TD Ameritrade 300

Sofi Invest vs Ally Invest


Ally Invest versus Sofi Invest - which is better in 2021? Compare margin accounts, online trading fees, stock broker extended hours, and differences.



Overview of SoFi Invest and Ally Invest


Ally Invest and SoFi Invest have a lot in common, but there are also important differences between them. If you’re trying to decide which one to choose, you’ve come to the right place.


Cost


Broker Fees Stock/ETF
Commission
Mutual Fund
Commission
Options
Commission
Maintenance
Fee
Annual IRA
Fee
Ally Invest $0 $9.95 $0.50 per contract $0 $0
Sofi Invest $0 na na $0 $0


Services


Broker Review Cost Investment Products Trading Tools Customer Service Research Overall Rating
Ally Invest
Sofi Invest


Promotions


Ally Invest: Up to $3,000 cash bonus + $0 commission trades.

Sofi Invest: Trade crypto-currencies and stocks, including partial shares, at no cost.



Investment Lineup


Although Ally Invest is a budget brokerage house, the firm does manage to offer a decent-sized lineup of tradable products. There are stocks, ETFs, closed-end funds, mutual funds, option contracts, bonds, forex, and precious metals.

SoFi Invest has a smaller range of assets. The broker-dealer offers ETFs, stocks, closed-end funds, and cryptocurrencies.

Because it has the larger selection, Ally Invest wins this category. Now let’s see how the two fare in the realm of education.


Sofi


Security Research


Ally Invest’s website has a large selection of research tools. The broker provides screeners for all available securities. They are easy to use and offer many searchable criteria. Especially helpful is Ally’s great option search tools.

Stock profiles at Ally offer trade recommendations from third-party analysts and commentary from CFRA. For general investment education, there are articles on a wide range of topics, including personal finance from Ally Bank.

Over at SoFi Invest, stock profiles are pretty bare, with no reports or analyst recommendations. The broker does not have any screeners. There are articles for general investing; and they are designed for newbies.

Ally Invest is the top performer here. Let’s have a look at software.


Trading Tools


Ally Invest customers get several programs to use. First is the website, which is pretty basic. But it does have a useful trade bar. The tool is able to submit orders; and there are several order types, including market-on-close.

Next up is a browser platform named LIVE. This is where bonds have to be traded. Other securities like stocks, ETFs, and options can be traded on it. Also available is a desktop platform called Quotestream. It does have account minimums, one drawback. Another desktop program is available exclusively for currency traders.

Ally Invest has two mobile apps, one for securities traders and another for forex traders.

SoFi Invest has a website without a trade bar or browser platform. The site itself is pretty simple, and there’s really no trade ticket at all because the broker’s customers don’t actually submit trades. The broker has one mobile app.


Ally Live


We’ll take Ally Invest here.


Automated Investing


Ally Invest customers can open a robo account if they get tired of managing their own trades. The service is completely free, although the service keeps a large holding (30%) in cash. The cash position currently earns 1.6%.

SoFi also has a digital advisor. Like Ally Invest’s service, SoFi’s trade’s low-cost ETFs. SoFi charges nothing for its service. Unlike Ally, SoFi doesn’t keep any portion in cash.

SoFi has a $1 minimum deposit requirement. Ally requires $100.

SoFi Invest wins here.


Other Services


Dividend Reinvestment Program: Ally Invest and SoFi self-directed customers can enroll in the broker’s free DRIP service.

IRAs: Both companies in this survey offer IRAs. SoFi Invest charges nothing to close one, while Ally Invest charges $25. Ally, but not SoFi, has a SIMPLE IRA.

Automatic mutual fund investing: Neither firm offers anything here.

Overall, it looks like SoFi in the last category.


Recommendations


Mutual Fund Traders: The only option is Ally Invest.

Beginners: Pretty even.

ETF and Stock Trading: With its good-quality research tools, excellent 7am-10pm ET, 7 days a week customer service with online chat, great trading platforms, and low fees, Ally Invest is the easy choice.

Long-Term Investors and Retirement Savers: With a long list of target-date mutual funds and better customer service, we have to go with Ally.

Small Accounts: Either broker-dealer will work.


Promotions


Sofi Invest: Trade crypto-currencies and stocks, including partial shares, at no cost.

Ally Invest: Up to $3,000 cash bonus + $0 commission trades.



Sofi vs Ally: Results


Ally Invest comfortably wins this contest. While the broker does have a good forex trading service, SoFi Invest is the only option for crypto trading. Due to a lack of software platforms, SoFi cannot be recommended for self-directed trading.