Tool Comparison
Merrill Edge vs SoFi Invest
- Paid from
- —
- Free plan
- No
- Platforms
- Web, Mobile, Desktop
Best if
- You want advanced order types.
- You've outgrown the basics and want pro-level depth
Pick Merrill Edge if
Merrill Edge
Transaction-priced · Fees vary by offer and jurisdiction · Web · Mobile · Desktop
- You want advanced order types.
- You've outgrown the basics and want pro-level depth
Pick SoFi Invest if
SoFi Invest
Transaction-priced · Fees vary by offer and jurisdiction · Web · Mobile
Skip both if: Neither one clicks with how you research; there are strong third options.
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Our take
The bottom line
Merrill Edge and SoFi Invest cover a lot of the same ground (5 shared categories, including brokerage, portfolio, and watchlist), so for the basics you won't go far wrong with either. On paper they're closely matched, so let pricing, platform fit, and the details below break the tie.
What readers say
Merrill Edge
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SoFi Invest
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Key differences at a glance
- Asset coverage
- Merrill EdgeAdds bonds
- Desktop app
- Merrill Edge
What Merrill Edge does best
- Individual, joint, custodial, trust, estate, IRA, and eligible small-business self-directed accounts.
- Stocks, ETFs, mutual funds, bonds, CDs, options, margin, and research tools.
- Merrill website, mobile app, and MarketPro trading workflows.
- Connected Bank of America and Merrill account visibility with immediate eligible internal transfers.
- Tiered Bank Deposit Program sweep for uninvested brokerage cash.
What SoFi Invest does best
- Online U.S. stock, ETF, and listed-options trading with $0 stated commissions.
- More than 4,000 eligible stock and ETF fractions starting at $5.
- Individual, joint, community-property, tenancy-by-entirety, and eligible IRA registrations.
- Mutual funds, interval funds and tender-offer funds with product-specific transaction costs.
- Recurring deposits, portfolio monitoring and watchlists in the SoFi app.
Side by side
See for yourself
Side by side
Price, platforms, data, and market coverage.ShowHide
Side by side
| Attribute | ||
|---|---|---|
| Pricing & plans | ||
Starting price | Transaction-priced · Fees vary by offer and jurisdiction | Transaction-priced · Fees vary by offer and jurisdiction |
Free tier | No | No |
Free trial | — | — |
| Platforms & access | ||
Web app | Yes | Yes |
Desktop app | Yes | No |
Mobile app | Yes | Yes |
API access | No | No |
| Audience & fit | ||
Experience level | Beginner, Intermediate, Advanced | Beginner, Intermediate |
Best for | — | — |
Categories covered | 6 | 5 |
Regions | North America | North America |
| Try it | Visit Merrill Edge | Visit SoFi Invest |
Standout features
The best features of Merrill Edge and SoFi Invest.ShowHide
Standout features
What Merrill Edge does best
- Individual, joint, custodial, trust, estate, IRA, and eligible small-business self-directed accounts.
- Stocks, ETFs, mutual funds, bonds, CDs, options, margin, and research tools.
- Merrill website, mobile app, and MarketPro trading workflows.
- Connected Bank of America and Merrill account visibility with immediate eligible internal transfers.
- Tiered Bank Deposit Program sweep for uninvested brokerage cash.
What SoFi Invest does best
- Online U.S. stock, ETF, and listed-options trading with $0 stated commissions.
- More than 4,000 eligible stock and ETF fractions starting at $5.
- Individual, joint, community-property, tenancy-by-entirety, and eligible IRA registrations.
- Mutual funds, interval funds and tender-offer funds with product-specific transaction costs.
- Recurring deposits, portfolio monitoring and watchlists in the SoFi app.
All details
Every attribute we track for Merrill Edge and SoFi Invest.ShowHide
All details
| Attribute | ||
|---|---|---|
| Coverage & fit | ||
Asset types | StocksETFsOptionsBondsMutual Funds | StocksETFsOptionsMutual Funds |
Experience | BeginnerIntermediateAdvanced | BeginnerIntermediate |
Regions | North America | North America |
Coverage details | Identifiers: Ticker and CUSIP | Identifiers: Ticker |
| Access & integrations | ||
Export formats | CSVPDF | CSVPDF |
| Plans & trust | ||
Vendor & support | Merrill Lynch, Pierce, Fenner & Smith IncorporatedCountry: United StatesSupport: Phone and Chat | SoFi Securities LLCCountry: United StatesSupport: Phone and Chat |
Green tags are exclusive to that tool in this comparison.
Questions we keep getting
What's the difference between Merrill Edge and SoFi Invest?
Merrill Edge leans toward brokerage, portfolio, and watchlist, while SoFi Invest puts more weight on brokerage, portfolio, and watchlist. They overlap in 5 categories, so for most people it comes down to workflow preference and price.
How much do Merrill Edge and SoFi Invest cost?
Neither has a free plan; you'll need a paid subscription for the full feature set of either. Check each tool's current plan details before buying.
Which is better for beginners: Merrill Edge or SoFi Invest?
Honestly, neither is aimed at beginners. Expect a learning curve either way; that's the trade-off for the depth they offer.
Should I choose Merrill Edge or SoFi Invest?
It depends on what you're after. Pick Merrill Edge if advanced order types matter to you; go with SoFi Invest if you prefer its overall approach. And if you only need the basics both share, let price decide.
What asset classes do Merrill Edge and SoFi Invest cover?
Both cover stocks, ETFs, options, and mutual funds. Merrill Edge also handles bonds.
Can I export data from Merrill Edge and SoFi Invest?
Yes, both export to spreadsheets (CSV), which is handy if you like running your own numbers.
Can I track my portfolio with Merrill Edge or SoFi Invest?
Yes, both do portfolio tracking: holdings, performance, and allocation in one place.
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