Ally Invest vs SoFi Invest 2024
In this head to head comparison of Ally Invest vs SoFi Invest, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.
In this head to head comparison of Ally Invest vs SoFi Invest, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.
When it comes to investment options and account offerings, Ally Invest stands out as a solid choice, earning 4.5 stars for its broad range of services, ranking #8 out of 18 brokers on StockBrokers.com. While SoFi Invest also provides an array of investment opportunities, it holds a 3-star rating and ranks #16. Both platforms excel in standard stock and margin trading, options trading, mutual funds, and offer comprehensive advisor services along with traditional and Roth IRA accounts.
In terms of fractional shares, SoFi Invest provides an edge by allowing customers to purchase fractional shares, whereas Ally Invest does not include this feature. However, both brokerages support forays into over-the-counter (OTC) stock trading, with neither offering forex, futures, or cryptocurrency trading options at present. These limitations may be a consideration for investors seeking more diverse financial instruments within one platform.
Both Ally Invest and SoFi Invest have carved out niches in the online brokerage sphere by offering diverse account types and robust customer support. Depending on the specific needs of an investor, such as cost-effectiveness and the ability to trade fractional shares, the choice between Ally Invest and SoFi Invest may hinge on individual trading preferences and investment strategies. Ultimately, Ally Invest appears to provide a more comprehensive suite of options for a wider range of investors, while SoFi Invest tailors its offerings to those interested in modern trading conveniences.
Feature |
Ally Invest
|
SoFi Invest
|
---|---|---|
Stock Trading | Yes | Yes |
Margin Trading | Yes | Yes |
Fractional Shares | No | Yes |
OTC Stocks | Yes | Yes |
Mutual Funds | Yes | Yes |
Options Trading | Yes | Yes |
Futures Trading | No | No |
Crypto Trading | No | No |
Crypto Trading - Total Coins | 0 | 0 |
Investment Options |
Dive deeper: Best Options Trading Platforms & Brokers, 5 Best Futures Trading Platforms of 2024
When comparing Ally Invest and SoFi Invest, Ally Invest emerges as the more equipped choice for traders seeking a robust online trading platform. With a rating of 3.5 stars against SoFi Invest's 2.5 stars, Ally Invest's comprehensive features place it at the 11th rank among 18 brokers, in contrast to SoFi's 15th position. Despite both platforms lacking desktop trading software and paper trading capabilities, Ally Invest's browser-based platform offers significantly more technical indicators, drawing tools, and customization options, making it a preferable option for those looking for an enhanced trading experience.
Both Ally Invest and SoFi Invest offer browser-based trading platforms, meeting the essential requirements for online access. However, Ally Invest's platform is distinguished by an extensive array of 120 technical indicators and 36 drawing tools, enabling detailed chart analysis, compared to SoFi's absolute zero in both categories. Ally Invest further stands out by allowing features like adding notes to charts, index overlays, automated technical analysis, and the ability to save multiple chart profiles — all of which SoFi Invest does not offer. These tools offer traders greater flexibility and depth of information for making informed decisions.
Moreover, the watch list functionality on Ally Invest accommodates up to 10 columns, offering traders a more detailed view of market components, while SoFi falls short with just three columns. Both platforms do not allow order adjustments directly on the stock chart or historical trades and corporate events display, showcasing a shared limitation. However, Ally Invest provides more comprehensive customization of stock chart studies compared to SoFi Invest’s lack of customizable fields, providing users with more configurability to tailor their trading experience. These advantages combined contribute to Ally Invest's higher ranking and overall better rating in trading platforms and tools.
Feature |
Ally Invest
|
SoFi Invest
|
---|---|---|
Web Trading Platform | Yes | Yes |
Desktop Trading Platform | No | No |
Desktop Platform (Mac) | No | No |
Paper Trading | No | No |
Watch Lists - Total Fields | 10 | 3 |
Charting - Indicators / Studies | 120 | 0 |
Charting - Drawing Tools | 36 | 0 |
Platforms & Tools |
Dive deeper: Best Stock Brokers for 2024, Best Paper Trading Platforms of 2024
When comparing the educational resources for beginners and investors at Ally Invest and SoFi Invest, both platforms offer comprehensive educational content across several areas, including stock, ETF, options, mutual funds, and bonds education. However, neither Ally Invest nor SoFi Invest support paper trading, provide educational videos, quizzes, or offer the capability to track learning progress, which may be a consideration for users seeking interactive learning experiences.
Despite these similarities, SoFi Invest offers one notable advantage: educational webinars, a feature not available with Ally Invest. This added offering contributes to SoFi Invest receiving a slightly higher education rating of 4.5 stars compared to Ally Invest's 4 stars. Furthermore, StockBrokers.com ranks SoFi Invest at #7 and Ally Invest at #9 among 18 brokers, signaling a small edge for SoFi Invest in investor education and resources.
Feature |
Ally Invest
|
SoFi Invest
|
---|---|---|
Education (Stocks) | Yes | Yes |
Education (ETFs) | Yes | Yes |
Education (Options) | Yes | Yes |
Education (Mutual Funds) | Yes | Yes |
Education (Bonds) | Yes | Yes |
Paper Trading | No | No |
Videos | No | No |
Webinars | No | Yes |
Education |
Dive deeper: Best Stock Trading Platforms for Beginners of 2024
When it comes to stock trading app ratings, Ally Invest takes the lead with four stars compared to SoFi Invest's three-star rating. Ally Invest's higher ranking, positioned at number 13 by StockBrokers.com, further emphasizes its superior capabilities over SoFi Invest, which is ranked at number 16 out of 18 brokers. This suggests that users may find Ally Invest's app slightly more user-friendly and feature-rich for executing stock trades on mobile apps.
Both Ally Invest and SoFi Invest offer iPhone and Android apps, ensuring accessibility for most mobile users; however, neither provides an Apple Watch app or streaming quotes. While both brokers offer the ability to view multiple time frames for charting in their mobile apps, they lack technical studies and streaming live TV or videos on demand. Despite offering mobile after-hours stock trading and options trading, Ally Invest provides an advantage in allowing users to create custom watch lists, a feature absent in SoFi Invest.
Ally Invest also distinguishes itself by enabling mobile options trading; a feature not available with SoFi Invest. However, both platforms fall short in areas like streaming live TV, after-hours charting, stock alerts, and viewing charts in landscape mode. Those looking for tailored experiences might appreciate Ally Invest's ability to create custom watch lists despite the inability to customize watch list columns, while SoFi Invest lacks this customization capability entirely.
Feature |
Ally Invest
|
SoFi Invest
|
---|---|---|
iPhone App | Yes | Yes |
Android App | Yes | Yes |
Apple Watch App | No | No |
Stock Alerts | No | No |
Charting - After-Hours | No | No |
Charting - Technical Studies | 0 | 0 |
Mobile Trading Apps |
Dive deeper: Best Stock Trading Apps of 2024
Choosing between Ally Invest and SoFi Invest comes down to evaluating their specific account fees and charges, which can impact your overall investment experience. Ally Invest stands out with a $0 minimum deposit, while SoFi Invest requires a $5 minimum. Both platforms offer commission-free regular stock trades, but differ significantly in their options contract fees, with Ally charging $0.50 per contract and SoFi at a competitive $0. As for IRA-related fees, both brokers provide free annual maintenance, though Ally charges a $25 closure fee compared to SoFi’s $20.
Assessing margin balances reveals notable differences as well. Ally Invest’s rates for balances under $25,000 start at 13%, dropping to 12% for balances over $50,000. SoFi Invest, however, maintains a consistent 9.5% rate across the board, making it an attractive choice for those utilizing margin trading. For account transfers, Ally charges a reduced fee of $50 for both partial and full ACATs, while SoFi’s flat rate is $100, potentially increasing costs for users looking to make account adjustments.
Additional fees include options exercise and assignment fees, where Ally Invest charges nothing, as compared to SoFi’s $5. These differences highlight critical financial considerations for users looking to optimize their trading experiences. The comparative analysis between Ally Invest and SoFi Invest underscores the importance of understanding each platform's fee structure, ensuring prospective investors align their choice with their financial strategies and investment goals.
Feature |
Ally Invest
|
SoFi Invest
|
---|---|---|
Minimum Deposit | $0.00 | $5.00 |
Stock Trades | $0.00 | $0.00 |
Options (Per Contract) | $0.50 | $0.00 |
Options Exercise Fee | $0.00 | $5.00 |
Options Assignment Fee | $0.00 | $5.00 |
IRA Annual Fee | $0.00 | $0.00 |
IRA Closure Fee | $25.00 | $20.00 |
Commissions & Fees |
Dive deeper: Best Brokers for Free Stock Trading of 2024
When evaluating Ally Invest and SoFi Invest for day trading, both platforms show limited support in terms of advanced trading features. Neither Ally Invest nor SoFi Invest provides streaming time and sales for stocks, streaming live TV, direct market routing, or ladder trading, indicating a lack of tools that many day traders consider essential. Additionally, both platforms fall short in offering trading hotkeys for keyboard trade entry and level 2 quotes, which are crucial for speed and comprehensive market visibility in day trading environments.
Moreover, neither Ally Invest nor SoFi Invest supports basic or advanced strategy backtesting, nor do they offer a short locator tool to check the real-time availability of shares for short selling. Potential users also won't find order liquidity rebates on either platform, which could be a drawback for traders looking to reduce costs. Consequently, both Ally Invest and SoFi Invest may not be the ideal choice for day traders seeking a robust suite of tools and features commonly favored in the fast-paced world of day trading.
Feature |
Ally Invest
|
SoFi Invest
|
---|---|---|
Streaming Time & Sales | No | No |
Streaming TV | No | No |
Direct Market Routing - Stocks | No | No |
Level 2 Quotes - Stocks | No | No |
Trade Ideas - Backtesting | No | No |
Trade Ideas - Backtesting Adv | No | No |
Short Locator | No | No |
Dive deeper: Best Day Trading Platforms of 2024
In the realm of online brokerage services, Ally Invest and SoFi Invest present distinct offerings concerning market research capabilities. While Ally Invest excels with a robust suite of research tools, receiving a commendable four-star rating for market research, SoFi Invest trails behind with a modest two-star rating. When ranked against 18 brokers by StockBrokers.com, Ally Invest proudly secures the 7th position, signifying its strength and reliability in research over SoFi Invest, which lands at 18th place.
Ally Invest distinguishes itself by providing comprehensive research capabilities, including stock, ETF, mutual fund, pink sheets/OTCBB, and bond research. This extensive support allows investors to make more informed decisions with access to essential insights. Furthermore, Ally Invest enhances user experience by offering tools such as a stock screener, ETF screener, and bond screener for generating trade ideas. Additionally, Ally Invest allows investors to assess portfolio allocation by asset class and integrate social media sentiment data into stock research, further broadening the analytical resources available to users.
Conversely, SoFi Invest falls short when it comes to the depth of research offerings. Without providing stock, ETF, mutual fund, OTCBB, or bond research, users are left with limited resources for making informed investment choices. Despite offering features for viewing portfolio allocation by asset class, SoFi Invest lacks advanced research tools such as social media sentiment analysis and screeners for trade ideas. Both platforms do not offer downloadable PDF reports for stocks, ETFs, or mutual funds, nor do they provide ESG research, reflecting areas where further development could benefit users. Overall, Ally Invest clearly outpaces SoFi Invest in providing a richer array of market research options.
Feature |
Ally Invest
|
SoFi Invest
|
---|---|---|
Research - Stocks | Yes | No |
Screener - Stocks | Yes | No |
Research - ETFs | Yes | No |
Screener - ETFs | Yes | No |
Research - Mutual Funds | Yes | No |
Screener - Mutual Funds | No | No |
Research - Bonds | Yes | No |
Screener - Bonds | Yes | No |
Research |
When comparing the banking capabilities of Ally Invest and SoFi Invest, both offer comprehensive services, including checking accounts, savings accounts, debit cards, and credit cards. Additionally, they each provide mortgage loans, making them versatile choices for those looking to integrate their investment activities with everyday banking. However, a notable distinction arises with Ally Invest offering Certificates of Deposit (CDs), a feature that SoFi Invest lacks. This difference can be a deciding factor for those interested in securing the higher interest rates typically associated with CDs. Overall, both online brokers deliver a robust suite of banking services, but Ally Invest holds an edge for customers seeking CD options.
Feature |
Ally Invest
|
SoFi Invest
|
---|---|---|
Checking Accounts | Yes | Yes |
Savings Accounts | Yes | Yes |
Debit Cards | Yes | Yes |
Credit Cards | Yes | Yes |
Mortgage Loans | Yes | Yes |
CDs | Yes | No |
Dive deeper: Best Bank Brokerages of 2024
After opening live accounts and testing 18 of the best online brokers, our research and live account testing finds that Ally Invest is better than SoFi Invest. Ally Invest finished with an overall score of 83.8%, while SoFi Invest finished with a score of 73.7%.
For current Ally customers looking to invest in stocks, Ally's universal-accounts experience and easy-to-use website offer a convenient solution. Its website is far stronger than the mobile app.
Both Ally Invest and SoFi Invest do not offer crypto trading, with neither platform providing any coins for crypto transactions.
Dive deeper: Best Crypto Trading Platforms of 2024
Both Ally Invest and SoFi Invest offer traditional and Roth IRA accounts without annual fees, while Ally Invest charges a $25 closure fee, compared to SoFi Invest's $20 fee.
Dive deeper: Best IRA Accounts of 2024
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0 of 5Overall Rating | Ally Invest | SoFi Invest | |
---|---|---|---|
Overall | |||
Commissions & Fees | |||
Investment Options | |||
Platforms & Tools | |||
Mobile Trading Apps | |||
Research | |||
Customer Service | |||
Education | |||
Ease Of Use | |||
Winner | check_circle | ||
Review | Ally Invest Review | SoFi Invest Review |
Broker Screenshots | Ally Invest | SoFi Invest | |
---|---|---|---|
Trading Platform & Tools Gallery (click to expand) | |||
Research Gallery (click to expand) | |||
Mobile Trading Apps Gallery (click to expand) | |||
Education Gallery (click to expand) |
Trading Fees | Ally Invest | SoFi Invest | |
---|---|---|---|
Minimum Deposit | $0.00 | $5.00 | |
Stock Trades | $0.00 | $0.00 | |
Penny Stock Fees (OTC) | $4.95 | N/A | |
Mutual Fund Trade Fee | $0.00 | $0 | |
Options (Per Contract) | $0.50 | $0.00 | |
Futures (Per Contract) | (Not offered) | $0.00 | |
Broker Assisted Trade Fee | $20 | N/A |
Margin Rates | Ally Invest | SoFi Invest | |
---|---|---|---|
Margin Rate Under $25,000 | 13% | 9.5% | |
Margin Rate $25,000 to $49,999.99 | 12.75% | 9.5% | |
Margin Rate $50,000 to $99,999.99 | 12% | 9.5% | |
Margin Rate $100,000 to $249,999.99 | 10.75% | 9.5% | |
Margin Rate $250,000 to $499,999.99 | 9.75% | 9.5% | |
Margin Rate $500,000 to $999,999.99 | 9.25% | 9.5% | |
Margin Rate Above $1,000,000 | 8.5% | 9.5% |
Account Fees | Ally Invest | SoFi Invest | |
---|---|---|---|
IRA Annual Fee | $0.00 | $0.00 | |
IRA Closure Fee | $25.00 | $20.00 | |
Account Transfer Out (Partial) | $50.00 | $100.00 | |
Account Transfer Out (Full) | $50.00 | $100.00 | |
Options Exercise Fee | $0.00 | $5.00 | |
Options Assignment Fee | $0.00 | $5.00 |
Investment Options | Ally Invest | SoFi Invest | |
---|---|---|---|
Stock Trading | Yes | Yes | |
Margin Trading | Yes | Yes | |
Fractional Shares | No | Yes | |
OTC Stocks | Yes | Yes | |
Options Trading | Yes | Yes | |
Complex Options Max Legs | 4 | 0 | |
Futures Trading | No | No | |
Forex Trading | No | No | |
Crypto Trading | No | No | |
Crypto Trading - Total Coins | 0 | 0 | |
Mutual Funds (No Load) | 13000 | 0 | |
Mutual Funds (Total) | 14000 | 6000 | |
Bonds (US Treasury) | Yes | No | |
Bonds (Corporate) | Yes | No | |
Bonds (Municipal) | Yes | No | |
Traditional IRAs | Yes | Yes | |
Roth IRAs | Yes | Yes | |
Advisor Services | Yes | Yes | |
International Countries (Stocks) | 0 | 0 |
Order Types | Ally Invest | SoFi Invest | |
---|---|---|---|
Order Type - Market | Yes | Yes | |
Order Type - Limit | Yes | Yes | |
Order Type - After Hours | Yes | Yes | |
Order Type - Stop | Yes | No | |
Order Type - Trailing Stop | No | No | |
Order Type - OCO | No | No | |
Order Type - OTO | No | No | |
Order Type - Broker Assisted | Yes | No |
Beginners | Ally Invest | SoFi Invest | |
---|---|---|---|
Education (Stocks) | Yes | Yes | |
Education (ETFs) | Yes | Yes | |
Education (Options) | Yes | Yes | |
Education (Mutual Funds) | Yes | Yes | |
Education (Bonds) | Yes | Yes | |
Education (Retirement) | Yes | Yes | |
Retirement Calculator | No | No | |
Investor Dictionary | Yes | Yes | |
Paper Trading | No | No | |
Videos | No | No | |
Webinars | No | Yes | |
Webinars (Archived) | Yes | Yes | |
Progress Tracking | No | No | |
Interactive Learning - Quizzes | No | No |
Stock Trading Apps | Ally Invest | SoFi Invest | |
---|---|---|---|
iPhone App | Yes | Yes | |
Android App | Yes | Yes | |
Apple Watch App | No | No | |
Trading - Stocks | Yes | Yes | |
Trading - After-Hours | Yes | Yes | |
Trading - Simple Options | Yes | No | |
Trading - Complex Options | Yes | No | |
Order Ticket RT Quotes | Yes | Yes | |
Order Ticket SRT Quotes | No | No |
Stock App Features | Ally Invest | SoFi Invest | |
---|---|---|---|
Market Movers (Top Gainers) | Yes | Yes | |
Stream Live TV | No | No | |
Videos on Demand | No | No | |
Stock Alerts | No | No | |
Option Chains Viewable | Yes | No | |
Watch List (Real-time) | Yes | Yes | |
Watch List (Streaming) | No | No | |
Watch Lists - Create & Manage | Yes | No | |
Watch Lists - Column Customization | No | No |
Stock App Charting | Ally Invest | SoFi Invest | |
---|---|---|---|
Charting - After-Hours | No | No | |
Charting - Can Turn Horizontally | No | No | |
Charting - Multiple Time Frames | Yes | Yes | |
Charting - Technical Studies | 0 | 0 | |
Charting - Study Customizations | No | No | |
Charting - Stock Comparisons | No | No |
Trading Platforms | Ally Invest | SoFi Invest | |
---|---|---|---|
Active Trading Platform | N/A | N/A | |
Desktop Trading Platform | No | No | |
Desktop Platform (Mac) | No | No | |
Web Trading Platform | Yes | Yes | |
Paper Trading | No | No | |
Trade Journal | No | No | |
Watch Lists - Total Fields | 10 | 3 |
Stock Chart Features | Ally Invest | SoFi Invest | |
---|---|---|---|
Charting - Adjust Trades on Chart | No | No | |
Charting - Indicators / Studies | 120 | 0 | |
Charting - Drawing Tools | 36 | 0 | |
Charting - Notes | Yes | No | |
Charting - Index Overlays | Yes | No | |
Charting - Historical Trades | No | No | |
Charting - Corporate Events | No | No | |
Charting - Custom Date Range | No | No | |
Charting - Custom Time Bars | No | No | |
Charting - Automated Analysis | Yes | No | |
Charting - Save Profiles | Yes | No | |
Trade Ideas - Technical Analysis | Yes | No | |
Charting - Study Customizations | 8 | 0 | |
Charting - Custom Studies | No | No |
Day Trading | Ally Invest | SoFi Invest | |
---|---|---|---|
Streaming Time & Sales | No | No | |
Streaming TV | No | No | |
Direct Market Routing - Stocks | No | No | |
Ladder Trading | No | No | |
Trade Hotkeys | No | No | |
Level 2 Quotes - Stocks | No | No | |
Trade Ideas - Backtesting | No | No | |
Trade Ideas - Backtesting Adv | No | No | |
Short Locator | No | No | |
Order Liquidity Rebates | No | No |
Research Overview | Ally Invest | SoFi Invest | |
---|---|---|---|
Research - Stocks | Yes | No | |
Research - ETFs | Yes | No | |
Research - Mutual Funds | Yes | No | |
Research - Pink Sheets / OTCBB | Yes | No | |
Research - Bonds | Yes | No | |
Screener - Stocks | Yes | No | |
Screener - ETFs | Yes | No | |
Screener - Mutual Funds | No | No | |
Screener - Bonds | Yes | No | |
Misc - Portfolio Allocation | Yes | Yes |
Stock Research | Ally Invest | SoFi Invest | |
---|---|---|---|
Stock Research - PDF Reports | 0 | 0 | |
Stock Research - Earnings | No | No | |
Stock Research - Insiders | Yes | No | |
Stock Research - Social | Yes | No | |
Stock Research - News | Yes | Yes | |
Stock Research - ESG | No | No | |
Stock Research - SEC Filings | No | No |
ETF Research | Ally Invest | SoFi Invest | |
---|---|---|---|
ETFs - Strategy Overview | Yes | Yes | |
ETF Fund Facts - Inception Date | No | No | |
ETF Fund Facts - Expense Ratio | Yes | Yes | |
ETF Fund Facts - Net Assets | Yes | No | |
ETF Fund Facts - Total Holdings | No | No | |
ETFs - Top 10 Holdings | Yes | Yes | |
ETFs - Sector Exposure | No | No | |
ETFs - Risk Analysis | No | No | |
ETFs - Ratings | Yes | No | |
ETFs - Morningstar StyleMap | No | No | |
ETFs - PDF Reports | No | No |
Mutual Fund Research | Ally Invest | SoFi Invest | |
---|---|---|---|
Mutual Funds - Strategy Overview | Yes | No | |
Mutual Funds - Performance Chart | Yes | No | |
Mutual Funds - Performance Analysis | No | No | |
Mutual Funds - Prospectus | No | No | |
Mutual Funds - 3rd Party Ratings | Yes | No | |
Mutual Funds - Fees Breakdown | No | No | |
Mutual Funds - Top 10 Holdings | Yes | No | |
Mutual Funds - Asset Allocation | No | No | |
Mutual Funds - Sector Allocation | Yes | No | |
Mutual Funds - Country Allocation | No | No | |
Mutual Funds - StyleMap | No | No |
Options Trading | Ally Invest | SoFi Invest | |
---|---|---|---|
Option Chains - Basic View | Yes | Yes | |
Option Chains - Strategy View | Yes | No | |
Option Chains - Streaming | Yes | No | |
Option Chains - Total Columns | 8 | 0 | |
Option Chains - Greeks | 5 | 0 | |
Option Chains - Quick Analysis | Yes | No | |
Option Analysis - P&L Charts | No | No | |
Option Probability Analysis | Yes | No | |
Option Probability Analysis Adv | No | No | |
Option Positions - Greeks | Yes | No | |
Option Positions - Greeks Streaming | No | No | |
Option Positions - Adv Analysis | No | No | |
Option Positions - Rolling | No | No | |
Option Positions - Grouping | Yes | No |
Banking | Ally Invest | SoFi Invest | |
---|---|---|---|
Bank (Member FDIC) | Yes | Yes | |
Checking Accounts | Yes | Yes | |
Savings Accounts | Yes | Yes | |
Credit Cards | Yes | Yes | |
Debit Cards | Yes | Yes | |
Mortgage Loans | Yes | Yes |
Customer Service | Ally Invest | SoFi Invest | |
---|---|---|---|
Phone Support (Prospect Customers) | Yes | Yes | |
Phone Support (Current Customers) | Yes | Yes | |
Email Support | Yes | No | |
Live Chat (Prospect Customers) | No | Yes | |
Live Chat (Current Customers) | Yes | Yes | |
24/7 Support | Yes | No |
Overall | Ally Invest | SoFi Invest | |
---|---|---|---|
Overall | |||
Commissions & Fees | |||
Investment Options | |||
Platforms & Tools | |||
Mobile Trading Apps | |||
Research | |||
Education | |||
Ease Of Use | |||
Winner | check_circle | ||
Review | Ally Invest Review | SoFi Invest Review |