When comparing E*TRADE and Sofi Invest we considered the most important factors which are their suitability for beginners, pricing, and investment options.
Here’s a Side by Side Comparison
- Beginner-Friendly Features: ETRADE provides a lot of new investor education resources compared to Sofi Invest. ETRADE also offers access to various educational materials such as Paper Trading, Videos, and education on Stocks, ETFs, Options, Mutual Funds, Bonds, and Retirement. Sofi Invest also offers educational resources on Stocks, ETFs, Options, Mutual Funds, Bonds, and Retirement but may have a more limited selection.
- Pricing: Both ETRADE and Sofi Invest offer $0.00 commission fees for regular stock trades, making them equally priced in that regard. However, ETRADE charges $0.65 per contract for options trades, while Sofi Invest does not charge per contract fees. It is also worth noting that pricing may vary for other types of trades, so that is why it’s recommended to review the specific fee structures for the desired investment activities.
- Range of Investment Options: ETRADE offers a wider range of investment options, including Stock Trading, Options Trading, OTC Stocks, Mutual Funds, Futures Trading, and Advisor Services. Sofi Invest provides access to Stock Trading, Fractional Shares, Options Trading, and OTC Stocks. It is important to mention that neither ETRADE nor Sofi Invest support Forex Trading. In terms of Mutual Funds, E*TRADE surpasses Sofi Invest with its offering of 4,377 no transaction fee (NTF) mutual funds, while Sofi Invest currently does not offer any NTF mutual funds.
- Trading Tools: ETRADE provides a better trading tools experience compared to Sofi Invest. ETRADE offers tools that cater to various trading strategies.
- Research Capabilities: ETRADE outperforms Sofi Invest in terms of market research ETRADE offers superior research resources and tools providing investors with more in-depth insights and analysis.
- Mobile App: ETRADE has been rated better for its mobile trading apps. ETRADE offers two excellent mobile apps that provide a seamless trading experience on the go.
- Banking Services: Regarding banking services, both E*TRADE and Sofi Invest offer banking options to their customers, which include checking accounts, savings accounts, debit cards, credit cards, and mortgage loans. Customers of both brokers can benefit from banking services alongside their investment activities.
Let Me Summarize
In terms of ETRADE, it is considered a top-performing broker it offers $0 trades, two excellent mobile apps and the Power ETRADE platform. However, it’s important to note that E*TRADE does not currently offer cryptocurrency trading. Sofi Invest, on the other hand provides a wide range of services which including access to cryptocurrencies IPOs and automated investing. It is relatively user-friendly, and its mobile app receives high praise. However, Sofi Invest falls slightly behind industry leaders in terms of research capabilities, education, and trading tools.
