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Robinhood vs SoFi Invest 2024

StockBrokers.com

Written by StockBrokers.com

October 30, 2024

In this head to head comparison of Robinhood vs SoFi Invest, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.

Robinhood
4/5 Stars Overall
  • Minimum Deposit: $0.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.00
SoFi Invest
3.5/5 Stars Overall
  • Minimum Deposit: $5.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.00

Investment options

When comparing Robinhood and SoFi Invest as online brokerage platforms, both offer a range of investment options, though each has its unique strengths. Robinhood scores slightly higher with a rating of 3.5 out of 5 stars for investment options, ranking 14th out of 18 brokers according to StockBrokers.com. Meanwhile, SoFi Invest trails closely with a 3-star rating, securing the 16th position. While both platforms provide access to stock, margin, fractional shares, options trading, traditional and Roth IRAs, Robinhood distinguishes itself with its cryptocurrency offerings, supporting trading for 19 different coins, whereas SoFi Invest does not offer crypto trading. SoFi Invest, however, provides access to mutual funds and offers advisor services, filling gaps left by Robinhood.

Robinhood caters to a diverse range of investment preferences by accommodating trading across various instruments such as stocks, options, and cryptocurrencies—making it a versatile choice for investors keen on exploring crypto markets in addition to standard equity trading. While it falls short in offering mutual funds and advisory services, Robinhood's provision of OTC stocks and a wide range of crypto coins allows it to appeal to tech-savvy and self-directed investors looking for greater autonomy in their trading decisions without paying for advisory services.

Conversely, SoFi Invest covers essentials like stock and margin trading while enhancing its offerings with mutual funds and advisory services, providing beginners and those who prefer managed investing with more guidance. Although its lack of crypto trading options may deter potential investors interested in digital currencies, its supportive structure through advisor services can be advantageous for those seeking expert insights. Overall, both platforms present compelling options for different investor needs, with Robinhood being more suited for tech-savvy traders, while SoFi Invest offers more traditional investment vehicles and personal support.

Feature Robinhood logoRobinhood
SoFi Invest logoSoFi Invest
Stock Trading info Yes Yes
Margin Trading Yes Yes
Fractional Shares info Yes Yes
OTC Stocks info Yes Yes
Mutual Funds info No Yes
Options Trading info Yes Yes
Futures Trading info No No
Crypto Trading info Yes info No info
Crypto Trading - Total Coins info 19 0
Investment Options 3.5/5 Stars 3/5 Stars

Dive deeper: Best Options Trading Platforms & Brokers, 5 Best Futures Trading Platforms of 2024

Trading platforms and tools

When evaluating the trading platforms and tools offered by Robinhood and SoFi Invest, Robinhood slightly edges out with a rating of 3 stars compared to SoFi Invest's 2.5-star rating. Ranked #13 by StockBrokers.com among 18 brokers, Robinhood surpasses SoFi Invest, which sits at #15. However, both platforms provide basic features and limit advanced tools, suggesting they are geared more towards beginners and casual traders rather than seasoned investors seeking comprehensive analytical capabilities.

Neither Robinhood nor SoFi Invest offers a downloadable trading platform for Windows or Mac, reflecting their focus on accessibility via web browsers, which both platforms support. In terms of features for managing investments, neither offer paper trading, trading journals, or the ability to adjust open orders directly on charts, which might be considered significant limitations for those who favor precision and simulated trading practice. Both platforms' watch lists are restricted to three columns, suggesting a simplified approach to monitoring stocks.

Charting tools are limited on both platforms; however, Robinhood does provide a modest edge with six technical indicators, while SoFi Invest offers none. Yet, they both lack drawing tools and features such as the ability to annotate charts or incorporate index overlays, which are valuable for more detailed analysis. With only one customization field for SMA studies in Robinhood and none in SoFi Invest, neither platform supports custom study creation, limiting their attractiveness for technically driven traders. These factors culminate in both platforms being seen as viable options primarily for straightforward investing, lacking the depth for advanced trading requirements.

Feature Robinhood logoRobinhood
SoFi Invest logoSoFi Invest
Web Trading Platform info Yes Yes
Desktop Trading Platform info No No
Desktop Platform (Mac) info No No
Paper Trading info No No
Watch Lists - Total Fields info 3 3
Charting - Indicators / Studies info 6 0
Charting - Drawing Tools info 0 0
Platforms & Tools 3/5 Stars 2.5/5 Stars

Dive deeper: Best Stock Brokers for 2024, Best Paper Trading Platforms of 2024

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Beginners and education

When it comes to catering to beginner investors with educational tools, both Robinhood and SoFi Invest are commendable but distinct in their offerings. Robinhood provides education in stocks and options, making it an accessible platform for newcomers seeking basic knowledge in these areas. However, it falls short in offering education on ETFs, mutual funds, and bonds. Additionally, Robinhood doesn't provide educational videos, webinars, or the ability to track learning progress, limiting its breadth of resources for those eager to delve deeper into their investment journey. Despite these limitations, Robinhood still garners a respectable 3.5-star rating for education, securing the 10th position among 18 brokers reviewed by StockBrokers.com.

In contrast, SoFi Invest emerges as a more comprehensive educational platform for beginners. It covers a wider range of investment vehicles beyond Robinhood, including ETFs, mutual funds, and bonds, while also offering options education. One notable advantage of SoFi Invest is its inclusion of webinars, providing users an interactive learning experience. However, like Robinhood, it does not offer paper trading, educational videos, or quizzes, nor does it allow users to track their learning progress. Despite these missing features, SoFi Invest receives a higher rating of 4.5 stars for its educational offerings, positioning it at the 7th rank in the StockBrokers.com review of 18 brokers. This highlights SoFi Invest's strong commitment to investor education, providing a broader and more structured learning experience for new investors.

Feature Robinhood logoRobinhood
SoFi Invest logoSoFi Invest
Education (Stocks) info Yes Yes
Education (ETFs) info No Yes
Education (Options) info Yes Yes
Education (Mutual Funds) info No Yes
Education (Bonds) info No Yes
Paper Trading info No No
Videos info No No
Webinars info No Yes
Education 3.5/5 Stars 4.5/5 Stars

Dive deeper: Best Stock Trading Platforms for Beginners of 2024

Stock trading apps

In the realm of online stock trading apps, Robinhood emerges as the superior choice over SoFi Invest, especially for mobile app functionalities. Rated at 4.5 stars and ranked #9 among competing brokers by StockBrokers.com, Robinhood offers an engaging user experience with robust features tailored for active traders. In contrast, SoFi Invest, with a 3-star rating and a #16 ranking, presents more limited capabilities, making it a less compelling option for those prioritizing flexibility and depth in mobile trading.

Both Robinhood and SoFi Invest provide iOS and Android apps, ensuring accessibility for a wide range of users. Notably, Robinhood extends its convenience with an Apple Watch app, enhancing on-the-go trading versatility, a feature absent in SoFi Invest’s offerings. Furthermore, Robinhood supports mobile after-hours trading and options trading, catering to diverse trading strategies; a stark advantage over SoFi Invest, which lacks these functionalities.

For traders focused on customization and real-time data, Robinhood again comes out ahead. It provides streaming quotes, stock alerts, and the ability to create and customize watch lists, features missing from SoFi Invest. While both platforms allow charting across multiple time frames, Robinhood also offers technical studies for deeper analysis, unlike SoFi Invest. Although neither platform supports features like streaming live TV or on-demand videos, Robinhood’s suite of tools still positions it as the more comprehensive choice for stock trading enthusiasts.

Feature Robinhood logoRobinhood
SoFi Invest logoSoFi Invest
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info Yes No
Stock Alerts info Yes No
Charting - After-Hours info Yes No
Charting - Technical Studies info 6 0
Mobile Trading Apps 4.5/5 Stars 3/5 Stars

Dive deeper: Best Stock Trading Apps of 2024

Fees

When comparing Robinhood and SoFi Invest, Robinhood stands out for those seeking a platform with lower fees and charges. Robinhood offers a true zero-dollar minimum deposit, which can be compelling for new investors looking to start without significant upfront investment. Additionally, Robinhood provides a cost-effective route for options trades by not charging any fee per contract, unlike SoFi Invest's $5 fees for options exercise and assignment. This makes Robinhood a more attractive choice for frequent traders and those who wish to minimize account fees over time.

In terms of account fees, both Robinhood and SoFi Invest provide commission-free regular stock trades, which democratizes investing for both platforms' users. However, Robinhood's minor edge in terms of no minimum deposit requirement allows investors to allocate more funds directly into trades. While both platforms match in terms of no IRA annual fees, Robinhood further benefits users by not charging any IRA closure fees, which can appeal to those looking for flexibility in managing retirement accounts over time.

The cost of using margin is another key differentiator. While Robinhood charges 6% for margin balances below $25,000, SoFi Invest charges significantly higher at 9.5%. Robinhood also offers slightly better rates for higher margin balances around 5.8% for amounts between $50,000 and $99,999, in contrast to SoFi Invest's static 9.5%. For investors leveraging margin accounts, these rate discrepancies might make Robinhood the more appealing platform, potentially resulting in lower borrowing costs.

Feature Robinhood logoRobinhood
SoFi Invest logoSoFi Invest
Minimum Deposit $0.00 $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 $0.00
IRA Closure Fee $0.00 $20.00
Commissions & Fees 4.5/5 Stars 4.5/5 Stars

Dive deeper: Best Brokers for Free Stock Trading of 2024

Day Trading

When evaluating the day trading capabilities of Robinhood and SoFi Invest, it becomes evident that both platforms have similarities that make them appealing for certain types of investors. Neither Robinhood nor SoFi Invest offers streaming time and sales for stocks or streaming live TV, which means day traders looking for real-time data will not find these features on either platform. In terms of direct market routing for stocks and ladder trading, both services fall short, lacking these advanced trading functionalities. This might influence the decision of traders who prioritize precise market entry points and strategic positioning.

Additionally, for traders who rely on trading hotkeys for keyboard trade entry or seek level 2 quotes, Robinhood and SoFi Invest do not provide these tools, potentially impacting the speed and efficiency of executing trades. Strategy backtesting, whether basic or advanced, is also absent from both platforms, limiting users' ability to test and refine trading strategies before going live in the market. Moreover, neither offers a short locator tool, which could deter those looking to view the real-time availability of shares for shorting. Lastly, the absence of order liquidity rebates means users miss out on potential cost benefits. As such, both Robinhood and SoFi Invest may be better suited for casual investors rather than active day traders seeking comprehensive and advanced trading features.

Feature Robinhood logoRobinhood
SoFi Invest logoSoFi Invest
Streaming Time & Sales info No No
Streaming TV info No No
Direct Market Routing - Stocks info No No
Level 2 Quotes - Stocks info No info No
Trade Ideas - Backtesting info No No
Trade Ideas - Backtesting Adv info No No
Short Locator info No No

Dive deeper: Best Day Trading Platforms of 2024

Market Research

When evaluating market research capabilities, Robinhood offers slightly more robust options compared to SoFi Invest. Both platforms present limited features, with Robinhood surpassing SoFi Invest in a few critical areas, such as offering research for stocks, ETFs, and Pink Sheets/OTCBB, none of which are available on SoFi Invest. However, neither platform supports research for mutual funds or bonds, environmental, social, and governance (ESG) considerations, social media sentiment data, nor provide downloadable PDF research reports or screeners for trade ideas. Overall, Robinhood is rated 2.5 stars for market research, compared to SoFi Invest's 2-star rating, according to StockBrokers.com.

Robinhood stands out with its capability to deliver stock and ETF research, catering to investors interested in these segments. Moreover, Robinhood also extends its market research to Pink Sheets/OTCBB, giving it a slight edge over SoFi Invest, which lacks research offerings across these categories altogether. In contrast, SoFi Invest provides a feature that Robinhood does not: the ability to view portfolio allocation by asset class—an essential tool for users focused on diversification and strategic asset management.

Despite Robinhood's slight advantages in stock, ETF, and Pink Sheets/OTCBB research, both platforms exhibit considerable gaps in comprehensive market research tools. Neither Robinhood nor SoFi Invest offers mutual funds research, bond research, advanced analytic tools like stock or ETF screeners, or ESG research. As a result, they land much lower in StockBrokers.com rankings, with Robinhood positioned at #14 and SoFi Invest at #18 out of 18 brokers. Both platforms may fall short for investors seeking in-depth market research and resources readily available through more established brokerages.

Feature Robinhood logoRobinhood
SoFi Invest logoSoFi Invest
Research - Stocks info Yes No
Screener - Stocks info No No
Research - ETFs info Yes No
Screener - ETFs info No No
Research - Mutual Funds info No No
Screener - Mutual Funds info No No
Research - Bonds info No No
Screener - Bonds info No No
Research 2.5/5 Stars 2/5 Stars

Banking

When comparing the banking capabilities of online brokers, Robinhood and SoFi Invest each present distinct options. SoFi Invest stands out with a more comprehensive suite of banking services, including checking and savings accounts, credit cards, and mortgage loans. In contrast, Robinhood's offerings are limited to providing a debit card, lacking the broader banking capabilities such as checking accounts, savings accounts, and credit cards available through SoFi Invest. However, neither platform offers certificates of deposit (CDs), leaving that aspect equal. Ultimately, for users seeking robust banking services alongside investment options, SoFi Invest may offer a more versatile solution compared to Robinhood.

Feature Robinhood logoRobinhood
SoFi Invest logoSoFi Invest
Checking Accounts info No Yes
Savings Accounts info No Yes
Debit Cards info Yes Yes
Credit Cards info No Yes
Mortgage Loans info No Yes
CDs info No No

Dive deeper: Best Bank Brokerages of 2024

Winner

After opening live accounts and testing 18 of the best online brokers, our research and live account testing finds that Robinhood is better than SoFi Invest. Robinhood finished with an overall score of 84.5%, while SoFi Invest finished with a score of 73.7%.

Robinhood is very easy to use and its educational content is a joy to read. But, in today’s competitive market for your investing dollars, there are several more compelling options among brokerages.

FAQs

Can you trade cryptocurrency with Robinhood or SoFi Invest?

Robinhood provides a robust crypto trading platform offering 19 different coins, while SoFi Invest does not support crypto trading, making Robinhood a superior choice for cryptocurrency enthusiasts.

Dive deeper: Best Crypto Trading Platforms of 2024

Does Robinhood or SoFi Invest offer IRAs?

Both Robinhood and SoFi Invest offer traditional and Roth IRA accounts with no annual fees, but while Robinhood charges no closure fee for IRA accounts, SoFi Invest imposes a $20 closure fee.

Dive deeper: Best IRA Accounts of 2024

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Compare

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Overall Rating Robinhood SoFi Invest
Overall 4/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 3.5/5 Stars 3/5 Stars
Platforms & Tools 3/5 Stars 2.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 3/5 Stars
Research 2.5/5 Stars 2/5 Stars
Customer Service N/A 4/5 Stars
Education 3.5/5 Stars 4.5/5 Stars
Ease Of Use 5/5 Stars 4.5/5 Stars
Winner check_circle
Review Robinhood Review SoFi Invest Review
Broker Screenshots Robinhood 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 Robinhood SoFi Invest
Minimum Deposit $0.00 $5.00
Stock Trades $0.00 $0.00
Penny Stock Fees (OTC) info 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 N/A N/A
Margin Rates Robinhood SoFi Invest
Margin Rate Under $25,000 6% 9.5%
Margin Rate $25,000 to $49,999.99 6% 9.5%
Margin Rate $50,000 to $99,999.99 5.8% 9.5%
Margin Rate $100,000 to $249,999.99 5.5% 9.5%
Margin Rate $250,000 to $499,999.99 5.5% 9.5%
Margin Rate $500,000 to $999,999.99 5.5% 9.5%
Margin Rate Above $1,000,000 5.25% 9.5%
Account Fees Robinhood SoFi Invest
IRA Annual Fee $0.00 $0.00
IRA Closure Fee $0.00 $20.00
Account Transfer Out (Partial) info $100.00 $100.00
Account Transfer Out (Full) info $100.00 $100.00
Options Exercise Fee $0.00 $5.00
Options Assignment Fee $0.00 $5.00
Investment Options Robinhood SoFi Invest
Stock Trading info Yes Yes
Margin Trading Yes Yes
Fractional Shares info Yes Yes
OTC Stocks info Yes Yes
Options Trading info Yes Yes
Complex Options Max Legs info 4 0
Futures Trading info No No
Forex Trading info No No
Crypto Trading info Yes info No info
Crypto Trading - Total Coins info 19 0
Mutual Funds (No Load) info 0 0
Mutual Funds (Total) info 0 6000
Bonds (US Treasury) info No No
Bonds (Corporate) info No No
Bonds (Municipal) info No No
Traditional IRAs info Yes Yes
Roth IRAs info Yes Yes
Advisor Services info No Yes
International Countries (Stocks) info 0 0
Order Types Robinhood SoFi Invest
Order Type - Market info Yes Yes
Order Type - Limit info Yes Yes
Order Type - After Hours info Yes Yes
Order Type - Stop info Yes No
Order Type - Trailing Stop info Yes No
Order Type - OCO info No No
Order Type - OTO info No No
Order Type - Broker Assisted info No No
Beginners Robinhood SoFi Invest
Education (Stocks) info Yes Yes
Education (ETFs) info No Yes
Education (Options) info Yes Yes
Education (Mutual Funds) info No Yes
Education (Bonds) info No Yes
Education (Retirement) info No Yes
Retirement Calculator info No No
Investor Dictionary info Yes Yes
Paper Trading info No No
Videos info No No
Webinars info No Yes
Webinars (Archived) info No Yes
Progress Tracking info No No
Interactive Learning - Quizzes info No No
Stock Trading Apps Robinhood SoFi Invest
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info Yes No
Trading - Stocks info Yes Yes
Trading - After-Hours info Yes Yes
Trading - Simple Options info Yes No
Trading - Complex Options info Yes No
Order Ticket RT Quotes info Yes Yes
Order Ticket SRT Quotes info Yes No
Stock App Features Robinhood SoFi Invest
Market Movers (Top Gainers) info Yes Yes
Stream Live TV info No No
Videos on Demand info No No
Stock Alerts info Yes No
Option Chains Viewable info Yes No
Watch List (Real-time) info Yes Yes
Watch List (Streaming) info Yes No
Watch Lists - Create & Manage info Yes No
Watch Lists - Column Customization info Yes No
Stock App Charting Robinhood SoFi Invest
Charting - After-Hours info Yes No
Charting - Can Turn Horizontally info No No
Charting - Multiple Time Frames info Yes Yes
Charting - Technical Studies info 6 0
Charting - Study Customizations info Yes No
Charting - Stock Comparisons info No No
Trading Platforms Robinhood SoFi Invest
Active Trading Platform info N/A
Desktop Trading Platform info No No
Desktop Platform (Mac) info No No
Web Trading Platform info Yes Yes
Paper Trading info No No
Trade Journal info No No
Watch Lists - Total Fields info 3 3
Stock Chart Features Robinhood SoFi Invest
Charting - Adjust Trades on Chart info No No
Charting - Indicators / Studies info 6 0
Charting - Drawing Tools info 0 0
Charting - Notes info No No
Charting - Index Overlays info No No
Charting - Historical Trades info No No
Charting - Corporate Events info No No
Charting - Custom Date Range info No No
Charting - Custom Time Bars info No No
Charting - Automated Analysis info No No
Charting - Save Profiles info No No
Trade Ideas - Technical Analysis info No No
Charting - Study Customizations info 1 0
Charting - Custom Studies info No No
Day Trading Robinhood SoFi Invest
Streaming Time & Sales info No No
Streaming TV info No No
Direct Market Routing - Stocks info No No
Ladder Trading info No No
Trade Hotkeys info No No
Level 2 Quotes - Stocks info No info No
Trade Ideas - Backtesting info No No
Trade Ideas - Backtesting Adv info No No
Short Locator info No No
Order Liquidity Rebates info No No
Research Overview Robinhood SoFi Invest
Research - Stocks info Yes No
Research - ETFs info Yes No
Research - Mutual Funds info No No
Research - Pink Sheets / OTCBB info Yes No
Research - Bonds info No No
Screener - Stocks info No No
Screener - ETFs info No No
Screener - Mutual Funds info No No
Screener - Bonds info No No
Misc - Portfolio Allocation info No Yes
Stock Research Robinhood SoFi Invest
Stock Research - PDF Reports info 0 info 0
Stock Research - Earnings info Yes No
Stock Research - Insiders info No No
Stock Research - Social info No No
Stock Research - News info Yes Yes
Stock Research - ESG info No No
Stock Research - SEC Filings info No No
ETF Research Robinhood SoFi Invest
ETFs - Strategy Overview info Yes Yes
ETF Fund Facts - Inception Date info Yes No
ETF Fund Facts - Expense Ratio info Yes Yes
ETF Fund Facts - Net Assets info Yes No
ETF Fund Facts - Total Holdings info Yes No
ETFs - Top 10 Holdings info Yes Yes
ETFs - Sector Exposure info Yes No
ETFs - Risk Analysis info No No
ETFs - Ratings info No No
ETFs - Morningstar StyleMap info No No
ETFs - PDF Reports info No No
Mutual Fund Research Robinhood SoFi Invest
Mutual Funds - Strategy Overview info No No
Mutual Funds - Performance Chart info No No
Mutual Funds - Performance Analysis info No No
Mutual Funds - Prospectus info No No
Mutual Funds - 3rd Party Ratings info No No
Mutual Funds - Fees Breakdown info No No
Mutual Funds - Top 10 Holdings info No No
Mutual Funds - Asset Allocation info No No
Mutual Funds - Sector Allocation info No No
Mutual Funds - Country Allocation info No No
Mutual Funds - StyleMap info No No
Options Trading Robinhood SoFi Invest
Option Chains - Basic View info Yes Yes
Option Chains - Strategy View info No No
Option Chains - Streaming info Yes No
Option Chains - Total Columns info 17 0
Option Chains - Greeks info 5 0
Option Chains - Quick Analysis info Yes No
Option Analysis - P&L Charts info Yes No
Option Probability Analysis info No No
Option Probability Analysis Adv info No No
Option Positions - Greeks info Yes No
Option Positions - Greeks Streaming info Yes No
Option Positions - Adv Analysis info No No
Option Positions - Rolling info Yes No
Option Positions - Grouping info Yes No
Banking Robinhood SoFi Invest
Bank (Member FDIC) info No Yes
Checking Accounts info No Yes
Savings Accounts info No Yes
Credit Cards info No Yes
Debit Cards info Yes Yes
Mortgage Loans info No Yes
Customer Service Robinhood SoFi Invest
Phone Support (Prospect Customers) info No Yes
Phone Support (Current Customers) info Yes Yes
Email Support info Yes No
Live Chat (Prospect Customers) info No Yes
Live Chat (Current Customers) info Yes Yes
24/7 Support info Yes No
Overall Robinhood SoFi Invest
Overall 4/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 3.5/5 Stars 3/5 Stars
Platforms & Tools 3/5 Stars 2.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 3/5 Stars
Research 2.5/5 Stars 2/5 Stars
Education 3.5/5 Stars 4.5/5 Stars
Ease Of Use 5/5 Stars 4.5/5 Stars
Winner check_circle
Review Robinhood Review SoFi Invest Review
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