SoFi Invest is better for beginner investors looking for a simple, commission-free platform with robo-advisor services and social trading features. eToro is more suitable for experienced traders who want access to a wider range of investment options, including cryptocurrencies and forex, and are comfortable with a more complex fee structure.
| Attribute | SoFi Invest | eToro |
|---|---|---|
| Minimum Deposit | $0 (Self-Directed: $5, Robo: $50 before investing) | Varies based on region, ranging from $10 to $10,000. Most traders: $200 (subsequent deposits of $50). USA: $10. Corporate account: $10,000. |
| Investment Options (Stocks, ETFs, Crypto) | Stocks, ETFs, Options, Mutual Funds, Alternative Funds, Fractional Shares (over 4,000 stocks and ETFs), IPO Investing. (Note: SoFi discontinued its cryptocurrency services from December 19, 2023.) | Stocks, ETFs, cryptocurrencies, commodities, indices, and forex. |
| Account Types (Individual, Retirement) | Retirement Accounts: Traditional IRA, Roth IRA, SEP IRA, and Traditional Rollover IRA. Non-Retirement Accounts: Individual/Personal Investment accounts, Joint Accounts with Rights of Survivorship (JTWROS), Community Property, and Tenants by Entirety. | Retail Account, Professional Account, Islamic Account (minimum deposit of $1,000), Corporate Account (minimum deposit of $10,000), Demo Account ($100,000 virtual funds), VIP Account (eToro Club: Silver, Gold, Platinum, Platinum+, and Diamond). |
| Trading Fees (Commissions, Spreads) | Commissions: $0 for stocks, ETFs, and options. Options: No per-contract fees. Regulatory Fee is $27.80 per $1,000,000 of principal (equity and option sells), rounded up to the nearest penny. Trading Activity Fee is $0.000166 per share (equity sells). | Commissions: Generally zero-commission stock trading (a $1 or $2 fee may apply). Cryptocurrency: 1% fee on entry and exit. Spreads: EUR/USD quoted at 1.0 pip. Other fees: $5 withdrawal fee, $10/month inactivity fee (after one year), currency conversion fees. |
| Platform Accessibility (Web, Mobile) | Web and Mobile (iOS and Android) | Web and mobile platforms. |
| Educational Resources | Investment articles, webinars, and complimentary sessions with SoFi Financial Planners. | Trading academy, market analysis, and strategy sections. |
| Customer Support Availability | Phone and chat support are available 5 a.m. to 5 p.m. PT, seven days a week. | Help center, live chat (Monday to Friday during business hours), and support tickets. Automated chatbot available 24/7. |
| Social Trading Features | Users can share their investment portfolios (dollar amounts hidden). Discover and follow holdings, watchlists, and activity of other members who opt-in. Comment on and react to other investors' trades. Compare performance on a dynamic leaderboard. Participation is optional. | CopyTrader, Popular Investor Program. |
| Fractional Shares Availability | Yes, invest with as little as $5 | Yes, minimum investment is $10. |
| Automated Investing/Robo-advisor Services | Management fee of 0.25%. Offers personalized portfolio recommendations. Automatic rebalancing. Three portfolio themes: Classic, Classic with Alternatives, and Sustainable. | It is difficult to determine whether eToro offers robo-advisor services. |
| Security and Regulation | Regulated by the SEC and FINRA. Member of SIPC, providing investor protection up to $500,000 (including $250,000 for cash). Client funds are segregated from SoFi's own funds. Uses SSL encryption to secure account data. | Regulated by FCA, CySEC, ASIC, SEC, and FINRA. SSL encryption, two-factor authentication (2FA), segregated accounts. |
| Margin Trading Options | Standard margin rate is 11.00% | Yes, with risks, especially with leveraged products like CFDs. Negative balance protection available for retail clients in the EU and Australia. |