Fidelity vs. Sofi – A Detailed Comparison
Discover our detailed comparison of Fidelity and Sofi to help determine which is best for you. Whether you’re a seasoned trader or just starting out, choosing the right platform can significantly impact your trading experience.
To make your research easier, we manually found key data for Fidelity and Sofi across the internet and compiled it all in this article.
- Extensive investing options
- Good customer support
- Great overall investing platform
Overview of Fidelity
Fidelity is a well-established brokerage firm known for its comprehensive range of financial services. It is one of the only institutions that offers zero-cost mutual funds, at the expense of less frequent dividend payments. While they don’t offer leverage products like futures, they allow you to invest in crypto, and they are one of the only brokerages that provides custody of the fund’s Bitcoin.
✓ Extensive investing options
✓ Good customer support
✓ Great overall investing platform
Fidelity is Best For
Fidelity is best for long-term investors, but not as much for active traders seeking leveraged products like futures contracts. However, the options trading fees are competitive, they provide many low-cost investment funds, and they allow you to invest in cryptocurrency, making it a great all-around brokerage.
Overview of Sofi
SoFi is an all in one financial platform allowing you to open bank accounts, brokerage accounts, refinance loans, get personal loans, track your net worth, and track your spending. SoFi used to offer the ability to trade crypto, but no longer does due to scrutinty from regulators. SoFi is a great option if you want to access all of your financial accounts from a single platform, but the only downside lies in the lack of physical locations for its banking services. However, it does offer much better interest rates on your cash thank big banks like Chase if you set up direct deposit.
✓ Banking and investing combo
✓ Personal loan options
✓ Net worth tracking tool
Sofi is Best For
SoFi is best for those who want a central platform to access all of their financial accounts including stocks, loans, and bank accounts. It is also great for those who want a convenient way to track their net worth and spending in an automated and organized app. SoFi will automatically track your recurring monthly expenses, allowing you to see exactly how much you spend each month. It also provides a line chart of your net worth and spending making tracking your expenses easy and fun.
Key Characteristics of Fidelity and Sofi
| Platform | Platform Type | Tradeable Assets | Charting Features | Data | Premium Pricing |
|---|---|---|---|---|---|
| Fidelity | Brokerage Platform | Stocks, ETFs, Mutual Funds, Options, Index Options, Bonds | Active Trader Pro Platform | Real-time data with funded account | No premium features |
| Sofi | Brokerage, Banking, & Loan Provider | Stocks, ETFs, Mutual Funds, Options, Crypto | Basic line charts | Real-time data with an active investing account | Access SoFi Plus by connecting direct deposit |
Trading Features and Tools
| Platform | DRIP | Margin Trading | Insurance | Mobile App |
|---|---|---|---|---|
| Fidelity | Yes, no fees | Yes | SIPC Insured | Yes |
| Sofi | Yes, no fees | Yes | SIPC/FDIC Insured | Yes |
Trading Costs and Commissions Compared
| Fee Type | Fidelity | Sofi |
|---|---|---|
| Equity Commission | Free | Free |
| Option Commission | $0.65 per contract | Free |
| Futures Commission | No futures | No futures |
| Futures Options Commission | No futures options | No futures options |
| Option Exercise Fee | None | $5 |
Fidelity vs Sofi – Bottom Line
Choosing between Fidelity and Sofi depends on your specific trading needs, preferred trading tools, and the type of assets you’re interested in.
Both platforms offer distinct advantages, but by considering the detailed comparison above, you can select the one that aligns best with your trading strategy and goals.
For more detailed reviews and comparisons, continue exploring our other articles on brokerage platform comparisons.
What is the Overall Best Charting Software?
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- All of TradingView’s key features are free to use
- TradingView provides real-time data for free whenever possible
- You are not tied to a single broker and can use whichever you want while charting on TradingView
- You can track all markets on a single platform, including stocks, ETFs, crypto, forex, and futures.
- TradingView has an excellent economic calendar and various screeners
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