SoFi Invest vs Charles Schwab

SoFi Invest vs Charles Schwab Comparison Table 2024
SoFi Invest	Charles Schwab
Review 3.8	Review 2.8

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
ACH Transfer Wire Transfer	ACH Transfer Automated Customer Account Transfer Service TransferWise Wire Transfer
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
New York Stock Exchange	Dow Jones Nasdaq S&P 500 Toronto Stock Exchange
Commodities
	Soybeans
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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