Market Briefs Newsletter

Subscribe to our FREE finance & business newsletter to get financial news you can finally use.

Thanks for signing up to Market Briefs! Please check your email to confirm your subscription. If you don't see the email in an hour, check your spam and promotions folder. 

Be sure to read our Privacy Policy & Terms of Use.

  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Minority Mindset

Minority Mindset

Defy all odds.

  • Home
  • About
  • Blog
    • WEALTH
    • REAL ESTATE
    • STOCKS
    • SAVINGS
  • PRODUCTS
  • MONEY 101
  • GUAC TALK
Advertiser Disclosure

Our promise to you.

Minority Mindset, LLC is an independent, advertising-supported publisher. We are not an investment advisor. Always do your own due diligence and never blindly listen to a random article on the internet. We do our best to provide financial education with our free videos, articles, tools, and other self-help content. But these are for informational purposes only, they’re not investment advice.

Minority Mindset does not and cannot guarantee the accuracy or applicability of any information regarding your individual circumstances. The examples we provide are hypothetical and we encourage you to get advice from a qualified professional regarding specific investment, tax, legal, and financial issues. Previous market performance does not guarantee future performance.

We want everyone to be able to make educated financial decisions. We do not feature every company or financial product available. However, we’re proud of the financial education and guidance that we provide at no charge.

We’re paid by our brand partners and advertisers. This may influence which products we mention, review, and where they appear on our site. But it does not affect our recommendations or advice.

See more from Stock Market Investing

SoFi VS Robinhood – Which Is The Better Investing App

September 18, 2022 by Minority Mindset Team

minority mindset logo
Minority Mindset Team September 18, 2022

SoFi Vs Robinhood

Disclaimer

We only endorse products that we truly believe in. Some of the links below may earn us some extra guac at no additional cost to you. Please pass the chips & thank you for feeding our habit.

When it’s time to choose an investment app, you probably want to get to the basics quickly. How much does it cost, what are the minimums, and what services and perks do they offer? Understanding which one is right for your situation can make an impact on how much you invest and whether or not you go into debt doing it.

SoFi is a well rounded investing app offering low-cost investment options, and other banking services suited for beginners. The Robinhood app is recommended for disciplined or experienced investors, that provides 100% commission-free, fee-free investing and limited banking services. 

Keep reading to find out all about the services, features, and fees of both platforms, so you can decide which is best for you.

PlatformPromotionsLink
Get a cash bonus of $30-$500 Sign Up
Get one free stock priced up to $225 Sign Up
Get up to $1,000 after funding a new accountSign Up
Get a free slice of stock worth up to $300Sign Up

SoFi VS Robinhood – Investment Apps At A Glance

Popular investing apps SoFi and Robinhood both provide financial apps that allow users to invest in stocks and cryptocurrency. Both have low-or-no fee structures and intuitive user apps that allow beginners to easily get started investing.

Robinhood VS SoFi Comparison

SoFi and Robinhood are similar, but not the same. See how they compare to each other regarding services, fees, and features in the comparison table below.

SoFiRobinhood
Platform
Investing Services
  • Stocks
  • Crypto
  • Stocks
  • Crypto
  • IPO Access
  • Stock Lending
Additional Services
  • Loans
  • Refinancing
  • Credit Cards
  • Insurance
  • Credit Scores
  • Budgeting
  • 1.25% APY No-Fee Accounts
  • Direct Deposit Paychecks
  • Debit Card w/Crypto Rewards
  • Interest Paid On Uninvested Cash
  • NFT Storage
  • Crypto Gifting
Coins Supported30+7+
Investment Fees
  • Stocks: $0 Fees
  • Crypto: 1.25% - subject to change
  • Stocks: $0 Fees
  • Crypto: $0 Fees
Investment Minimum
  • Stocks: Starting at $5
  • Crypto: $10 Purchase
$0 Minimum
Automated InvestingYesYes
Best ForBeginners and those looking for an all-in-one banking and investment platform.Self-disciplined investors with some experience

Because of their different strengths, SoFi and Robinhood cater to slightly different types of investors and are best suited for different personality types. 

77% of money-minded people use investing apps, according to a 2022 poll by Minority Mindset. 

As apps evolve and people use them more, investing becomes easier because interfaces and features improve. 

Robinhood and Sofi are excellent examples of industry leaders that have kept one step ahead of investing services to provide people with apps that make investing easier than ever.

In addition to investing, SoFi and Robinhood each provide a similar, but different, collection of financial services such as direct deposit, spending rewards, and more.

According to a recent survey by Minority Mindset, 21% of money-minded people use four or more investing apps.

Apps such as Robinhood and SoFi reduce the need to use several apps for investing since each can handle both stock and crypto investing.

SoFi and Robinhood do have their differences. Investors and others looking for online financial banking will want to know the differences between these apps before choosing, so they can choose the one that’s better suited to their experience and investing style.

Click Here to Invest With SoFi

SoFi VS Robinhood – Investment App Features

Both SoFi and Robinhood offer investing platforms that allow you to buy, sell, trade, and manage your stock and cryptocurrency investments from one platform.

Both platforms provide easy, intuitive apps that make investing easy and portable and have 4 or more star ratings on the App Store.

SoFi Investing App Features And Services

SoFi is an excellent, all-around, investment and banking platform with no-fee stock trading and low-fee crypto transactions. It allows you to begin investing in crypto for as little as $10 or stocks (fractional shares) for $5.

SoFi Stock investing features:

  • Buy fractional shares for as little as $5
  • Stocks, fractional shares, ETFs

SoFi Crypto investing features:

  • Minimum investment: $10 purchase crypto
  • Daily Max: $50,000 crypto
  • Minimum sale: 0.001 Bitcoin, 0.01 Ethereum, 0.1 Litecoin, 0.01 Bitcoin Cash, 0.1 Ethereum Classic
  • 24/7 trading, real-time buying and selling

Sofi works with 30 different types of crypto, including Bitcoin, Ethereum, Litecoin, Dogecoin, Cardano, Polkadot.

Its user-friendly app for iPhone has an impressive 4.8 star rating in the App Store.

SoFi offers a full suite of online banking services, including

  • Automated investing
  • Banking: 1.25% APY – no account fees
  • Retirement savings IRA
  • Mortgage loans
  • Personal loans
  • Private student loans
  • Student loan refinancing
  • Credit card with 3% cashback rewards
  • Insurance: auto, life, home & renters
  • Credit score & budgeting

We think SoFi is an excellent platform for beginners or anyone who looking for an all-in-one solution for their banking and investing needs.

Featured Partners

$0 Fees | $100 Minimum

Invest Here

$0 Fees | $0 Minimum

Invest Here

$0 Fees | $1 Minimum

Invest Here

Robinhood Investing App Features And Services

Robinhood is a highly user-friendly investment platform that allows you to buy and sell stocks, options, ETFs, and cryptocurrencies. 

It has no investment minimums and charges no fees or commissions on crypto or stock investing — you can get started building an investment portfolio with as little as $1.

Robinhood investing features:

  • Investment minimum: No investment minimums
  • Account minimum: No account minimum
  • Extended trading hours: 7 am – 8 pm EST. Orders placed outside regular market hours (9:30 am – 4 pm EST) are queued and fulfilled at or near the beginning of extended-hours trading or near market open time, depending on the instructions you receive.

Robinhood works with several cryptocurrencies: 

    • Bitcoin
    • Ethereum
    • Dogecoin
    • Litecoin
    • Ethereum classic
    • Bitcoin cash
    • Bitcoin SV

Its investing platform provides several perks for investors:

  • Stock lending: Earn income on stocks you own (turn on the feature and they will work to find borrowers — you get paid when they find a match.
  • Web3 wallet: 
    • Trade and swap Cryptocurrency with no network fees.
    • Connect to dapps (decentralized applications).
    • Store NFTs and connect to NFT marketplaces.
    • Earn yield on your crypto.
  • Crypto gifts: Send crypto, as a gift through the Robinhood app — you choose the design, currency, and amount, then add a personal message to complete your gift.
  • Bonus fractional shares: When you refer a friend to Robinhood, you get rewarded with a free fractional share.
  • IPO Access: Gives you the opportunity to become an early public investor in companies.
  • Recurring, automated investments: Automatically invest on a steady basis – every market day, weekly, bi-weekly, monthly — you can easily automate your investment strategy with Robinhood.
  • Customer service: Speak with a live agent anytime

You can also use Robinhood to get paid and manage your spending:

  • Direct deposit
  • Cash card allows you to withdraw cash from 75,000+ ATMs and earn weekly rewards.
  • Earn interest on uninvested cash

Robinhood brokerage firm is a good choice for investors because it offers commission-free trading, no investment minimums, and an easy-to-navigate, intuitive app that makes trading simple.

SoFi VS Robinhood – Investing App Fees

When it comes to choosing the better investment app, you’re going to want to pick one that doesn’t host a ton of fees.

That way you get to keep more of your earnings, instead of losing your money to fees.

Here’s how Robinhood and SoFi compare in terms of fees.

Click Here to Invest With SoFi

SoFi Fees

SoFi has zero commissions on stocks, ETFs, and IPO investing. If you’re interested in its banking features, SoFi’s savings and checking accounts also have no account fees.

However, there is a 1.25% fee on crypto transactions, and the apps proprietary ETFs can carry higher fees than traditional ETF or index funds.

With that said, SoFi Invest has no fees and some of the lowest minimums in the industry, making it one of the best apps for beginners to get started trading stocks or other assets.

Robinhood Fees

Robinhood fees are also some of the lowest in the industry. In fact, Robinhood has no trading fees or commissions on any transaction.

The app also boasts a $1 minimum for stock transactions and a $10 minimum for crypto trades, making it perfect for the beginner who’s looking to just dip their toes into the market.

The biggest drawback when compared to SoFi is that Robinhood is not an all-in-one finance app, meaning, you’ll still need a separate bank or other financial institution to hold your money after trades.

That could mean additional outside fees are waiting for you at your bank, which will vary by institution.

With that said, Robinhood is still a great place for both experts and beginners to invest, as just about everything on the app is about as free as you can get.

Who Is SoFi Best For?

Thanks to its easy-to-use app, low fees, and wide range of services, we recommend SoFi for beginner investors or people looking to condense their banking and investing into one singular platform.

Click Here to Invest With SoFi

Who Is Robinhood Best For?

Robinhood is a robust investing platform that charges no fees, has no minimums, and makes it easy to get started investing in stocks and cryptocurrencies. 

It specializes in making investing simple, fun, and affordable with a robust app that allows you to learn and grow into a serious investor.

On the flip side, its interface is so user-friendly that some say it makes investing feel like gaming, which is not necessarily a good thing. 

Its tendency to attract young people (78% of its users are under the age of 35) can cause inexperienced or undisciplined investors to lose money, or even go into debt. 

For these reasons, we recommend Robinhood for experienced investors who have already developed disciplined financial habits.

Deciding Between Robinhood VS SoFi For Investing

When making a decision between Robinhood versus SoFi, you might consider reviewing the features that matter most to you:

  • Both offer low-fee investing, but Robinhood’s $0 fee and commission structure makes it the least expensive.
  • Both allow you to get started on a budget. On SoFi, you can begin investing for just $5 – $10, but on Robinhood you can get started with only $1.
  • Both offer a selection of banking services, but SoFi provides full-service banking features such as loans, refinancing, insurances, and credit cards, and Robinhood is geared toward simple deposit-and-spend banking.
  • Both provide superior app experiences that make investing easier for beginners. Robinhood, however, has a reputation for being a little too much fun, causing undisciplined investors to lose money and even go into debt. If you’re still learning money management or you have trouble with debt, Sofi is the better choice for you.

Robinhood and SoFi are excellent investing apps for stocks and crypto that also offer banking services so you can conduct your investing and banking in one place. 

Deciding which one is right for you depends on your level of experience with investing and money management, as well as what types of banking services fit your needs.

Stock Promotions

BrokeragePromotionLink
1 Free Stock Valued Up to $225Sign Up
Get $30 When You Deposit $1,000Sign Up
Get a free slice of stock worth up to $300Sign Up
minority mindset logo

Written by Minority Mindset Team.

The Minority Mindset has nothing to do with the way you look, your ethnicity, or your skin color. It’s a mindset. #RethinkRich

Primary Sidebar

Advertiser Disclosure

Our promise to you.

Minority Mindset, LLC is an independent, advertising-supported publisher. We are not an investment advisor. Always do your own due diligence and never blindly listen to a random article on the internet. We do our best to provide financial education with our free videos, articles, tools, and other self-help content. But these are for informational purposes only, they’re not investment advice.

Minority Mindset does not and cannot guarantee the accuracy or applicability of any information regarding your individual circumstances. The examples we provide are hypothetical and we encourage you to get advice from a qualified professional regarding specific investment, tax, legal, and financial issues. Previous market performance does not guarantee future performance.

We want everyone to be able to make educated financial decisions. We do not feature every company or financial product available. However, we’re proud of the financial education and guidance that we provide at no charge.

We’re paid by our brand partners and advertisers. This may influence which products we mention, review, and where they appear on our site. But it does not affect our recommendations or advice.

More From Stock Market Investing

  • Robinhood Scandal - Should You Still Use Robinhood?
  • Making The Most Of Investing In A Bear Market
  • Best Investment Accounts For Young Investors
  • Dollar Cost Averaging – Everything You Need to Know

Get Your FREE Guide To The Stock Market

& our daily newsletter

Thanks for signing up for our financial education emails! Check your email to confirm your subscription. If you don't see the email in an hour, check your spam and promotions folder.

Be sure to read our Privacy Policy & Terms of Use.

Featured Stock Market Investing Posts

Robinhood Scandal

Robinhood Scandal - Should You Still Use Robinhood?

Investing Bear market

Making The Most Of Investing In A Bear Market

best investment accounts for young investors

Best Investment Accounts For Young Investors

Dollar Cost Averaging

Dollar Cost Averaging – Everything You Need to Know

The Latest On Stock Market Investing

Stock Market Investing Accounts

Best Stock Market Investing Accounts For 2022

M1 Finance Review

The Ultimate M1 Finance Review - Great For Experienced Investors

Robinhood Review

Robinhood Review - How To Use Robinhood In 2022

Webull Alternatives

Webull Alternatives To Consider - Top Investing Apps In 2022

Top 5 Investing Apps With Instant Deposit

The Top Investing Apps With Instant Deposit

What Is M1 Finance

What Is M1 Finance? How To Start Investing With M1 Finance

How To Invest in Stocks For Beginners In 2022

How To Invest In Stocks For Beginners - Ultimate Guide

Here's exactly what an IPO is and if you should invest in them

What Are IPOs And Should You Invest In Them?

Using a good investing app can help boost your portfolio

The Top 5 Stock Market Investing Apps

Hands-Off Investing Strategies: ETFs

Hands-Off Investing Strategies: ETFs

Footer

Keep Hustlin’

Company

  • About Us
  • Store

Help

  • Contact Us
  • Advertise
  • YouTube

Legal

  • Privacy Policy
  • GDPR Opt-Out
  • Comment Policy
  • Terms of Use

Follow us on:

Disclaimer: The information on this site is of a general nature only. It does not take your specific needs or circumstances into consideration. You should look at your own personal situation and requirements, and seek independent professional advice, before making any financial decisions. Our content is provided for informational purposes only, and no content that is provided or included in our products or services is intended for trading or investing purposes. We will not be liable for the accuracy, usefulness, or availability of any information transmitted and/or made available by way of our products or services, and shall not be responsible or liable for any trading and/or investment decisions made by you based on any such information. For a further understanding of this Disclaimer and use of our site, please see the information contained in our Terms of Use and Advertising Disclaimer.

Minority Mindset may earn a portion of sales from products that are purchased or recommended through our site as part of our Affiliate Partnership with retailers and brands.

Minority Mindset has partnered with CardRatings for our coverage of credit card products. Minority Mindset and CardRatings may receive a commission from card issuers.

© 2023 Minority Mindset, LLC. All Rights Reserved.
Website managed by Stallion Cognitive™