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SoFi® is a United States bank and brokerage firm that was included in Fast Company’s list of the World’s Most Innovative Companies in 2023. It is publicly traded on the NASDAQ stock exchange.
SoFi Invest® is SoFi’s brokerage arm. As well as $0 commission stock, ETF, and options trading, it offers IPO investing, fractional share investing, automated portfolios, and access to certified financial planners.
SoFi Invest® is a brokerage service under the broader SoFi umbrella, which includes banking, loan, credit card, and insurance products. With SoFi Invest, you can trade stocks, ETFs, and options.
SoFi Invest competes with other $0 commission brokers on price and range of assets. Some unique features include fractional share investing, the ability to invest in IPOs at IPO prices, and traditional, Roth, and SEP IRA accounts.
SoFi® is especially good for investors who want to combine self-directed investing with automated investing. I like that you can buy and sell individual stocks or ETFs, invest in multiple premade portfolios, or do both. You can also get help from a certified financial planner at no additional cost.
SoFi Invest® caters to a very wide range of investors, including first-time, retirement, active investors or traders, and more.
You can open an investment account at SoFi Invest with no minimum deposit, and automated portfolios require a minimum investment of only $1. You only need $5 to start investing in fractional shares of stocks and ETFs.
SoFi Invest’s trading tools are very intuitive, making them an option worth considering for first-time investors. You can quickly browse popular and trending stocks. SoFi Invest also organizes stocks into thematic collections, such as “Dividend Growers” and “Stocks under $25,” to help you discover new investments.
Another benefit to SoFi® is that you can manage all of your finances in one place. In addition to brokerage services, SoFi offers checking and savings accounts, credit cards, personal loans and mortgages, insurance policies, and more. You can also move money between accounts at SoFi and get a holistic view of your finances.
SoFi Invest® is suitable for retirement investors, thanks to its IRA accounts. You can open a traditional, Roth, or SEP IRA. If you have a 401(k) from a previous employer, SoFi Invest can help you roll over your portfolio to an IRA.
You also don’t need a large amount of money to get started. There’s no minimum deposit required to open an IRA.
The selection of assets you can invest in with SoFi Invest® is huge. The stock selection includes penny stocks and IPO stocks. Self-directed investors can easily build a diversified portfolio or take risks on up-and-coming assets.
You can also trade on margin at SoFi Invest, which involves borrowing money from the broker to purchase investments.
Note that SoFi Invest doesn’t offer technical charts or fundamental analysis. When you open a stock page, you’ll see a line chart of the price and recent news headlines. There are no tools for doing a deep dive into an individual company’s financials.
I also like SoFi Invest’s automated investing features. You can mix and match investments in 10 premade portfolios to suit your risk tolerance and investing goals. The portfolios invest in ETFs representing US and international stocks and bonds.
SoFi Invest will automatically rebalance your portfolio over time. However, it doesn’t apply tax-loss harvesting, a feature that many other robo-advisors use which can reduce your tax bill. Note that automated portfolios don’t carry any advisory fee, which is a huge perk compared to competitors.
All SoFi Invest® customers receive access to certified financial planners. All of them are fiduciaries, meaning they are legally required to act in your interest rather than push specific investments that generate commissions.
You can speak with a financial planner over the phone or by live chat.
| Key features | Minimum investment/deposit | Pricing | |
|---|---|---|---|
Stock and ETF trading | Thousands of US stocks and ETFs, including access to IPOs at IPO prices. | Fractional share investing from $5 | $0 commission |
Options trading | Trade long calls and puts for thousands of US stocks | N/A | $0 commission $0.0187 per options contract |
Margin trading | Borrow money against the value of your investments | $0 | $0 commission |
IRA accounts | Offers traditional Roth, and SEP IRAs with rollovers at no cost | $0 | No monthly fees |
Automated investing | Access to 10 premade investment portfolios | $0 | $0 commission $0 advisory fee |
Certified financial planners | Access to certified financial planners by phone and live chat² | $0 | $0 advisory fee |
SoFi Invest® offers $0 commission trading on thousands of US stocks and ETFs, including penny stocks. You can invest in fractional shares of most stocks with as little as $5. SoFi Invest also lets you invest in upcoming IPOs at IPO prices.
In addition, SoFi Invest offers $0 commission options trading. Options trades do carry a regulatory fee of $0.0187 per options contract, which all options brokers are required to charge. Currently, you can only buy long calls and long puts. Multi-leg options strategies are not possible. Options trading is only available in taxable accounts, not in IRA accounts.
You can open an account with SoFi Invest® online. You must provide your name, email, phone number, address, employment status, annual income, birthday, and social security number. You’ll also need to verify your phone number and certify that you’re not a professional investor.
Then you can choose what type of account you want to open. If you want to open multiple accounts, you can do that from your SoFi Invest dashboard after opening your first account.
You can deposit cash from a bank account or transfer investments from another portfolio. Cash deposits take up to three days to settle before you can begin investing.
I found the signup process to be very straightforward. I like that SoFi® isn’t pushy about you making a deposit when you join and allows you to transfer holdings from another brokerage firm.
SoFi offers an app for iOS and Android devices. A single app coordinates all of SoFi’s products, including banking, lending, and investing.
I found this all-in-one design makes the app a little confusing if you’re only interested in investing. However, it’s still fairly straightforward to use. Once you’re on the investing screen, you can focus on your portfolio and see all the available assets.
The Securities Investor Protection Corporation (SIPC) insures all SoFi Invest® accounts for up to $500,000. The company uses SSL encryption and two-factor authentication to secure your online account.
SoFi® is a member of the Financial Industry Regulatory Authority (FINRA). Stock, ETF, and options trades are cleared by APEX Clearing Corporation, one of the largest securities clearing houses in the US. SoFi is also publicly traded on the NASDAQ stock exchange.
SoFi has a 4.6-star rating on Trustpilot and an A+ rating with the Better Business Bureau.
SoFi Invest offers customer support from 5am to 7pm (PT), Monday-Thursday and 5am to 5pm (PT), Friday-Sunday. You can get in touch by phone or live chat. I called and got through to a helpful agent in less than five minutes.
The SoFi website has a detailed help center with hundreds of articles answering common investing questions. I like that the help center is fully searchable and lets you find the information you’re looking for.
SoFi® is a $0 commission brokerage for stock, ETF, and options trading. You can trade in a taxable account or IRA with no minimum deposit.
I really like how user-friendly and inexpensive SoFi is. It’s straightforward to get started, and the platform doesn’t overwhelm users with technical features.
Another huge advantage to SoFi is that it offers automated investing and access to certified financial planners. These are two significant features that most other brokers charge for.
Overall, I think SoFi is a great choice for anyone who wants help building their first portfolio or who just wants to take advantage of zero-commission trading.
SoFi Bank
2750 E Cottonwood Pkwy
Cottonwood Heights, UT 84121
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
¹Offer valid from 12/15/25 through 1/2/26. Customer must fund their Active Invest account with at least $50 within 45 days of opening the account. Receive a minimum of $15. Probability of member receiving $3,000 is a probability of 0.026% If you don’t make a selection in 45 days, you’ll no longer qualify for the promo. Percentages for the $3,000 are subject to decrease. See full terms and conditions.
²SoFi Plus members can schedule an unlimited number of appointments with a financial planner. For complete SoFi Plus eligibility, please see the SoFi Plus terms.SoFi members who do not meet the SoFi Plus eligibility criteria can schedule one (1) thirty-minute appointment with a financial planner. Members can only schedule an unlimited number of appointments with a financial planner during periods in which the member meets the SoFi Plus eligibility criteria. The ability to schedule appointments is subject to financial planner availability. SoFi reserves the right to change or terminate this benefit at any time with or without notice. Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov
³SoFi Plus members are eligible for a 1% match on recurring deposits received into a SoFi Invest® account. For complete SoFi Plus eligibility, please see the SoFi Plus Terms.
Members can only earn the 1% match for periods in which a recurring deposit is received into a SoFi Invest® account and the member meets the SoFi Plus eligibility criteria. "Recurring deposits" refer to ACH transfers scheduled with a frequency of weekly, every two weeks, or monthly into either an Active SoFi Invest® account or a SoFi Wealth Automated Investing account. Regular deposits set up from a SoFi Checking & Savings account using Autopilot are eligible for the bonus. One-time transfers are excluded from the bonus. If funds are withdrawn and later redeposited manually into the SoFi Invest® account, the manual deposit will not be eligible for the bonus. Offer can be combined with SoFi Invest 1% IRA match.
Funds must remain in the SoFi Invest® account for two years to be eligible for the bonus. If the deposit is removed prior to the end of the two-year Eligibility Period, SoFi, at its discretion mayremove the corresponding proportion of the 1% Match from the member’s account. For instance, if $1,000 was deposited receiving a $10 rewards points match and $500 was withdrawn in a subsequent month, SoFi may remove $5 in rewards points from the bonus. SoFi reserves the right to liquidate securities to pay for the removal of the Match bonus. Further, SoFi may bill this to a receiving firm in the event of an account transfer.
Bonus amounts are calculated on the total net recurring inflows (incoming recurring ACH transfers less outgoing transfers) per calendar month. For example, if a member has a recurring Invest deposit of $1,000 on 11/4/2024 and withdraws $500 on 11/15/2024 and makes no other deposits or withdrawals to their SoFi InvestⓇ account for the month, they will earn 500 rewards points, equal to 1% of $500 net monthly inflows. If a member loses SoFi Plus eligibility at any point throughout the month, they will earn the 1% match only on recurring deposits received while they were a SoFi Plus member. All withdrawals in the calendar month (regardless of Plus status) will count against the bonus. For example, if a member has a recurring Invest deposit of $1,000 on 11/4/2024 as a SoFi Plus member, loses SoFi Plus status on 11/10/2024, and has another recurring Invest deposit of $1,000 on 11/12/2024, they would earn $10 in rewards points (1% of the $1,000 that was deposited while they were a SoFi Plus member).
Bonuses will be paid out as rewards points within two weeks of the end of the calendar month. Members must enroll in SoFi Member Rewards to redeem rewards points, but not to be eligible for the bonus. Rewards points are subject to the SoFi Member Rewards terms. Bonus will not be paid out on SoFi Invest® or SoFi Wealth accounts that are closed or pending closure.
SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below:
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser ("SoFi Wealth"). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA/SIPC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
Individual customer accounts may be subject to the terms applicable to one or more of these platforms. For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.
Please note that the Active Invest platform is self-directed, therefore all monies transferred to your SoFi Active Invest will not be automatically invested.
⁴SoFi Plus members have the opportunity to receive preferred IPO allocations. For complete SoFi Plus eligibility, please see the SoFi Plus terms.
A SoFi Plus membership is one of many factors used by Sofi Securities LLC to determine an investor's allocation. Members who meet the SoFi Plus eligibility criteria may have an increasedchance of receiving a larger percentage of their indication than those who are not enrolled. New offers (IPOs) generally have high demand and there are a limited number of shares available.Having a SoFi Plus membership does not guarantee that you will be allocated the number of shares you requested in your Indication of Interest (IOI) or any shares at all. For SoFi’s allocation procedures please refer to IPO Allocation Procedures.
Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org/)/SIPC(www.sipc.org/). For a full listing of the fees associated with Sofi Invest, please view our fee schedule.
FAQsMichael Graw is a personal finance expert at BestMoney.com, specializing in online banking and insurance. His work has appeared in print magazines and on high-impact websites. With a passion for clarity and practicality, Michael helps readers navigate today’s financial landscape.