SoFi Invest Review 2021

SoFi Invest Review 2021
Davis J.
Robertson A.
January 2021

19

Position
in rating

Trading terminals:

Proprietary platform SoFi (Web and Mobile)
19

Position in rating

7.8/10
Overall rating

Trading terminals:

Proprietary platform SoFi (Web and Mobile)

Summary of SoFi Invest Trading Company

SoFi (Social Finance, Inc.) is an investment company founded in 2011 by graduates of Stanford Business School to provide federal and private student loans. The SoFi Invest division appeared in 2019 to provide brokerage services to active traders and passive investors from the United States. Currently, the broker is a member of FINRA and SIPC and serves over 1,800,000 clients. SoFi Invest offers to invest in stocks (including fractional ones), cryptocurrencies, ETFs, and IPO.

💰 Account currency: USD
🚀 Minimum deposit: from 1 USD
⚖️ Leverage: floating
💱 Spread: absent
🔧 Instruments: Stocks (including fractional ones), ETFs, cryptocurrencies, IPOs
💹 Margin Call / Stop Out: No
Attention!

To receive a rebate, register with Traders Union and open a trading account through the Traders Union’s website.

👍 Advantages of trading with SoFi Invest:

  • Membership with FINRA and SIPC. These organizations monitor the broker’s compliance with the rules specified in the Client Agreement.
  • Clients can combine transactions with stock market instruments with lending, insurance, and financial planning.
  • Providing clients with two types of investment: active trading with securities and a passive option with asset management by an automated advisor.
  • No commissions for trading stocks and ETFs, or asset portfolio management.
  • Possibility to invest in fractional shares of companies.

👎 Disadvantages of SoFi Invest:

  • Only US residents can open an account with this broker.
  • To invest in an IPO, you need to have more than $3000 on your account.
  • Day traders can trade if they have an amount of $25,000 or more on their account.

Overall

SoFi Invest is suitable for novice investors as well as for those who already have other accounts with Social Finance, Inc. (SoFi).

Visit SoFi Invest

Geographic Distribution of SoFi Invest Traders

SoFi Invest Latest Comments for 2021

0
0
13

Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.

Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of SoFi Invest published on the website in 2021 are verified and confirmed by Traders Union as reliable comments by real traders.

in sofi invest there is no convenient payment system for me to withdraw funds, but here the convenient conditions and the minimum deposit did not exceed. Therefore, I decided to start working with them, but I haven’t made a conclusion yet, I’m waiting for a good amount to accumulate so as not to lose on commissions.

Sofi Invest is a reliable investment project, I found out about it only a year ago, during this time I earned 3 thousand on investments in cryptocurrency, I withdraw profit, I leave only a deposit. There are no guarantees in this area, so it's better not to risk it.

Yesterday I ordered my first withdrawal. The money came in today. Very satisfied. Clear order execution. In general, trading here takes place without nerves and problems. So there are no complaints about them yet, I plan to raise a larger amount soon.

I chose the company by chance, when I still did not understand anything about trading, but I was lucky that I did not run into a swindler, but ended up in a good company, although all the chances were against me. Soon, after a short trade, I decided to take some money - for a test, if they would be deceived. Withdrawn. Then I began to trade quietly, and since then I have withdrawn relatively small amounts twice more - twice 300. There were no obstacles, only at the very first withdrawal it was longer than usual, they demanded scans of documents, but then they didn’t require them.

There is already a lot of information about Sofi Invest, there are also enough reviews to understand that the broker is normal. There are both negative and positive reviews (there are more of the latter at times). Personally, I would be suspicious if only good reviews were written. I tested it at work, I liked it. There is normal training.

Stability is a guarantee of reliability. I have been cooperating with Sofi Invest for a year. Who writes what about them. But I didn't have any major problems during this time.

Normal broker! I have been cooperating with them for a long time, there are no complaints about the quality of service. The profit is withdrawn quickly, sometimes almost immediately.

2 >

Expert Review of SoFi Invest

The SoFi Invest stockbroker does not require a minimum amount to open an account, so it is good for beginner investors looking for an easy way to make money in the financial markets. Also, investing with SoFi Invest is a great option for those who already have active accounts with SoFi, because the client can easily transfer money between SoFi Money and SoFi Invest accounts.

SoFi Invest may not be suitable for more advanced investors, as the broker does not offer stop-loss and sell-at-loss securities to offset capital gains tax liabilities. At the same time, the company offers active and automated investing, free access to certified financial planners, and the opportunity to invest in fractional shares of companies.

SoFi Invest is a reliable company that is a member of FINRA and SIPC. It has also applied for registration with the Securities and Exchange Commission (SEC). A special thing of SoFi Invest is that currently, only US citizens can open accounts with the company.

Antony Robertson

Traders Union
Financial Analyst

Analysis of the Main Features of this Online Stock Broker

7.8

Overall rating

7.5

/10

Execution of orders

8.1

/10

Investment instruments

7.9

/10

Withdrawal speed

7.7

/10

Customer Support work

7.4

/10

Variety of instruments

8.2

/10

Trading platform

Dynamics of the Popularity of SoFi Invest
in 2020 among the Users of the Traders Union

Logo TU
20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
Jan.
Feb.
Mär.
Apr.
Mai.
Jun.
Jul.
Aug.
Sep.
Okt.
Nov.
Dez.

Investment Programs, Available Markets, and Products of the Broker

SoFi Invest offers asset management services called “Automated Investing”. Investors are connected to the service for free, but they pay basic commissions and expenses for ETF funds.

Automated Investing via robo-consultants without human intervention

A client who wants to invest in stock market instruments informs SoFi Invest of his investment goals and based on that the broker constructs a diversified portfolio. It consists of a wide range of risk mitigation assets. The investor does not need to monitor the market: Automated Investing uses computer algorithms to provide financial advice and manage portfolios.

The main principles of automated investing from SoFi Invest are:

  • The broker does not charge any fees for consulting services or asset portfolio management.

  • Portfolios are automatically rebalanced quarterly and during market fluctuations. The adjustment of securities is performed by a robotic program.

  • There is no minimum amount to start investing. You can invest from 1 USD.

Connecting to the automated investment platform makes it possible to invest money without transferring it to active management. Moreover, such a decision is a way to avoid the occurrence of possible human errors when making an investment decision.

Important!

If you are a large investor and plan on investments over $10,000, contact us at [email protected] or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.

SoFi Invest affiliate program

  • Referral program — a partner can receive up to $10,000 per year. The amount of remuneration depends on the recommended service and the number of connected referrals.

A partner can generate referral links with recommendations for personal and student loans, investment products, obtaining a credit card, and opening cash accounts. This offer is not available to customers in Ohio, Michigan, or Vermont.

Rebate and Discount Programs of the Traders Union for SoFi Invest

A rebate is a partial refund of fees charged by a broker for trading assets. Traders Union is a rebate service, so its members have access to a refund of the funds spent on commissions on all completed trading transactions. Register with the Traders Union’s website, open an account with a broker using the Traders Union’s referral link, and receive up to 100% of partner payments to your Traders Union’s account. Rebates on SoFi Invest are credited only to those clients who have opened an account with a broker through Traders Union.

Try it!  Try it!

Trading Conditions for SoFi Invest Users

SoFi Invest offers a convenient application for trading and investing in stocks, cryptocurrencies, ETFs, and IPOs. No commission is charged for trades in stocks and ETFs. Also, with zero commissions, the investor can purchase fractional shares of Stock Bits. SoFi Invest does not have a minimum deposit, however, Pattern Day Traders should have at least $25,000 on their account. Otherwise, the account may be limited under FINRA’s daily trading margin requirements. Pattern Day Trader consists of traders who trade securities four or more times within five business days, and the number of daily transactions is more than 6% of the total trading activity for the same period. The minimum order size for the purchase of cryptocurrency is $10, and the maximum is $50,000 per client per day.

$1

Minimum
deposit

1:1

Leverage

5/8

Support

Proprietary platform SoFi (Web and Mobile)
💻 Trading platform: Proprietary platform SoFi (Web and Mobile)
📊 Accounts: Robo Accounts Active, Self-Directed Account (Margin и Cash), Retirement Accounts (Traditional IRA, Roth IRA, SEP IRA, Traditional Rollover IRA)
💰 Account currency: USD
💵 Replenishment/Withdrawal: Wire transfer, payments through the automated clearing house ACH, transfer of assets from another brokerage company (ACAT), checks
🚀 Minimum deposit: from 1 USD
⚖️ Leverage: floating
💼 PAMM-accounts: No
📈️ Min Order: No data
💱 Spread: absent
🔧 Instruments: Stocks (including fractional ones), ETFs, cryptocurrencies, IPOs
💹 Margin Call / Stop Out: No
🏛 Liquidity provider: no data
📱 Mobile trading: available
➕ Affiliate program: No
📋 Orders execution: No
⭐ Trading features: Pattern Day Trader should maintain an account balance from $25,000
🎁 Contests and bonuses: available

SoFi Invest Commissions & Fees

Information

Traders Union’s analysts checked SoFi Invest’s terms and conditions to identify all possible trading and non-trading fees. The broker does not charge any fees for buying and selling stocks, including fractional Stock Bits. Also, there is no ETF investment fee on the part of SoFi Invest, but it should be borne in mind that most funds have commissions based on the expense ratio, which is included in the cost of the fund itself. For transactions with cryptocurrency, SoFi Invest charges a markup of up to 1.25% per transaction, and upon purchase, the markup is added to the market price on the exchange. The commission for stocks purchased in an IPO within 120 days is $50 for the first trade, $5 for subsequent trades, and for trades after 120 days. Withdrawals through ACH are free of charge. However, for transferring money to a bank account, the broker charges $25 for each payment.

Account type Spread (minimum value) Withdrawal commission
Self-Directed Account (Margin и Cash) from $5 Available when withdrawing with a wire transfer
Robo Accounts Active from $5 Available when withdrawing with a wire transfer

There is no commission for managing portfolios of assets through Automated Investing; and there are no opening and account maintenance fees. Traders Union compared the trading fees charged by US stock brokers for trading stocks. For better clarity, all the data obtained during the analysis are presented in the form of a table.

Broker Average commission Level
SoFi Invest $5 Medium
Charles Schwab $11 High
Ally Bank $4 Low
SoFi Invest
$5
Charles Schwab
$11
Ally Bank
$4
Conclusion

SoFi Invest charges an average trading fee. Also, the broker earns income from interest rates on cash, securities lending, payment of order flow, and margin lending.

Detailed Review of SoFi Invest

SoFi Invest is a subsidiary of the financial holding Social Finance, Inc., specializing in investment and brokerage activities in the stock market. It provides services to US citizens who trade securities or prefer long-term passive strategies. The company offers zero commissions on a range of instruments (stocks, ETFs, and managed portfolios) and guarantees the protection of client’s funds through SIPC and FINRA memberships.

SoFi Invest achievements in numbers:

  • The broker serves more than 1,800,000 clients.

  • As of March 2021, the company manages about $338.7 million.

  • More than $10 million of referral bonuses were paid to the partners.

SoFi Invest is the company for trade, investment, and financial planning

SoFi Invest is an investment product that offers two types of accounts. The first of these is an active trading account that allows traders to buy securities and cryptocurrencies. The second type of account is an investment account controlled by a robot advisor, which offers users portfolios that are pre-created taking into account the level of risk and available capital. Clients of SoFi Invest have access to planning and wise investing guides, various types of calculators, and daily newsletters.

The broker does not use terminals of third-party software developers but offers a proprietary platform adapted to the various needs of its users. The terminal is presented in two iterations - web and mobile. A desktop version is not available. Through a single application, the company’s clients can manage cash, savings, and investment accounts, as well as arrange loans, credits, and mortgage loans.

SoFi Invest’s useful services:‌

  • SoFi Daily Pod. Daily podcasts of stock market news and events to listen to on the SoFi app or on Apple, Spotify, and Amazon.

  • Investing 101 Center. A section with information about investing, which will be useful to both beginners and experts.

  • Calculators. The broker’s website has special tools for calculating investments, the number of debt payments on loans, and mortgage payments.

Advantages:

1

The minimum deposit to start trading and making passive investments starts from $1.

2

There are zero commissions for trading stocks and ETFs and automated asset portfolio management.

3

There is a referral program and a SoFi Member Rewards loyalty program. The company also periodically offers bonuses for the first account deposit.

4

Clients get free access to certified financial planners.

5

Cryptocurrency trading is available 24/7.

All trading and financial operations are performed by clients via an application - a proprietary terminal developed by Social Finance, Inc.

How to Start Making Profits — Guide for Traders

The broker SoFi Invest offers traders accounts for active trading and passive automated investing. Each client can have one individual taxable Active Invest brokerage account and several Active Invest IRAs. There is no limit on the number of available Automated Invest accounts.

Account type:

Account Type
Description
Self-Directed Accounts
individual accounts for active trading in stocks, ETFs, cryptocurrencies, and IPOs. The company provides both a Cash Account and a Margin Account but explains that it does not currently offer margin trading, that is, it does not lend funds to clients. The commission per trade is $0. The minimum deposit is $1. To trade an IPO, a client must have at least $3000 on all accounts.
Robo Accounts Active
accounts for automated investment in asset portfolios. No broker management fee is charged.
Retirement Accounts
Investment accounts for retirement planning offer the most popular types of savings accounts in the USA such as the Traditional IRA, Roth IRA, SEP IRA, and Traditional Rollover IRA.

Currently, SoFi Invest does not provide demo accounts to its clients.

The broker offers accounts adapted to different strategies like active trading, passive investing, and financial planning investments.

Bonuses Paid by the Broker

SoFi Member Rewards

Program members can earn points by performing various activities in the app or accounts. Traders and investors can convert the accrued points into shares of stocks or cryptocurrency.

Bonuses from SoFi Invest - Member Rewards
Bonuses from SoFi Invest - Member Rewards

Chance to win from $5 to $1000

After opening an account for active trading, its owner participates in the drawing of a bonus, which can later be converted into fractional shares or other securities. The participant determines the amount of possible reward on his own, for example, 5, 10, 25, 100, or 1000 USD.

Bonuses from SoFi Invest - $5-1000
Bonuses from SoFi Invest - $5-1000

The higher the selected amount, the lower the likelihood of receiving funds. So, when choosing a bonus of $5, the chance to win is 85.488%, in the case of $1000 it is only 0.028%.

Bonus from Traders Union

The rebate of trading commissions from Traders Union is a recurring bonus that is accrued to a Traders Union’s trader-partner for as long as he trades in the financial markets. To become a Traders Union’s partner, you need to register with the Traders Union’s website. Then open a real account with a broker using a special Traders Union’s referral link and make a deposit. After the first transaction, Traders Union will start paying you a rebate. The trading bonus is credited only to those SoFi Invest clients who have opened a trading account with a broker through the Traders Union’s website. If you already have an active brokerage account, then read here for detailed instructions on how to link it to your Traders Union account.

Investment Education Online

Information

A section of the official website called SoFi Learn is devoted to learning the basics of financial planning, investing, and the principles of accumulating money. There is a handy filter that allows you to sort the submitted articles by topic or life stage.

Information available in the Learn section
Information not on the SoFi Invest website
Investment basics
Glossary of stock terms in alphabetical order
Description of different asset classes and main strategies
How to apply technical and fundamental analysis
Types of investment accounts
Concepts of margin and leverage
Concept of investment risks and explanation of how they can be managed
Stock market trading webinars and video tutorials

The broker does not provide a demo account, so the knowledge gained can only be applied in real trading conditions.

Security (Protection for Investors)

Information

The holding company Social Finance, Inc. (SoFi) includes several companies. Brokerage services and active investment products are offered by SoFi Securities LLC, a member of FINRA and SIPC. SIPC insurance coverage is up to $500,000 per client (but not more than $250,000 for monetary claims).

Automated investing and advisory services are provided by SoFi Wealth LLC, a SEC-registered investment advisor company. Cryptocurrency transactions and accounts are handled by SoFi Digital Assets, LLC, which according to the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) qualifies as a monetary services company. All securities are cleared and stored by APEX Corporation.

👍 Advantages

  • SIPC insurance policy is available to active investors
  • You can file a claim with FINRA

👎 Disadvantages

  • SIPC protection does not apply to cryptocurrency accounts
  • Identity verification and complete information on sources of income are required
  • The choice of payment systems is limited

Withdrawal Options and Fees

  • Funds from accounts can be withdrawn to a bank account using Wire Transfer or Automated clearing house (ACH).

  • The money is credited to the account within 1-3 business days after confirmation of the withdrawal request.

  • The application can be submitted two working days after the last transaction is completed, and the deposit must be made at least 5 days before the withdrawal request is made.

  • There is no commission for withdrawals through ACH. For wire transfer withdrawals, the broker will withhold a fee of $25 per transaction.

  • The fee for a payment returned via ACH due to a request for a larger amount than available at the time of application is $15.

Customer Support Service

Information

Support is available Monday through Thursday from 5:00 am to 17:00 and Friday from 5:00 am to 16:00 (PT).

👍 Advantages

  • Broker clients can contact operators via online chat

👎 Disadvantages

  • It doesn’t work on Saturdays and Sundays
  • Chat is not available for unregistered users

Available communication channels with customer support specialists include:

  • a call to the phone number indicated in the Contact Us section on the website;

  • email;

  • online chat (only for clients with open accounts);

  • Facebook and Twitter Messengers

The company’s offices are located in San Francisco, New York, and Healdsburg (CA).

Contacts

Registration address 234 1st Street, San Francisco, CA 94105
Regulation
Official site
Contacts

Review of the Personal Cabinet of SoFi Invest

To start trading or investing with SoFi Invest, you need to open a brokerage account. This can only be done by persons over 18 years of age with American citizenship, residing within the 50 states of the United States and the District of Columbia. Brief instructions for opening an account:

1

Go to the official website of Social Finance, Inc. (www.sofi.com), and on its home page, click the “Find My Rate” or “Become a member” button. Then select the service you are interested in. If you plan to use a broker as an intermediary for transactions with stock market assets, then click on Invest.

SoFi Invest Review - Registration
SoFi Invest Review - Registration
SoFi Invest Review - Registration
2

Enter your first name, last name, state of residence or registration, email, create a password. Next, you need to choose the priority type of investment - active (asset trading or IRA) or automated. Then enter your address - residence address or APO, FPO, DPO (if you are military) - and a valid Social Security Number (SSN). The broker opens an account after checking the provided information on income and scanned copies of documents.

3

In the SoFi Invest personal account, the broker’s client can:

1. Top up all open cash and investment accounts:
SoFi Invest Review - Financial transactions
SoFi Invest Review - Financial transactions
2. Choose automated investment strategies:
SoFi Invest Review - Automated Investment strategies
SoFi Invest Review - Automated Investment strategies
1. Top up all open cash and investment accounts:
SoFi Invest Review - Financial transactions
SoFi Invest Review - Financial transactions
2. Choose automated investment strategies:
SoFi Invest Review - Automated Investment strategies
SoFi Invest Review - Automated Investment strategies

Also in the personal account, the trader has access to:

  • Management of credit funds, cash, and trading accounts.

  • Trading assets via a web terminal, tracking market data in real time.

  • Formation of statistics for the referral program.

  • Number of points for the SoFi Member Rewards loyalty program

Tags:

SoFi Invest SoFiInvest www sofi.com sofi.com sofi com

The Oldest Reviews of this Online Broker for Stock Trading

Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.

Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of SoFi Invest published on the website in 2021 are verified and confirmed by Traders Union as reliable comments by real traders.

The execution is probably not perfect, but the best I've worked with. Very good conditions. Enrollment and withdrawal are fast (I use a card). The spread is fine too. Almost perfect broker for my strategy.

I have been using the services of this broker for a long time. Not bad. Smooth. No slippage. Market prices. The commission is moderate. They fulfill their obligations. Analytics are weak. I did not check the contacts. I sent one message somehow. They answered quickly. But this was not a vital situation.

To trade profitably with any normal broker, it is important that you have a good working strategy. Spend at least a week practicing it on a demo, and see what results you will have on Sofi Invest. The client's broker does not drain, your actions are your result.

Not a bad broker. For many years in the top. I myself have been working with them for more than half a year. Excellent platform and execution, quite fast withdrawal. High level technical support. I recommend to everyone.

At Sofi Invest, it can be different. Either five deals one by one are closed with a minus, then a continuous plus trade. I know that I am to blame myself, I am stupid to do those analyzes and I get the appropriate result. I have no special comments to the broker.

My start was a success. It is important not to fall into euphoria, I clearly realize that my earned 1500 at the beginning is more a matter of luck than knowledge of the market. But I'm making progress. Not a day without an article or video.

Normal broker! I have been cooperating with them for a long time, there are no complaints about the quality of service. The profit is withdrawn quickly, sometimes almost immediately.

Author of this Review

SoFi Invest broker’s review prepared by

John Davis

Traders Union Author and Analyst

John Davis is a Financial and Economic Analyst working with the Traders Union since 2016. During this time, he has written more than 100 analytical articles on technical and fundamental analysis, reviews of financial companies and has developed more than 10 proprietary trading systems. John's motto is to help everyone go from a novice to a professional trader.

All information posted on the Traders Union website is based on reliable and objective data. We have combined our 10 years’ experience in the financial sector and the feedback of our customers to provide you with a true picture of the best forex companies in the market. Detailed information about our methodology.

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FAQs

Do reviews by traders influence the SoFi Invest rating?

Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about SoFi Invest you need to go to the broker's profile.

How to leave a review about SoFi Invest on the Traders Union website?

To leave a review about SoFi Invest, register on the Traders Union website or you can also leave a review through Facebook.

Is it possible to leave a comment about SoFi Invest on a non-Traders Union client?

Anyone can leave feedback about SoFi Invest on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.

Why is it more profitable to work with SoFi Invest through Traders Union?

Because you will receive additional payments from Traders Union every month while all other functions on your chosen trading platform remain the same.