Robinhood vs SoFi Invest compared

Updated: May 2023
Updated: May 2023
Robinhood
SoFi Invest
You can open an account in United States
You can change your country under 'Regional settings' near the bottom of this page
You can open an account in United States
You can change your country under 'Regional settings' near the bottom of this page
Key differences
We took 8 criteria of our comparison (fee, account opening, customer service, markets&product, research, trading platform, deposit&withdrawal) and listed the angles with the greatest difference here below.
  • Research score
    3.3
    /5
  • Customer service score
    2.3
    /5
  • Trading platform combined score
    4.9
    /5
  • Research score
    2.0
    /5
  • Customer service score
    3.5
    /5
  • Trading platform combined score
    4.1
    /5
Recommended for
  • Beginners YES
  • Equity NO
  • Forex NO
  • CFD NO
  • Beginners YES
  • Equity YES
  • Forex NO
  • CFD NO
Top 5 brokers
Based on your country, these brokers are great matches for you.

Basic data of broker

Overall score
4.5

Recommended for Beginners and buy-and-hold investors focusing on the US stock market

Overall score
4.7

Recommended for Beginners and investors looking for zero-commission trading, focusing on the US market

Country of origin
Broker's country of establishment

USA

Country of origin
Broker's country of establishment

USA

Fees

Fees score
4.7
Fees score
4.9
Fees summary
BrokerChooser's qualitative summary on the broker's prices

Low trading and non-trading fees, free US stock and ETF trading

Fees summary
BrokerChooser's qualitative summary on the broker's prices

Low trading and non-trading fees, free stock and ETF trading

Stock and ETF fees

Forex fees

Fund fees

Bond fees

Options fees

Futures fees

Crypto fees

CFD fees

Non-trading fees

Deposit and withdrawal

Deposit and withdrawal score
1.8
Deposit and withdrawal score
2.2
Number of base currencies
How many account currencies you can choose from

1

Number of base currencies
How many account currencies you can choose from

1

Deposit type

Withdrawal type

Account opening

Account opening score
5.0
Account opening score
4.2
Account opening fully online
Account opening fully online
Minimum deposit
The minimum amount you have to deposit for using the account
$0 for the Standard account and $2,000 for Robinhood Gold
*

$0

*
Minimum deposit
The minimum amount you have to deposit for using the account
No minimum deposit
*

$0

*
Time to open account
BrokerChooser estimation on time needed to access account after all documents are provided by customer

1 day

Time to open account
BrokerChooser estimation on time needed to access account after all documents are provided by customer

1-3 days

Required documents
Documents required for opening an account

Proof of identity: SSN and ID / passport / driver's license

Required documents
Documents required for opening an account

Proof of identity: SSN / passport / national ID card / driver's license / Proof of address

Trading platform

Web platform score
4.5
Web platform score
3.2
Mobile platform score
5.0
Mobile platform score
4.5
Desktop platform score
-
Desktop platform score
-

Markets and products

Markets and products score
2.9
Markets and products score
2.2
Stocks
Stocks are available
Only available for US markets
*
*
Stocks
Stocks are available
Fractional shares
Fractional shares are available
$1 is the minimum
*
*
Fractional shares
Fractional shares are available
$5 is the minimum
*
*
ETFs
ETFs are available
Only available for US markets
*
*
ETFs
ETFs are available
Forex
Forex is available
Forex
Forex is available
Funds
Funds are available
Funds
Funds are available
Bonds
Bonds are available
Bonds
Bonds are available
Options
Options are available
Only available for US markets
*
*
Options
Options are available
Futures
Futures are available
Futures
Futures are available
Crypto
Crypto is available in any form (e.g. as a CFD or ETF)
Exchange
*
*
Crypto
Crypto is available in any form (e.g. as a CFD or ETF)
CFDs
Any CFD is available, e.g. stock CFD or commodity CFD
CFDs
Any CFD is available, e.g. stock CFD or commodity CFD

Research, education

Research score
3.3
Research score
2.0
Charting quality

Poor

Charting quality

Poor

Education score
0.5
Education score
1.5
Demo account
Demo account

Customer service

Customer service score
2.3
Customer service score
3.5
Phone
You can reach the broker by phone
Phone
You can reach the broker by phone
Live chat
Live chat is available
Live chat
Live chat is available
Email
Email support is available
Email
Email support is available
24/7 availability
At least one customer support channel, i.e. live chat, phone or email, is available even on the weekend
24/7 availability
At least one customer support channel, i.e. live chat, phone or email, is available even on the weekend

Security

Investor protection amount
The protection amount depends on the country where you opened your account. In the US, forex trading and commodity-related contract (e.g. futures or options) are generally not covered.

$500k (securities up to $500k, cash up to $250k)

Investor protection amount
The protection amount depends on the country where you opened your account. In the US, forex trading and commodity-related contract (e.g. futures or options) are generally not covered.

$500k (securities up to $500k, cash up to $250k)

Investor protection
Amount of the investor protection provided by the broker

$500k (securities up to $500k, cash up to $250k)

Investor protection
Amount of the investor protection provided by the broker

$500k (securities up to $500k, cash up to $250k)

Banking background
Whether the broker has a banking background
Banking background
Whether the broker has a banking background
Listed on stock exchange
The broker is listed on a stock exchange
Listed on stock exchange
The broker is listed on a stock exchange
Foundation date

2013

Foundation date

2011

Country of regulation
Which countries' regulators oversee the broker

USA

Country of regulation
Which countries' regulators oversee the broker

USA

Robinhood

For detailed information and hands-on experience, read our review of this broker.

SoFi Invest

For detailed information and hands-on experience, read our review of this broker.

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.

Robinhood's service is on par with SoFi Invest's and a comparison of their fees shows that Robinhood's fees are similar to SoFi Invest's.

Account opening takes somewhat less effort at Robinhood compared to SoFi Invest, deposit and withdrawal processes are somewhat more complicated at Robinhood, while customer service quality is lower than SoFi Invest's.

Our experts rated the trading platform of Robinhood as somewhat better than the platform of SoFi Invest, found that clients have access to slightly more markets and products with Robinhood, while SoFi Invest provides less useful research and education.

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