Decoding Trading Apps: Is Public.com or SoFi Invest the Superior Choice?

Deciding on an App for Trading: Public.com versus SoFi Invest

When it comes to selecting a trading app, you might find both Public.com and SoFi Invest as some enticing options on your radar. But which one is truly the right fit for your trading needs?

Public and SoFi Invest are both designed to simplify trading for everyday investors. However, they each have their unique features that may appeal to different users.

Public.com: A Social Trading Experience

Public.com emerged in 2018 as Matador and quickly evolved into a trading platform mixed with social media elements. With an easy-to-use interface, it offers commission-free trading and enables users to connect with and learn from other traders. In essence, you not only get to trade but also communicate with others, making Public a blend of an investment and social media platform.

Public primarily stands out with its unique social features. Beyond stocks, ETFs, and cryptocurrencies, Public also presents alternative investments (like fine art, collectibles), treasuries and support for fractional shares – buying smaller portions of high-cost stocks.

SoFi Invest: Best of Both Active and Passive Investments

SoFi Invest, an online brokerage branch of SoFi, gives you the freedom to select between active or passive investing. It offers both stock trading and robo-advisor services, making it ideal either for investors who prefer actively managing their portfolios with commission-free trades or hands-off investors who lean towards automated investment.

SoFi Invest has a user-friendly interface but tends to be simpler, which advanced investors might find basic. However, its unique selling point lies in the robo-advisor option, a rarity among most trading apps.

Picking Your Best Bet: Public or SoFi?

Primarily, select an app that aligns with your investment preferences. If you love connecting with other traders and sharing insights, Public might be your go-to, delivering a community-based trading experience alongside alternative and treasury investments.

However, if your focus is towards retirement accounts, prefer a robo-advisor for passive investing, or need professional financial advice, SoFi Invest caters to these needs. Plus, you can always switch from self-directed trading to automated investing without needing a platform change.

In conclusion, both Public and SoFi are strong contenders, offering similar features like access to stocks, ETFs, fractional shares and minimal fees. If you are still undecided or new to trading, you could try either one (or both!) and see which aligns best with your trading style and preferences as both platforms require low account minimums and minimal fees.