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Apps like SoFi: Finances are tough to make and tough to save. Financial security is the topmost priority for today’s world.
Having said that, Finance management and investing can be very difficult for the youth. To invest, to research, to read plans, and much more you need time. And today’s generation doesn’t have time.
For help with the research work and suggest the best plans to invest, buy stocks from, there are plenty of online personal financing apps and websites in the fintech world.
In this article, we are going to talk about the best alternatives for SoFiand in detail their key features with a little glimpse of SoFi.
By the end of the article, we will get a detailed idea of the best alternatives of SoFiamong the huge list and the key features they have in store to offer their audiences.
What is SoFi?
SoFi is known for the bang on Robo advisor service it shares with its users. This feature makes SoFi one of the best apps for beginners to try with.
SoFi doesn’t charge any management fees and also provides low-cost exchange-traded funds. It also has a free session to ask professional advisors for the right advice regarding investing, stocks, and much more.
SoFi also gives free annual advisory and does not cost any additional expense or fees for the same. SoFi has unique and different kinds of services namely active trading, automated investing, retirement savings, and crypto tradings.
SoFi is parented by Social Finance company which is American Base as a home continent. Currently, SoFi is earning revenue of $984.87 million out of which their total assets are $9.176 billion.
The hands behind SoFi were Mike Cagney, Dan Macklin, Ian Brady, and James Finnigan. These people are named as founders of SoFi. SoFi was initially founded in the year 2011 approximately 11 years ago.
Currently, SoFi is managed by Anthony Noto who is designated at the position of Chief Executive Officer and Director of Social Finance, Inc. SoFi is known for the personal finance providing platform.
Initially, SoFi started with student loans, home loans, personal loans, stockbroker, and wealth management and now has a great title among the financing companies of the United States.
Key Features of SoFi
- The fees for active trading or automated investing are kept at 0%.
- The fees kept for cryptocurrencies are up to 1.25%.
- Their account minimum limit is also $0 where you need to add $1 to start investing from.
- SoFi also offers a promotional offer where when the user completed the first crypto trade, they get $10 in Bitcoin form as a reward for the start.
- SoFi offers cryptocurrency trading in the category of Bitcoin, Ethereum, and many more.
- SoFi has been rated A+ by the Better Business Bureau and is more famous for their complaint resolving system which never let down their customers.
Fees of SoFi
- It doesn’t charge for the account management fees but does have an account minimum of $1.
- It charges 0.05% for portfolio expenses.
- For outgoing transfer fees, it charges $75.
Apps like SoFi: SoFi Alternatives!
So, we saw what SoFi usually offers to its audience and it’s quite specific that few people like SoFi and few want more exploration regarding SoFi, apps like SoFi, and much more.
Hence, we brought you the hotlist of apps similar to SoFi to cut down your time in researching every app individually. The apps listed below are the best alternatives to SoFi in every way possible.
Webull works for the financial category in applications and technology. It allows you to invest, save, earn revenue and rewards out of the stock market, and much more.
Webull provides commission-free trading services for stocks, options, ETFs, and also multiple cryptocurrencies. Webull also has a user-friendly interface which makes it easy to understand the app tactics and statics.
Webull also has specifics windows and menus for the specific categories like Stock information, chartings and ratings, and also news regarding the same.
Webull stands for the full form of Webull Finance LLC. Webull was founded approximately 4 years ago in the year 2017. The person behind Webull is Wang Anquan sitting in the position of founder of Webull.
The ownership of Webull currently is divided among Wang Anquan at 35%, Xiaomi at 14 %, and other proportions to Shunwei Capital, Hongdao Capital, Bojiang Capital, and Gopher Asset Management.
Webull currently is a privately held company that provides stockbroking services as an electronic trading platform.
Key Features of Webull
- It is the topmost app for financial news in the category of the stock market.
- It offers live quotations for the companies and their histories.
- It also offers complete knowledge regarding how to invest and how not to.
- It offers professional portfolios which give accurate scenario ideas in the market every day like SoFi.
- It also has more than 50 indicator tools and 12 charting tools to make the financial concepts on simpler terms.
- It also offers paper virtual training to learn the investing skills for its audience.
- It also offers Bloomberg content and 24×7 live streaming of news and alerts regarding financial markets.
Fees of Webull:
- Customers have to pay a transfer fee of $75 for full or partial transfers.
- It offers much free access to account minimum, stock trading cots, and optional trades.
Fidelity Investments offers great learning which offers to learn regarding stock markets and investing to top up the audience’s skills.
Fidelity has plenty of features stored in its application for investors. The account fees charged by fidelity are quite low compared to its competitors which makes it more reliable for pocket-friendly users.
The ratings of this mobile application are quite impressive both in Googler Play Store and Apple Store respectively. Fidelity offers a wide range of mutual funds to invest in.
About Fidelity Investments
Fidelity Investment is a private company that provides financial services namely investment management, Brokerage firm, financial planning, and wealth management.
Fidelity Investments is a long-running company that was founded approximately 76 years ago in the year 1946. The hands behind Fidelity Investments is of Edward C. Johnson II.
Currently, Fidelity Investments offers products like Annuities, Mutual Funds, IRAs, 529 Plans, Investment Funds, Electronic Trading, Life Insurance, Accounts Checking facilities, and Credit Cards.
Key Features of Fidelity
- It has plenty of options to look forward to in the category of ETFs, stocks, and much more.
- It also offers a new shelter where you can get daily updates like SoFi regarding the stock market.
- It also offers real-time market quotations to have an idea about different trade cycles.
- It also offers great management tools to check the payment of bills, transfers, and much more.
- It also has customized alerts for the audience to keep them all updated with their favorite stocks and their happenings.
Fees of Fidelity Investments:
- $0 to $10 for starting investing route.
- Account management fee up to $3 per month for an account having a balance between $10,000 to $49,999.
- The account management fee for the account balance of more than or $50,000 is kept at 0.35% per year.
Robinhood offers the facility of investing in stocks with ETFs options and also offers financing in cryptocurrencies.
Robinhood offers commission-free service to its users. Robinhood also provides a premium feature under the title Robinhood Gold which offers no-fee brokerage. This premium plan costs its users around $5 per month but offers a huge margin trading facility.
Robinhood has the best and clean user interface for investors and beginners but yet has limited tools for research and analysis.
Robinhood firmly stands for Robinhood Financial LLC, Robinhood Market Inc, Robinhood Securities LLC, Robinhood Crypto LLC. Robinhood is a public financing platform founded approximately 8 years ago in the year 2013.
The hands behind Robinhood are Vladimir Tenev as the founder and the chief executive officer of Robinhood and Baiju Bhatt as the founder and chief creative officer of Robinhood.
Currently, they have more than 1200 employees working under the roof of Robinhood.
Key Features of Robinhood
- The main exclusive feature of Robin is the zero minimum account limit similar to SoFi which is a must for good financing apps.
- It has a wide range of categories in cryptocurrencies namely Bitcoin, Dogecoin, Litecoin, Ethereum, and much more.
- It also offers a cash management facility that offers you to pay bills, send checks, and much more.
Fees of Robinhood
- It charges up to $75 for outgoing account transfer services.
- It charges up to $20 for domestic overnight check delivery.
- It costs $5 for paper statements and $2 for paper confirmation.
- $20 for domestic overnight mails and $50 for international overnight mails.
Acorns have made their goodwill with Forbes which makes it an eye-catching alternative option for SoFi.
Acorns are known for the micro-investing and Robo investing platform which they offer to their audience in the industry of providing financial services. Acorns offer different accounts and specifications namely Acorns Invest, Acorns Later, Acorns Spend, Acorns Found Money, and Acorns Early.
Acorn offers initially the two-tier membership format where one is Personal membership at the cost of $3 per month and the latter Family membership at the cost of $5 per month.
The headquarters of Acorns is geographically situated in Irvine, California.
Acorns are handled by Noah Kerner at the position of the chief executive officer at Acorns. Acorns provide products namely investment management, investment portfolios, stock portfolios, and stock trading.
Products offered by Acorns are investment management, stock trading, investment portfolios, stock portfolios, and much more.
Key Features of Acorns
- It has many plans to look for in investing namely plans regarding the upcoming future, family plans, retirement plans, and much more.
- It also offers a heavy metal card to be used for investing and much more.
- It also offers market schedules, real-time stock rates like SoFi for the perfect evaluation of the financial market.
- The best and safe security part of Acorns is in their list of Investors. You can count on CNBC, PayPal, Jennifer Lopez, Steve Harvey, and much more.
Fees of Acorns
- Acorns charge up to $5 for starting investing feature.
- For the personal account it charges $3 per month for account management and family, it charges up to $5 per month for the same.
- Acorns charges from 0.05% to 0.18% for investment expenses.
- It charges $50 per ETF transfer.
Wealthfront is known for its customizable and accurate portfolios to showcase and also has a huge variety of trade-in knowledge and much more.
Wealthfront offers customizable portfolios and also cryptocurrencies funds to its users. Wealthfront’s unique feature is of providing free digital financial planning tools for its investors and users.
Wealthfront offers goal planning namely retirement plans, home buying plans, educational plans for universities and colleges, and much more.
Wealthfront also offers free ATM transactions with app-based check deposits. Wealthfront also offers free and unlimited transfers through the mobile application and also provides $1 million FDIC Insurance.
Wealtfront provides stock exchange facilities with personal finance services. Wealthfront was founded approximately 14 years ago in the year 2008.
Wealthfront was founded and parented by Andy Rachleff who is currently at the position of the chief executive officer and chairman as well as Dan Caroll. Under the roof of Wealtfront, currently, 200+ employees are working.
The key person behind Wealtfront is also Burton Malkiel who is designated the position of chief investment officer. The parent of Wealtfront is the UBS which is a swiss multinational bank.
Key Features of Wealthfront
- It offers a great banking facility like SoFi to manage the cash and save and use for further life.
- It also offers payment of bill facility, free ATM facility, and also keeping all the accounts in the mobile checks.
- It also offers a borrowing facility to keep up with credits and is also a great help for the audience.
- It also has a feature to edit and allocate users’ investments whenever and at any time like SoFi to keep up with the deadlines, stocks, and investing history.
Fees of Wealthfront
- Wealthfront $500 is kept for account minimum for the investment accounts account minimum for cash accounts is at $1.
- It charges up to 0.25% for the account management fees.
- For investments expenses, it charges up to 0.08%.
- For portfolios, it charges up to 0.11%.
More than 700,000 people trust their money and investment via Betterment making it the other best alternative of SoFi.
Betterment is known for the low management fee which they charge up to only 0.25% which is the lowest of its competitors. Betterment offers a huge category of investment portfolios.
The few out of many portfolios offered by Betterment are Broad Impact Portfolio, Climate Impact Portfolio, Social Impact Portfolio, BlackRock Target Income Portfolio, and many more.
Betterment is a private company which offers investment services since the year 2008. The hands behind betterment are Jon Stein as founder, Eli Broveman as the co-founder, and Sarah Levy as the chief executive officer of Betterment.
Betterment currently offers financial services, portfolio management, asset management, and also trust services. Currently, Betterment has employed more than 290 employees under its roof.
The headquarters of Betterment is geographically situated in New York City, United States.
Key Features of Betterment
- The portfolios built by Betterment are best for the global companies and to know more about them.
- It also offers no minimum balance facility for its users same like SoFi.
- It also has the automated tax-saving option and also checks up on the investments and account balance.
- It also offers customization in the field of stock markets and user’s investments making abridge between the current scenario and future outcome.
- It also has an upgraded facility for personal financial advisors which gives you the professional advice you need.
Fees of Betterment
- It charges up to $10 for account minimum.
- It charges up to 0.25% for account management fees.
- It charges up to 0.11% for investment expenses.
LendingClub has also made it to the list of similar apps like SoFi. It also has a wide range of services and facilities like SoFi offers.
LendingClub is best known for the feature of adding co-borrowers to any loan application users apply for. LendingClub is the best fit for users who are money-minded or facing a financial crisis.
LendingClub has no minimum credit requirement criteria which gives users the chance to take loans and invest and repay with a handful of time.
LendingClub is a private company that offers services in the financial category. LendingClub is founded approximately 16 years ago in the year 2006.
The headquarters are situated in San Francisco, California, U.S. The employees currently working for LendingCkub are more than 1500 in numbers.
The key person behind LendingClub is Scott Sanborn who is designated at the position of the chief executive officer and president of LendingClub.
Key Features of LendingClub
- The main feature of LendingClub is its registration with the Securities and Exchange Commission to be the first and foremost one to give security against any investments.
- It also has the feature of linking all the accounts together to keep looking for the balances and transaction history.
- It also offers borrowing features which are great like SoFi to make credit facility and apply for the same easy.
- It offers the flexibility of repayment options for the three to five years terms.
- The unique feature offers to list the co-borrowers if so.
- It offers credit facilities very easily like SoFi without hard credit line evaluation and paperwork.
Fees of LendingClub
- It charges an average fee of 5% as an origination fee.
- It also requires the account minimum credit score to be 600.
You cant get away with just one name in your mind, when we talk about alternatives or the same app like SoFi.
Hence we offered you the best of best 7 apps same like SoFi to choose the alternative according to your requirements. So it gets easy to get information about many alternatives on one page for your hassle-free one-click research regarding SoFi.
Is SoFi have any fees?
No. It’s a surprise for many users regarding SoFi charging zero to invisible fees to account minums or management issues whereas some apps charge a heavy amount for the same facility and services.
Can you make money with SoFi?
Yes. SoFi offers you the best banking facilities and services which may end up making good investing choices to earn money as a form of rewards and interests in the future period.
Can SoFi be trusted?
Yes. SoFi has won an A+ rating from the one and only Better Business Bureau which clears all the doubts regarding SoFi being a fake or untrusted platform to invest and save money.