Ally Invest vs Sofi Invest Comparison
Comparing brokers side by side is no easy task. For our 2023 annual broker review, we spent hundreds of hours assessing 17 brokerages to find the best online broker. Let's compare Ally Invest vs Sofi Invest.
Is Ally Invest or Sofi Invest better for beginners?
Sofi Invest offers more comprehensive new investor education for beginner 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. See our guide to Best Paper Trading Platforms for more.
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. For a complete commissions summary, see our best brokers for free stock trading guide.
Does Ally Invest or Sofi Invest offer a wider range of investment options?
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.
Which trading platform is better: Ally Invest or Sofi Invest?
To compare the trading platforms of Ally Invest and Sofi Invest, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Ally Invest offers a better experience. With research, Ally Invest offers superior market research. Finally, we found Ally Invest to provide better mobile trading apps.
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.
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.
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.
Ally Invest vs Sofi Invest Winner
Overall winner: Ally Invest
Explore our other online trading guides: