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Webull vs. Sofi Invest 2023: Fees, Features & Benefits
Luis Clark
- Headquarter: New York, the United States
- Year Founded: 2017
- No. of Cryptos: 44+
- Fiats Available: USD
- Fees: 1%
- NFTs Available: No
- Native Coin: No
- Beginner Friendly: No
- Platform App: Desktop/Mobile/Web
- Security Features: Firewall, two-factor authentication, 128-bit encryption, SIPC insurance, and moreld storage, FINTRAC Regulation
- Headquarter: San Francisco, California, United States
- Year Founded: 2011
- No. of Cryptos: 28+
- Fiats Available: USD
- Fees: 1.25% markup
- NFTs Available: No
- Native Coin: N/A
- Beginner Friendly: Yes
- Platform App: Desktop/Mobile
- Security Features: Two-factor authentication, password, user verification, SSAE18 SOC2, PCI DSS, Third-party security measures review
Webull and SoFi Invest, which of these two trading platforms is better? In this Webull/Sofi Invest comparison, we compare these 2 trading platforms by reviewing their fees, security, supported cryptocurrencies, and much more.
To achieve our overall verdict we got first-hand experience with each trading platform, reviewed user critiques on third-party websites, and analyzed expert opinions.
Webull vs. Sofi Invest: Verdict
Our pick is SoFi Invest. The trading platform is easy to use for beginners and is overall more user-friendly for crypto traders. It also offers a more well-rounded app for financial services than Webull.
Pros
- Offers commission-free trading
- Suitable for intermediate traders and advanced traders
- Offers several advanced trading tools
- Free ETFs, stocks, and options
- It has a mobile app
- Supports paper trading
- Great for active trading
Cons
- Deposits can only be made via bank transfer
- Not suitable for beginners
- Does not support the buying or storage of NFTs
Pros
- Suitable for beginners
- Supports several payment methods
- Traders are not charged trading fees for buying ETFs
- Offers commission free trades for stocks trading
- Good customer service
Cons
- Does not support staking
- Limited cryptocurrencies available
- No paper trading
- Does not support the buying or storage of NFTs
Webull vs SoFi Invest: Unique Features
Webull Unique Features
Webull Crypto Wallet
Just like other crypto wallets, the Webull crypto wallet allows Webull users to buy, send, and store cryptocurrencies.
The wallet is still in beta testing and will soon be available to all Webull users.
The crypto wallet supports the transfer of cryptocurrencies from Webull. However, it currently supports the transfer of just Bitcoin, Bitcoin Cash, and Litecoin.
All transfers from the wallet are secured with two-factor authentication.
Users are required to provide a random verification code created in the Google Authenticator app whenever they attempt a withdrawal from the Webull crypto wallet.
The Webull crypto wallet has a transfer limit for the supported cryptocurrencies. The limit for daily coin transfer is $500 while the limit for a single transfer is between $10 to $2,999. Webull crypto wallet supports a maximum of 10 transfers daily.
SoFi Invest Unique Features
SoFi Mobile App
The SoFi Invest app allows you to trade crypto, invest in stocks, and retirement funds, apply for loans, etc. It also gives users access to features like social trading and Robo Advisor.
The app supports the trading of over 15,000 stocks and ETFs with no commissions or hidden fees. It also supports multi-currency deposits and has an in-app FX conversion service.
You can also customize your watchlist to keep track of stocks you are interested in.
The mobile app also offers automated investing using the Robo Advisor. This allows you to set up a monthly direct debit to your investment.
The SoFi mobile app gives users access to detailed market insights and market opportunities via the SoFi social community.
Another amazing feature is its fractional shares which allow SoFi customers to buy small portions of expensive stocks like Tesla and Amazon for as little as $10.
Winner in Unique Features
SoFi Invest wins in unique features as it offers more user-friendly features than Webull.
Webull Vs SoFi Invest: Cryptocurrencies Available
Cryptocurrencies Available on Webull
Webull users can trade over 44 cryptocurrencies on the trading platform. Supported cryptocurrencies include Bitcoin, Ethereum, Avalanche, Polygon, Ethereum Classic, Bitcoin Cash, Cardano, Polygon, Shiba Inu, Uniswap, USD Coin, Dogecoin, Curve DAO, Stellar Lumens, Basic Attention Token, etc.
Cryptocurrencies Available on SoFi Invest
SoFi Invest users can trade over 28 cryptocurrencies. Available cryptocurrencies include Bitcoin, Ethereum, Litecoin, Chainlink, Ethereum Classic, Decentraland, Algorand, Cosmos, Shiba Inu, Solana, Dogecoin, Cardano, Tezos, Avalanche, Aave, Uniswap, etc.
Winner in Crypto Availability
Webull wins in crypto availability as it supports more cryptocurrencies than SoFi Invest.
Webull vs SoFi Invest: Fees
Webull Fees
Webull offers commission-free crypto trading and charges $0 for options trading, stocks, and ETF trading. However, there are fees attached to options trading, ETF, and stocks via the Regulatory Transaction Fee and FINRA Trading Fee.
Crypto transactions aren’t also completely free. Webull charges a 100-basis spread, which amounts to a 1% trading fee.
For margin trading, Webull charges up to 9.49% in margin accounts rate.
Webull does not charge users for depositing and withdrawing via ACH bank transfer within the United States.
However, if you opt for a wire transfer within the United States, you’ll be charged $8 per deposit and $25 per withdrawal.
International wire deposits attract a transaction fee of $12.5 per deposit and $45 per withdrawal.
SoFi Invest Fees
You will be charged a 1.25% markup fee for executing crypto trades on SoFi Invest.
Margin trading also attracts an interest trading fee that is charged monthly.
SoFi Invest does not bill users for ETFs and stock transactions.
Options attract a $5 assignment and exercise fee.
Winner in Fees
Webull wins in investing fees as the platform offers a more budget-friendly fee schedule than SoFi Invest.
Webull vs SoFi Invest: Payment Methods
Webull vs SoFi Invest: Payment Methods
Webull offers only 1 payment method for deposits: bank transfer. However, users have the option of using either ACH transfers or wire transfers.
SoFi Invest Payment Methods
SoFi Invest offers a couple of payment methods including:
- SoFi Money
- Bank account (Wire transfer, ACH transfer)
- Account transfer (ACAT)
- Check
- Rollover
SoFi Money members are eligible to transfer up to $500 instantly by connecting their MasterCard and Visa debit cards.
Winner in Payment Methods
SoFi Invest wins in payment methods. It offers more deposit options than Webull and even has a custom payment method for instant deposits.
Webull Vs SoFi Invest: Security
Webull Security
Webull is a member of the Securities Investor Protection Corporation. It is also registered and regulated by the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
Webull’s clearing firm Apex Clearing Corp has an insurance policy covering securities and cash up to an aggregate of $150.
Users’ accounts are also protected with two-factor authentication and SSL encryption.
SoFi Invest Security
SoFi Securities is a member of the Securities Investor Protection Corporation. The securities in users’ brokerage accounts are protected with up to $500,000, including $250,000 for cash claims.
It is also regulated by the Financial Industry Regulatory Authority and the Securities and Exchange Commission.
SoFi Invest partners with trusted crypto exchanges like Coinbase to ensure that all transactions are completed securely and speedily.
Users’ accounts and crypto holdings are protected against theft using several security features including two-factor authentication and SSL encryption.
Winner in Security
Both Webull and SoFi Invest offer solid security to users.
Webull vs SoFi Invest: Usability
Webull Usability
Webull stands out for its highly-rated mobile app. The Webull mobile app has a 4.7/5 star rating on the Apple App Store and a 4.5/5 star rating on the Google Play Store.
The platform’s usability is targeted toward active traders and more experienced investors. Webull’s app offers charting tools, features to execute complex trade orders, and more that experienced investors will like.
Webull also allows investors to sell stocks short as well.
Now while Webull has a desktop application, it is most definitely a mobile-first platform.
SoFi Invest Usability
SoFi active investing offers an easy-to-use all-in-one app that functions as a base for all its financial products and services. SoFi also allows automatic investing, no account minimums, and enables users to buy fractional shares.
That said, because SoFi active investing is targeted at beginners and intermediate traders it doesn’t have some features that most brokerages offer.
Active traders looking for charting tools, stock research, and advanced trading tools will have to go elsewhere for such.
Winner in Usability
Webull and SoFi Invest offer good usability to their target audience. However, Webull and Sofi Invest target different types of users and this puts the usability battle to a draw.
Webull vs SoFi Invest: Customer Service
Webull Customer Service
Webull offers customer service via email and phone. The platform also has a detailed learning hub as well as a FAQ page with information on how to troubleshoot common problems.
SoFi Invest Customer Service
Sofi Invest customers can contact the support team via phone and email at mobilesupport@sofi.org. Phone support ID available Monday to Thursday 5:00 AM – 7:00 PM PT and Fridays to Sunday 5:00 AM-5:00 PM PT.
Winner in Customer Service
SoFi Invest offers better customer service than Webull.
Conclusion: Final Verdict
Webull and Sofi Invest are both great brokerage firms, but in this battle, SoFi Invest comes out on top.
The brokerage offers an easy-to-use trading app when compared to Webull, which is targeted at advanced traders. Also, only Sofi Invest allows users to open a joint account.
FAQ
Most frequent questions and answers
SoFi Invest is a great online broker. However, it isn’t a crypto exchange. It is more beneficial to buy digital assets on a dedicated crypto exchange like Coinbase, or Binance, or a non-custodial option like MetaMask. It also has a sister company that offers savings accounts, checking, a worldwide Mastercard etc.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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