Both Public.com and SoFi Invest are suitable for beginner investors with their user-friendly platforms and commission-free trading. Public.com stands out with its higher FDIC insurance and AI-powered tools, while SoFi Invest offers a broader range of account types, access to financial planners, and more comprehensive customer support.
| Attribute | Public.com | SoFi Invest |
|---|---|---|
| Commission-free trading | Offers commission-free trading for U.S. listed stocks and ETFs during regular market hours in self-directed brokerage accounts. Other fees may apply. | Stocks and ETFs. |
| Fractional shares availability | Allows buying fractional shares with a minimum of $5. | Investments starting from $5. |
| Cryptocurrency trading | Offers cryptocurrency trading via a partnership with Bakkt Crypto. Cryptocurrency services are provided by Bakkt Crypto Solutions, LLC and are not FDIC or SIPC insured. | Access via BitGo and Blockchain.com. |
| Social investing features | Social investing services have ended, focusing on AI-powered tools. | Community events and experiences. |
| Educational resources for beginners | Provides educational resources, including articles, videos, and podcasts. | Articles, guides, podcasts, and webinars. |
| Account minimums | The minimum deposit required to open an account is $20. | No minimum for Active and Robo Investing accounts; $50 minimum before funds will be invested for Robo Investing. |
| Types of accounts offered | Offers individual brokerage accounts (cash and margin accounts) and Traditional and Roth IRAs. Limited to one margin account but can have two cash accounts. | Retirement (Traditional IRA, Roth IRA, SEP IRA, Traditional Rollover IRA) and Non-retirement (Individual/Personal Investment, Joint Accounts with Rights of Survivorship, Community Property, Tenants by Entirety). |
| Availability of margin trading | Offers margin accounts. | Available with a minimum of $2,000 in the account; 11% interest rate. |
| Securities lending program | Not available | Optional program to earn income by lending shares. |
| Customer support channels and responsiveness | Customer support is available via in-app chat and email. No phone support. | Help center and virtual assistant 24/7; human support via phone and live chat (5 a.m. to 7 p.m. Monday-Thursday, 5 a.m. to 5 p.m. Friday-Sunday). |
| Mobile app usability and features | Has a well-designed and user-friendly mobile app. | Available on Android and iOS; includes stock and ETF trading, fractional share trading, IPO access, funds transfers, and account activity tracking. |
| FDIC insurance on cash balances | Partners with multiple banks to provide investors with combined FDIC insurance coverage of up to $5 million. Also offers a High-Yield Cash Account with a competitive APY. | Up to $2 million through a network of partner banks. |
| Fees | Some fees exist for premium subscriptions and extended hours trading (for non-premium members) | $100 fee for full or partial outgoing account transfers (ACATs) |