Royal vs SoFi Invest compared

Online brokers compared for fees, trading platforms, safety and more. See how Royal stacks up against SoFi Invest!

Royal
SoFi Invest
86.67% of retail CFD accounts lose money

Last update of dataDec 2022

Royal

Royal is an Australian forex broker. It is regulated by many regulators globally, including the top-tier Australian ASIC.

Recommended for traders looking for low forex fees and preferring the MetaTrader platform.

SoFi Invest

SoFi Invest is a discount US stockbroker regulated by the top-tier SEC and FINRA.

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

Royal's service is slightly weaker than SoFi Invest's and a comparison of their fees shows that Royal's fees are higher than SoFi Invest's.

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

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

*Data marked with an asterisk contain additional info, expand the relevant sections below to see details.

Basic data of broker

Overall Score
3.9

Recommended for Traders looking for low forex fees and preferring the MetaTrader platform

Overall Score
4.7

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

Country of origin

Australia

Country of origin

USA

Fees

Fees score
3.0
Fees score
5.0
Fees summary

Low forex, but high CFD fees

Fees summary

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
4.6
Deposit and withdrawal score
2.2
Number of base currencies

12

Number of base currencies

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
*

$50

*
Minimum deposit
*

$0

*
Time to open account

1 day

Time to open account

1-3 days

Required documents

Proof of identity: valid passport or government ID, AND a driving license Proof of residency: utility bills, bank or credit card statement, tenancy contract or a residency certificate

Required documents

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

Trading platform

Web platform score
2.8
Web platform score
3.2
Mobile platform score
3.8
Mobile platform score
4.5
Desktop platform score
3.4
Desktop platform score
-

Markets and products

Markets and products score
1.8
Markets and products score
2.2
Stocks
Stocks
Fractional shares
Fractional shares
*
*
ETFs
ETFs
Forex
Forex
Funds
Funds
Bonds
Bonds
Options
Options
Futures
Futures
Crypto
*
*
Crypto
CFDs
CFDs
CFD disclaimer

Disclaimer: 86.67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Research, education

Research score
4.5
Research score
2.0
Charting quality

Mid-range

Charting quality

Poor

Education score
3.0
Education score
1.5
Demo account
Demo account

Customer service

Customer service score
5.0
Customer service score
3.5
Phone
Phone
Live chat
Live chat
Email
Email
24/7 availability
24/7 availability

Security

Investor protection amount

€20,000 for clients under CySEC

Investor protection amount

$500,000 (securities up to $500,000, cash up to $250,000)

Banking background
Banking background
Listed on stock exchange
Listed on stock exchange
Foundation date

2006

Foundation date

2011

Country of regulation

Australia, Cyprus, Lebanon, Saint Vincent and the Grenadines, Vanuatu

Country of regulation

USA

Royal

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.

*Data marked with an asterisk contain additional info, expand the relevant sections below to see details.

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.

Brokers displayed might not be available in United States.

×