• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The College Investor

Student Loans, Investing, Building Wealth

  • About
  • Podcasts
  • Research
  • Contact
  • Save For College
      • How To Start

      • How To Save For College
      • How To Pay For College
      • What Is the Average Cost of College?
      • What Is A 529 Plan and Where to Open One in Your State
      • How Much Should You Have In A 529 Plan By Age
      • How To Use A 529 Plan For Private Elementary And High School
      • What Are Qualified Expenses For A 529 Plan (And What Doesn’t Count)?
      • The Best Brokers To Open A 529 Plan
      • Tools + Accounts

      • 529 Plans: The Ultimate College Savings Plan
      • 529 Plan Contribution Limits
      • Prepaid Tuition Plans | What To Know
      • Understanding And Using 529A ABLE Accounts
      • Using A Roth IRA To Save And Pay For College
      • FAFSA Deadlines for Financial Aid
      • CollegeBacker Review
      • Upromise Review
      • UNest Review
      • Other Options

      • Student Loan And Financial Aid Programs By State
      • The Guide To Military And VA Education Benefits
      • How To Fill Out The FAFSA
      • How To Find College Scholarships
      • The Best College Scholarship Search Websites
      • How To Find Grants To Pay For College
      • Pell Grants: What They Are And How To Qualify
      • Understanding Federal Work-Study
      • How To Use A 529 Plan If Your Child Doesn’t Go To College
  • Student Loans
      • Borrowing

        • How Student Loans Work
        • How To Apply For A Student Loan
        • Best Student Loans And Rates In June 2023
        • 10 Best Private Student Loans Of June 2023
        • Best Student Loans To Pay For Graduate School
        • Best Student Loans For Medical School
        • Parent Loans To Pay For College
        • No-Cosigner Student Loan Options
        • Guide To Income Sharing Agreements (ISAs)
        • Best International Student Loans
      • Get Out Of Debt

        • Best Student Loan Refinance Companies In June 2023
        • Best Student Loan Repayment Plans
        • Best Student Loan Refinancing Bonuses And Promotional Offers Of June 2023
        • Student Loan Forgiveness Programs (The Complete List)
        • The Full List Of Student Loan Forgiveness Programs By State
        • Public Service Loan Forgiveness (PSLF)
        • Top Student Loan Scams
        • Average Student Loan Monthly Payment
        • Average Student Loan Debt By Year
      • Reviews

        • Credible Review
        • Splash Review
        • Ascent Review
        • Citizens Bank Review
        • Earnest Review
        • ELFI Review
        • Laurel Road Review
        • LendKey Review
        • SoFi Review
        • Sallie Mae Review
  • Investing
      • How To Start

        • How To Start Investing in High School
        • How To Start Investing In College
        • How To Start Investing In Your Twenties For 22 – 29 Year Olds
        • How To Start Investing In Your 30s For 30 – 39 Year Olds
        • How To Start Investing With $100 Or Less
        • How To Give Kids The Gift Of Stock
        • What Is Dividend Growth Investing
        • IRA Rollover Chart
      • Tools + Accounts

        • Best Online Stock Brokers
        • The Best Traditional And Roth IRA Accounts
        • The Best Robo-Advisors
        • The Best Investing Apps
        • The Best Places to Trade Options
        • The Best Places To Open A Health Savings Account
        • The Best Solo 401k Providers
        • The Best Self-Directed IRA Providers Of 2023
        • Best Cryptocurrency Exchanges
      • Reviews

        • Vanguard Review
        • Fidelity Review 2023
        • M1 Finance Review
        • TD Ameritrade Review 2023
        • Charles Schwab Review
        • Robinhood Review
        • Webull Review
        • Betterment Review 2023
        • Wealthfront Review
  • Earn More Money
      • Extra Income

        • 20 Best Side Hustles You Can Start Earning With In 2023
        • 54 Side Hustle Ideas To Make Money Fast In 2023
        • 100 Ways To Make Money In College In 2023
        • 80 Ways To Make Money From Home In 2023
        • 5 Quick Money Making Ideas (That Take Less Than 1 Hour)
        • 10 Interesting Ways You Can Make Money Driving
        • High-Paying Side Gigs That Earn $1,000 or More Per Month
        • The 10 Best Money-Making Apps
        • Best Paid Survey Site List: Earn Money For Giving Your Opinion Online
        • 10 Crazy Ways To Make $10,000 You’ve Never Heard Of
      • Build Wealth

        • 40 Passive Income Ideas For 2023
        • 3 Ways To Make $50,000 Per Year Without Working With Passive Income
        • How To Become A Real Estate Investor With Just $500
        • 15 Best Online Business Ideas
        • Residual Income: 7 Super Smart Ways to Build It
        • The Most Common Multiple Income Streams
        • How To Become A Real Estate Mogul With Only $10,000
      • Reviews

        • Fundrise Review
        • RealtyMogul Review
        • FarmTogether Review
        • AcreTrader Review
        • Swagbucks Review
        • Survey Junkie Review
        • TopCashback Review
        • DoorDash Review
  • Personal Finance
      • Banking

        • 10 Best High Yield Savings Accounts Of June 2023
        • 10 Best Money Market Accounts Of June 2023
        • 10 Best Free Checking Accounts In June 2023
        • Best Bank CD Rates Of June 2023
        • 10 Best Business Checking Accounts In June 2023
        • Best Online Banks Of June 2023
        • Best Credit Unions Nationwide Of June 2023
        • Best College Student Checking Accounts Of June 2023
      • Insurance

        • Best Life Insurance Companies
        • Renters Insurance
        • Car Insurance
        • Pet Insurance
        • Umbrella Insurance
        • Disability Insurance
        • Tuition Insurance
        • Travel Insurance
      • Credit Tools

        • Best Budgeting Apps
        • Cash Advance Apps
        • How To Get A Free Credit Score Report
        • Best Credit Monitoring Services For 2023
        • Debt Settlement: Inside The Secret World
        • Credit Repair Explained: Should You Pay For Help?
        • Best Personal Loan Companies And Lenders
        • Online Loan Companies To Borrow From Home
      • Tax

        • Best Tax Software
        • Free Tax Software
        • IRS Tax Refund Calendar
        • Common IRS Questions and Errors
        • Federal Tax Brackets
        • Capital Gains Tax Brackets
        • 401k Contribution Limits
        • IRA Contribution Limits
        • HSA Contribution Limits
  • Awards
  • Search
Home / Investing / Robo-Advisors / Axos Invest Review 2023: Free Trades And Low-Cost Managed Portfolios

Axos Invest Review 2023: Free Trades And Low-Cost Managed Portfolios

Updated: January 31, 2023 By Alexa Mason

63Shares
  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • Email
  • Print

At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Any investing information provided on this page is for educational purposes only. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

New to investing? Sick of high account minimums? Tired of paying trading, management, and rebalancing fees? Axos Invest could be the solution to all of your investing frustrations.

For several years, Axos Invest has operated as a low-cost robo-advisor option. But it has recently added support for Self-Directed Trading of thousands of stocks, ETFs, options, and mutual funds as well. That makes it more of a legitimate competitor to other full-service stock brokers.

Whether you're looking for AI-managed portfolios with low advisory fees or commission-free trades, Axos Invest has products designed to meet your needs. But with so many low-cost brokers and robo-advisors available today, does it have enough unique features to make it a serious contender? Let’s take a look.


Axos Invest review

Quick Summary

  • Low-cost robo-advisor platform
  • Commission-free stock, ETF, and options trades
  • Axos Elite ($10/mo) adds advanced features for active traders
OPEN AN ACCOUNT

Axos Invest Details

Product Name

Axos Invest

Min Invesment

Self-Directed Trading: $0

Managed Portfolios: $500

Commissions

$0 $0 for Stock, Options, ETF Trades

Annual Fee (For Managed Portfolios)

Under $500: $1

Over $500: 0.24%

Account Type

Taxable, Roth IRA, Traditional IRA, SEP IRA

Promotions

None

Table of Contents
Who Is Axos Invest?
What Does It Offer?
Are There Any Fees?
How Does Axos Invest Compare?
How Do I Open An Account?
Is It Safe And Secure?
How Do I Contact Axos Invest?
Is It Worth It?
Axos Invest FAQs
Axos Invest Features

Who Is Axos Invest?

After witnessing firsthand the often misaligned values of financial advisors and their clients, combined with high minimum investment amounts and unreasonable fees, the idea for Axos Invest was born.

The platform was originally founded by Herbert Moore and Vicki Zhou in 2013. It was previously called WiseBanyan before being acquired by Axos Financial in March 2019.

Despite its new ownership, Axos Invest still served solely as a robo-advisory service for another two years. But that changed at the end of June 2021 when it officially launched its Self-Directed Trading platform.

What Does It Offer?

Axos Invest has products and features that can suit both active traders and long-term investors. It also offers a variety of account types including individual, joint, Traditional IRA, Roth IRA, and SEP IRA.

Axos Invest's brokerage accounts also integrate well with its banking products. For example, if you have an Axos Bank Essential Checking account, you can access and start investing your direct deposit up to two days earlier. Here's what else you need to know about Axos Invest before you decide to open an account. 

Commission-Free Self-Directed Trading

Axos Invest clients can now trade thousands of stocks, ETFs, and options commission-free. Unlike its Managed Portfolios product, there is no minimum investment required to open a Self-Directed Trading account. 

Axos Invest Review: Commission-free trading

With a basic account, you'll be charged $1.00 per contract for options trades which is a bit higher than the per contract fee at other leading brokers. You'll also pay a whopping $9.95 commission if you decide to trade one of the 10,000+ no-load mutual funds that Axos Invest offers.

Axos didn't announce support for fractional share investing at the launch of Self-Directed Trading. Hopefully that's a feature that will be added soon to the new platform.

Axos Elite

If you have a 25,000 minimum balance, you can sign up for an Axos Elite Self-Directed Trading account ($10/mo). Here are a few of the additional features and benefits that you get with Axos Elite:

  • Margin trading: Rates start at 5.5% (as of January 2023).
  • Lower-cost options trading: The per contract options fee drops to $0.80.
  • Fully-paid lending: Get paid to lend out shares that you own.
  • Research and data: Receive real-time stock quotes and get access to TipRanks research reports.
  • Extended hours: Trade until 7 PM (EST).

Note that Axos Elite is a premium tier that carries a monthly subscription cost. As of writing, Axos Elite costs $10 per month.

Managed Portfolios

Axos Invest also offers portfolios of low-cost ETFs that are personalized to your risk tolerance and goals. The management of these portfolios is completely automated. You won't have access to human advisors. However, portfolio rebalancing and tax-loss harvesting are both included.

Accounts over $500 will be charged a 0.24% AUM (asset under management) advisory fee. If you have under $500, you'll be assessed a $1 per month charge. The amount you pay is based on how much you have in your account. For example, if you have a $1,000 balance, your annual fee will be $2.40.

Axos Invest Managed Portfolios

Compared to other robo-advisors (like Betterment), this fee is slightly cheaper. On the other hand, if you're under $500, the $1 per month fee will be slightly higher. However, since Axos Invest has a $500 minimum investment to participate in its Managed Portfolios, the only way that you'd pay the higher AUM would be if your investments depreciated below $500.

After answering the initial investing questions Axos Invest assigned me a risk score of 7.7. I felt that this was accurate. After my money was deposited I logged back in to my account to see how it was invested. Here’s exactly where my money went:

Wise Banyan Review

I was very impressed. It's exciting to see that $500 can be this well-diversified!

Are There Any Fees?

As previously mentioned, options trades come with a per contract fee of $0.80 to $1.00 (depending on whether you have a Basic or Elite Self-Directed Trading account). And mutual funds cost $9.95 per trade.

Managed Portfolios have a 0.24% AUM fee for accounts over $500 and $1 for account below $500. Axos Elite costs $10 per month. And if you decide to transfer your account to another broker (fully or partially), you'll pay a ACAT fee of $75.

How Does Axos Invest Compare?

With the launch of its Self-Directed Trading accounts, Axos Invest can now meet the needs of both active and passive investors. But it's not the only platform that offers free trading and robo-advisor portfolios with low fees. Here's a quick look at how Axos Invest compares:

Header
Axos Invest comparison
Axos Invest comparison: Fidelity
Axos Invest comparison: etrade

Rating

Commissions

$0

$0

$0

Min Investment

$0

$0

$0

Min For Robo-Advisor Portfolios

$500

$0

$500

Fees For Robo-Advisor Portfolios

0.24% (or $1)

0.00% to 0.35%

0.30%

Banking?

Cell
OPEN ACCOUNT
READ THE REVIEW
READ THE REVIEW

How Do I Open An Account?

Regardless of the type of account that you're opening, it only takes about 10 minutes to get up and running with Axos Invest. But if you're opening a Managed Portfolios account, you’ll be prompted to answer several investing-related questions. 

These are scenario-type questions in which you choose what you would do in the particular situation. Based on your answers Axos Invest will assign you a risk score from 1-10 with 1 having a low risk tolerance and 10 having a high risk tolerance.

Axos Invest will automatically invest your money for you into a diversified portfolio with an asset allocation that matches your risk score. But don’t worry - if you’re not comfortable with the risk score Axos Invest assigned you, you can change it.

Is It Safe And Secure?

Axos uses the same encryption technology on its investing platform that it uses to protect its banking customers. Brokerage assets are protected up to $500,000 ($250,000 for cash) by SIPC insurance. And if you also happen to bank with Axos, your deposits are insured up to $250,000 by the FDIC.

How Do I Contact Axos Invest?

Axos has multiple phone lines that are available to its banking customers. However, there is conspicuously no dedicated customer service number for Axos Invest clients.

If you're an existing customer who needs assistance, you can sign into your account and send a secure message. Or if you have a question regarding the account sign-up process, you can contact support@axosinvest.com.

Is It Worth It?

Opening an Axos Invest Self-Directed Trading account could be a good option for occasional traders. I say "occasional" traders because Axos doesn't provide as many advanced trading tools right out of the box. 

You get a few more features if you upgrade to Axos Elite. But several brokers provide nearly all the options that you get with Axos Elite without charging the $10/mo fee. For now, active traders might want be better off choosing a different platform such as TD Ameritrade, Ally Invest, E*TRADE, or even Robinhood.

In my opinion, Axos Invest's Managed Portfolios are still its bread and butter. They're competitively priced, include goal-setting tools, and have IRA account options. I'd definitely recommend them to any investors who want robo-advisor services but don't need access to human advisors. Sign up for an Axos Invest account here >>>

Axos Invest FAQs

Let's answer a few of the most common questions that people ask about Axos Invest:

What happened to WiseBanyan?

WiseBanyan was acquired by Axos Financial in March 2019 and was rebranded as Axos Invest later that same year.

Does Axos Invest have a mobile app?

Yes, Managed Portfolios can be viewed and managed on its mobile app which is available on iOS and Android. However, the app doesn't currently support Self-Directed Trading. 

How do I get my money out of Axos Invest?

You'll need to log into your account and send a secure message to the Axos team to begin the account closing process. If you'll need assistance with transferring your securities to another broker, you'll be charged a $75 ACAT fee.

Can new brokerage customers qualify for a bonus from Axos?

Maybe. Axos Invest often offers cash bonuses to new clients. Visit its website to see what promotions may be available.

Axos Invest Features

Account Types

  • Roth
  • Traditional
  • SEP
  • Taxable (Individual and Joint)

Tradable Assets

  • Stocks
  • ETFs
  • Mutual Funds
  • Options

Account Minimum

$0

Stock Commissions

$0

ETF Commissions

$0

Mutual Funds

$9.95

Options Costs

  • Commissions: $0
  • Per Contract: $0.80 to $1.00

Self-Directed Trading Account Fee

  • Basic: $0
  • Axos Elite: $10 per month

Managed Portfolios Advisory Fee

  • Under $500: $1
  • Over $500: 0.24% AUM

Margin Rates

5.5% (as of January 2023)

Banking Services

Yes

Fractional Shares

No

Tax-Loss Harvesting

Yes

Automatic Rebalancing

Yes

Access To Human Advisors

No

Customer Service Options

Secure message and email

Customer Service Email

support@axosinvest.com

Mobile App Availability

iOS and Android (currently only supports Managed Portfolios)

Promotions

None

Axos Invest Review
  • Commissions & Fees
  • Customer Service
  • Ease Of Use
  • Tools & Resources
  • Investment Options
  • Specialty Services
Overall
4

Summary

Axos Invest is a low-cost robo-advisor and commission-free trading platform that offers a simple and easy-to-use investing experience.

Pros

  • Stocks, ETFs, and options trade commission-free
  • Low advisory fees
  • Lots of account types

Cons

  • Mutual fund trades aren’t free
  • $500 minimum for Managed Portfolios
  • Can’t self-trade fractional shares
  • Open An Account
Alexa Mason
Alexa Mason

Alexa Mason is a freelance writer and wanna be internet entrepreneur. She is also a newly single mom to two beautiful little girls. She chronicles her journey as a single mom trying to make it big at www.singlemomsincome.com.

Editor: Clint Proctor Reviewed by: Claire Tak

Axos Invest
Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
Subscribe
Connect with
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of

I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree

6 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Primary Sidebar

Investing Resources

Featured Broker Reviews

>  Fidelity (recommended)
>  Robinhood (recommended)
>  Webull
>  M1 Finance
>  Schwab
>  Vanguard
>  Public

Featured Robo-Advisors

>  Wealthfront (recommended)
>  Betterment
>  WealthSimple
>  Vanguard Digital Advisor

Annual Contribution Limits

  • 401k Contribution And Income Limits
  • IRA Contribution and Income Limits
  • HSA Contribution and Income Limits
  • 529 Plan Contribution Limits

More On Investing

  • Best Online Stock Brokers In 2023
  • Best Brokerage and Investing Bonus Offers In June 2023
  • Best HSA (Health Savings Account) Providers Of 2023
  • 5 Best Investing Apps Of 2023
  • How To Buy Stocks Online For Free
  • The Best Robo-Advisors Of 2023
  • The Best Self-Directed IRA Providers Of 2023
  • The Best IRA Accounts (Traditional and Roth) Of 2023
  • Comparing The Most Popular Solo 401k Options
  • Best Automatic Investment Apps Of 2023

Footer

Who We Are

The College Investor is an independent, advertising-supported financial media publisher, focusing on news, product reviews, and comparisons.

Connect

  • Contact Us
  • Advertise
  • Press & Media

About

  • About
  • Our Team
  • Podcast
  • Editorial Guidelines
  • How We Make Money
  • Archives

Social

Copyright © 2023 · The College Investor · Privacy Policy ·Terms of Service · DO NOT Sell My Personal Information

wpDiscuz