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Charles Schwab vs Sofi Invest 2023

StockBrokers.com

Written by StockBrokers.com

January 23, 2023

Is Charles Schwab better than Sofi Invest? After testing 17 of the best online brokers over three months, Charles Schwab (94.51%) is better than Sofi Invest (67.99%). As the granddaddy of discount brokers, Charles Schwab understands how to deliver value to its customers, providing a comprehensive roster of tools, advice and actionable ideas at reasonable cost.

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Overall RatingCharles SchwabSofi Invest
Overall 4.5/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 5/5 Stars 2.5/5 Stars
Platforms & Tools 4.5/5 Stars 2.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 3/5 Stars
Research 5/5 Stars 2/5 Stars
Customer Service 4.5/5 Stars 4/5 Stars
Education 4.5/5 Stars 4.5/5 Stars
Ease Of Use 5/5 Stars 3.5/5 Stars
Winner check_circle
Review Charles Schwab Review Sofi Invest Review
Trading FeesCharles SchwabSofi Invest
Minimum Deposit $0.00 $5.00
Stock Trades $0.00 $0.00
Penny Stock Fees (OTCCB) $6.95 N/A
Mutual Fund Trade Fee Varies $0
Options (Base Fee) $0.00 $0.00
Options (Per Contract) $0.65 $0.00
Futures (Per Contract) $2.25 $0.00
Broker Assisted Trade Fee $25 $0
Margin RatesCharles SchwabSofi Invest
Margin Rate Under $25,000 11.33% 7.00%
Margin Rate $25,000 to $49,999.99 10.83% 7.00%
Margin Rate $50,000 to $99,999.99 9.88% 7.00%
Margin Rate $100,000 to $249,999.99 9.83% 7.00%
Margin Rate $250,000 to $499,999.99 9.58% 7.00%
Margin Rate $500,000 to $999,999.99 7.83% 7.00%
Margin Rate Above $1,000,000 7.50% 7.00%
Account FeesCharles SchwabSofi Invest
IRA Annual Fee $0.00 $0.00
IRA Closure Fee $0.00 $20.00
Account Transfer Out (Partial) $25.00 $75.00
Account Transfer Out (Full) $50.00 $75.00
Options Exercise Fee $0.00 $5.00
Options Assignment Fee $0.00 $5.00
Investment OptionsCharles SchwabSofi Invest
Stock Trading Yes Yes
Margin Trading Yes Yes
Fractional Shares Yes Yes
OTCBB / Pink Sheets Yes Yes
Options Trading Yes Yes
Complex Options Max Legs 4 0
Futures Trading Yes No
Forex Trading No No
Crypto Trading No Yes
Crypto Trading - Total Coins 0 30
Mutual Funds (No Load) 14996 0
Mutual Funds (Total) 17912 0
Bonds (US Treasury) Yes No
Bonds (Corporate) Yes No
Bonds (Municipal) Yes No
Advisor Services Yes No
International Countries (Stocks) 12 0
Order TypesCharles SchwabSofi Invest
Order Type - Market Yes Yes
Order Type - Limit Yes Yes
Order Type - After Hours Yes Yes
Order Type - Stop Yes No
Order Type - Trailing Stop Yes No
Order Type - OCO Yes No
Order Type - OTO Yes No
Order Type - Broker Assisted Yes No
BeginnersCharles SchwabSofi Invest
Education (Stocks) Yes Yes
Education (ETFs) Yes Yes
Education (Options) Yes Yes
Education (Mutual Funds) No Yes
Education (Bonds) Yes Yes
Education (Retirement) Yes Yes
Retirement Calculator Yes No
Investor Dictionary Yes Yes
Paper Trading No No
Videos Yes No
Webinars Yes Yes
Webinars (Archived) Yes Yes
Progress Tracking No No
Interactive Learning - Quizzes No No
Stock Trading AppsCharles SchwabSofi Invest
iPhone App Yes Yes
Android App Yes Yes
Apple Watch App Yes No
Trading - Stocks Yes Yes
Trading - After-Hours Yes Yes
Trading - Simple Options Yes No
Trading - Complex Options Yes No
Order Ticket RT Quotes Yes Yes
Order Ticket SRT Quotes No No
Stock App FeaturesCharles SchwabSofi Invest
Market Movers (Top Gainers) Yes Yes
Stream Live TV Yes No
Videos on Demand Yes No
Stock Alerts No No
Option Chains Viewable Yes No
Watch List (Real-time) Yes Yes
Watch List (Streaming) No No
Watch Lists - Create & Manage Yes No
Watch Lists - Column Customization No No
Watch Lists - Total Fields 130 3
Stock App ChartingCharles SchwabSofi Invest
Charting - After-Hours No No
Charting - Can Turn Horizontally Yes No
Charting - Multiple Time Frames Yes Yes
Charting - Technical Studies 32 0
Charting - Study Customizations Yes No
Charting - Stock Comparisons Yes No
Trading PlatformsCharles SchwabSofi Invest
Active Trading Platform StreetSmart Edge N/A
Desktop Trading Platform Yes No
Desktop Platform (Mac) No No
Web Trading Platform Yes Yes
Paper Trading No No
Trade Journal Yes No
Watch Lists - Total Fields 130 3
Stock Chart FeaturesCharles SchwabSofi Invest
Charting - Adjust Trades on Chart Yes No
Charting - Indicators / Studies 41 0
Charting - Drawing Tools 15 0
Charting - Notes Yes No
Charting - Index Overlays Yes No
Charting - Historical Trades No No
Charting - Corporate Events Yes No
Charting - Custom Date Range Yes No
Charting - Custom Time Bars Yes No
Charting - Automated Analysis Yes No
Charting - Save Profiles Yes No
Trade Ideas - Technical Analysis Yes No
Charting - Study Customizations 7 0
Charting - Custom Studies No No
Day TradingCharles SchwabSofi Invest
Streaming Time & Sales Yes No
Streaming TV Yes No
Direct Market Routing - Stocks Yes No
Ladder Trading No No
Trade Hot Keys Yes No
Level 2 Quotes - Stocks Yes No
Trade Ideas - Backtesting Yes No
Trade Ideas - Backtesting Adv No No
Short Locator Yes No
Order Liquidity Rebates No No
Research OverviewCharles SchwabSofi Invest
Research - Stocks Yes No
Research - ETFs Yes No
Research - Mutual Funds Yes No
Research - Pink Sheets / OTCBB Yes No
Research - Bonds Yes No
Screener - Stocks Yes No
Screener - ETFs Yes No
Screener - Mutual Funds Yes No
Screener - Bonds Yes No
Misc - Portfolio Allocation Yes Yes
Stock ResearchCharles SchwabSofi Invest
Stock Research - PDF Reports 7 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 ResearchCharles SchwabSofi Invest
ETFs - Strategy Overview Yes Yes
ETF Fund Facts - Inception Date Yes No
ETF Fund Facts - Expense Ratio Yes Yes
ETF Fund Facts - Net Assets Yes No
ETF Fund Facts - Total Holdings Yes No
ETFs - Top 10 Holdings Yes Yes
ETFs - Sector Exposure Yes No
ETFs - Risk Analysis Yes No
ETFs - Ratings Yes No
ETFs - Morningstar StyleMap Yes No
ETFs - PDF Reports Yes No
Mutual Fund ResearchCharles SchwabSofi Invest
Mutual Funds - Strategy Overview Yes No
Mutual Funds - Performance Chart Yes No
Mutual Funds - Performance Analysis Yes No
Mutual Funds - Prospectus Yes No
Mutual Funds - 3rd Party Ratings Yes No
Mutual Funds - Fees Breakdown Yes No
Mutual Funds - Top 10 Holdings Yes No
Mutual Funds - Asset Allocation Yes No
Mutual Funds - Sector Allocation Yes No
Mutual Funds - Country Allocation Yes No
Mutual Funds - StyleMap Yes No
Options TradingCharles SchwabSofi Invest
Option Chains - Basic View Yes Yes
Option Chains - Strategy View Yes No
Option Chains - Streaming Yes No
Option Chains - Total Columns 44 0
Option Chains - Greeks 5 0
Option Chains - Quick Analysis Yes No
Option Analysis - P&L Charts Yes No
Option Probability Analysis Yes No
Option Probability Analysis Adv Yes No
Option Positions - Greeks Yes No
Option Positions - Greeks Streaming Yes No
Option Positions - Adv Analysis Yes No
Option Positions - Rolling Yes No
Option Positions - Grouping Yes No
BankingCharles SchwabSofi Invest
Bank (Member FDIC) Yes Yes
Checking Accounts Yes Yes
Savings Accounts Yes Yes
Credit Cards Yes Yes
Debit Cards Yes Yes
Mortgage Loans Yes Yes
Customer ServiceCharles SchwabSofi Invest
Phone Support (Prospect Customers) Yes Yes
Phone Support (Current Customers) Yes Yes
Email Support Yes No
Live Chat (Prospect Customers) No Yes
Live Chat (Current Customers) Yes Yes
24/7 Support Yes No
OverallCharles SchwabSofi Invest
Overall 4.5/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 5/5 Stars 2.5/5 Stars
Platforms & Tools 4.5/5 Stars 2.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 3/5 Stars
Research 5/5 Stars 2/5 Stars
Education 4.5/5 Stars 4.5/5 Stars
Ease Of Use 5/5 Stars 3.5/5 Stars
Winner check_circle
Review Charles Schwab Review Sofi Invest Review
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Charles Schwab 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 Charles Schwab vs Sofi Invest.

Is Charles Schwab or Sofi Invest better for beginners?

Charles Schwab offers more comprehensive new investor education for beginner investors than Sofi Invest. Charles Schwab offers investors access to Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Bonds) and Education (Retirement), while Sofi Invest offers investors access to Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement), neither have Paper Trading.

What about Charles Schwab vs Sofi Invest pricing?

Charles Schwab and Sofi Invest charge the same amount for regular stock trades, $0.00. Option contracts are pricier at Charles Schwab, costing $0.65 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 Charles Schwab or Sofi Invest offer a wider range of investment options?

Charles Schwab offers investors access to Stock Trading, Fractional Shares, Options Trading, OTCBB / Pink Sheets, Mutual Funds, Futures Trading and Advisor Services, while Sofi Invest offers investors access to Stock Trading, Fractional Shares, Options Trading and OTCBB / Pink Sheets, neither have Forex Trading. Looking at Mutual Funds, Sofi Invest trails Charles Schwab in its offering of no transaction fee (NTF) mutual funds, with Charles Schwab offering 7168 and Sofi Invest offering 0.

Which trading platform is better: Charles Schwab or Sofi Invest?

To compare the trading platforms of Charles Schwab and Sofi Invest, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Charles Schwab offers a better experience. With research, Charles Schwab offers superior market research. Finally, we found Charles Schwab 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, Credit Cards and Mortgage Loans are available to customers of Charles Schwab and Sofi Invest.

Is Charles Schwab good?

As the granddaddy of discount brokers, Charles Schwab understands how to deliver value to its customers, providing a comprehensive roster of tools, advice and actionable ideas at reasonable cost.

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.

Charles Schwab vs Sofi Invest Winner

Overall winner: Charles Schwab

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