Both Robinhood Gold and SoFi Invest cater to beginner investors with user-friendly platforms and commission-free trading. Robinhood Gold stands out with its cryptocurrency options and lower margin rates, while SoFi Invest provides a broader range of investment options, more extensive educational resources, and a wider selection of tax-advantaged accounts. The choice depends on the investor's specific needs and preferences regarding investment options, research tools, and account types.
| Attribute | Robinhood Gold | SoFi Invest |
|---|---|---|
| Minimum Account Balance | $0 for standard accounts, $2,000 for Robinhood Gold (required for margin accounts). | No account minimums for investing accounts; $2,000 minimum for margin; $50 minimum before funds are invested in Robo Investing account. |
| Subscription Fees for Premium Features | $5 per month or $50 annually. A 30-day free trial is often available. | SoFi Plus is $10 a month or free with direct deposit (no minimum balance required). |
| Availability of Fractional Shares | Yes, Robinhood offers fractional shares. | Yes, invest with as little as $5 in over 4,000 stocks and ETFs. |
| Range of Investment Options | Stocks, ETFs, options, and cryptocurrencies. Does not offer bonds or mutual funds. | Stocks, ETFs, options, mutual funds, alternative funds, and IPOs. No internal platform for crypto trading. |
| Margin Interest Rates | May start at 5.75% for balances up to $50,000. Gold members get $1,000 of interest-free margin. | 11.00% standard rate; $2,000 minimum balance required. |
| Tools for Stock Research and Analysis | Morningstar research reports, Nasdaq Level II market data, AI-powered investment insights through Robinhood Cortex (launching in the future). | Basic charts without customization, historical data, and stock performance information. |
| Educational Resources for Investors | Basic educational resources are provided. | Detailed help center, virtual assistant, webinars, and live events. |
| Customer Support Channels and Responsiveness | 24/7 live support via chat. | Detailed help center, 24/7 virtual assistant, and human customer support (Monday-Thursday 5 a.m. to 7 p.m. ET, and Friday-Sunday 5 a.m. to 5 p.m. ET). |
| Mobile App Usability and Features | Known for its user-friendly mobile app. | Available on Android and iOS; includes stock and ETF trading, fractional share trading, fund transfers, and account activity tracking; simple and easy to use. |
| Account Security Measures | Two-factor authentication, biometric recognition, encryption. | Two-factor authentication, biometric login options, 256-bit encryption, and real-time fraud monitoring. |
| FDIC/SIPC Insurance Coverage | SIPC protects securities and cash up to $500,000 (including $250,000 for cash). Additional insurance coverage up to $1 billion (limited to $50 million in securities and $1.9 million in cash). FDIC insurance up to $2.5 million through the cash sweep program. | FDIC insurance up to $250,000 for cash deposits; SIPC insurance up to $500,000 (including $250,000 limit for cash) for brokerage accounts. |
| Availability of Tax-Advantaged Accounts (IRA, Roth IRA) | Offers traditional and Roth IRAs. | Traditional, Roth, SEP, and rollover IRAs. |
| Commission-Free Trading | Yes | Yes |
| Bonds and Mutual Funds | No | Yes |
| Direct Transfers | Not available | Not possible |
| Outgoing Transfer Fee | Not available | $100 |
| Annual Inactivity Fee | Not available | $25 (waived if you log in every six months) |