SoFi Invest vs Charles Schwab

SoFi Invest vs Charles Schwab Comparison Table 2024
SoFi Invest Charles Schwab
3.8

SoFi Invest is #35 in our broker rankings.

2.8

Charles Schwab is #35 in our broker rankings.

United States Flag Traders from US accepted
United States Flag Traders from US accepted

SoFi Invest is an American wealth management and robo advisory service, providing equity and cryptocurrency investment portfolios with competitive fees. The firm is heavily regulated and registered with the SEC and FINRA. First launched in 2011, the firm has attracted millions of clients and various awards.

Charles Schwab is a large US investment broker offering a massive range of stocks, ETFs and equity derivatives in a variety of savings and investment accounts. The trustworthy brand has been offering financial services for 45+ years with over 35 million brokerage accounts and $870+ billion in assets under management. Charles Schwab is also regulated by top-tier watchdogs including the SEC and FCA.

Comment by Reviewer
"SoFi Invest is a good stop for investors who want automated assistance with their stock and ETF investment decisions. The fractional shares and no minimum deposit will appeal to newer traders in particular." "Charles Schwab will serve long-term investors looking for managed accounts, financial advice and self-directed trading opportunities. Fees are competitive, with zero-commission stock and ETF trading and no account minimums for individual brokerage accounts."
Pros
  • Can be tethered to other SoFi accounts, including SoFi Loans, SoFi money accounts and SoFi credit cards
  • Robo advisors can make investments according to user-defined goals and risk appetite
  • Straightforward platform makes investing easier for beginners
  • More than 4000 US stocks and ETFs with no commission
  • Start investing in fractional shares for as little as $5
  • Access to a free on-demand financial advisor
  • Automated dividend reinvestments
  • Users can participate in IPOs
  • SEC- and FINRA-regulated
  • No minimum deposit
  • Strong investment offerings covering stocks, mutual funds, options, bonds and cryptocurrency
  • Powerful trading software with real-time quotes, fundamental research and investment screeners
  • Responsive customer support team available 24/7 via live chat or telephone
  • Competitive trading fees with no commissions on stocks and ETFs
  • Fractional shares on the S&P 500 with a $5 minimum investment
  • Thematic investing categories and ESG compliant portfolios
  • Strong regulatory oversight from the US SEC and UK FCA
  • No account minimums for individual brokerage accounts
  • High-quality educational resources for new investors
Cons
  • Basic portfolio reports with individual investment numbers only and no charts
  • Limited order types (no stop-losses)
  • Not much data supplied for securities
  • Commissions on crypto trades
  • Only six ETFs available
  • No tax-loss harvesting
  • Long withdrawal times
  • Only US markets available (except 12 foreign markets on the Global Account)
  • High minimum investment of $5000 to use robo-advisors
  • Limited funding methods with no e-wallets
  • No email support
Instruments
Stocks, ETFs, Cryptos Stocks, ETFs, Cryptos, Futures, Options, Commodities, Bonds
Demo Account
No Yes
Minimum Deposit
$0 $0
Trading Platforms
  • Own
  • Own
Payment Methods
Minimum Trade
$0 $1
Regulator
SEC, FINRA SEC, FINRA, FCA1
Margin Trading
Yes No
STP Account
No No
ECN Account
No No
DMA Account
No No
MAM Account
No No
PAMM Account
No No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No Yes
Robo Advisor
No Yes
Negative Balance Protection
No No
Market Maker
No No
P2P Trading
No No
Spot Trading
Yes No
Mobile Apps
iOS & Android iOS & Android
Auto Trading
Yes
Copy Trading
No No
Social Trading
Yes No
VPS Hosting
No No
Tournaments
No No
Demo Competitions
No No
Ethical Investing
No Yes
Custodial Account
No Yes
Guaranteed Stop Loss
No No
Islamic Account
No No
Account Currencies
  • USD
  • USD
Stock Exchanges
Commodities
Cryptocurrency
Trade 22 cryptocurrencies including Bitcoin, Binance Coin, Uniswap and Polkadot from as little as $10, making it a good pick for beginners. The broker charges a competitive 1.25% commission on crypto trades. Charles Schwab supports indirect crypto trading through digital coin trusts and crypto-related stocks. You can get exposure to popular digital currencies such as Bitcoin, Ripple and Ethereum.
Spread
N/A Floating
Coins
  • BTC
  • ETH
  • LTC
  • DOGE
  • ADA
  • DOT
  • ALGO
  • AAVE
  • BNT
  • BAT
  • BCH
  • LINK
  • COMP
  • ATOM
  • MANA
  • ENJ
  • ETC
  • FIL
  • MKR
  • MATIC
  • SOL
  • XLM
  • SUSHI
  • SNX
  • XTZ
  • GRT
  • UNI
  • YFI
  • GBTC
  • BITW
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
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