Webull

Sofi Invest vs WeBull in 2021


WeBull versus Sofi Invest - which is better? Compare margin accounts, investing fees, extended hours trading, and stock broker differences.



Overview of WeBull and Sofi Invest


Which broker has better trading services, Webull or SoFi Invest? Webull customers get an updated desktop program, while SoFi Invest offers cryptocurrency trading.

Here’s a more comprehensive take on these two:


WeBull and Sofi Invest Cost


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


WeBull and Sofi Invest Services


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


Promotions


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

WeBull: Get 2 FREE stocks valued up to valued up to $1850 + $100 in ACAT reimbursement.



Webull Pros and Cons


Webull succeeds in delivering these highlights:

- Trading platforms in both browser and desktop formats
- Mobile app with lots of advanced features
- Options trading

On the downside, Webull customers must deal with these issues:

- Limited assortment of investment vehicles
- Desktop platform is missing some professional-level features


SoFi Invest Pros and Cons


SoFi traders will find these strong points:

- Partial shares can be traded
- Many financial services, such as small business loans and education financing
- 3 cryptocurrencies to trade

But SoFi Invest has these weaknesses:

- Elementary software
- Only 40-something stocks and ETFs are available for fractional-share trading


Sofi vs Webull


First Category: Tradable Assets


SoFi Invest customers can buy and sell:

  • Stocks
  • ETFs
  • Closed-end funds
  • Cryptocurrencies

Obviously, there’s a lot missing. Webull doesn’t do much better. It offers:


So Webull offers everything Sofi does plus option contracts.

And there’s one more issue: Webull customers have access to equity IPOs. We didn’t find any IPO resources in our SoFi trial account.

Winner: Webull


Webull vs Sofi


Second Category: Desktop Programs


Webull clients can trade on one of two desktop platforms: an old one and a new one. They both share a lot of features. One notable difference is that the newer version (currently 4.2.0) has Level II data (a subscription is required). Other changes include the addition of NOII (Net Order Imbalance Indicator) data and an active trade ticket.

Options can be traded on Webull’s desktop system, and we really like simulated-trading mode, which creates a practice environment with zero risk. Charting can be accomplished in full-screen mode with several tools. Even better, right-click trading is enabled.

SoFi is a big disappointment in this category with no desktop software at all.

Winner: Webull


Third Category: Web-Based Platforms


Without a desktop platform, SoFi Invest customers are left with the broker’s website, and that’s not saying very much. There is no browser platform at all. The site offers simple tools. There is no decent charting, and the site’s order ticket is very basic.

Over at Webull, things improve a lot. The firm’s website offers basic security profiles and hosts a FAQ section. It doesn’t provide any trading capability, but that problem is rectified with a browser platform. It has many of the same features as the desktop system, including a trade ticket with bracket orders.

Winner: Webull


Sofi Invest vs Webull


Fourth Category: Mobile Apps


SoFi’s mobile app is very similar to its website: same layout with atrocious charting (only line format and no tools). There is a funds transfer tool and a very simple order form (SoFi only submits orders at specific times during the day).

Webull does much better in the charting arena. The broker’s app offers horizontal graphs with many tools. Additional highlights are a community forum and trading competitions.

Winner: Webull


WeBull or Sofi


Fifth Category: Investment Education and Security Analysis


For general investment education, Webull offers very little. There are some short articles on the company’s website that address topics such as:

- What is a pattern day trader (PDT)?
- Stop-Limit Order
- What are the requirements for margin accounts?

For security research, Webull has a stock screener (on both the browser and desktop platforms); it can search by a few criteria. Equity profiles themselves have many data points, including:

- Order flow
- Volume analysis
- Margin details
- Analyst recommendations

At SoFi Invest, we found much more in terms of general education. There is an Investing 101 section on its website that provides a great deal of material on a variety of investments, such as bonds and mutual funds, which aren’t available for trading.

Because SoFi does so much more than just investing, there are other resources, such as a student loan payoff calculator and home loan materials. But for security analysis, there is no screener, and profiles have very little info.

Winner: Draw


Sixth Category: Miscellaneous Services


Dividend Reinvestment Program: Webull doesn’t offer automatic dividend reinvesting, but SoFi Invest does, at least for self-directed customers.

IRAs: Both brokers have Individual Retirement Accounts. SoFi Invest offers the SEP IRA. Webull does not.

Winner: SoFi Invest


Belatedly, Our Recommendations


Beginners: SoFi Invest does a better job of providing learning materials and investing services that will help beginners.

Long-Term Investors and Retirement Savers: SoFi has a greater emphasis on long-term money management. Plus, it’s the only broker in this study to provide managed accounts via robo investing.

Stock/ETF Trading: Webull is the easy choice, thanks to its much better software.

Small Accounts: Either broker will do.


Promotions


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

WeBull: Get 2 FREE stocks valued up to valued up to $1850 + $100 in ACAT reimbursement.



WeBull vs Sofi Invest Summary


SoFi Invest is definitely the go-to company for money management. For actual trading, Webull is the only realistic option.