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Ally Invest vs SoFi Invest 2024

StockBrokers.com

Written by StockBrokers.com

January 31, 2024

Is Ally Invest better than SoFi Invest? After testing 18 of the best online brokers, our analysis finds that Ally Invest (84.6%) is better than SoFi Invest (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.

Select Brokers

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  • check_box_outline_blankcheck_boxAlly Invest
  • check_box_outline_blankcheck_boxCharles Schwab
  • check_box_outline_blankcheck_boxCiti Self Invest
  • check_box_outline_blankcheck_boxE*TRADE
  • check_box_outline_blankcheck_boxeToro
  • check_box_outline_blankcheck_boxFidelity
  • check_box_outline_blankcheck_boxFirstrade
  • check_box_outline_blankcheck_boxInteractive Brokers
  • check_box_outline_blankcheck_boxJ.P. Morgan Self-Directed Investing
  • check_box_outline_blankcheck_boxMerrill Edge
  • check_box_outline_blankcheck_boxPublic.com
  • check_box_outline_blankcheck_boxRobinhood
  • check_box_outline_blankcheck_boxSoFi Invest
  • check_box_outline_blankcheck_boxtastytrade
  • check_box_outline_blankcheck_boxTD Ameritrade
  • check_box_outline_blankcheck_boxTradeStation
  • check_box_outline_blankcheck_boxTradier
  • check_box_outline_blankcheck_boxVanguard
  • check_box_outline_blankcheck_boxWebull

Compare

0 of 5
Overall Rating Ally Invest SoFi Invest
Overall 4/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 4.5/5 Stars 3/5 Stars
Platforms & Tools 3.5/5 Stars 2.5/5 Stars
Mobile Trading Apps 4/5 Stars 3/5 Stars
Research 4/5 Stars 2/5 Stars
Customer Service 4/5 Stars 4/5 Stars
Education 4/5 Stars 4.5/5 Stars
Ease Of Use 4.5/5 Stars 4.5/5 Stars
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) info $4.95 info 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 $0
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) info $50.00 $75.00
Account Transfer Out (Full) info $50.00 $75.00
Options Exercise Fee $0.00 $5.00
Options Assignment Fee $0.00 $5.00
Investment Options Ally Invest SoFi Invest
Stock Trading info Yes Yes
Margin Trading Yes Yes
Fractional Shares info No 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 Yes No
Crypto Trading info No No
Crypto Trading - Total Coins info 0 0
Mutual Funds (No Load) info 13000 0
Mutual Funds (Total) info 14000 0
Bonds (US Treasury) info Yes No
Bonds (Corporate) info Yes No
Bonds (Municipal) info Yes No
Traditional IRAs info Yes Yes
Roth IRAs info Yes Yes
Advisor Services info Yes No
International Countries (Stocks) info 0 0
Order Types Ally Invest 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 No No
Order Type - OCO info No No
Order Type - OTO info No No
Order Type - Broker Assisted info Yes No
Beginners Ally Invest SoFi Invest
Education (Stocks) info Yes Yes
Education (ETFs) info Yes Yes
Education (Options) info Yes Yes
Education (Mutual Funds) info Yes Yes
Education (Bonds) info Yes Yes
Education (Retirement) info Yes 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 Yes Yes
Progress Tracking info No No
Interactive Learning - Quizzes info No No
Stock Trading Apps Ally Invest SoFi Invest
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info No 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 No No
Stock App Features Ally Invest SoFi Invest
Market Movers (Top Gainers) info Yes Yes
Stream Live TV info No No
Videos on Demand info No No
Stock Alerts info No No
Option Chains Viewable info Yes No
Watch List (Real-time) info Yes Yes
Watch List (Streaming) info No No
Watch Lists - Create & Manage info Yes No
Watch Lists - Column Customization info No No
Watch Lists - Total Fields info 21 3
Stock App Charting Ally Invest SoFi Invest
Charting - After-Hours info No No
Charting - Can Turn Horizontally info Yes No
Charting - Multiple Time Frames info Yes Yes
Charting - Technical Studies info 17 0
Charting - Study Customizations info No No
Charting - Stock Comparisons info Yes No
Trading Platforms Ally Invest SoFi Invest
Active Trading Platform info N/A 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 21 3
Stock Chart Features Ally Invest SoFi Invest
Charting - Adjust Trades on Chart info No No
Charting - Indicators / Studies info 117 0
Charting - Drawing Tools info 36 0
Charting - Notes info Yes No
Charting - Index Overlays info Yes 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 Yes No
Charting - Save Profiles info Yes No
Trade Ideas - Technical Analysis info Yes No
Charting - Study Customizations info 5 0
Charting - Custom Studies info No No
Day Trading Ally Invest 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 Hot Keys info No No
Level 2 Quotes - Stocks info No 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 Ally Invest SoFi Invest
Research - Stocks info Yes No
Research - ETFs info Yes No
Research - Mutual Funds info Yes No
Research - Pink Sheets / OTCBB info Yes No
Research - Bonds info No No
Screener - Stocks info No No
Screener - ETFs info Yes No
Screener - Mutual Funds info No No
Screener - Bonds info Yes No
Misc - Portfolio Allocation info No Yes
Stock Research Ally Invest SoFi Invest
Stock Research - PDF Reports info 2 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 Ally Invest 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 No No
ETFs - Risk Analysis info Yes No
ETFs - Ratings info Yes No
ETFs - Morningstar StyleMap info No No
ETFs - PDF Reports info Yes No
Mutual Fund Research Ally Invest SoFi Invest
Mutual Funds - Strategy Overview info Yes No
Mutual Funds - Performance Chart info Yes No
Mutual Funds - Performance Analysis info Yes No
Mutual Funds - Prospectus info No No
Mutual Funds - 3rd Party Ratings info Yes No
Mutual Funds - Fees Breakdown info Yes No
Mutual Funds - Top 10 Holdings info Yes No
Mutual Funds - Asset Allocation info No No
Mutual Funds - Sector Allocation info Yes No
Mutual Funds - Country Allocation info No No
Mutual Funds - StyleMap info No No
Options Trading Ally Invest SoFi Invest
Option Chains - Basic View info Yes Yes
Option Chains - Strategy View info Yes No
Option Chains - Streaming info Yes No
Option Chains - Total Columns info 8 0
Option Chains - Greeks info 1 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 No No
Option Positions - Greeks info Yes No
Option Positions - Greeks Streaming info No No
Option Positions - Adv Analysis info Yes No
Option Positions - Rolling info Yes No
Option Positions - Grouping info Yes No
Banking Ally Invest SoFi Invest
Bank (Member FDIC) info Yes Yes
Checking Accounts info Yes Yes
Savings Accounts info Yes Yes
Credit Cards info No Yes
Debit Cards info Yes Yes
Mortgage Loans info Yes Yes
Customer Service Ally Invest 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 Yes Yes
Live Chat (Current Customers) info Yes Yes
24/7 Support info Yes No
Overall Ally Invest SoFi Invest
Overall 4/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 4.5/5 Stars 3/5 Stars
Platforms & Tools 3.5/5 Stars 2.5/5 Stars
Mobile Trading Apps 4/5 Stars 3/5 Stars
Research 4/5 Stars 2/5 Stars
Education 4/5 Stars 4.5/5 Stars
Ease Of Use 4.5/5 Stars 4.5/5 Stars
Winner check_circle
Review Ally Invest Review SoFi Invest Review
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Ally Invest vs SoFi Invest Comparison

Comparing brokers side by side is no easy task. We spend hundreds of hours each year testing the platforms, mobile apps, trading tools and general ease of use among online brokerages, as well as comparing commissions and fees, to find the best online broker.

Though many U.S. brokers offer basic trading features, such as an app, charting tools, stock research and educational content, the depth of those features can vary widely. Let's compare Ally Invest vs SoFi Invest.

Is Ally Invest or SoFi Invest better for beginners?

In stock trading, the more you know, the better you’ll do. Taking advantage of resources like articles, webinars, videos and interactive elements is a great way to shorten the learning curve. In our analysis, we examine the availability of several different types of educational materials.

For 2024, our review finds that SoFi Invest offers more comprehensive new investor education for beginning investors than Ally Invest. Both Ally Invest and SoFi Invest offer Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement). Neither have Paper Trading and Videos.

What about Ally Invest vs SoFi Invest pricing?

Ally Invest and SoFi Invest charge the same amount for regular stock trades, $0.00. Option contracts are pricier at Ally Invest, costing $0.50 per contract versus $0.00 per contract at SoFi Invest. Ally Invest and SoFi Invest both charge (Not offered) per option contract. For a deeper dive, see our best brokers for free stock trading guide.

Does Ally Invest or SoFi Invest offer a wider range of investment options?

Looking at a full range of investment options, including order types and international trading, our research has found that Ally Invest offers a more comprehensive offering than SoFi Invest. Ally Invest ranks #8 out of 18 brokers for our Investment Options category, while SoFi Invest ranks #16.

Ally Invest offers investors access to Stock Trading, Options Trading, OTC Stocks, Mutual Funds, Forex Trading and Advisor Services, while SoFi Invest offers investors access to Stock Trading, Fractional Shares, Options Trading and OTC Stocks. Neither have Futures Trading Looking at Mutual Funds, SoFi Invest trails Ally Invest in its offering of no transaction fee (NTF) mutual funds, with Ally Invest offering 3900 and SoFi Invest offering 0.

Do Ally Invest and SoFi Invest offer cryptocurrency?

In our analysis of top U.S. brokerages, we research whether each broker offers the ability to trade cash cryptocurrency, such as bitcoin and ethereum. Though crypto has risen steadily in popularity, availability still varies from broker to broker. Our review finds that neither Ally Invest and SoFi Invest offer crypto trading.

Which trading platform is better: Ally Invest or SoFi Invest?

To compare the day trading platforms of Ally Invest and SoFi Invest, we focused on trading tools and functionality across both web and desktop-based platforms. Popular day trading platform tools include streaming real-time quotes, stock alerts, trading hotkeys, direct market routing, streaming time and sales, customizable watch lists, backtesting, and fully functional charting packages, among many others. For day trading, Ally Invest offers a better experience.

Does Ally Invest or SoFi Invest offer a better stock trading app?

After testing 25 features across the stock trading apps of Ally Invest and SoFi Invest, we found Ally Invest to be better overall. The best stock market apps are easy to use, have excellent design, and deliver a fully featured online trading experience. Ally Invest ranks #13 out of 18 brokers, while SoFi Invest ranks #16.

Ally Invest Trading App Gallery

SoFi Invest Trading App Gallery

Which broker is better for researching stocks?

For research, Ally Invest offers superior market research than SoFi Invest. Ally Invest ranks #7 and SoFi Invest ranks #18.

Over the years, we've found that the best brokers provide rich market commentary, a variety of third-party research reports, and thorough quote screens that are not just easy to navigate, but that also include a comprehensive selection of fundamental data. Robust stock, ETFs, and mutual fund screeners are also must-haves for trade idea generation.

How do Ally Invest and SoFi Invest compare in terms of minimum deposit required?

Ally Invest requires a minimum deposit of $0.00, while SoFi Invest requires a minimum deposit of $5.00. From our testing, we found that SoFi is the only broker that requires a minimum deposit.

Which broker offers better margin rates for accounts under $25,000?

Ally Invest charges 13% for accounts under $25,000 while SoFi Invest charges a margin rate of 9.5%. The industry average of the 18 brokers we track is 9%.

Does Ally Invest offer fractional shares? Does SoFi Invest?

Fractional shares are not offered by either broker. Our research has found that 39% of brokers offer fractional shares investing. Fractional shares allow traders to buy a part of a whole share of stock. For example, if Amazon is trading at $1,000, you could buy half a share for $500.

Can you trade penny stocks with Ally Invest or SoFi Invest?

Both Ally Invest and SoFi Invest allow you to trade penny stocks. Ally Invest charges $4.95 per trade while SoFi Invest charges N/A. Penny stocks are companies whose shares trade for under $5 and are listed over the counter (OTC). For brokers that do offer penny stock trades, the average commission is $3.

Does either broker offer banking?

Online banking can be a benefit for investors, and some brokerages do provide banking services to customers. Checking Accounts, Savings Accounts, Debit Cards and Mortgage Loans are offered by Ally Invest while SoFi Invest offers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans.

Which broker offers stronger customer service?

StockBrokers.com partners with customer experience research group Confero to conduct phone tests from locations across the United States to thoroughly evaluate the quality and speed of brokerage customer service. (Read more about How We Test.) Here are the results of our current testing.

Ally Invest was rated 4th out of 13 brokers, with an overall score of 8.69 out of 10.

SoFi Invest was rated 5th out of 13 brokers, with an overall score of 8.56 out of 10.

Is Ally Invest good?

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.

In the 2024 StockBrokers.com Annual Awards, Ally Invest ranked among Best in Class for Bank Brokerage and Customer Service.

Is SoFi Invest good?

SoFi Invest offers a wide range of services, including access to cryptocurrencies, IPOs and automated investing. It is relatively easy to use, and gets high marks for its mobile app. However, its lack of research, as well as its lagging education and trading tools, leave it a step behind industry leaders.

In the 2024 StockBrokers.com Annual Awards, SoFi Invest placed among Best in Class for Commissions & Fees, Investor Community, Customer Service and Bank Brokerage.

Ally Invest vs SoFi Invest Winner

Overall winner: Ally Invest

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