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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