Unveiling the Champion: A Comparative Insight into Public.com and SoFi Invest Trading Apps.

Which Trading App is Better: Public.com or SoFi Invest?

If you’re looking for a user-friendly app to start trading, you might have come across two favorites: Public.com and SoFi Invest. Each has its strengths, but let’s dive into their features to see which one suits you best.

Public.com is like a social network for traders. It offers a space where you can connect with others, learn from their investing journeys, and share your own. SoFi Invest doesn’t share this social element, but it stands out with an automated investing service, or a ‘robo advisor’, which is handy if you prefer a hands-off approach.

Launched in 2018 as Matador, Public.com lets you trade without commissions and even offers fractional shares, meaning you can buy a portion of a share instead of a whole one. This can make investing in pricey companies more accessible for many.

SoFi Invest, a branch of finance company SoFi, targets both active traders and those who prefer a more laid-back approach. It’s got commission-free trades, a user-friendly interface, and a robo advisor for those who’d rather let technology manage their portfolios.

When it comes to investment options, both platforms provide stocks, ETFs, and cryptocurrencies. Public.com offers a little extra though; you can also invest in fine art, collectibles, and future-facing assets like non-fungible tokens (NFTs). Big moves like these keep the platform constantly evolving.

On the other hand, SoFi Invest gives you a shot at investing in initial public offerings (IPOs) of new stocks at their initial prices. Just bear in mind that you’ll have to express your interest and stick to specific rules to get in on this action.

Using Public.com is like scrolling through your social media feed; it’s easy and engaging. The platform is beginner-friendly, packed with information about companies, and allows you to chat with fellow investors. If you’re after more detailed data, though, you’ll need to upgrade to Public’s Premium account.

SoFi Invest, while also beginner-friendly, may seem a bit basic for experienced investors. An upside to this platform is that if you ever want to switch from active to passive investing, you won’t need to change platforms, as SoFi Invest offers both.

In terms of pricing, both platforms have no trade fees or commissions on stocks and ETFs but do charge a small markup on crypto transactions.

Before you decide, here are some pros and cons:

Public.com’s key benefits lie in its social features and the ability to invest in a wide array of alternatives, plus there’s the option to reinvest dividends automatically. However, it falls short on account types and the depth of research.

SoFi Invest’s perks include free access to financial advisors, availability of retirement accounts, and a robo advisor option. However, it doesn’t offer tax loss harvesting and fractional shares for all stocks. Plus, the interface may be too basic for advanced investors.

In short, if you want a social media-like trading platform or want to invest in alternatives, Public.com is a solid option. If you’re looking for retirement options, robo advisor services, and professional advice, SoFi may be the better choice. What’s great about both platforms is that they offer low minimum balance requirements and minimum fees.

It’s worth trying out both platforms to see which one fits your trading preferences better. Happy trading!