Robinhood also doesn’t offer any crypto promotions. The downside is that Robinhood only has 13 coins available for trading. The minimum trade amount for cryptos at Robinhood is less than $1 for most coins. Trades don’t markups or markdowns, either. Robinhood charges no commissions on trades of cryptocurrencies. The minimum purchase amount on the SoFi Invest platform for cryptocurrencies is $10, although the account itself can be opened with any amount or no amount at all.Īlthough equity trades at SoFi Invest may have no commissions, crypto trades are a different story. Besides the majors like Bitcoin, SoFi offers some exotic coins like Avalanche, Polkadot, and Sushiswap. A separate account is required, although this is really easy to open. SoFi Invest customers can buy and sell over 30 coins. Only SoFi Invest displays margin details (specifically, maintenance and initial requirements) for an entered ticker symbol. The projected cost is 9.75% for any borrowed amount. Robinhood is gradually rolling out margin trading without a Gold membership. Instead, it assesses a flat rate (currently 5.25%) against all loan levels. SoFi Invest does not charge a monthly fee for margin. After that, the interest rate is 5.75% for all balance levels. The monthly fee includes the first $1,000 of borrowed funds at no cost. It costs $5 per month and includes margin privileges, among other services. Robinhood has a program called Robinhood Gold. Neither firm has a traditional tiered-rate schedule. Graphs on Robinhood’s app have two plot styles (line and candlestick), which is the only advantage over SoFi Invest’s charts.įourth, Let’s Have a Look at Margin Servicesīoth broker-dealers in this contest offer cash and margin accounts, albeit in different ways. Maximum profit and loss numbers are displayed above the chart. The trade ticket now has integrated profit-loss diagrams (green represents a gain, and red represents a loss). Options can be traded with a dedicated derivative order ticket (up to 4 legs). To place a trade, Robinhood’s app has the same trade ticket we saw on the website. The app doesn’t have a community forum, which is another weakness compared to SoFi. For instance, there’s a page for its debit card with details on benefits of using it. Robinhood’s app also has some personal finance tools, but not nearly as many. During our investigation, we found tools for mortgages, credit cards, personal loans, and more. Traders can follow each other and see what everyone is trading.īecause SoFi Invest clients use the same app that other SoFi customers use, it’s possible to scroll through a lot of personal finance resources on the app. This feature doesn’t appear on the website. The one new feature is social networking. The same order ticket is integrated into the app, and charting is even worse because a graph can’t be displayed horizontally. SoFi doesn’t do much better on its mobile app. There is no full-screen mode, and we found no graphing tools at all. It only has three trade types, and there are no time-in-force choices at all.Ĭharting is basically pointless. Alerts cannot be set up for assets, either.įor trading, there is a very simple order form. It does have a watchlist, but a second one cannot be created. SoFi Invest’s website has no color themes at all. There are three choices: light, dark, and market hours. The site can be customized with color themes. Robinhood’s site has a watchlist, and several can be created. There are six order types on the ticket and two duration choices. The trade ticket on Robinhood’s site is integrated on every asset’s profile, so there’s nothing to pull up. A chart can be expanded full screen for a quasi-advanced experience. During our probing on Robinhood’s site, we found charts with four (yes, just four) technical studies. When it comes time to place some actual trades, both brokerage firms have simple but effective websites. Second, We Need to Inspect Their Websites Robinhood has no investment-advisory service. A robo account costs nothing extra and one can be opened as an individual taxable account or one of the others just mentioned. These include joint accounts and retirement accounts.Īnd then there’s SoFi’s automated service. SoFi Invest also has more accounts types. SoFi Invest also has trading in some over-the-counter stocks, most of which are unavailable at Robinhood. SoFi Invest subtracts option contracts from the list but adds closed-end funds. In these accounts, the broker offers the following investment vehicles: Robinhood offers self-directed individual accounts only. Robinhood: Up to $200 in FREE stock + transfer fee reimbursement.įirst, Let’s Look at Available Assets and Accounts
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