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SoFi Invest review 2023

Invest in stocks, options, ETFs and crypto on SoFi’s beginner-friendly platform. Plus, free automated investing and financial advice.

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By

Matt Miczulski

Updated

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Our verdict

Consider SoFi Invest if you want a straightforward, low-cost investing experience or access to free portfolio management and financial advice. Look elsewhere for advanced charts and in-depth research tools. SoFi Invest is the winner for Best Low Cost Broker in the 2022 Finder Stock Trading Platform Awards.

Best for: Beginner active and hands-off investors.

Pros
  • Commission-free stock, option and ETF trades.
  • Invest on your own or passively with SoFi's free robo-advisor.
  • Fractional share trading.
  • Complimentary access to a human financial advisor.
Cons
  • No automatic tax optimization strategy for automated investing.
  • No access to bonds, mutual funds, futures or forex trading.
  • No advanced charts and limited research tools.
Finder Award
4.3

★★★★★

Finder rating

Go to site

Stock trade fee

$0

Minimum deposit

$0

Complete signup bonus

Get up to $1,000 when you fund a new account within 30 days.

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SoFi Invest

Learn more and sign up on SoFi Wealth Management's secure site

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How we rated 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 and easy to navigate, investing is effortless and SoFi support is a live chat away for any help.

What you can trade on SoFi

  • Stocks
  • ETFs
  • Options
  • Crypto

Account types available with SoFi

  • Individual
  • Joint
  • Traditional IRA, Roth IRA and Simplified Employee Pension (SEP-IRA)
Dive deeper What is an IRA?

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.

Meanwhile, 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.

SoFi Active Investing

  • Invest in stocks and ETFs with zero commissions
  • Buy put or call options with zero commissions and no contract fees
  • Invest with as little as $5
  • Trade on margin at a rate of 7.75%
  • Complimentary access to SoFi financial planners
  • 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
  • Automatic portfolio rebalancing
  • Invest with as little as $1
  • No management fee
  • Complimentary access to SoFi financial planners
  • 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 rate7.75%
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

*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’s 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.
Screen shot of SoFi app on smartphone

SoFi Invest’s app store reviews

Google Play app reviews4.1/5 stars based on over 27,100 reviews
Apple App Store app reviews4.8/5 stars based on over 223,000 reviews

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

  1. Select the “Sign up now” button below and then select Invest now to start your application.
  2. Enter your name, state, email and password. Select Next.
  3. Provide your personal information to complete the application, including your address, employment information, date of birth and Social Security number.
  4. Enter your phone number for security verification. Then, answer a few regulatory questions.
  5. 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

Sign up now

How safe is SoFi?

SoFi’s platform is considered safe and secure. SoFi employs 24/7 account monitoring, two-factor authentication 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.

Frequently asked questions about SoFi Invest

INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Compare SoFi to other platforms

SoFi Invest logo

SoFi Invest

★★★★★

Finder rating 4.3 / 5

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Available asset types

Stocks, Options, ETFs, Cryptocurrency

Stock trade fee

$0

Minimum deposit

$0

Complete signup bonus

Get up to $1,000 when you fund a new account within 30 days.

eToro logo

eToro

★★★★★

Finder rating 4.3 / 5

Go to site

Available asset types

Stocks, Options, ETFs, Cryptocurrency

Stock trade fee

$0

Minimum deposit

$0

Complete signup bonus

FINDER EXCLUSIVE: Guaranteed $15 bonus when you sign up and deposit $100

Robinhood logo

Robinhood

★★★★★

Finder rating 4 / 5

Go to site

Available asset types

Stocks, Options, ETFs, Cryptocurrency

Stock trade fee

$0

Minimum deposit

$0

Complete signup bonus

Get a free stock when you successfully sign up and link your bank account.

How we rate trading platforms

★★★★★ 5/5 — Excellent

★★★★★ 4/5 — Good

★★★★★ 3/5 — Average

★★★★★ 2/5 — Subpar

★★★★★ 1/5 — Poor

We analyze top online trading platforms and rate them one to five stars based on factors that are most important to you. These factors include fees, securities available for trade, customer support, customer feedback, platform resources and overall reliability.
For a complete breakdown of how we score each category, read the full methodology of how we rate trading platforms.

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