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Webull vs SoFi Invest 2024

StockBrokers.com

Written by StockBrokers.com

October 30, 2024

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

Webull
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 Webull and SoFi Invest, it becomes evident that each has unique strengths and limitations in terms of investment options. Webull stands out with a rating of 4 stars and a rank of 12th out of 18 brokers for its comprehensive offering, which includes stock, margin, fractional shares trading, OTC stocks, options trading, and futures trading, alongside traditional and Roth IRA accounts. However, it does not provide mutual funds, forex or crypto trading, and lacks advisor services. On the other hand, SoFi Invest is noted for its advisor services and the availability of mutual funds, though it is rated slightly lower at 3 stars and ranked 16th. It shares with Webull the offerings of stock, margin, fractional shares, OTC stocks, options trading, and IRA accounts, but does not provide futures trading or crypto trading.

Both Webull and SoFi Invest cater to investors interested in a variety of trading options such as stocks and options, alongside the flexibility of fractional shares. Webull offers a broader spectrum with the inclusion of futures trading, an option which SoFi Invest does not. However, SoFi Invest compensates with the availability of mutual funds and comprehensive advisor services, offering guidance which Webull does not match. Both platforms equally lack offerings in forex and cryptocurrency trading. Their support for traditional and Roth IRA accounts meets the needs of those looking to invest in tax-advantaged retirement accounts.

If you're an investor focused on diverse trading capabilities and don't require mutual funds or advisor services, Webull might be the more appealing option. Meanwhile, if you prefer professional advisory support and access to mutual funds, SoFi Invest could be the better choice. Ultimately, your decision should align with your specific investment objectives and the array of services you value the most.

Feature Webull logoWebull
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 Yes No
Crypto Trading info No No info
Crypto Trading - Total Coins info 0 0
Investment Options 4/5 Stars 3/5 Stars

Dive deeper: Best Options Trading Platforms for 2024, Best Futures Trading Platforms for 2024

Trading platforms and tools

When comparing Webull and SoFi Invest for their trading platforms and tools, Webull emerges as the more robust and feature-rich option. With a higher rating of 4.5 stars compared to SoFi Invest's 2.5 stars, Webull is ranked 8th out of 18 brokers by StockBrokers.com, while SoFi Invest lags behind at 15th. This comprehensive superiority is supported by Webull's extensive offerings, making it the preferred choice for traders seeking advanced tools and flexibility in managing their investments.

Webull excels in platform versatility by offering a downloadable trading platform for both Windows and Mac users, unlike SoFi Invest, which does not provide such desktop options. Both platforms are accessible via the browser, but Webull takes the edge with features such as paper trading and the ability to make adjustments directly on stock charts. Moreover, Webull's charting capabilities are notably advanced, providing traders with a remarkable 52 technical indicators and 19 drawing tools, far surpassing SoFi Invest, which offers none.

Webull also adds value by allowing users to add notes and index overlays, show historical trades, and display corporate events directly on charts. In contrast, SoFi Invest lacks these functionalities altogether. The watch list offerings further delineate the platforms, with Webull offering more customization and fields (35 compared to SoFi Invest’s 3). While neither platform provides a trading journal, the plethora of additional features at Webull's disposal, including automated technical analysis and customizable chart profiles, affirms its position as the superior option for traders seeking a comprehensive trading experience.

Feature Webull logoWebull
SoFi Invest logoSoFi Invest
Web Trading Platform info Yes Yes
Desktop Trading Platform info Yes No
Desktop Platform (Mac) info Yes No
Paper Trading info Yes No
Watch Lists - Total Fields info 35 3
Charting - Indicators / Studies info 52 0
Charting - Drawing Tools info 19 0
Platforms & Tools 4.5/5 Stars 2.5/5 Stars

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

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Beginners and education

Webull and SoFi Invest both provide comprehensive educational resources for beginner investors, with each platform boasting its own strengths. Webull excels in offering a broad range of educational features, including stock, ETF, and options education, as well as interactive elements like paper trading, educational videos, webinars, and quizzes. Users can also track their learning progress, providing a structured approach to building investment knowledge. Despite these tools, Webull lacks educational content on mutual funds and bonds, earning it a rating of 3 stars out of 5 in education and a ranking of 14th among 18 brokers by StockBrokers.com.

In contrast, SoFi Invest provides a more focused educational approach with its offerings in stock, ETF, options, mutual funds, and bonds education. Although it lacks interactive features like paper trading, educational videos, and quizzes, SoFi Invest still offers webinars—ensuring users have access to dynamic learning experiences. While there is no feature to track learning progress, SoFi’s comprehensive coverage of investment types and higher-quality content contribute to its superior educational experience. Consequently, SoFi Invest is rated 4.5 out of 5 stars in education and holds the 7th position among brokers evaluated by StockBrokers.com.

Feature Webull logoWebull
SoFi Invest logoSoFi Invest
Education (Stocks) info Yes Yes
Education (ETFs) info Yes Yes
Education (Options) info Yes Yes
Education (Mutual Funds) info No Yes
Education (Bonds) info No Yes
Paper Trading info Yes No
Videos info Yes No
Webinars info Yes Yes
Education 3/5 Stars 4.5/5 Stars

Dive deeper: Best Stock Trading Platforms for Beginners of 2024

Stock trading apps

When it comes to mobile stock trading apps, Webull clearly emerges as a more comprehensive choice compared to SoFi Invest. Webull’s app provides a wider array of features, including after-hours mobile trading, options trading, streaming quotes, and customizable watch lists. Additionally, Webull supports multiple charting options such as landscape mode viewing and the use of technical studies, boasting a total of 56 studies available. On the other hand, SoFi Invest, while offering a user-friendly platform, lacks many of these advanced features, receiving a lower rating of 3 stars compared to Webull’s 4.5 stars, and ranking 16th among 18 brokers versus Webull’s 7th rank according to StockBrokers.com.

Both Webull and SoFi Invest deliver top-notch accessibility with iPhone and Android app versions, but only Webull offers an Apple Watch app, further enhancing accessibility for tech-savvy traders constantly on the move. While neither platform provides services like streaming live TV or videos on demand, Webull compensates with after-hours charting and extensive technical analysis tools, which are valuable for investors looking to perform in-depth stock evaluations. SoFi’s lack of streaming quotes and stock alerts could be a drawback for more engaged investors who prefer real-time updates and notifications.

Charting capabilities offer another stark contrast between the two platforms. Webull excels by allowing users to view charts in landscape mode and perform stock comparisons directly on the platform, while SoFi Invest falls short without these functionalities. Moreover, while both allow the viewing of multiple time frames on their charts, Webull's superior technical resources significantly enhance the user's ability to execute accurate trading strategies. Overall, Webull’s robust offerings make it the preferred choice for those seeking an advanced and flexible mobile stock trading experience.

Feature Webull logoWebull
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 56 0
Mobile Trading Apps 4.5/5 Stars 3/5 Stars

Dive deeper: Best Stock Trading Apps for 2024

Fees

Webull and SoFi Invest present competitive options for investors, especially when comparing account fees and other charges. Both platforms offer commission-free stock trades and options contracts, with Webull standing out for its lack of a minimum deposit requirement, unlike SoFi Invest's $5 minimum. For those considering margin trading, Webull also offers generally lower rates across various balance tiers, making it a more cost-effective option in this area. Additionally, Webull has no fees for options exercises or assignments, whereas SoFi Invest charges $5 for these services, adding to Webull's appeal for fee-conscious investors.

When it comes to retirement accounts, both Webull and SoFi Invest do not charge IRA annual fees; however, SoFi Invest collects a $20 closure fee, while Webull does not. These aspects could influence retirees or long-term investors in their choice of platforms, highlighting Webull’s more streamlined fee structure. Additionally, for account transfers via the ACAT system, Webull's $75 fee for both partial and full transfers is lower compared to SoFi Invest's $100 charge, potentially saving users money during account movements.

Overall, both Webull and SoFi Invest offer fee-free trading for stocks and options, promoting accessibility for various levels of traders. However, Webull often edges out in terms of cost savings with its zero-minimum deposit, lower margin rates, and fewer charges on additional services like options exercises and account transfers, presenting a compelling option for those seeking to minimize their investment expenses.

Feature Webull logoWebull
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 Free Trading Platforms for 2024

Day Trading

When considering day trading capabilities, Webull stands out compared to SoFi Invest due to its robust set of features tailored for active traders. Webull offers streaming time and sales for stocks, which is critical for traders who rely on real-time data to make informed decisions. Additionally, Webull supports ladder trading and provides trading hotkeys for swift keyboard trade entry, enhancing trading efficiency. It also features level 2 quotes, offering deeper insights into market depth and potential price movements. In contrast, SoFi Invest lacks these essential day trading tools, making it less appealing for those seeking a comprehensive day trading experience.

While both Webull and SoFi Invest do not provide streaming live TV, direct market routing for stocks, or order liquidity rebates, Webull's additional features make it a more attractive platform for day traders. Neither platform offers basic or advanced strategy backtesting, or a short locator tool, which could be a limitation for traders interested in testing various trading strategies or monitoring short positions. Overall, for traders focused on immediate market engagement and analysis, Webull presents a superior choice compared to SoFi Invest.

Feature Webull logoWebull
SoFi Invest logoSoFi Invest
Streaming Time & Sales info Yes No
Streaming TV info No No
Direct Market Routing - Stocks info No No
Level 2 Quotes - Stocks info Yes 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 for 2024

Market Research

When comparing the market research capabilities between Webull and SoFi Invest, Webull largely outperforms SoFi Invest, securing a three-star rating against SoFi Invest's two stars. Ranked 11th out of 18 brokers by StockBrokers.com, Webull demonstrates superior research offerings with features like stock research, a stock screener, and social media sentiment analysis. In contrast, SoFi Invest ranks last, missing out on many crucial research tools, though it does provide a portfolio allocation view by asset class, which Webull does not.

Webull excels in providing extensive research options for its users. It offers stock and ETFs research, along with a stock screener that aids in generating trade ideas. Users can also benefit from Pink Sheets/OTCBB research, which is absent in SoFi Invest's offerings. Additionally, Webull offers an innovative approach by incorporating social media sentiment data into its stock research, giving investors a modern edge in market analysis. Despite these strengths, some areas like mutual fund and bond research remain unavailable on Webull, mirroring a gap found in SoFi Invest's capabilities as well.

In stark contrast, SoFi Invest lacks essential research tools that are vital for informed investing. There is no provision for stock, ETFs, or Pink Sheets/OTCBB research, even missing out on tools like a stock screener that have become standard in most brokerage platforms. While SoFi Invest does allow users to view portfolio allocation by asset class, which Webull doesn't offer, its overall research feature set remains underwhelming. Neither platform offers downloadable PDF research reports, ESG research, or screeners for ETFs, mutual funds, or bonds, indicating room for improvement in their market research functionalities.

Feature Webull logoWebull
SoFi Invest logoSoFi Invest
Research - Stocks info Yes No
Screener - Stocks info Yes 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 3/5 Stars 2/5 Stars

Banking

When comparing the banking capabilities of Webull and SoFi Invest, it becomes clear that SoFi Invest offers a more comprehensive suite of banking services. Unlike Webull, which focuses solely on brokerage services and does not provide traditional banking offerings, SoFi Invest extends its financial services to include checking and savings accounts, providing users with the convenience of integrated banking. Additionally, SoFi Invest offers debit and credit cards, enabling seamless transactions and financial flexibility. Furthermore, SoFi Invest broadens its banking offerings by providing mortgage loans, a service not available with Webull. While neither platform offers Certificates of Deposit (CDs), SoFi Invest significantly surpasses Webull in the breadth and depth of banking services available to its customers.

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

Dive deeper: Best Bank Accounts for Trading Stocks for 2024

Winner

After opening live accounts and testing 18 of the best online brokers, our research and live account testing finds that Webull is better than SoFi Invest. Webull finished with an overall score of 84.9%, while SoFi Invest finished with a score of 73.7%.

Webull is an excellent choice for beginning and intermediate traders. The user experience is outstanding, and Webull has better charts than its natural competitor, Robinhood. Options contracts are commission-free, but crypto markups and markdowns are on the high side. Experienced investors may eventually miss the features, research, and investment choices available at leading brokers.

FAQs

Can you trade cryptocurrency with Webull or SoFi Invest?

Both Webull and SoFi Invest do not offer crypto trading, providing access to zero coins on their platforms, highlighting identical limitations in digital currency investments for users. Despite their competitive features, potential traders should consider alternative platforms for cryptocurrency trading.

Dive deeper: Best Online Brokers for Crypto Trading in 2024

Does Webull or SoFi Invest offer IRAs?

Both Webull and SoFi Invest offer traditional and Roth IRA accounts with no annual fees; however, a significant difference is that Webull does not charge a closure fee, while SoFi Invest imposes a $20.00 fee for closing an IRA account.

Dive deeper: Best IRA Accounts for 2024

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Compare

0 of 5
Overall Rating Webull SoFi Invest
Overall 4/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 4/5 Stars 3/5 Stars
Platforms & Tools 4.5/5 Stars 2.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 3/5 Stars
Research 3/5 Stars 2/5 Stars
Customer Service 3.0/5 Stars 4/5 Stars
Education 3/5 Stars 4.5/5 Stars
Ease Of Use 4.5/5 Stars 4.5/5 Stars
Winner check_circle
Review Webull Review SoFi Invest Review
Broker Screenshots Webull 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 Webull 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) $1.25 info $0.00
Broker Assisted Trade Fee N/A N/A
Margin Rates Webull SoFi Invest
Margin Rate Under $25,000 9.24% 11.25%
Margin Rate $25,000 to $49,999.99 8.74% 11.25%
Margin Rate $50,000 to $99,999.99 8.24% 11.25%
Margin Rate $100,000 to $249,999.99 7.74% 11.25%
Margin Rate $250,000 to $499,999.99 7.74% 11.25%
Margin Rate $500,000 to $999,999.99 6.74% 11.25%
Margin Rate Above $1,000,000 6.24% info 11.25%
Account Fees Webull SoFi Invest
IRA Annual Fee $0.00 $0.00
IRA Closure Fee $0.00 $20.00
Account Transfer Out (Partial) info $75.00 $100.00
Account Transfer Out (Full) info $75.00 $100.00
Options Exercise Fee $0.00 $5.00
Options Assignment Fee $0.00 $5.00
Investment Options Webull 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 Yes No
Forex Trading info No No
Crypto Trading info No No info
Crypto Trading - Total Coins info 0 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 Webull 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 Yes No
Order Type - OTO info Yes No
Order Type - Broker Assisted info No No
Beginners Webull SoFi Invest
Education (Stocks) info Yes Yes
Education (ETFs) info Yes 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 Yes No
Videos info Yes No
Webinars info Yes Yes
Webinars (Archived) info Yes Yes
Progress Tracking info Yes No
Interactive Learning - Quizzes info Yes No
Stock Trading Apps Webull 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 Webull 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 No No
Stock App Charting Webull SoFi Invest
Charting - After-Hours info Yes No
Charting - Can Turn Horizontally info Yes No
Charting - Multiple Time Frames info Yes Yes
Charting - Technical Studies info 56 0
Charting - Study Customizations info Yes No
Charting - Stock Comparisons info Yes No
Trading Platforms Webull SoFi Invest
Active Trading Platform info N/A N/A
Desktop Trading Platform info Yes No
Desktop Platform (Mac) info Yes No
Web Trading Platform info Yes Yes
Paper Trading info Yes No
Trade Journal info No No
Watch Lists - Total Fields info 35 3
Stock Chart Features Webull SoFi Invest
Charting - Adjust Trades on Chart info Yes No
Charting - Indicators / Studies info 52 0
Charting - Drawing Tools info 19 0
Charting - Notes info Yes No
Charting - Index Overlays info Yes No
Charting - Historical Trades info Yes No
Charting - Corporate Events info Yes No
Charting - Custom Date Range info No No
Charting - Custom Time Bars info No No
Charting - Automated Analysis info Yes No
Charting - Save Profiles info Yes No
Trade Ideas - Technical Analysis info No No
Charting - Study Customizations info 2 0
Charting - Custom Studies info Yes No
Day Trading Webull SoFi Invest
Streaming Time & Sales info Yes No
Streaming TV info No No
Direct Market Routing - Stocks info No No
Ladder Trading info Yes No
Trade Hotkeys info Yes No
Level 2 Quotes - Stocks info Yes 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 Webull 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 Yes 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 Webull SoFi Invest
Stock Research - PDF Reports info 0 0
Stock Research - Earnings info Yes No
Stock Research - Insiders info Yes No
Stock Research - Social info Yes No
Stock Research - News info Yes Yes
Stock Research - ESG info No No
Stock Research - SEC Filings info Yes No
ETF Research Webull 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 Yes No
ETFs - Morningstar StyleMap info No No
ETFs - PDF Reports info No No
Mutual Fund Research Webull 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 Yes 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 Webull SoFi Invest
Option Chains - Basic View info Yes Yes
Option Chains - Strategy View info Yes No
Option Chains - Streaming info No No
Option Chains - Total Columns info 23 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 Yes No
Option Probability Analysis Adv info Yes No
Option Positions - Greeks info Yes No
Option Positions - Greeks Streaming info No No
Option Positions - Adv Analysis info No No
Option Positions - Rolling info Yes No
Option Positions - Grouping info No No
Banking Webull 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 No Yes
Mortgage Loans info No Yes
Customer Service Webull SoFi Invest
Phone Support (Prospect Customers) info Yes 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 No Yes
24/7 Support info No No
Overall Webull SoFi Invest
Overall 4/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 4/5 Stars 3/5 Stars
Platforms & Tools 4.5/5 Stars 2.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 3/5 Stars
Research 3/5 Stars 2/5 Stars
Education 3/5 Stars 4.5/5 Stars
Ease Of Use 4.5/5 Stars 4.5/5 Stars
Winner check_circle
Review Webull Review SoFi Invest Review
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