Both Fidelity Investments and SoFi Invest are strong choices for investors, each offering distinct advantages. Fidelity stands out with its comprehensive research resources, robust security measures, and a wide range of investment options, including access to thousands of no-transaction-fee mutual funds. However, its customer service can be slow at times via live chat, and it lacks interest on cash balances. SoFi Invest, on the other hand, appeals with its user-friendly interface, high-quality support (though not 24/7), and the availability of alternative investments like IPOs and interval funds. SoFi also offers a competitive interest rate on cash balances for eligible members. The choice depends on individual priorities: Fidelity is better for those who value extensive research and security, while SoFi is ideal for users seeking a user-friendly platform with innovative investment options and interest on cash balances.
| Attribute | Fidelity Investments | SoFi Invest |
|---|---|---|
| Account Minimum | $0 for retail brokerage accounts; $2,000 for margin accounts | $0 for Active Investing, $50 for Robo Investing before funds are invested. |
| Trading Fees (Stocks/ETFs) | $0 for online U.S. stock and ETF trades | $0 commission. |
| Options Trading Fees | $0 commission plus $0.65 per contract; $0 fee to close for contracts valued less than $0.65 | $0 commission per contract, but a $5 exercise and assignment fee applies. |
| Available Investment Types (Stocks, ETFs, Options, Crypto, Mutual Funds, Bonds) | Stocks, ETFs, options, mutual funds, bonds, modest cryptocurrency program | Stocks, ETFs, options, mutual funds, and alternative funds (including interval funds with commodities, private credit, and real estate). SoFi was one of the first to offer IPO and SPAC IPO investing to its members. |
| Fractional Shares | Yes | Yes, available for over 4,000 stocks and ETFs. Minimum investment of $5. |
| Automated Investing/Robo-advisor | Yes, through Fidelity Go | Yes, with an annual advisory fee of 0.25%. Offers expert-curated portfolios and the ability to adjust taxable and non-taxable portfolios. |
| Research & Educational Resources | Extensive, including third-party research from Argus, Thomson Reuters, and S&P Global | SoFi Learn, market comparison tools, stock watchlists, collections of theme-based investments, and lists of popular/trending stocks. Articles on the SoFi blog. |
| Mobile App Availability & Ratings | Available for iOS (Apple App Store, 4.8 stars, 2.8M ratings) and Android (Google Play, 4.3 stars, 3,540 reviews) | Available on iOS (Apple App Store rating of 4.8/5) and Android (Google Play Store rating of 4/5). |
| Customer Service Channels (Phone, Email, Chat) | Live chat, phone, and email | Live chat, phone, and email. Human support is available during specific hours (5 AM to 7 PM PT Monday-Thursday, 5 AM to 5 PM PT Friday-Sunday). |
| Account Security Features (e.g., SIPC insurance, two-factor authentication) | SIPC insurance, FDIC insurance (uninvested cash balances below $5 million), multi-factor authentication, security text alerts, Money Transfer Lockdown | SIPC insurance. Regulated by SEC and FINRA in the US. |
| Interest Rates on Cash Balances | Not available | SoFi members with eligible direct deposit activity can earn 3.80% APY on savings balances (including Vaults). |
| Tax-advantaged Accounts (IRA, Roth IRA, SEP IRA) | IRA, Roth IRA, and SEP IRA are available | Traditional, Roth, and SEP IRAs, and 401(k) to IRA rollover. |