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eToro vs SoFi Invest 2024

StockBrokers.com

Written by StockBrokers.com

October 30, 2024

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

eToro
4/5 Stars Overall
  • Minimum Deposit: $50.00
  • 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 considering investment options, SoFi Invest has a slight edge over eToro, receiving a 3-star rating compared to eToro's 2.5-star rating for investment variety. SoFi Invest ranks 16th out of 18 brokers for investment options, placing it just above eToro, which ranks 17th according to StockBrokers.com. This comparison showcases that while both platforms offer unique benefits, SoFi Invest might provide a more diversified portfolio for investors, particularly for those interested in traditional investment vehicles.

eToro excels in its offerings for cryptocurrency enthusiasts, supporting trading for 26 different coins, whereas SoFi Invest does not offer any crypto trading options. On the other hand, SoFi Invest stands out in traditional investment areas, providing access to stock, margin, fractional shares, OTC stocks, mutual funds, and options trading. It also offers advantages for retirement planning with traditional and Roth IRA accounts, alongside advisory services, which eToro lacks.

While both eToro and SoFi Invest provide stock and options trading, SoFi Invest further differentiates itself with margin trading, mutual funds, and advisor services, appealing to a broader range of investors. In contrast, those focused on cryptocurrency trading may find eToro more aligned with their needs. Ultimately, the choice between these platforms will depend on individual investing goals, with SoFi Invest catering to a more traditional investment strategy, and eToro appealing to cryptocurrency traders.

Feature eToro logoeToro
SoFi Invest logoSoFi Invest
Stock Trading info Yes Yes
Margin Trading No Yes
Fractional Shares info Yes Yes
OTC Stocks info No Yes
Mutual Funds info No Yes
Options Trading info Yes Yes
Futures Trading info No No
Crypto Trading info Yes No info
Crypto Trading - Total Coins info 26 0
Investment Options 2.5/5 Stars 3/5 Stars

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

Trading platforms and tools

When it comes to choosing an online broker based on trading platforms and tools, eToro and SoFi Invest each present unique attributes. eToro edges ahead with a 3.5-star rating compared to SoFi Invest's 2.5 stars, largely due to its comprehensive offerings in technical indicators and drawing tools. Despite both platforms not providing downloadable trading platforms for Windows or Mac, eToro excels in charting functionalities, offering features like paper trading and the capacity to add notes to charts, alongside 46 technical indicators and 48 drawing tools. Meanwhile, SoFi Invest falls short, lacking advanced charting tools and customization options, which positions it lower in rankings; eToro is rated #12 by StockBrokers.com, while SoFi Invest ranks #15 among 18 brokers.

Both eToro and SoFi Invest provide browser-based trading platforms, although eToro takes a significant lead in terms of functionality. eToro equips traders with paper trading capabilities, enabling users to hone their strategies without financial risk, whereas SoFi Invest does not offer this feature. For watch lists, eToro allows for 7 columns of data versus SoFi Invest's 3, providing more flexibility and comprehensive analysis at a glance. Additionally, eToro permits users to save multiple chart profiles, a feature absent in SoFi Invest, underscoring eToro's emphasis on providing a versatile and customizable user experience.

Regarding chart analysis and customization, eToro stands out with its inclusion of index overlays and customizable study fields for simple moving averages (SMA), with up to 5 customization options. SoFi Invest, in contrast, offers no technical indicators or drawing tools, and does not support chart-specific annotations or multiple chart profiles. While neither platform allows for creating custom studies or adjusting open orders directly on stock charts, the level of detailed charting tools and flexibility available through eToro distinctly caters to more technically inclined traders looking to take advantage of robust analytical resources.

Feature eToro logoeToro
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 Yes No
Watch Lists - Total Fields info 7 3
Charting - Indicators / Studies info 46 0
Charting - Drawing Tools info 48 0
Platforms & Tools 3.5/5 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

When it comes to beginner and investor education capabilities, eToro and SoFi Invest offer distinct advantages tailored to different learning needs. eToro provides stock education and enables new investors to explore the market through paper trading, allowing them to practice trades without risking real money. Additionally, eToro's educational videos contribute to creating a multimedia-rich learning experience. However, despite these strengths, eToro lacks comprehensive educational resources on ETFs, options, mutual funds, and bonds, which may limit the depth of knowledge available to novice investors. This is reflected in its education rating of 2.5 stars and a ranking of #16 out of 18 brokers as per StockBrokers.com.

Conversely, SoFi Invest stands out with a more extensive array of educational offerings. Catering effectively to investors interested in diversified knowledge, SoFi Invest provides education on stocks, ETFs, options, mutual funds, and bonds, alongside hosting webinars which are not offered by eToro. However, SoFi falls short in offering paper trading and educational videos, potentially limiting experiential learning. Despite this, SoFi's commitment to a comprehensive educational framework is evident in its higher education rating of 4.5 stars and a superior ranking of #7 among 18 brokers by StockBrokers.com. This makes SoFi Invest a more appealing choice for those looking to build a broad foundation of financial knowledge and investment skills.

Feature eToro logoeToro
SoFi Invest logoSoFi Invest
Education (Stocks) info Yes Yes
Education (ETFs) info No Yes
Education (Options) info No Yes
Education (Mutual Funds) info No Yes
Education (Bonds) info No Yes
Paper Trading info Yes No
Videos info Yes No
Webinars info No Yes
Education 2.5/5 Stars 4.5/5 Stars

Dive deeper: Best Stock Trading Platforms for Beginners of 2024

Stock trading apps

When comparing eToro and SoFi Invest based on their mobile stock trading app capabilities, eToro emerges as the superior choice with a rating of 4.5 out of 5 stars, significantly ahead of SoFi Invest's 3 stars. Ranked at #11 out of 18 brokers by StockBrokers.com, eToro offers a richer set of features, making it a more comprehensive platform for mobile traders. In contrast, SoFi Invest ranks lower at #16, indicating room for improvement in its mobile trading offerings.

Both eToro and SoFi Invest provide iPhone and Android apps, ensuring accessibility across popular devices. However, neither offers an Apple Watch app. While both platforms allow users to view multiple time frames for charting, only eToro offers significant charting enhancements, such as 103 technical studies and the ability to display stock comparisons on charts, features lacking in SoFi Invest's app. Moreover, eToro supports mobile options trading, streaming quotes, and personalized stock alerts, further distinguishing it from SoFi Invest, which lacks these capabilities.

Additionally, eToro's app allows users to create custom watch lists and provides videos on demand, enhancing the user experience with informative and personalized content. Despite both platforms missing options for customizable watch list columns and landscape mode charting, eToro's advanced capabilities, such as after-hours charting and the ability to display stock comparisons, reinforce its position as the more robust choice for mobile stock trading, outshining SoFi Invest in multiple areas.

Feature eToro logoeToro
SoFi Invest logoSoFi Invest
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info No No
Stock Alerts info Yes No
Charting - After-Hours info Yes No
Charting - Technical Studies info 103 0
Mobile Trading Apps 4.5/5 Stars 3/5 Stars

Dive deeper: Best Stock Trading Apps for 2024

Fees

When comparing eToro to SoFi Invest regarding account fees and other charges, eToro generally offers a more streamlined fee structure with fewer costs for certain services. However, SoFi Invest stands out with a lower minimum deposit, making it more accessible for new investors. Both platforms offer commission-free trading for stocks and options, providing cost-effective opportunities for traders. While eToro's lack of IRA options and margin trading might be a consideration for some, its zero charges for options and lower account transfer fees can be advantageous.

eToro has a minimum deposit requirement of $50, which is significantly higher than SoFi Invest's $5 minimum, allowing budget-conscious investors to start trading with less capital at SoFi Invest. Both platforms offer commission-free trading on regular stock trades and options contracts, appealing to those looking to minimize costs. eToro does not offer margin trading, whereas SoFi Invest charges a fixed rate of 11.25% for margin balances regardless of the amount. For IRA accounts, SoFi Invest charges no annual fees though imposes a $20 closure fee, with eToro not providing this retirement account service.

The account transfer (ACAT) fees with eToro are $75 for both partial and full transfers, while SoFi Invest charges $100, making eToro slightly more affordable in this aspect. Additionally, eToro wins out on options exercise and assignment fees, offering these services at no cost compared to SoFi Invest's $5 charge per transaction. These distinctions in fee structures can play a significant role in an investor's decision, especially for those regularly engaging in options trading or potentially needing to transfer accounts.

Feature eToro logoeToro
SoFi Invest logoSoFi Invest
Minimum Deposit $50.00 $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
IRA Closure Fee $20.00
Commissions & Fees 4.5/5 Stars 4.5/5 Stars

Dive deeper: Best Free Trading Platforms for 2024

Day Trading

When comparing eToro to SoFi Invest for day trading capabilities, eToro offers a key advantage with its streaming time and sales for stocks, a feature that SoFi Invest does not provide. Both platforms lack additional advanced trading tools such as streaming live TV, direct market routing, ladder trading, trading hotkeys, level 2 quotes, strategy backtesting, and short locator tools, which are often sought by day traders aiming to optimize their trading strategies and efficiency.

Neither eToro nor SoFi Invest provides advanced tools like order liquidity rebates, indicating a focus on more straightforward trading experiences without the intricate order types and rebates ideal for some high-frequency trading strategies. Consequently, traders prioritizing these advanced features may need to look beyond eToro and SoFi Invest to more specialized platforms that cater to sophisticated day trading requirements.

Feature eToro logoeToro
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 No 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 it comes to market research capabilities, eToro stands out over SoFi Invest, offering a more comprehensive suite of tools and resources. Although both platforms have room for improvement, eToro is rated three stars and ranked 12th among 18 brokers by StockBrokers.com, whereas SoFi Invest is rated two stars and holds the 18th spot. This indicates a more robust research environment on eToro, providing traders with essential insights not offered by SoFi Invest, especially in stock and ESG research.

eToro excels in offering in-depth stock and ETF research, which includes leveraging social media sentiment data and providing ESG (Environmental, Social, and Governance) insights. These features can be crucial for investors looking to gauge public sentiment and make socially responsible investment decisions. Meanwhile, SoFi Invest lags behind in these areas, not providing any stock or ETF research or specialized research tools, such as those analyzing social media sentiment or ESG criteria.

On the other hand, SoFi Invest provides a clear advantage in helping investors see portfolio allocation by asset class, a capability that eToro lacks. However, both platforms do not offer mutual fund, pink sheets/OTCBB, or bonds research, nor do they provide downloadable PDF research reports or screeners for trade ideas across any asset classes. Despite these similarities, the lack of diversified research options makes eToro the preferable choice amongst the two for those primarily focused on stock and ESG factors.

Feature eToro logoeToro
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 3/5 Stars 2/5 Stars

Banking

When comparing the banking capabilities of online brokers eToro and SoFi Invest, there are noticeable differences. SoFi Invest clearly outranks eToro in this domain, as it offers a comprehensive range of banking services including checking and savings accounts, debit cards, credit cards, and mortgage loans. In contrast, eToro does not provide any of these services. Neither platform offers Certificates of Deposit (CDs). For investors seeking an integrated approach that combines investment opportunities with broad banking features, SoFi Invest presents a more versatile choice over eToro.

Feature eToro logoeToro
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 eToro is better than SoFi Invest. eToro finished with an overall score of 76.7%, while SoFi Invest finished with a score of 73.7%.

Though its offerings have some limitations, eToro's approach will appeal to those interested in learning how to trade crypto or joining a crypto-focused community. The scope currently is limited in the U.S., so those looking for more advanced trading or trading a variety of underlyings will want to look elsewhere.

FAQs

Can you trade cryptocurrency with eToro or SoFi Invest?

eToro excels in crypto trading by offering 26 different coins, while SoFi Invest currently does not provide any options for cryptocurrency trading.

Dive deeper: Best Online Brokers for Crypto Trading in 2024

Does eToro or SoFi Invest offer IRAs?

When comparing online brokers, SoFi Invest stands out as it offers traditional and Roth IRA accounts with no annual fee, though a $20 closure fee applies. In contrast, eToro does not provide IRA account options.

Dive deeper: Best IRA Accounts for 2024

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Compare

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Overall Rating eToro SoFi Invest
Overall 4/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 2.5/5 Stars 3/5 Stars
Platforms & Tools 3.5/5 Stars 2.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 3/5 Stars
Research 3/5 Stars 2/5 Stars
Customer Service N/A 4/5 Stars
Education 2.5/5 Stars 4.5/5 Stars
Ease Of Use 4/5 Stars 4.5/5 Stars
Winner check_circle
Review eToro Review SoFi Invest Review
Broker Screenshots eToro 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 eToro SoFi Invest
Minimum Deposit $50.00 $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 $0 N/A
Margin Rates eToro SoFi Invest
Margin Rate Under $25,000 Not offered 11.25%
Margin Rate $25,000 to $49,999.99 Not offered 11.25%
Margin Rate $50,000 to $99,999.99 Not offered 11.25%
Margin Rate $100,000 to $249,999.99 Not offered 11.25%
Margin Rate $250,000 to $499,999.99 Not offered 11.25%
Margin Rate $500,000 to $999,999.99 Not offered 11.25%
Margin Rate Above $1,000,000 Not offered 11.25%
Account Fees eToro SoFi Invest
IRA Annual Fee $0.00
IRA Closure Fee $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 eToro SoFi Invest
Stock Trading info Yes Yes
Margin Trading No Yes
Fractional Shares info Yes Yes
OTC Stocks info No Yes
Options Trading info Yes Yes
Complex Options Max Legs info 0 0
Futures Trading info No No
Forex Trading info No No
Crypto Trading info Yes No info
Crypto Trading - Total Coins info 26 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 No Yes
Roth IRAs info No Yes
Advisor Services info No Yes
International Countries (Stocks) info 0 0
Order Types eToro SoFi Invest
Order Type - Market info Yes Yes
Order Type - Limit info No Yes
Order Type - After Hours info No 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 eToro SoFi Invest
Education (Stocks) info Yes Yes
Education (ETFs) info No Yes
Education (Options) info No 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 No Yes
Paper Trading info Yes No
Videos info Yes No
Webinars info No Yes
Webinars (Archived) info No Yes
Progress Tracking info No No
Interactive Learning - Quizzes info No No
Stock Trading Apps eToro 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 No Yes
Trading - Simple Options info Yes No
Trading - Complex Options info No No
Order Ticket RT Quotes info Yes Yes
Order Ticket SRT Quotes info Yes No
Stock App Features eToro SoFi Invest
Market Movers (Top Gainers) info Yes Yes
Stream Live TV info No No
Videos on Demand info Yes 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 eToro 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 103 0
Charting - Study Customizations info Yes No
Charting - Stock Comparisons info Yes No
Trading Platforms eToro 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 Yes No
Trade Journal info No No
Watch Lists - Total Fields info 7 3
Stock Chart Features eToro SoFi Invest
Charting - Adjust Trades on Chart info No No
Charting - Indicators / Studies info 46 0
Charting - Drawing Tools info 48 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 No 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 eToro SoFi Invest
Streaming Time & Sales info Yes 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 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 eToro SoFi Invest
Research - Stocks info Yes No
Research - ETFs info Yes No
Research - Mutual Funds info No No
Research - Pink Sheets / OTCBB info No 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 eToro 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 Yes No
Stock Research - SEC Filings info Yes No
ETF Research eToro SoFi Invest
ETFs - Strategy Overview info Yes Yes
ETF Fund Facts - Inception Date info No No
ETF Fund Facts - Expense Ratio info No Yes
ETF Fund Facts - Net Assets info No No
ETF Fund Facts - Total Holdings info No No
ETFs - Top 10 Holdings info No Yes
ETFs - Sector Exposure info No 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 eToro 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 eToro SoFi Invest
Option Chains - Basic View info Yes Yes
Option Chains - Strategy View info No No
Option Chains - Streaming info No No
Option Chains - Total Columns info 0 0
Option Chains - Greeks info 4 0
Option Chains - Quick Analysis info Yes No
Option Analysis - P&L Charts info No No
Option Probability Analysis info No No
Option Probability Analysis Adv info No No
Option Positions - Greeks info No No
Option Positions - Greeks Streaming info No No
Option Positions - Adv Analysis info No No
Option Positions - Rolling info No No
Option Positions - Grouping info No No
Banking eToro 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 eToro SoFi Invest
Phone Support (Prospect Customers) info No Yes
Phone Support (Current Customers) info No Yes
Email Support info Yes No
Live Chat (Prospect Customers) info Yes Yes
Live Chat (Current Customers) info Yes Yes
24/7 Support info No No
Overall eToro SoFi Invest
Overall 4/5 Stars 3.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 2.5/5 Stars 3/5 Stars
Platforms & Tools 3.5/5 Stars 2.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 3/5 Stars
Research 3/5 Stars 2/5 Stars
Education 2.5/5 Stars 4.5/5 Stars
Ease Of Use 4/5 Stars 4.5/5 Stars
Winner check_circle
Review eToro Review SoFi Invest Review
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