SoFi Invest - Beginner-friendly stock trading app

There are many sophisticated stock trading apps that can help seasoned investors make trading decisions based on the latest market movements, but SoFi Invest doesn't. This application is intentionally designed for users who want a streamlined and convenient trading experience and stock buying recommendations.

The SoFi offers two main account types: Active Investments and Automated Investments. Both of these work with other SoFi financial products such as loan refinancing and can be used to access a variety of stocks and ETFs in your name. This option is worth considering if you want to almost completely stop trading stocks. When you sign up for an automated investment account, the platform asks you a few questions about your risk appetite and suggests an appropriate ready-made portfolio. Most roboadvisory tools charge an administration fee of up to 0.5% per year, but SoFi is completely free.

A SoFi Active Investing account, on the other hand, is completely independent, allowing you to decide exactly how to divide your capital between different ETFs and stocks. Like the other best stock trading apps we've gathered here, SoFi has no fees, so you can trade as many times as you like without paying a penny. One of the coolest features of the SoFi is what the company calls Stock Bits. Essentially, these are fractional stocks that can be bought with dollar amounts. You can use Stock Bits to get a portion of your favorite companies without having to invest the entire stock.

Although the SoFi Invest app lacks some of the advanced search tools, metrics and customization options found in other stock trading tools, the design of the SoFi Invest app is simple and easy to navigate on desktop and mobile devices. This makes the platform ideal if you don't want to be overwhelmed by stats every time you log in to check your holdings.

Reasons to buy

• +Helpful automated investing service

• +No trading fees

• +Straightforward interface

Reasons to avoid

• -Only available to US-based customers

Website: https://www.sofi.com/