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About Axos Invest
Axos Invest, formally known as Bank of Internet USA, is an online brokerage and banking platform that offers automated and self-directed investing accounts for stocks, ETFs, mutual funds, and options trading. Both passive and active investors can utilize Axos Invest. There's no minimum for DIY trading and stock and ETFs are commission-free.
Founded in 2009 as WiseBanyan, Inc. the automated advisor became Axos Invest in February 2019 after Axos Financial, LLC acquired it. It supports US investors in all 50 states.
The Axos Invest automated account, Axos Invest Managed Portfolios, also gives you access to features like quick deposits, automatic portfolio rebalancing, tax-loss harvesting, IRA automation, and more. Plus, users with
Active investors can open an Axos Invest self-directed trading account, which is an easy-to-use platform that gets you access to real-time research and market data. Axos also offers an advanced trading option, Axos Elite, for more experienced investors looking to take advantage of margin and options trading, as well as lower fees and other perks.
You can access your investments on iOS or Android devices.
Is Axos Invest Right for You?
Axos Invest is a great investment platform for both hands-off and hands-on investors looking to trade multiple investment options with access to a handful of different investment tools and market research. Axos automated investment account,
The platform is a great choice for existing Axos Bank users and/or prospective investors who want access to low-cost self-directed trading or automated investing. For instance, if you have an
While its investment types — which currently include stocks, ETFs, options, and mutual funds — don't quite measure up to the offerings of other popular platforms like
You'll be able to trade stocks and ETFs without commissions. But Axos Invest falls short when it comes to its options and mutual fund fees. Most competitive investment platforms charge $0.65 or less per options contract. Axos charges $1 for its standard account users. In addition, mutual funds will cost you $9.95 per trade. In addition, you'll want to look elsewhere if you're searching for one-on-one advisor guidance for automated portfolios.
Axos Invest: Overall Rating
| Feature | Insider rating (out of 5) |
| Fees | 4.00 |
| Investment selection | 4.00 |
| Access | 4.33 |
| Ethics | 4.13 |
| Customer service | 4.75 |
| Overall score | 4.20 |
Axos Invest Pros and Cons
| Pros | Cons |
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Is Axos Invest Trustworthy?
The Better Business Bureau gives Axos Invest a C rating to reflect its opinion of how well the company interacts with its customers. The BBB attributes its rating to complaints filed against the business, including unresolved complaints.
While the bureau's ratings don't guarantee whether a company will be reliable or perform well, they also consider several other factors. These include type of business and time in business, licensing and government actions, advertising issues, and customer complaint history.
In 2015, former internal auditor Matt Erhart was fired from Axos after raising concerns about Axos Bank's current practices. Erhart believed he was wrongfully terminated after he alleged that Axos was giving misleading responses to the SEC, failed to disclose subpoenas to the Office of the Comptroller of the Currency, and provided risky loans to criminals and politically exposed individuals. In 2022, Erhart won the lawsuit and was awarded $1 million in damages for emotional distress, as well as $500,000 for defamatory statements. Axos denied the allegations despite the conviction.
Ways to Invest with Axos Invest
Self-directed Trading
There is no minimum deposit needed to open an Axos Invest DIY account. It currently offers individual and joint accounts, traditional IRAs, Roth IRAs, and rollover IRAs.
Check out Insider's guide to the best rollover IRAs
Axos Elite
Axos Elite is the advanced version of the Axos Invest Self-Directed Trading account that gets you lower fees, advanced investment tools, access to market research, and margin trading. You'll also get access to extended trading hours (trade until 7:00 p.m. ET) and instant bank transfers.
Axos Elite is a membership program, that costs $10 per month, also offers real-time market data, and its investment research primarily comes from TipRanks™. Axos Elite users get a lower options contract rate of $0.80 (compared to $1 with a regular DIY account).
Managed Portfolios
The robo-advisor rebalances your portfolio and makes adjustments to keep you on track with any short- or long-term goals you've selected. You can invest toward specific goals like retirement, emergency funds, building wealth, or homebuying.
Axos Managed Portfolios employs a buy-and-hold investment strategy for long-term gain and short-term tax advantages. While the $500 minimum requirement is a bit hefty compared to platforms like SoFi, Ally Invest Managed Portfolios, and
Its automated portfolios also offer tax-loss harvesting (this feature reduces your tax burden by replacing ETFs with negative growth with similar funds), and you can automate traditional and Roth IRAs.
With the Axos Managed Portfolio, you can utilize the IRAutimation feature, which provides tax savings for the current tax year or long-term tax savings on IRA withdraws for either a Roth IRA or traditional IRA.
Retirement Accounts
Axos Invest and Axos Managed Portfolios both offer retirement savings accounts for individuals. You can open a traditional IRA or Roth IRA with Axos. Axos also offers rollover IRAs for old 401(k) accounts.
Self-directed IRA accounts require a $50 minimum to open an account. Managed Portfolios still require a $500 minimum. With an automated IRA, you can create a diversified investment portfolio of equity ETFs and fixed-income ETFs based on your risk tolerance and time horizon.
Axos Invest does not offer 401(k) plans, SEP IRAs, or SIMPLE IRAs. There is, however, a 401(k) calculator that helps users keep their retirement savings on track. Users can also utilize the traditional 401(k) and Roth 401(k) simulator, as well as the interactive retirement calculator.
Investment Options
Axos Invest offers trading of stocks, ETFs, mutual funds, and options. But with an Axos Managed Portfolios account, you'll trade ETFs.
When selecting funds, Axos Managed Portfolios says it also looks at factors like historical performance, investment focus, and operational efficiency. Though it supports short-term goals, the company mainly uses a buy-and-hold strategy that strives to maximize returns over the long haul.
Axos Invest does not offer fractional shares or cryptocurrencies.
Check out Insider's guide to the best cryptocurrency exchanges
Axos Invest Fees
There's no minimum requirement to open an Axos Invest Self-Directed Trading account. Axos Invest generally has low fees. However, Axos Managed Portfolios requires a
ETFs and stocks are commission-free, but mutual funds charge $9.95 per contact. Options also charge $1 per contract. If you're an Axos Elite user options contracts are only $0.80 per contact.
Axos Advisor Services
Axos Advisor Services is a client-centered registered investment advisor (RIA) service for businesses to get individualized advice and guidance. It uses intuitive technology and consulting support from advisors to focus on growing business prospects and accessing intuitive tools.
Axos' technology is integrated with API, rebalancing features, trading capabilities, and practice management features. You can choose a bundled solution with Liberty, an open architecture structure for an open-access concept with third-party relationships, or an API Only strategy,
Growth Solutions at Axos Advisor Services include:
- Money Manager X-Change: Provides clients with access to portfolio management to enhance their businesses by delegating funds, creating multiple-model portfolios in the same account, various account manager options, the ability to add your own third-party money managers, and more.
- Retirement Solutions: Businesses can create their own retirement plans, including a 401(k), profit sharing, ERISA 403(b), Non-ERISA 403(b), 457(b), 457(f), and much more. Axos retirement solutions include fiduciary support services and educational and enrollment support.
- Advisor Partner Program: Axos' Advisor Partner Program provides businesses with personalized consumer banking, lending, and mortgage services through holistic financial support. Advisors help businesses increase asset liquidity by gaining transparency, providing additional deposit and lending products, accessing competitive rates, and increasing client viewability.
- Fully Paid Securities Lending: This Axos Advisor service allows businesses to gain extra income in their investment portfolios by loaning securities to financial institutions. However, only fully paid securities or securities without margin debt are eligible for this service. Plus, securities are not protected by the SIPC.
For pricing and more information on Axos Advisor Services, call Axos at 866-776-0218 or you can complete a request form online.
Axos Invest — Frequently Asked Questions (FAQs)
Is Axos Invest legit?
Axos Invest is a legit online brokerage and banking platform. It has been in business since 2015 but is not BBB-accredited.
How much does Axos Invest cost?
Axos Invest Self-Directed Trading account is free to open. While its managed portfolios have an annual 0.24% fee, you can take advantage of commission-free stocks and ETFs with its self-directed trading option. But Axos Managed Portfolios require a $500 minimum to start investing. IRAs with Axos have a $50 minimum to start investing.
How do I close my Axos Invest account?
You can close your account by logging in and messaging Axos. The platform only charges fees when you close an IRA. You'll currently have to pay $40 to close an IRA.
Who owns Axos?
Axos Financial, Inc. owns both Axos Invest and Axos Bank.
Is Axos Bank an investment bank?
Axos Bank offers checking accounts, savings accounts, loans, and more. Axos Invest is a separate entity providing automated investing accounts and self-directed trading. Simple account integration is one of the major perks for users with both Axos Bank accounts and Axos Invest accounts. But you can also earn up to a 1.25% APY if you set up Axos Invest accounts in addition to Axos Bank accounts.
What does Axos Bank invest in?
Axos Bank offers investment accounts for DIY investors or passive investors wanting to invest through Axos Managed Portfolios. Axos Invest offers stocks, mutual funds, ETFs, and options.
How Axos Invest Compares
Axos Invest vs. Betterment
Since Betterment doesn't offer DIY trading, it's best to compare the automated features of the two platforms. Annual fees for the platforms are extremely close, and both Axos Invest and Betterment offer features like automatic portfolio rebalancing and tax-loss harvesting.
You'll get access to a wider range of account types at Betterment, though. For instance, Betterment offers all of Axos Invest's accounts in addition to SEP IRAs, inherited IRAs, and trusts. You'll also be able to utilize one-on-one financial planner guidance and cryptocurrency investing with Betterment. Axos Invest doesn't offer human advisor access or crypto investing.
If you're looking to start investing without any minimum requirements, Betterment is a better move. Its most basic account has a $0 minimum. Plus, the platform offers more account options (e.g., it provides each account Axos offers in addition to joint accounts, trusts, SEP IRAs, and inherited IRAs).
Axos Invest vs. Wealthfront
Axos Invest offers both self-directed trading and automated investing. Wealthfront might be a better choice for those solely in search of robo-advice. Wealthfront only allows DIY trading for stocks, and you'll have to open a separate stock investment account.
While DIY investing is cheaper with Axos Invest, both Axos Managed Portfolios and Wealthfront have a $500 minimum investment requirement. Wealthfront, however, offers 529 plans, US direct-indexing a high-yield bond portfolio, and crypto trusts. A stock investing account through Wealthfront only requires a $1 minimum.
Why You Should Trust Us: How We Reviewed Axos Invest
We examined Axos Invest using Personal Finance Insider's rating methodology for investing platforms to compare and examine account types, pricing, investment options, and overall customer experience when reviewing investing platforms. Platforms are given a rating between 0 to 5.
Investment platforms usually offer multiple assets, trading tools, fees, and other resources. Some investing platforms are better for more advanced investors or active investors, while others may better suit beginner investors and passive investors. Axos Invest was evaluated with a focus on how it performs in each category.