Things to consider

There are many aspects to assessing a broker’s services in general, maybe even too many to list. Below, we’ll focus on the most important criteria that should be taken into account when determining whether a broker is good for beginners.

A beginner-friendly broker should have:

  • an excellent web and mobile trading platform
  • low fees
  • great educational tools
  • good customer service
  • an easy account opening process
  • low minimum deposit

Safety is also very important, but since we recommend only safe brokers regulated by top-tier authorities, this is one thing you don’t have to worry about.

More and more people are looking to become a player on financial markets either as traders or investors. However, when researching the basics, it can be easy to feel overwhelmed by the sheer amount of information available online.

This is where BrokerChooser offers a helping hand. The reason is simple: choosing the right service, especially when you are taking your first steps in trading, is highly important.

In this article we’ll check whether SoFi Invest is the right choice for a starting trader.

Is SoFi Invest good for beginners
Is SoFi Invest good for beginners?

Based on our scoring methodology, SoFi Invest is a broker that we can recommend for beginners.

Let's take a look at its services one by one, following the criteria we set above, to get the whole picture.

  • 💻 SoFi Invest's web platform has some good things to offer: User-friendly. Two-step (safer) login. Modern design. However, some things may not be suitable for beginners. Areas of improvement: Limited customizability (for charts, workspace). Limited order types. No unique price alerts.
  • 📱 The mobile platform of SoFi Invest is reasonably well-designed: User-friendly. Two-step (safer) login. Modern design. This may be helpful for the first steps in your trading journey.
  • 💰 Fees are one of the most important aspects when it comes to trading and SoFi Invest does well in some areas: Free stocks and ETFs. No withdrawal fee. No inactivity fee. However, charges may be higher compared to some competitors. Areas of improvement: .
  • 🕖 An account opening process is great when it is seamless from the get-go. SoFi Invest does an excellent job in this area: Fast. Fully digital. No minimum deposit.
  • 📚 Articles on SoFi blog. However, SoFi Invest's education materials could be improved.Areas of improvement: No demo account. No trading platform tutorial videos. No webinars.
  • 📞 Live chat. Fast response time. Relevant answers. However, there is some room for improvement in SoFi Invest's customer service: No 24/7 support.
  • 💰 Low minimum deposits and low-cost transactions are attractive for new traders. SoFi Invest's deposit and withdrawal processes have some good things to offer: Free withdrawal. No deposit fee. User-friendly. Nevertheless, its services could be improved in other areas: Credit/Debit card not available. High fee for wire withdrawals.

Is SoFi Invest good for beginners
Overview of SoFi Invest's services

Let’s take an overall look at how SoFi Invest compares to its peers when it comes to platforms, fees, account opening and education tools. Our scores are on a scale of 1.0 to 5.0, from worst to best.

SoFi Invest services vs. similar brokers
SoFi Invest Alpaca Trading Robinhood
Web platform score 3.2 stars 3.7 stars 4.5 stars
Mobile platform score 4.5 stars 4.2 stars 5.0 stars
Fees Low Low Low
Account opening score 4.4 stars 4.8 stars 5.0 stars
Education score 1.5 stars 4.0 stars 1.5 stars
Customer service score 4.0 stars 1.9 stars 1.5 stars
Deposit and withdrawal score 2.2 stars 1.8 stars 2.3 stars

If you wish to read more about SoFi Invest, click 'Visit Broker' to go to the broker's website. We also have a detailed review of the broker that you can read by clicking on the 'More' button.

Read review

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Is SoFi Invest good for beginners
Is SoFi Invest safe to use?

We hear more and more stories each day about clients who lost their money to scammers from Telegram or through unregulated services. BrokerChooser only features brokers that have top-tier regulators. As such, SoFi Invest is a safe and trusted broker.

If you’d like to know more, check out our deeper dive into SoFi Invest's safety.

Is SoFi Invest good for beginners
Where can I find more information?

If SoFi Invest is not the right broker for you, go ahead and check out our picks for Best Brokers for Beginners in 2021 for some alternatives.

Also, if you feel that some things weren’t clear when it comes to the brokerage world, no worries. We have lots of content to cover your questions. You can find our articles in the How to invest section of our site.

For example, if you want to know how to buy shares online and how the whole process works, there’s an article about that. If you’d like to learn more about investing in stocks or what short selling is, we have articles about these topics too.

We have also written a few materials that focus on recent events in the news. Like what happens with brokers after Brexit or what a short squeeze is.

We hope you found all of the information above useful. If you have any questions, we’d love to hear from you, just write to us at [email protected]rchoser.com. See you there!

Author of this article

Ádám Nasli

Author of this article

Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He's eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.

Ádám Nasli

Broker Expert

Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He's eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.

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

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