SoFi Invest review 2023
- Stock trade fee
- $0
- Minimum deposit
- $0
- Complete signup bonus
- Get up to $1,000 in stock when you fund a new account within 30 days.
Our verdict
Invest in stocks, options, ETFs and crypto on SoFi’s beginner-friendly platform. Plus, free automated investing and financial advice.
Consider SoFi Invest if you want a straightforward, low-cost investing experience with access to free portfolio management and financial advice. Through December 31, 2023, earn a 1% match from SoFi on contributions to your active or automated IRA, up to the annual limit. Look elsewhere for advanced charts and in-depth research tools or a more diverse lineup of tradable assets. SoFi Invest is the winner for Best Low-cost Broker in the 2022 Finder Stock Trading Platform Awards.
Best for: Beginners or hands-off investors of any experience level; Investors who want an all-in-one financial solutions platform.
Pros
-
Commission-free stock, option and ETF trades
-
Invest on your own or passively with SoFi's free robo-advisor
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Fractional share trading
-
Complimentary access to a human financial advisor
-
IPO access
Cons
-
Limited investment options
-
No automatic tax optimization strategy for automated investing
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No advanced charts and limited research tools
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Finder is not an adviser or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.
How we rate SoFi Invest’s features
| Fees | ★★★★★ | Commission-free trades and free portfolio management help SoFi stand apart from competitors. |
| Available securities | ★★★★★ | Stocks, ETFs, options and cryptocurrencies. |
| Customer support | ★★★★★ | Quickly reach support in three ways. |
| Mobile app | ★★★★★ | Both Apple and Google users give the app high marks. |
| Research and tools | ★★★★★ | Basics like watchlists and company fundamentals, but no charting tools or analyst ratings. |
| Reliability | ★★★★★ | No major outages have been reported. |
| Bonus star | ★★★★★ | We gave SoFi a bonus star rating for offering free access to certified financial planners. |
To learn how our star ratings are calculated, read our methodology at the bottom of the page.
SoFi Invest is best for beginners
SoFi Invest is designed with beginners and passive investors in mind, providing low-cost and uncomplicated access to the market. Its mobile app is straightforward to navigate, investing is effortless and SoFi support is a live chat away for any help.Meanwhile, beginners can automate their investing with SoFi’s free robo-advisor and get unlimited financial and investment advice from SoFi’s team of certified financial planners at no additional cost.
What you can trade on SoFi Invest
- Stocks
- ETFs
- Options
- Crypto
- IPOs
Account types available with SoFi Invest
- Individual brokerage
- Joint
- Retirement
- Margin
Where SoFi Invest shines
SoFi offers both active and automated investing options through a single, user-friendly app. Trade stocks and exchange-traded funds (ETFs) commission-free, invest in cryptocurrency and participate in initial public offerings (IPOs) before they trade on exchanges.
Its advisory services — a robo-advisor and unlimited access to SoFi financial planners — are complimentary, which is something we rarely see.
SoFi Invest simplifies investing and is a solid option for both beginner and hands-off investors.
1% IRA match available through December 31, 2023
SoFi is currently offering a 1% match on IRA contributions up to the annual contribution limit. So if you’re under 50 and contribute up to the 2023 limit of $6,500, SoFi will contribute $65. If you’re age 50 or older, and contribute up to the 2023 limit of $7,500, SoFi will contribute $75. Only contributions made via ACH are eligible for the match. ACATs, wires and rollovers are not included.SoFi Active Investing
- Invest in stocks and ETFs with zero commissions
- Invest with as little as $5
- Complimentary access to SoFi financial planners
- Buy put or call options with zero commissions and no contract fees
- Trade on margin at a rate of 8.50%
- Invest in IPOs at IPO prices
- Choose from a brokerage account or IRA
SoFi Automated Investing
- Automatically invest in stocks and ETFs with no commissions
- No management fee
- Invest with as little as $1
- Complimentary access to SoFi financial planners
- Automatic portfolio rebalancing
- Choose from a brokerage account or IRA
Where SoFi Invest falls short
SoFi’s investment options and research tools are limited, especially when compared to more complex platforms like TD Ameritrade, Charles Schwab or E-TRADE. No advanced charts or analyst price targets or ratings, and little by way of company metrics. Investors looking to build a comprehensive portfolio of assets or conduct fundamental or technical analysis may not be satisfied with SoFi’s simpler approach to investing.
And while SoFi’s free robo-advisor is commendable, it lacks an automated tax-loss harvesting strategy like that offered by some other competitor robo-advisors to help lower investors’ tax liability on investment gains.
SoFi Active Investing fees
| Minimum deposit to open* | $0 |
| Minimum investment | $5; $1 for crypto |
| Annual fee | $0 |
| Stock trading fee | $0 |
| Options trading fee | $0 contract fees; $5 exercise and assignment fee |
| Margin annual interest rate | 8.50% |
| Account transfer fee | $75 |
| Wire transfer out | $25 |
| IPO fee | $50 for the first sale of a stock obtained through an IPO within 120 days of IPO; $5 for each subsequent sale within the first 120 days |
| IRA closing fee | $20 |
| Inactivity fee | $25 per account for every 12 months of inactivity (excluding crypto accounts) |
*A $10 minimum funding amount is required within 30 days of opening to receive SoFi’s new account promotion.
Is SoFi legit?
Yes, SoFi is a legitimate company and broker. Founded in 2011, SoFi today has over 4 million members. It’s funded more than $50 billion in loans and also received regulatory approval in early 2022 to become a national bank. As a member of the SIPC, customer accounts are secured up to $500,000, including a $250,000 limit for cash claims, in the event of SoFi’s insolvency.
SoFi’s investing platform is easy to use
These are some of the tools you’ll be able to view and use through SoFi:
- SoFi’s IPO investing feature
- Market comparison
- Stock watchlist
- Collections of theme-based investments
- SoFi’s Popular Investors, which are the most-followed investors on the platform
- Popular and trending stocks
- A list of SoFi’s fund family ETFs
- SoFi Learn
SoFi retirement accounts
SoFi offers Roth, Traditional, SEP and Rollover account options for its retirement-minded members, all of which are available to both Active and Automated investment options.
SoFi IRA types
- Roth
- Traditional
- SEP
- Traditional rollover
Our pick for IRAs: SoFi Invest
- $0 stock trade fee
- Active and automated accounts
- No-cost financial planning and advice
SoFi app
The Invest home screen is packed with a ton of valuable information, but it doesn’t feel overcrowded. Here, you’ll find your portfolio balance and options to add cash, transfer investments and search for assets. You’ll also find a list of your current accounts and the option to add a new account, like automated investing or crypto.
SoFi Invest app reviews
| App store | Rating | Total reviews |
|---|---|---|
| Google Play | 4.1 | Over 30,000 |
| Apple Store | 4.8 | Over 274,700 |
SoFi Invest’s customer support
Quickly reach a SoFi representative in a few ways:
- Email support
- Phone
- Live chat
How to open an account with SoFi
- Select the “Sign up now” button below and then select Invest now to start your application.
- Enter your name, state, email and password. Select Next.
- Provide your personal information to complete the application, including your address, employment information, date of birth and Social Security number.
- Enter your phone number for security verification. Then, answer a few regulatory questions.
- Agree to SoFi’s terms and submit your application.
Eligibility and required information
- At least 18 years old
- Valid Social Security number
- US citizen or lawful permanent resident with a physical address
How safe is SoFi?
SoFi’s platform is considered safe and secure. SoFi employs two-factor authentication and 24/7 account monitoring, and its systems and security controls are regularly reviewed by third parties against security standards such as SSAE18 SOC2 and PCI DSS. SoFi also notes that “rigorous third-party penetration testing” is done at least annually.
Compare SoFi to other platforms
SoFi Invest
★★★★★
Finder rating 4.6 / 5
Available asset types
Stocks, Options, ETFs, Cryptocurrency
Stock trade fee
$0
Minimum deposit
$0
Complete signup bonus
Get up to $1,000 in stock when you fund a new account within 30 days.
tastytrade
★★★★★
Finder rating 4.8 / 5
Available asset types
Stocks, Options, ETFs, Cryptocurrency, Futures
Stock trade fee
$0
Minimum deposit
$0
Complete signup bonus
Get $100-$5,000 when you open and fund an account with $5,000 to $1,000,000+
eToro
★★★★★
Finder rating 4.2 / 5
Available asset types
Stocks, Options, ETFs, Cryptocurrency
Stock trade fee
$0
Minimum deposit
$0
Complete signup bonus
Frequently asked questions about SoFi Invest
How we rate trading platforms
★★★★★ 5/5 — Excellent
★★★★★ 4/5 — Good
★★★★★ 3/5 — Average
★★★★★ 2/5 — Subpar
★★★★★ 1/5 — Poor
For a complete breakdown of how we score each category, read the full methodology of how we rate trading platforms.
Frequently asked questions
Your reviews
Matt Finder
Editor, Investments
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