Sofi vs. Public.com

Sofi vs Public.com? SoFi focuses on simplicity and educational support for new investors, while Public.com offers a broader range of assets and a community-driven experience.

Choosing the right investment platform can be nearly as important as the investments themselves. SoFi and Public.com are two fintech platforms popular with investors. But which one best aligns with your financial goals? Whether you’re a cryptocurrency enthusiast or a stock market fan, understanding the nuances of each platform can help you choose wisely. Explore the details in this SoFi vs. Public.com comparison to discover your ideal investment companion.

Sofi vs. Public.com: At a Glance

Sofi vs. Public.com: Overview

SoFi and Public.com have made significant strides in democratizing investing, each with a unique approach to serving its user base. 

About SoFi Invest

SoFi Invest is an investment platform that serves the needs of various investors, particularly beginners and passive investors. It offers an easy-to-use platform with tools for portfolio balancing and educational resources. The platform allows users to trade commission-free stocks and exchange-traded funds (ETFs), as well as fractional shares and IPOs. 

SoFi (a part of Social Finance Inc.) was established in 2011 by Stanford business school students focusing on refinancing federal and private student loans. The platform expanded its services in 2019 to include SoFi Invest and SoFi Money and has received an A+ rating from the Better Business Bureau.

About Public.com

Public.com is an investing platform launched in 2019 to make the public markets accessible to everyone. It introduced commission-free, real-time fractional investing and has since expanded to offer a multi-asset investing experience. 

Public.com emphasizes transparency. It does not participate in payment for order flow on standard equities trades and shares a portion of its options revenue with users. The platform is known for its security measures, including AES 256-bit encryption and two-factor authentication and provides SIPC insurance for securities in user accounts.

Sofi vs. Public.com: Key Features

Both platforms offer unique features that can appeal to different types of investors, whether they're looking for a community experience or financial advice.

Sofi Invest Features

• Commission-free trading: SoFi Invest enables members to trade stocks and ETFs without commissions, making it an attractive option for fee-conscious investors.
• Financial advisers: Access to certified financial planners, which provide valuable guidance and support for users.
• Fractional shares: Investors can buy fractional shares of popular stocks, allowing them to invest smaller amounts of money.
• IPOs: SoFi allows investors to invest in companies at their early stages of listing.
• No account minimums: SoFi Invest imposes no minimum balance requirements for maintaining an account, making it particularly appealing for small investors.
• Automated investing: SoFi Invest provides automated and simplified investing options for those who prefer a hands-off approach.

Public.com Features

• Multi-asset portfolio: Public.com allows users to invest in multiple assets, including stocks, bonds, crypto and options.
• High-yield cash account: Offers a competitive APY on cash, which can be a draw for investors looking to earn interest on uninvested funds.
• Community-driven experience: The platform has a social feed where investors can share insights and learn from each other.
• Transparency: Public.com does not participate in payment for order flow on standard equities trades, which can result in better prices for investors.
• AI-powered tools: Provides AI-powered fundamental data and analysis to help users make sound investment decisions.
• Security: Emphasizes strong security measures, including AES 256-bit encryption and two-factor authentication.

Sofi vs. Public.com: Investment Options

SoFi Invest

• Stocks and ETFs: SoFi provides a variety of stocks and ETFs for trading.
• Fractional shares: Investors can buy fractional shares, making it easier to invest in high-priced stocks.
• Options: Options trading is available, offering another level of investment strategy.
• IPOs: SoFi gives users access to initial public offerings, allowing them to invest in companies as they go public.
• Automated Investing: For those who prefer a hands-off approach, SoFi offers automated investing services.
• Retirement accounts: Various retirement accounts are available, including Traditional IRA, Roth IRA, SEP IRA and Traditional Rollover IRA.

Public.com

• Stocks and ETFs: Public.com allows users to invest in a wide range of stocks and ETFs.
• Options: The platform offers options trading with a unique feature of revenue sharing on options trades. 
• Bonds: Investors can explore and buy bonds through Public.com, adding fixed income to their portfolios.
• High-yield cash account: A high-yield cash account offers competitive APY on uninvested funds.
• Crypto: Public.com allows users to invest in cryptocurrencies.
• Investment plans: Users can create or choose from pre-built investment plans, which can include stocks, ETFs and crypto.

Sofi vs. Public.com: Account Types

SoFi Invest

SoFi offers a range of retirement accounts, including Traditional IRA, Roth IRA, SEP IRA and Traditional Rollover IRA, along with non-retirement options such as Individual/Personal Investment accounts, Joint Accounts with Rights of Survivorship (JTWROS), Community Property and Tenants by Entirety. Users have the option of automated (robo-accounts) and active (self-directed accounts) investing styles. 

The SoFi High-Yield Savings (HYS) Account combines savings and checking features, providing a competitive APY of up to 4.60% as of early 2024. It provides FDIC insurance up to $2 million and comes with zero account fees.

Public.com

Public.com offers investment accounts that provide options for investing in assets like stocks, bonds, crypto, options and ETFs. The investment account has an integrated High-Yield Cash Account, which ensures users' invested funds are not idle. 

The HYS account has no fees or minimum balance requirements and an APY of 5.1%. Funds are fully FDIC-insured for up to $5 million.

Sofi vs. Public.com: Cost and Pricing

SoFi Invest Fees

SoFi Invest provides commission-free trading for both active and automated investing. While most services have no minimum account requirements, a $2,000 minimum is needed for margin trading. An inactivity fee of $25 per account may apply after every 12 months of inactivity and additional fees include $5 for option exercise or assignment, as well as $25 for outgoing domestic wire transfers.

Public.com Fees

Public.com offers commission-free trading during regular U.S. market hours, with a nominal fee of $2.99 per trade for extended-hours trading. It charges a low currency conversion fee of 0.30% only for depositing or withdrawing cash. Options trading on the platform is commission-free with no per-contract fees and users receive 50% of the options revenue. 

Public Premium, an optional subscription priced at $10 per month, offers extra features and benefits.

Sofi vs. Public.com: Pros and Cons

SoFi Invest Pros and Cons

Public.com Pros and Cons

Sofi vs. Public.com: Security

SoFi Invest

SoFi's security measures are assessed against industry standards like SSAE18 SOC2 and PCI DSS through third-party reviews. They undergo annual rigorous penetration testing conducted by third parties. Sensitive data is safeguarded with robust encryption methods.

Public.com

Public.com is a member of FINRA and provides SIPC insurance for regulatory compliance. It employs financial-grade security measures to safeguard user data and prioritize transparency by not participating in payment for order flow on standard equities trades, ensuring the best possible prices for users. 

Sofi vs. Public.com: Customer Support

SoFi Invest

SoFi Invest offers extensive customer support, including 24/7 assistance via phone or chat. Users can access a comprehensive help center with articles and FAQs for common issues and also reach out directly via email or phone during business hours for personalized assistance. Dedicated member services are available for more in-depth support needs.

Public.com

Public.com provides multiple avenues for customer support, including email support at support@public.com and in-app chat during business hours. Users can also find quick answers to common questions on the frequently updated FAQ page. Public.com is accessible through social media platforms for more informal support queries.

Sofi vs. Public.com: Platform and Mobile App

SoFi Invest

SoFi Invest provides an accessible mobile app for iPhone and iPad on the App Store. Users appreciate its well-designed and user-friendly interface, along with a variety of features such as commission-free trades, fractional shares, free financial counseling and access to IPOs. The app has earned positive ratings for its interface and functionality.

Public.com

Public.com offers its app on iOS and Android, with recent desktop support additions. Renowned for its user-friendly interface, the platform boasts a high rating for its iOS app. It provides diverse features, including a multi-asset portfolio, AI-powered tools and a community-driven experience. 

SoFi vs. Public.com: Choosing Your Investing Sidekick

SoFi and Public.com each offer unique strengths catering to diverse investor needs. SoFi Invest excels in simplicity, offering commission-free trades, fractional shares and access to IPOs, making it useful for beginners and passive investors. Public.com provides a broader range of assets, transparency and a community-driven experience, appealing to those seeking a diverse investment portfolio and collaborative learning environment.