Firstrade 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 Firstrade vs Sofi Invest.
Is Firstrade or Sofi Invest better for beginners?
Sofi Invest offers more comprehensive new investor education for beginner investors than Firstrade. Firstrade offers investors access to Videos, Education (Stocks), Education (Options) 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. See our guide to Best Paper Trading Platforms for more.
What about Firstrade vs Sofi Invest pricing?
Firstrade and Sofi Invest charge the same amount for regular stock trades, $0.00. Firstrade and Sofi Invest both charge $0.00 per option contract. For a complete commissions summary, see our best brokers for free stock trading guide.
Does Firstrade or Sofi Invest offer a wider range of investment options?
Firstrade offers investors access to Stock Trading, Options Trading, OTC Stocks and Mutual Funds, while Sofi Invest offers investors access to Stock Trading, Fractional Shares, Options Trading and OTC Stocks. Neither have Futures Trading, Forex Trading and Advisor Services. Looking at Mutual Funds, Sofi Invest trails Firstrade in its offering of no transaction fee (NTF) mutual funds, with Firstrade offering 3767 and Sofi Invest offering 0.
Which trading platform is better: Firstrade or Sofi Invest?
To compare the trading platforms of Firstrade and Sofi Invest, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Firstrade offers a better experience. With research, Firstrade offers superior market research. Finally, we found Firstrade 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 and Debit Cards are offered by Firstrade while Sofi Invest offers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans.
Is Firstrade good?
Firstrade scored well in our 2023 Annual Review for ease of use, and is a great choice for Chinese-speaking investors. However, it lags behind the competition in certain areas, especially platforms, tools and education.
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.
Firstrade vs Sofi Invest Winner
Overall winner: Firstrade
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