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Interactive Brokers vs Sofi Invest 2022

StockBrokers.com

Written by StockBrokers.com

November 02, 2022

Is Interactive Brokers better than Sofi Invest? After testing 15 of the best online brokers over six months, E*TRADE (92.52%) is better than Interactive Brokers (89.29%). Founded in 1982 as one of the first online brokerages in the United States, E*TRADE highlights include $0 trades, two excellent mobile apps and the Power E*TRADE platform, which is great for beginners, active trading and options trading.

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Overall RatingInteractive BrokersSofi InvestE*TRADE
Overall4.5 Stars3.5 Stars5 Stars
Commissions & Fees4.5 Stars4.5 Stars4.5 Stars
Investment Options5 Stars2 Stars5 Stars
Platforms & Tools4.5 Stars1.5 Stars4.5 Stars
Mobile Trading Apps4.5 Stars3.5 Stars5 Stars
Research5 Stars2 Stars4.5 Stars
Customer Service3 Stars4 Stars4.5 Stars
Education4.5 Stars3 Stars4.5 Stars
Ease Of Use4 Stars4 Stars5 Stars
Winnercheck_circle
ReviewInteractive Brokers ReviewSofi Invest ReviewE*TRADE Review
Trading FeesInteractive BrokersSofi InvestE*TRADE
Minimum Deposit$0.00$5.00$0.00
Stock Trades$0.00$0.00$0.00
Penny Stock Fees (OTCCB)$0.00N/A$6.95
Mutual Fund Trade Fee$14.95$0$19.99
Options (Base Fee)$0.00$0.00$0.00
Options (Per Contract)$0.65$0.00$0.65
Futures (Per Contract)$0.85$0.00$1.50
Broker Assisted Trade Fee$30$0$25
Margin RatesInteractive BrokersSofi InvestE*TRADE
Margin Rate Under $24,999.994.58%5.25%11.95%
Margin Rate $25,000.00 to $49,999.994.58%5.25%11.45%
Margin Rate $50,000.00 to $99,999.994.58%5.25%10.95%
Margin Rate $100,000.00 to $249,999.994.08%5.25%10.45%
Margin Rate $250,000.00 to $499,999.994.08%5.25%9.95%
Margin Rate $500,000.00 to $999,999.994.08%5.25%9.45%
Margin Rate Above $1,000,000.003.83%5.25%8.45%
Account FeesInteractive BrokersSofi InvestE*TRADE
IRA Annual Fee$0.00$0.00$0.00
IRA Closure Fee$0.00$20.00$0.00
Account Transfer Out (Partial)$0.00$75.00$25.00
Account Transfer Out (Full)$0.00$75.00$75.00
Options Exercise Fee$0.00N/A$0.00
Options Assignment Fee$0.00$0.00$0.00
Investment OptionsInteractive BrokersSofi InvestE*TRADE
Stock TradingYesYesYes
Margin TradingYesYesYes
Fractional SharesYesYesNo
OTCBB / Pink SheetsYesYesYes
Options TradingYesNoYes
Complex Options Max Legs604
Futures TradingYesNoYes
Forex TradingNoNoNo
Crypto TradingYesYesNo
Crypto Trading - Total Coins4300
Mutual Funds (No Load)1088206486
Mutual Funds (Total)1116007242
Bonds (US Treasury)YesNoYes
Bonds (Corporate)YesNoYes
Bonds (Municipal)YesNoYes
Advisor ServicesNoNoYes
International Countries (Stocks)3300
Order TypesInteractive BrokersSofi InvestE*TRADE
Order Type - MarketYesYesYes
Order Type - LimitYesYesYes
Order Type - After HoursYesYesYes
Order Type - StopYesNoYes
Order Type - Trailing StopYesNoYes
Order Type - OCOYesNoYes
Order Type - OTOYesNoYes
Order Type - Broker AssistedYesNoYes
BeginnersInteractive BrokersSofi InvestE*TRADE
Education (Stocks)YesYesYes
Education (ETFs)YesYesYes
Education (Options)YesYesYes
Education (Mutual Funds)NoYesYes
Education (Bonds)YesYesYes
Education (Retirement)YesYesYes
Retirement CalculatorNoNoYes
Investor DictionaryYesYesYes
Paper TradingYesNoYes
VideosYesNoYes
WebinarsYesYesYes
Webinars (Archived)YesYesYes
Progress TrackingYesNoNo
Interactive Learning - QuizzesYesNoYes
Stock Trading AppsInteractive BrokersSofi InvestE*TRADE
iPhone AppYesYesYes
Android AppYesYesYes
Apple Watch AppYesNoYes
Trading - StocksYesYesYes
Trading - After-HoursYesYesYes
Trading - Simple OptionsYesNoYes
Trading - Complex OptionsYesNoYes
Order Ticket RT QuotesYesYesYes
Order Ticket SRT QuotesYesNoYes
Stock App FeaturesInteractive BrokersSofi InvestE*TRADE
Market Movers (Top Gainers)YesYesYes
Stream Live TVYesNoYes
Videos on DemandYesNoNo
Stock AlertsYesNoYes
Option Chains ViewableYesNoYes
Watch List (Real-time)YesYesYes
Watch List (Streaming)YesNoYes
Watch Lists - Create & ManageYesNoYes
Watch Lists - Column CustomizationYesNoYes
Watch Lists - Total Fields640395
Stock App ChartingInteractive BrokersSofi InvestE*TRADE
Charting - After-HoursYesNoYes
Charting - Can Turn HorizontallyYesNoYes
Charting - Multiple Time FramesYesYesYes
Charting - Technical Studies97010
Charting - Study CustomizationsYesNoYes
Charting - Stock ComparisonsNoNoYes
Trading PlatformsInteractive BrokersSofi InvestE*TRADE
Active Trading PlatformTrader Workstation (TWS)N/APower E*TRADE
Desktop Trading PlatformYesNoNo
Desktop Platform (Mac)YesNoNo
Web Trading PlatformYesYesYes
Paper TradingYesNoYes
Trade JournalYesNoNo
Watch Lists - Total Fields640395
Stock Chart FeaturesInteractive BrokersSofi InvestE*TRADE
Charting - Adjust Trades on ChartYesNoYes
Charting - Indicators / Studies1210119
Charting - Drawing Tools85031
Charting - NotesYesNoYes
Charting - Index OverlaysYesNoYes
Charting - Historical TradesYesNoYes
Charting - Corporate EventsYesNoYes
Charting - Custom Date RangeYesNoYes
Charting - Custom Time BarsYesNoNo
Charting - Automated AnalysisYesNoYes
Charting - Save ProfilesYesNoYes
Trade Ideas - Technical AnalysisYesNoYes
Charting - Study Customizations506
Charting - Custom StudiesNoNoNo
Day TradingInteractive BrokersSofi InvestE*TRADE
Streaming Time & SalesYesNoYes
Streaming TVYesNoYes
Direct Market Routing - StocksYesNoYes
Ladder TradingYesNoNo
Trade Hot KeysYesNoYes
Level 2 Quotes - StocksYesNoYes
Trade Ideas - BacktestingYesNoNo
Trade Ideas - Backtesting AdvYesNoNo
Short LocatorYesNoNo
Order Liquidity RebatesYesNoNo
Research OverviewInteractive BrokersSofi InvestE*TRADE
Research - StocksYesNoYes
Research - ETFsYesNoYes
Research - Mutual FundsYesNoYes
Research - Pink Sheets / OTCBBYesNoYes
Research - BondsYesNoYes
Screener - StocksYesNoYes
Screener - ETFsYesNoYes
Screener - Mutual FundsYesNoYes
Screener - BondsYesNoYes
Misc - Portfolio AllocationYesYesYes
Stock ResearchInteractive BrokersSofi InvestE*TRADE
Stock Research - PDF Reports706
Stock Research - EarningsYesNoYes
Stock Research - InsidersYesNoYes
Stock Research - SocialYesNoYes
Stock Research - NewsYesYesYes
Stock Research - ESGYesNoNo
Stock Research - SEC FilingsYesNoYes
ETF ResearchInteractive BrokersSofi InvestE*TRADE
ETFs - Strategy OverviewYesYesYes
ETF Fund Facts - Inception DateYesNoYes
ETF Fund Facts - Expense RatioYesYesYes
ETF Fund Facts - Net AssetsYesNoYes
ETF Fund Facts - Total HoldingsYesNoYes
ETFs - Top 10 HoldingsYesYesYes
ETFs - Sector ExposureYesNoYes
ETFs - Risk AnalysisYesNoYes
ETFs - RatingsYesNoYes
ETFs - Morningstar StyleMapYesNoYes
ETFs - PDF ReportsYesNoYes
Mutual Fund ResearchInteractive BrokersSofi InvestE*TRADE
Mutual Funds - Strategy OverviewYesNoYes
Mutual Funds - Performance ChartYesNoNo
Mutual Funds - Performance AnalysisYesNoYes
Mutual Funds - ProspectusYesNoYes
Mutual Funds - 3rd Party RatingsYesNoYes
Mutual Funds - Fees BreakdownYesNoYes
Mutual Funds - Top 10 HoldingsYesNoYes
Mutual Funds - Asset AllocationYesNoYes
Mutual Funds - Sector AllocationYesNoYes
Mutual Funds - Country AllocationYesNoYes
Mutual Funds - StyleMapYesNoYes
Options TradingInteractive BrokersSofi InvestE*TRADE
Option Chains - Basic ViewYesNoYes
Option Chains - Strategy ViewYesNoYes
Option Chains - StreamingYesNoYes
Option Chains - Total Columns44031
Option Chains - Greeks1205
Option Chains - Quick AnalysisYesNoYes
Option Analysis - P&L ChartsYesNoYes
Option Probability AnalysisYesNoYes
Option Probability Analysis AdvYesNoYes
Option Positions - GreeksYesNoYes
Option Positions - Greeks StreamingYesNoYes
Option Positions - Adv AnalysisYesNoYes
Option Positions - RollingYesNoYes
Option Positions - GroupingYesNoYes
BankingInteractive BrokersSofi InvestE*TRADE
Bank (Member FDIC)NoYesYes
Checking AccountsNoYesYes
Savings AccountsNoYesYes
Credit CardsNoYesYes
Debit CardsYesYesYes
Mortgage LoansNoYesYes
Customer ServiceInteractive BrokersSofi InvestE*TRADE
Phone Support (Prospect Customers)YesYesYes
Phone Support (Current Customers)YesYesYes
Email SupportYesNoYes
Live Chat (Prospect Customers)NoYesNo
Live Chat (Current Customers)YesYesYes
24/7 SupportNoNoYes
OverallInteractive BrokersSofi InvestE*TRADE
Overall4.5 Stars3.5 Stars5 Stars
Commissions & Fees4.5 Stars4.5 Stars4.5 Stars
Investment Options5 Stars2 Stars5 Stars
Platforms & Tools4.5 Stars1.5 Stars4.5 Stars
Mobile Trading Apps4.5 Stars3.5 Stars5 Stars
Research5 Stars2 Stars4.5 Stars
Education4.5 Stars3 Stars4.5 Stars
Ease Of Use4 Stars4 Stars5 Stars
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ReviewInteractive Brokers ReviewSofi Invest ReviewE*TRADE Review
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Interactive Brokers vs Sofi Invest Comparison

Comparing brokers side by side is no easy task. For our 2022 annual broker review, we spent hundreds of hours assessing 15 brokerages to find the best online broker. Let's compare Interactive Brokers vs Sofi Invest.

Is Interactive Brokers or Sofi Invest better for beginners?

E*TRADE offers more comprehensive new investor education for beginner investors than Interactive Brokers. Interactive Brokers offers investors access to Paper Trading, 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).

What about Interactive Brokers vs Sofi Invest pricing?

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

Interactive Brokers offers investors access to Stock Trading, Fractional Shares, Options Trading, OTCBB / Pink Sheets, Mutual Funds and Futures Trading, while Sofi Invest offers investors access to Stock Trading, Fractional Shares and OTCBB / Pink Sheets, neither have Forex Trading and Advisor Services. Looking at Mutual Funds, Sofi Invest trails Interactive Brokers in its offering of no transaction fee (NTF) mutual funds, with Interactive Brokers offering 4329 and Sofi Invest offering 0.

Which trading platform is better: Interactive Brokers or Sofi Invest?

To compare the trading platforms of Interactive Brokers and Sofi Invest, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Interactive Brokers offers a better experience. With research, Interactive Brokers offers superior market research. Finally, we found E*TRADE 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. Debit Cards are offered by Interactive Brokers while Sofi Invest offers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans.

Is Interactive Brokers good?

In 2022, Interactive Brokers remains our top pick for professionals because of its institutional-grade desktop trading platform and rock-bottom margin rates. Professionals aside, Interactive Brokers also appeals to active traders and casual investors with $0 trades and a user-friendly web platform.

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.

Interactive Brokers vs Sofi Invest Winner

Overall winner: E*TRADE

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