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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 commission-free 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 commission-free 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 simple, making them ideal 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. It’s easy to 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. SoFi Invest charges an interest rate of 8.50% APY, which is very competitive with other brokers’ rates. You must have a minimum account balance of $2,000 to trade on margin.
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 unlimited free access to certified financial planners. All of them are fiduciaries, meaning they are legally required to act in your best 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 $0.65 contract fee |
Margin trading | Borrow money against the value of your investments | $2,000 minimum account balance | 8.50% APY |
IRA accounts | Offers traditional Roth, and SEP IRAs with free rollovers | $0 | No account fees |
Automated investing | Access to 10 premade investment portfolios | $0 | $0 commission $0 advisory fee |
Certified financial planners | Unlimited access to certified financial planners by phone and live chat | $0 | $0 advisory fee |
SoFi Invest offers commission-free 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 commission-free options trading. Options trades do carry a regulatory fee of $0.65 per 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 makes it easy to transfer holdings from another brokerage firm.
SoFi offers a free 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, it’s easy to 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 5pm (PT), Monday-Friday. 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, making it easy to find the information you’re looking for.
SoFi is a commission-free 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 easy to get started, and the platform doesn’t overwhelm users with technical features.
Another huge advantage to SoFi is that it offers free automated investing and free 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
What is the minimum investment at SoFi?
There is no minimum deposit required to open an account with SoFi Invest. You can start investing in automated portfolios with as little as $1. You can buy fractional shares of stocks and ETFs with as little as $5.
Are my investments safe with SoFi?
The SIPC insures all SoFi accounts for up to $500,000. In addition, SoFi checking and savings accounts have FDIC insurance for up to $2 million. SoFi is a publicly traded company and a member of FINRA.
Does SoFi reinvest dividends?
SoFi offers an option to automatically reinvest dividends in the stock that paid them out, within three days of the payout. However, you are not required to activate this feature.
