SoFi is an abbreviation for ‘Social Finance’, it is a US based fintech startup. It was founded back in 2011. It started as student loan refinancing but later it expanded its services to stock broking in 2018. SoFiis regulated by the US SEC and FINRA.
SoFi Invest offers active and automated investing services. The former means a self-directed account where you can trade stocks, ETFs, and cryptocurrencies on your own. By contrast, SoFi Invest automated investing is a robo-advisory service where SoFi Invest handles your investments.
|🗺️ Country of regulation||USA|
|💰 Trading fees class||Low|
|💰 Inactivity fee charged||No|
|💰 Withdrawal fee amount||$0|
|💰 Minimum deposit||$0|
|🕖 Time to open an account||1-3 days|
|🎮 Demo account provided||No|
|🛍️ Products offered||Stock, ETF, Crypto|
The SoFi account opening process is completely technical and requires a few minutes. It takes only a day to verify the account. On the other hand, only US clients can open an account.
What is the minimum deposit at SoFi Invest?
There is no required minimum deposit for SoFi Invest accounts
It provides two types of account to choose from:
SoFi Invest active Investing
SoFi Invest automated Investing
How to open an account :
- Register a SoFi account by entering your name, email address and a password.
- Choose between the self-directed and robo-advisory account types.
- Fill in personal information, like your address, phone number and employment status.
- Provide your residency, Social Security Number or other ID details as prompted.
- Review your information plus add financial data and preferences.
- Choose your funding method.
It charges no withdrawal and inactivity fees. It offers commission free trade for US Stocks and ETFs.
SoFi Invest has low trading and non trading fees. It doesn’t offer trade in Mutual funds and has US $ as a base currency.
SoFi provides two types of trading platform: Web based and mobile application. Both the platforms are easy to use, but lack in good customizability and charting. It provides two step safer login.
But on the other hand, it has limited charting tools and does not have a price alert option.
Products Offered :
SoFi Invest has a limited product portfolio comprising US stocks and ETFs as well as a few cryptocurrencies. You can’t trade funds, bonds, forex, options or futures
It allows you to trade only in the US Stock market. You can trade stock on NYE, NASDAQ and AMEX stock exchanges.
SoFi Automated Investing:
Besides SoFi active investing, SoFi automated investing provides robo advisory services. It helps traders who want someone to manage their portfolios.
To get along with this service, you have to answer a few questions related to your financial knowledge. And then have to select your preference. It makes a custom portfolio according to your preferences. There is no annual management fee for SoFi Invest’s robo advisory service.
Is SoFi Invest safe?
SoFi Invest is considered safe, first, because it is regulated by top tier US financial institutions. And second, then customers come under consumer protection act (SIPC). The limit of SIPC protection is $500,000, which includes a $250,000 limit for cash. It also has a long financial history which also makes it a more reliable and genuine broker to trade with.
|Fast and fully digital account opening||Limited product portfolio|
|Free stocks and ETFs||Available only for US clients|
|No inactivity fee||Credit/Debit card not available|
|Modern design||High fee for wire withdrawals|
|Fast response time||No demo account|
You can contact SoFi Invest by live chat, telephone and email. However, it lack 24/7 availability.
SoFi Invest’s fees are great. You can trade stocks and ETFs listed on major US markets for free. Account opening is easy, fully digital and fast. Customer service responds quickly and gives relevant answers.
SoFi Invest has some drawbacks though. It is available only for US clients. Its product portfolio is fairly limited, covering only US stocks, ETFs, and a few cryptocurrencies. Lastly, research tools are very basic.
As the account opening process is seamless and SoFi Invest offers commission-free stock and ETF trades, you should feel free to try it.