eToro vs SoFi Invest 2024
In this head to head comparison of eToro 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 eToro vs SoFi Invest, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.
When considering investment options, SoFi Invest has a slight edge over eToro, receiving a 3-star rating compared to eToro's 2.5-star rating for investment variety. SoFi Invest ranks 16th out of 18 brokers for investment options, placing it just above eToro, which ranks 17th according to StockBrokers.com. This comparison showcases that while both platforms offer unique benefits, SoFi Invest might provide a more diversified portfolio for investors, particularly for those interested in traditional investment vehicles.
eToro excels in its offerings for cryptocurrency enthusiasts, supporting trading for 26 different coins, whereas SoFi Invest does not offer any crypto trading options. On the other hand, SoFi Invest stands out in traditional investment areas, providing access to stock, margin, fractional shares, OTC stocks, mutual funds, and options trading. It also offers advantages for retirement planning with traditional and Roth IRA accounts, alongside advisory services, which eToro lacks.
While both eToro and SoFi Invest provide stock and options trading, SoFi Invest further differentiates itself with margin trading, mutual funds, and advisor services, appealing to a broader range of investors. In contrast, those focused on cryptocurrency trading may find eToro more aligned with their needs. Ultimately, the choice between these platforms will depend on individual investing goals, with SoFi Invest catering to a more traditional investment strategy, and eToro appealing to cryptocurrency traders.
Feature |
eToro
|
SoFi Invest
|
---|---|---|
Stock Trading | Yes | Yes |
Margin Trading | No | Yes |
Fractional Shares | Yes | Yes |
OTC Stocks | No | Yes |
Mutual Funds | No | Yes |
Options Trading | Yes | Yes |
Futures Trading | No | No |
Crypto Trading | Yes | No |
Crypto Trading - Total Coins | 26 | 0 |
Investment Options |
Dive deeper: Best Options Trading Platforms & Brokers, 5 Best Futures Trading Platforms of 2024
When it comes to choosing an online broker based on trading platforms and tools, eToro and SoFi Invest each present unique attributes. eToro edges ahead with a 3.5-star rating compared to SoFi Invest's 2.5 stars, largely due to its comprehensive offerings in technical indicators and drawing tools. Despite both platforms not providing downloadable trading platforms for Windows or Mac, eToro excels in charting functionalities, offering features like paper trading and the capacity to add notes to charts, alongside 46 technical indicators and 48 drawing tools. Meanwhile, SoFi Invest falls short, lacking advanced charting tools and customization options, which positions it lower in rankings; eToro is rated #12 by StockBrokers.com, while SoFi Invest ranks #15 among 18 brokers.
Both eToro and SoFi Invest provide browser-based trading platforms, although eToro takes a significant lead in terms of functionality. eToro equips traders with paper trading capabilities, enabling users to hone their strategies without financial risk, whereas SoFi Invest does not offer this feature. For watch lists, eToro allows for 7 columns of data versus SoFi Invest's 3, providing more flexibility and comprehensive analysis at a glance. Additionally, eToro permits users to save multiple chart profiles, a feature absent in SoFi Invest, underscoring eToro's emphasis on providing a versatile and customizable user experience.
Regarding chart analysis and customization, eToro stands out with its inclusion of index overlays and customizable study fields for simple moving averages (SMA), with up to 5 customization options. SoFi Invest, in contrast, offers no technical indicators or drawing tools, and does not support chart-specific annotations or multiple chart profiles. While neither platform allows for creating custom studies or adjusting open orders directly on stock charts, the level of detailed charting tools and flexibility available through eToro distinctly caters to more technically inclined traders looking to take advantage of robust analytical resources.
Feature |
eToro
|
SoFi Invest
|
---|---|---|
Web Trading Platform | Yes | Yes |
Desktop Trading Platform | No | No |
Desktop Platform (Mac) | No | No |
Paper Trading | Yes | No |
Watch Lists - Total Fields | 7 | 3 |
Charting - Indicators / Studies | 46 | 0 |
Charting - Drawing Tools | 48 | 0 |
Platforms & Tools |
Dive deeper: Best Stock Brokers for 2024, Best Paper Trading Platforms of 2024
When it comes to beginner and investor education capabilities, eToro and SoFi Invest offer distinct advantages tailored to different learning needs. eToro provides stock education and enables new investors to explore the market through paper trading, allowing them to practice trades without risking real money. Additionally, eToro's educational videos contribute to creating a multimedia-rich learning experience. However, despite these strengths, eToro lacks comprehensive educational resources on ETFs, options, mutual funds, and bonds, which may limit the depth of knowledge available to novice investors. This is reflected in its education rating of 2.5 stars and a ranking of #16 out of 18 brokers as per StockBrokers.com.
Conversely, SoFi Invest stands out with a more extensive array of educational offerings. Catering effectively to investors interested in diversified knowledge, SoFi Invest provides education on stocks, ETFs, options, mutual funds, and bonds, alongside hosting webinars which are not offered by eToro. However, SoFi falls short in offering paper trading and educational videos, potentially limiting experiential learning. Despite this, SoFi's commitment to a comprehensive educational framework is evident in its higher education rating of 4.5 stars and a superior ranking of #7 among 18 brokers by StockBrokers.com. This makes SoFi Invest a more appealing choice for those looking to build a broad foundation of financial knowledge and investment skills.
Feature |
eToro
|
SoFi Invest
|
---|---|---|
Education (Stocks) | Yes | Yes |
Education (ETFs) | No | Yes |
Education (Options) | No | Yes |
Education (Mutual Funds) | No | Yes |
Education (Bonds) | No | Yes |
Paper Trading | Yes | No |
Videos | Yes | No |
Webinars | No | Yes |
Education |
Dive deeper: Best Stock Trading Platforms for Beginners of 2024
When comparing eToro and SoFi Invest based on their mobile stock trading app capabilities, eToro emerges as the superior choice with a rating of 4.5 out of 5 stars, significantly ahead of SoFi Invest's 3 stars. Ranked at #11 out of 18 brokers by StockBrokers.com, eToro offers a richer set of features, making it a more comprehensive platform for mobile traders. In contrast, SoFi Invest ranks lower at #16, indicating room for improvement in its mobile trading offerings.
Both eToro and SoFi Invest provide iPhone and Android apps, ensuring accessibility across popular devices. However, neither offers an Apple Watch app. While both platforms allow users to view multiple time frames for charting, only eToro offers significant charting enhancements, such as 103 technical studies and the ability to display stock comparisons on charts, features lacking in SoFi Invest's app. Moreover, eToro supports mobile options trading, streaming quotes, and personalized stock alerts, further distinguishing it from SoFi Invest, which lacks these capabilities.
Additionally, eToro's app allows users to create custom watch lists and provides videos on demand, enhancing the user experience with informative and personalized content. Despite both platforms missing options for customizable watch list columns and landscape mode charting, eToro's advanced capabilities, such as after-hours charting and the ability to display stock comparisons, reinforce its position as the more robust choice for mobile stock trading, outshining SoFi Invest in multiple areas.
Feature |
eToro
|
SoFi Invest
|
---|---|---|
iPhone App | Yes | Yes |
Android App | Yes | Yes |
Apple Watch App | No | No |
Stock Alerts | Yes | No |
Charting - After-Hours | Yes | No |
Charting - Technical Studies | 103 | 0 |
Mobile Trading Apps |
Dive deeper: Best Stock Trading Apps of 2024
When it comes to choosing between eToro and SoFi Invest, several aspects such as account fees and other charges must be considered. eToro and SoFi Invest both offer commission-free trading for regular stock trades and options contracts, making them appealing choices for cost-conscious investors. However, their differences in minimum deposits and other fees like account transfer costs and margin balances could influence your decision. eToro has a higher minimum deposit requirement at $50 compared to SoFi Invest's more accessible $5. While eToro does not offer margin trading, SoFi Invest applies a 9.5% interest rate for margin balances under $100,000, presenting a distinct factor for consideration depending on your trading strategy.
In addition to basic trading costs, investors should also consider IRA-related fees and account transfer charges when comparing these two platforms. SoFi Invest does not charge any IRA annual fees but imposes a $20 fee for IRA closures. eToro doesn’t list specific IRA fees, potentially indicating waivers or unavailability of these account types. For account transfers, eToro charges a fee of $75 for both partial and full transfers, while SoFi Invest charges a higher fee of $100 for these services, making eToro slightly more affordable in this aspect. Additionally, while eToro offers fee-free options exercise and assignment, SoFi Invest charges $5 for each, which could add up for options traders.
The above comparison highlights how eToro and SoFi Invest stack up against each other in terms of account-related fees and other charges. While both platforms offer commission-free stock and options trading, they differ in other areas. eToro’s higher minimum deposit requirement might appeal to more seasoned investors, whereas SoFi Invest's lower entry point could be attractive to beginners. Furthermore, the availability of margin trading is something to consider with SoFi Invest, alongside the marginally higher fees associated with account transfers and certain options-related activities. Thoroughly assessing your financial needs and trading objectives can help in making an informed choice between eToro and SoFi Invest.
Feature |
eToro
|
SoFi Invest
|
---|---|---|
Minimum Deposit | $50.00 | $5.00 |
Stock Trades | $0.00 | $0.00 |
Options (Per Contract) | $0.00 | $0.00 |
Options Exercise Fee | $0.00 | $5.00 |
Options Assignment Fee | $0.00 | $5.00 |
IRA Annual Fee | $0.00 | |
IRA Closure Fee | $20.00 | |
Commissions & Fees |
Dive deeper: Best Brokers for Free Stock Trading of 2024
When comparing eToro to SoFi Invest for day trading capabilities, eToro offers a key advantage with its streaming time and sales for stocks, a feature that SoFi Invest does not provide. Both platforms lack additional advanced trading tools such as streaming live TV, direct market routing, ladder trading, trading hotkeys, level 2 quotes, strategy backtesting, and short locator tools, which are often sought by day traders aiming to optimize their trading strategies and efficiency.
Neither eToro nor SoFi Invest provides advanced tools like order liquidity rebates, indicating a focus on more straightforward trading experiences without the intricate order types and rebates ideal for some high-frequency trading strategies. Consequently, traders prioritizing these advanced features may need to look beyond eToro and SoFi Invest to more specialized platforms that cater to sophisticated day trading requirements.
Feature |
eToro
|
SoFi Invest
|
---|---|---|
Streaming Time & Sales | Yes | 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
When it comes to market research capabilities, eToro stands out over SoFi Invest, offering a more comprehensive suite of tools and resources. Although both platforms have room for improvement, eToro is rated three stars and ranked 12th among 18 brokers by StockBrokers.com, whereas SoFi Invest is rated two stars and holds the 18th spot. This indicates a more robust research environment on eToro, providing traders with essential insights not offered by SoFi Invest, especially in stock and ESG research.
eToro excels in offering in-depth stock and ETF research, which includes leveraging social media sentiment data and providing ESG (Environmental, Social, and Governance) insights. These features can be crucial for investors looking to gauge public sentiment and make socially responsible investment decisions. Meanwhile, SoFi Invest lags behind in these areas, not providing any stock or ETF research or specialized research tools, such as those analyzing social media sentiment or ESG criteria.
On the other hand, SoFi Invest provides a clear advantage in helping investors see portfolio allocation by asset class, a capability that eToro lacks. However, both platforms do not offer mutual fund, pink sheets/OTCBB, or bonds research, nor do they provide downloadable PDF research reports or screeners for trade ideas across any asset classes. Despite these similarities, the lack of diversified research options makes eToro the preferable choice amongst the two for those primarily focused on stock and ESG factors.
Feature |
eToro
|
SoFi Invest
|
---|---|---|
Research - Stocks | Yes | No |
Screener - Stocks | No | No |
Research - ETFs | Yes | No |
Screener - ETFs | No | No |
Research - Mutual Funds | No | No |
Screener - Mutual Funds | No | No |
Research - Bonds | No | No |
Screener - Bonds | No | No |
Research |
When comparing the banking capabilities of online brokers eToro and SoFi Invest, there are noticeable differences. SoFi Invest clearly outranks eToro in this domain, as it offers a comprehensive range of banking services including checking and savings accounts, debit cards, credit cards, and mortgage loans. In contrast, eToro does not provide any of these services. Neither platform offers Certificates of Deposit (CDs). For investors seeking an integrated approach that combines investment opportunities with broad banking features, SoFi Invest presents a more versatile choice over eToro.
Feature |
eToro
|
SoFi Invest
|
---|---|---|
Checking Accounts | No | Yes |
Savings Accounts | No | Yes |
Debit Cards | No | Yes |
Credit Cards | No | Yes |
Mortgage Loans | No | Yes |
CDs | No | 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 eToro is better than SoFi Invest. eToro finished with an overall score of 76.7%, while SoFi Invest finished with a score of 73.7%.
Though its offerings have some limitations, eToro's approach will appeal to those interested in learning how to trade crypto or joining a crypto-focused community. The scope currently is limited in the U.S., so those looking for more advanced trading or trading a variety of underlyings will want to look elsewhere.
eToro excels in crypto trading by offering 26 different coins, while SoFi Invest currently does not provide any options for cryptocurrency trading.
Dive deeper: Best Crypto Trading Platforms of 2024
When comparing online brokers, SoFi Invest stands out as it offers traditional and Roth IRA accounts with no annual fee, though a $20 closure fee applies. In contrast, eToro does not provide IRA account options.
Dive deeper: Best IRA Accounts of 2024
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0 of 5Overall Rating | eToro | SoFi Invest | |
---|---|---|---|
Overall | |||
Commissions & Fees | |||
Investment Options | |||
Platforms & Tools | |||
Mobile Trading Apps | |||
Research | |||
Customer Service | N/A | ||
Education | |||
Ease Of Use | |||
Winner | check_circle | ||
Review | eToro Review | SoFi Invest Review |
Broker Screenshots | eToro | 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 | eToro | SoFi Invest | |
---|---|---|---|
Minimum Deposit | $50.00 | $5.00 | |
Stock Trades | $0.00 | $0.00 | |
Penny Stock Fees (OTC) | N/A | N/A | |
Mutual Fund Trade Fee | N/A | $0 | |
Options (Per Contract) | $0.00 | $0.00 | |
Futures (Per Contract) | (Not offered) | $0.00 | |
Broker Assisted Trade Fee | $0 | N/A |
Margin Rates | eToro | SoFi Invest | |
---|---|---|---|
Margin Rate Under $25,000 | Not offered | 9.5% | |
Margin Rate $25,000 to $49,999.99 | Not offered | 9.5% | |
Margin Rate $50,000 to $99,999.99 | Not offered | 9.5% | |
Margin Rate $100,000 to $249,999.99 | Not offered | 9.5% | |
Margin Rate $250,000 to $499,999.99 | Not offered | 9.5% | |
Margin Rate $500,000 to $999,999.99 | Not offered | 9.5% | |
Margin Rate Above $1,000,000 | Not offered | 9.5% |
Account Fees | eToro | SoFi Invest | |
---|---|---|---|
IRA Annual Fee | $0.00 | ||
IRA Closure Fee | $20.00 | ||
Account Transfer Out (Partial) | $75.00 | $100.00 | |
Account Transfer Out (Full) | $75.00 | $100.00 | |
Options Exercise Fee | $0.00 | $5.00 | |
Options Assignment Fee | $0.00 | $5.00 |
Investment Options | eToro | SoFi Invest | |
---|---|---|---|
Stock Trading | Yes | Yes | |
Margin Trading | No | Yes | |
Fractional Shares | Yes | Yes | |
OTC Stocks | No | Yes | |
Options Trading | Yes | Yes | |
Complex Options Max Legs | 0 | 0 | |
Futures Trading | No | No | |
Forex Trading | No | No | |
Crypto Trading | Yes | No | |
Crypto Trading - Total Coins | 26 | 0 | |
Mutual Funds (No Load) | 0 | 0 | |
Mutual Funds (Total) | 0 | 6000 | |
Bonds (US Treasury) | No | No | |
Bonds (Corporate) | No | No | |
Bonds (Municipal) | No | No | |
Traditional IRAs | No | Yes | |
Roth IRAs | No | Yes | |
Advisor Services | No | Yes | |
International Countries (Stocks) | 0 | 0 |
Order Types | eToro | SoFi Invest | |
---|---|---|---|
Order Type - Market | Yes | Yes | |
Order Type - Limit | No | Yes | |
Order Type - After Hours | No | Yes | |
Order Type - Stop | Yes | No | |
Order Type - Trailing Stop | Yes | No | |
Order Type - OCO | No | No | |
Order Type - OTO | No | No | |
Order Type - Broker Assisted | No | No |
Beginners | eToro | SoFi Invest | |
---|---|---|---|
Education (Stocks) | Yes | Yes | |
Education (ETFs) | No | Yes | |
Education (Options) | No | Yes | |
Education (Mutual Funds) | No | Yes | |
Education (Bonds) | No | Yes | |
Education (Retirement) | No | Yes | |
Retirement Calculator | No | No | |
Investor Dictionary | No | Yes | |
Paper Trading | Yes | No | |
Videos | Yes | No | |
Webinars | No | Yes | |
Webinars (Archived) | No | Yes | |
Progress Tracking | No | No | |
Interactive Learning - Quizzes | No | No |
Stock Trading Apps | eToro | SoFi Invest | |
---|---|---|---|
iPhone App | Yes | Yes | |
Android App | Yes | Yes | |
Apple Watch App | No | No | |
Trading - Stocks | Yes | Yes | |
Trading - After-Hours | No | Yes | |
Trading - Simple Options | Yes | No | |
Trading - Complex Options | No | No | |
Order Ticket RT Quotes | Yes | Yes | |
Order Ticket SRT Quotes | Yes | No |
Stock App Features | eToro | SoFi Invest | |
---|---|---|---|
Market Movers (Top Gainers) | Yes | Yes | |
Stream Live TV | No | No | |
Videos on Demand | Yes | No | |
Stock Alerts | Yes | No | |
Option Chains Viewable | Yes | No | |
Watch List (Real-time) | Yes | Yes | |
Watch List (Streaming) | Yes | No | |
Watch Lists - Create & Manage | Yes | No | |
Watch Lists - Column Customization | No | No |
Stock App Charting | eToro | SoFi Invest | |
---|---|---|---|
Charting - After-Hours | Yes | No | |
Charting - Can Turn Horizontally | No | No | |
Charting - Multiple Time Frames | Yes | Yes | |
Charting - Technical Studies | 103 | 0 | |
Charting - Study Customizations | Yes | No | |
Charting - Stock Comparisons | Yes | No |
Trading Platforms | eToro | 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 | Yes | No | |
Trade Journal | No | No | |
Watch Lists - Total Fields | 7 | 3 |
Stock Chart Features | eToro | SoFi Invest | |
---|---|---|---|
Charting - Adjust Trades on Chart | No | No | |
Charting - Indicators / Studies | 46 | 0 | |
Charting - Drawing Tools | 48 | 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 | No | No | |
Charting - Save Profiles | Yes | No | |
Trade Ideas - Technical Analysis | Yes | No | |
Charting - Study Customizations | 5 | 0 | |
Charting - Custom Studies | No | No |
Day Trading | eToro | SoFi Invest | |
---|---|---|---|
Streaming Time & Sales | Yes | 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 | eToro | SoFi Invest | |
---|---|---|---|
Research - Stocks | Yes | No | |
Research - ETFs | Yes | No | |
Research - Mutual Funds | No | No | |
Research - Pink Sheets / OTCBB | No | No | |
Research - Bonds | No | No | |
Screener - Stocks | No | No | |
Screener - ETFs | No | No | |
Screener - Mutual Funds | No | No | |
Screener - Bonds | No | No | |
Misc - Portfolio Allocation | No | Yes |
Stock Research | eToro | SoFi Invest | |
---|---|---|---|
Stock Research - PDF Reports | 0 | 0 | |
Stock Research - Earnings | Yes | No | |
Stock Research - Insiders | Yes | No | |
Stock Research - Social | Yes | No | |
Stock Research - News | Yes | Yes | |
Stock Research - ESG | Yes | No | |
Stock Research - SEC Filings | Yes | No |
ETF Research | eToro | SoFi Invest | |
---|---|---|---|
ETFs - Strategy Overview | Yes | Yes | |
ETF Fund Facts - Inception Date | No | No | |
ETF Fund Facts - Expense Ratio | No | Yes | |
ETF Fund Facts - Net Assets | No | No | |
ETF Fund Facts - Total Holdings | No | No | |
ETFs - Top 10 Holdings | No | 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 | eToro | SoFi Invest | |
---|---|---|---|
Mutual Funds - Strategy Overview | No | No | |
Mutual Funds - Performance Chart | No | No | |
Mutual Funds - Performance Analysis | No | No | |
Mutual Funds - Prospectus | No | No | |
Mutual Funds - 3rd Party Ratings | No | No | |
Mutual Funds - Fees Breakdown | No | No | |
Mutual Funds - Top 10 Holdings | No | No | |
Mutual Funds - Asset Allocation | No | No | |
Mutual Funds - Sector Allocation | No | No | |
Mutual Funds - Country Allocation | No | No | |
Mutual Funds - StyleMap | No | No |
Options Trading | eToro | SoFi Invest | |
---|---|---|---|
Option Chains - Basic View | Yes | Yes | |
Option Chains - Strategy View | No | No | |
Option Chains - Streaming | No | No | |
Option Chains - Total Columns | 0 | 0 | |
Option Chains - Greeks | 4 | 0 | |
Option Chains - Quick Analysis | Yes | No | |
Option Analysis - P&L Charts | No | No | |
Option Probability Analysis | No | No | |
Option Probability Analysis Adv | No | No | |
Option Positions - Greeks | No | No | |
Option Positions - Greeks Streaming | No | No | |
Option Positions - Adv Analysis | No | No | |
Option Positions - Rolling | No | No | |
Option Positions - Grouping | No | No |
Banking | eToro | SoFi Invest | |
---|---|---|---|
Bank (Member FDIC) | No | Yes | |
Checking Accounts | No | Yes | |
Savings Accounts | No | Yes | |
Credit Cards | No | Yes | |
Debit Cards | No | Yes | |
Mortgage Loans | No | Yes |
Customer Service | eToro | SoFi Invest | |
---|---|---|---|
Phone Support (Prospect Customers) | No | Yes | |
Phone Support (Current Customers) | No | Yes | |
Email Support | Yes | No | |
Live Chat (Prospect Customers) | Yes | Yes | |
Live Chat (Current Customers) | Yes | Yes | |
24/7 Support | No | No |
Overall | eToro | SoFi Invest | |
---|---|---|---|
Overall | |||
Commissions & Fees | |||
Investment Options | |||
Platforms & Tools | |||
Mobile Trading Apps | |||
Research | |||
Education | |||
Ease Of Use | |||
Winner | check_circle | ||
Review | eToro Review | SoFi Invest Review |