SoFi Invest Review 2024

Stock Trade Fee:N/A

Account Minimum:$0

Promotion:N/A

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Eric Rosenberg

Last updated: Mar 29, 2021

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SoFi Invest is a commission-free brokerage that makes stock, ETF, and cryptocurrency investing and trading easy and affordable. If you are just starting, the low fees and ability to buy fractional shares make SoFi a great choice. For hands-off investors looking to save for long-term goals, including retirement, SoFi features automated investing with no added advisory fees. Keep reading to learn more about SoFi Invest and if it makes sense for your investing and trading needs.

Pros:	Cons:
Commission-free brokerage accounts No-fee robo advising Support for cryptocurrencies, including bitcoin and ethereum	Limited set of available investments Few active trading tools

SoFi Invest Overall Rating

3.0

Here's how we rate brokers

Cost & Fees

5.0

Banking

3.5

Account Types

2.0

Customer Support

3.5

Tradable Securities

1.5

Promotions

2.5

Account Opening

4.5

Regulations, Reputation & Security

5.0

Trading Platforms

2.0

Research & Education

3.0

Order Types

2.0

Trading Specs
General Information
Trading Features

Official Site:https://www.sofi.com/Demo Account:Open Demo AccountAccount Minimum:N/AStock Trade Fee:N/APromotion:N/AETF Trade Fee:$0Mutual Fund Trade Fee:N/AOptions Base Fee:N/AOptions Per Contract Fee:N/ABonds Trade Fee:N/AFutures Trade Fee:N/AForex Trade Fee:N/A
Phone Trades:N/ABroker Assisted Trades Fee:N/AAnnual Account Fee:$0Account Transfer Fee:$75Account Closing Fee:$75Account Inactivity Fee:$0IRA Annual Fee:$0IRA Closure Fee:$0Tradable Securities:Stocks, Options, ETFsCommissions Free ETFs:AllCommission Free Mutual Funds:N/A
Number of Mutual Funds (Total):N/AComplex Options Max Legs:N/AAccount Types:Taxable, Joint, Retirement Accounts, Traditional IRA, Roth IRA, Rollover IRAOS compatibility :N/AWeb Platform:YesMobile Trading:iOS App, Android AppOrder Types:Market, Limit

SoFi Invest Video Review

Cost & Fees5.0

Summary: SoFi charges almost no fees for its investment app, including robo advising. There are no account minimums or recurring fees.

If you want to buy or sell stock or ETFs, SoFi doesn’t charge any commissions. The only charges you may come across are less-common charges for things like wire transfers and paper statements. Most people will only pay the small regulatory fees required at all U.S. brokerages.

One excellent standout product is SoFi Automated Investing. Many other popular robo advisors charge around 0.25% to 0.5% per year, while higher-cost advisors charge as much as 1% of your assets. SoFi is one of just a few robo advisors without any management fees.

The only fees to look out for are charged by investment funds. SoFi offers its own ETFs. While some are currently fee-free, others charge more than you would pay with competing low-cost index funds.

Account Types2.0

Summary: SoFi offers individual and joint investment accounts as well as tax-advantaged retirement accounts. A separate account is required for crypto investing.

SoFi doesn’t offer every type of account under the sun, but it covers the most common types of accounts you may want, namely taxable brokerage and retirement brokerage accounts.

For taxable brokerage accounts, you can choose between individual and joint accounts. For retirement, you can choose a traditional IRA or a Roth IRA. Both are available as self-managed accounts or automated robo advising accounts.

If you want to buy bitcoin or any other supported cryptocurrency, you can open a SoFi Crypto account that works alongside your stock investment account.

Tradable Securities1.5

Summary: SoFi offers a fairly limited set of investment options focused on stocks, ETFs, and cryptocurrencies.

One place SoFi falls a little short is investment choices. SoFi is focused on the most popular investments: stocks, ETFs, and cryptocurrencies. You can’t buy mutual funds or trade options in a SoFi account, commonly offered with other brokerages.

For stocks and ETFs, you can trade most of what you would expect. Fractional shares are available starting at $1 and focus on a more limited set of stocks and funds. With cryptocurrency accounts, you can buy and sell bitcoin, ethereum, and litecoin.

Account Opening4.5

Summary: Opening an account is quick and easy with the SoFi app or on the SoFi website.

SoFi started as a student loan provider that grew into banking and investments. From the start, it always stood out as a tech-savvy provider of forward-thinking financial products. You can see that in the application process, which takes just a few minutes to complete.

You’ll have to answer all of the standard questions, including your contact information and Social Security number. There is no minimum to start a regular investment account. To trade crypto, you have to start with at least $10.

Trading Platforms2.0

Summary: SoFi’s trading platforms are best for beginners and those who need lower-power trading tools.

SoFi Invest is mobile-first and also offers a web-trading platform. However, they are both fairly basic and don’t offer much in terms of analysis. If you want a high-powered active trading experience, you should look elsewhere.

When I first signed up for SoFi years ago to give it a try, it only took me a minute to figure out how to enter a trade. The detail pages for each asset have a basic chart and investment data. This may be enough for beginners to make a stock decision, but expert and advanced investors may find that tools come up short.

Order Types2.0

Summary: SoFi Invest supports market and limit orders, but no advanced orders. Stop-loss limit orders are not supported.

For order types, SoFi has the basics covered but doesn’t go beyond the baseline. You can enter market and limit orders for stocks and ETFs, and that’s it. There are no stop-loss orders or more advanced multi-contingent orders.

You may have noticed a theme here. SoFi doesn’t offer everything for everyone and isn’t great for advanced trading needs, but it covers the basics that most typical investors would want.

Banking3.5

Summary: SoFi Money is an excellent low-fee bank account that partners well with SoFi Invest.

If you’re looking for a bank, SoFi Money is an online-only bank that could meet your needs. Aside from cash deposits, the account does it all. It takes about a minute to sign up, and there are no minimums or recurring account fees. Most users won’t pay any fees at all.

SoFi Invest supports 55,000 ATMs in the Allpoint Network at no charge, though you may pay fees charged by other banks. If you make at least $500 in monthly direct deposits, you’ll qualify for a boosted high-yield interest rate.

SoFi Money acts as a checking and savings account in one. It integrates seamlessly with other SoFi products in the SoFi app. It includes innovative features like peer-to-peer transfers, savings vaults (sub-savings accounts), and turning your debit card on and off with the SoFi app.

Customer Support3.5

Summary: SoFi Invest customer service is available weekdays with phone and chat support. Added customer benefits make SoFi an even stronger offering.

For SoFi Invest accounts, you can reach support from 5:00 am to 5:00 pm on weekdays (it closes an hour early on Fridays). Some other SoFi products do offer weekend support. The best ways to get help are by phone and live chat.

In addition to regular customer support, SoFi gives members a handful of additional services at no added cost, including financial planning and career coaching. Between its banking, lending, and investing products, you could manage your entire financial life with SoFi and get help from one central source.

Promotions2.5

Summary: SoFi regularly offers bonuses and promotions that reward you for funding your own account.

SoFi rotates through different promotions that encourage you to open and fund an account. I used a free stock promotion when I signed up that rewarded me with a match for a stock of my choice.

The only promo listed as of this writing is a $10 bonus after buying $10 in cryptocurrency. That’s enough to double your first investment and get you started in the world of cryptocurrency with relatively low risk.

Regulations, Reputation & Security5.0

Summary: SoFi put a few scandals behind it and maintains a strong reputation.

SoFi earned a few negative headlines in the past, but after a change in executive leadership, the company has only earned praise. For the investor experience, there is no reason to avoid or not trust SoFi Invest.

SoFi is regulated by the SEC, FINRA, FinCEN, FDIC, and SIPC. Accounts are insured and secure. Clearing is handled by Apex Clearing Corporation, a popular back-office provider for investment brokerages.

Research & Education3.0

Summary: SoFi puts education resources in convenient places to help beginners make smart investment decisions.

SoFi does a good job of offering beginner-friendly investment and trading resources, including embedded in its trading pages in the SoFi app. That makes it easy to get your questions answered as you go.

These resources are beneficial, but they don’t go into a ton of depth that would help more experienced traders and investors. Sticking with the theme, SoFi offers educational materials that are good for the average investor but not experts.

For investment research, the offering is fairly light and would need to be supplemented by additional outside research.

Trading experience

Summary: SoFi Invest is best for beginner to intermediate traders and passive investors.

SoFi Invest is good for both beginners and the average investor. If you want to trade actively or use powerful technical analysis tools, you will need to look elsewhere.

While the brokerage is beginner-friendly, that doesn’t mean it is overly basic. It covers what the typical investor would need but doesn’t give too much more.

FAQ

Is SoFi Invest regulated?

Yes, SoFi Invest is regulated by the SEC, FINRA, SIPC, and FinCEN.

Where is SoFi Invest based?

SoFi is located in San Francisco, California.

When was SoFi Invest founded?

SoFi was founded in 2011. SoFi Invest and SoFi Money were added in 2019.

How does SoFi Invest make money?

SoFi makes money from lending products and selling investment orders through its clearing firm, among other revenue sources.

How do I deposit in a SoFi Invest account?

ACH or wire transfer

How do I withdraw money from SoFi Invest?

ACH or wire transfer

How do I open an account with SoFi Invest?

In the SoFi app or at the SoFi website

Does SoFi Invest offer margin accounts?

No.

Are funds at SoFi Invest secured or insured?

SoFi Invest accounts are SIPC insured.

Overall3.0

Summary: Overall, SoFi Invest is a great choice for beginner and average investors. The low costs and integration with other products make it a fun place to manage your money.

Outside of expert and advanced traders, most investors in the U.S. should find their needs well-covered by SoFi Invest. It is particularly attractive to Gen X, Millennial, and Gen Z professionals who are more comfortable managing their own money online and with their phones.

SoFi isn’t perfect for everyone, but it’s better for more people than it’s not. If you are on the hunt for a new brokerage, it’s definitely worth considering.

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Aaryamann Shrivastava
Feb 15, 2022
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