SoFi Invest Review – Trade Crypto’s, CFD, and More

By | June 23, 2021

SoFi is an abbreviation for ‘Social Finance’; it is a US-based fintech startup. This was founded back in 2011. It started as student loan refinancing, but later it expanded its services to stockbroking in 2018. SoFi is regulated by the US SEC and FINRA. Read the full SoFi Invest Review in the article below.

SoFi Invest offers active and automated investing services. Active trading is just a terminology that means you by yourself can trade stocks, CFDs, ETFs, and other cryptocurrencies. While automated trading means a robot will perform trading by your site using your capital.

SoFi Invest Review
Country of regulationUSA
Trading fees classLow
Inactivity fee chargedNo
Withdrawal fee amount$0
Minimum deposit$0
Time to open an account1-3 days
Demo account providedNo
Products offeredStock, ETF, Crypto

Account Opening

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

  1. Register a SoFi account by entering your name, email address, and password.
  2. Choose between the self-directed and Robo-advisory account types.
  3. Fill in personal information, like your address, phone number, and employment status.
  4. Provide your residency, Social Security Number, or other ID details as prompted.
  5. Review your information, plus add financial data and preferences.
  6. Choose your funding method.

Fees

It charges no withdrawal and inactivity fees. In addition, SoFi Invest offers commission-free trade for US Stocks and ETFs. 

It has low trading and non-trading fees. It doesn’t offer trade-in Mutual funds and has the US $ as a base currency.

Trading Platform

SoFi provides two types of trading platforms: Web-based and mobile applications. Both the platforms are easy to use but lack good customizability and charting. It provides a 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 only offers trade-in crypto & ETFs. We are not able to trade in bonds, forex, futures & options.

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. After that, it makes a custom portfolio according to your preferences. They do not charge any fee for their Robo advisory service.

Is SoFi Invest safe?

is Sofi Safe?

SoFi Invest is considered safe first because top-tier US financial institutions regulate it. And second, then customers come under the 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, making it a more reliable and genuine broker to trade with.

Pros/Cons

ProsCons
Fast and fully digital account openingLimited product portfolio
 Free stocks and ETFs Available only for US clients
No inactivity feeCredit/Debit card not available
Modern designHigh fee for wire withdrawals
Fast response timeNo demo account

Customer Service

SoFi Customer Service

You can contact SoFi Invest by live chat, telephone and email. However, it lack 24/7 availability.

SoFi Invest Review

SoFi Invest has some drawbacks, though. First, it is available only for US clients. Also, its customer support is weak. But the products offered are a bit satisfactory. However, you can trade only US stocks, ETFs & a few cryptocurrencies.

But as it has no inactivity fee you can feel free to try this.


FAQs

What is the minimum deposit at SoFi Invest?

There is no required minimum deposit for SoFi Invest accounts

Is SoFi Invest Safe?

SoFi Invest is considered safe first because top-tier US financial institutions regulate it. And second, then customers come under the consumer protection act (SIPC).

How do I trade on the SoFi desktop platform?

To trade through SoFi, you must open an account, and after your account gets verified, you can put money & can start selling. You can also download the mobile app to carry out trade from any place.

How long does stock transfer take?

It takes almost 5-7 days to complete the transfer. It may take more days if it is taking place from SoFi to any other account.

SoFi Invest Review

9

Trading Platform

9.0/10

Products

8.9/10

Fees

9.1/10

Flexibility

8.8/10
  •  
  • 5
  •  
  •  
  •  
  •  

Leave a Reply

Your email address will not be published. Required fields are marked *