SoFi Invest® review 2024
- Stock trade fee
- $0
- Minimum deposit
- $0
Our verdict
Invest in stocks, options, ETFs, mutual funds and alternative asset funds 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 traditional and alternative investments, as well as financial advice and automated portfolio management at no additional cost. Earn a 2% match on all SoFi IRA contributions through April 15, 2024. Look elsewhere for advanced charts and in-depth research tools or access to cryptocurrency.
Best for: Beginners; Hands-off investors of any experience level; Individuals who want to invest, bank and borrow from a single platform.
Pros
-
Commission-free stock, option and ETF trades
-
Access traditional and alternative investments
-
Robo-advisor and CFP planning sessions at no additional cost
-
2% IRA match on contributions through April 15, 2024
-
Fractional share trading
-
IPO access
Cons
-
No cryptocurrency
-
No automatic tax optimization strategy for automated investing
-
No advanced charts and limited research tools
How we rate SoFi Invest‘s features
Fees | ★★★★★ | Commission-free stock, option and ETF trades and free portfolio management help SoFi stand apart from competitors. |
Available securities | ★★★★★ | Stocks, ETFs, options, mutual funds and alternative asset funds. |
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 access to certified financial planners and a robo-advisor at no additional cost. |
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
- Mutual funds
- Interval funds
- IPOs
Account types available with SoFi Invest
- Individual brokerage
- Joint
- Retirement
- Margin
Latest SoFi Invest updates
January 29, 2024: SoFi announced its launch of alternative investments, mutual funds and money market funds. According to a press release, SoFi will offer over 6,000 mutual funds and access to the ARK Venture Fund (ARKVX), Carlyle Tactical Credit Fund (CTAC), KKR Credit Opportunities Portfolio (KCOP), Franklin Templeton’s Clarion Partners Real Estate Income Fund (CPREX) and Franklin BSP Private Credit Fund (FBSPX).(1)
Where SoFi Invest shines
SoFi offers both active and automated investing options through a single, user-friendly app. Trade stocks, options and exchange-traded funds (ETFs) commission-free, diversify with alternative asset funds 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 is also one of just a couple brokers that currently offers matching funds on IRA contributions. Through April 15, 2024, earn a 2% match on all your SoFi IRA contributions.
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
- Invest with as little as $5
- Diversify with alternative assets
- 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 Charles Schwab or E-TRADE. No advanced charts or analyst price targets or ratings, and little by way of company metrics. SoFi also ended its crypto services in December 2023. Investors looking to build a portfolio that includes crypto 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 |
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 |
*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
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.
SoFi Invest app reviews
App store | Rating | Total reviews |
---|---|---|
Google Play | 4.01 | 33,585 |
Apple Store | 4.80 | 341,873 |
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 4.7 / 5
Available asset types
Stocks, Options, Mutual funds, ETFs, Alternatives
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 4.6 / 5
Available asset types
Stocks, Options, ETFs, Cryptocurrency, Futures, Treasury Bills
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+
Robinhood
★★★★★
Finder rating 4.2 / 5
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
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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