
Broker | US stock index options |
---|---|
SoFi Invest | $5.0 |
Alpaca Trading | - |
Robinhood | $0.0 |
Low inactivity fee, no withdrawal fee
Inactivity fee is $25 after every 6 month of inactivity. You can avoid this fee by logging into your account. SoFi Invest charges no fee for ACH withdrawals.
Broker | Inactivity fee | Withdrawal fee |
---|---|---|
SoFi Invest | $0 | |
Alpaca Trading | $0 | |
Robinhood | $0 |
While there is no ACH withdrawal fee, if you use a wire transfer for withdrawal SoFi Invest charges $25.
Check out a detailed analysis of all the fees, commissions, and other charges levied by SoFi Invest for more information.
Safety
- Majority of clients belong to a top-tier financial authority
- High level of investor protection
- Listed on stock exchange
Deposit and withdrawal
- Free withdrawal
- No deposit fee
- User-friendly
Account opening
- Fast
- Fully digital
- No minimum deposit
Mobile app
- User-friendly
- Two-step (safer) login
- Modern design
Web trading platform
- User-friendly
- Two-step (safer) login
- Modern design
Product selection
FAQ
Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.