With commission-free trades, no per-contract fees and a user-friendly interface, SoFi offers a straightforward, low-cost way to trade options.
In this guide, we’ll walk you through how to start trading options on SoFi, from opening an account to executing your first trade.
How to trade options on SoFi
To start trading options on SoFi, you must open and fund an account. SoFi only offers options trading in its brokerage accounts. Once you’ve opened and funded your account, you must apply for options trading.
Here are four steps that offer more detail on how this process works.
Zero-commission stocks, ETFs and options, with no options per-contract fees. Plus, a no-advisory-fee robo-advisor and complimentary access to financial planners.
Trade stocks, options, ETFs, mutual funds, alternative asset funds
$0 commission on stocks, ETFs and options, with no options contract fees
Complimentary access to a financial planner and automated investing
Step 2. Enable options trading in your account
Approval is required to trade options on SoFi. To enable options trading:
Log in to your SoFi Invest account and select your brokerage account.
Select the gear icon and then choose Options trading.
Select Trade options to apply.
Answer the necessary qualifying questions and provide information about your options trading experience.
Review and confirm your investor profile and accept the options agreement.
SoFi requires users to have stock trading experience before they can trade options and will either instantly approve or reject your application, depending on your investment profile and the answers you provide during your application. If approved, you’ll have access to Level 2 options trading strategies.
Step 3. Select and trade options
Follow these steps to select and complete an options order:
Select the magnifying glass to browse securities, and enter the ticker symbol of the stock or exchange-traded funds (ETF) you want to trade options on.
Select Trade and then Options to enter the options chain.
Browse by expiration date to find a suitable contract.
Select a trade to view details like bid and ask price, implied volatility and other stats. To move forward with that trade, select Trade from within the contract.
Enter the number of contracts, choose market order or enter a limit price.
Review your order and submit.
Step 4. Closing options trades
You can close your options trade any time before expiration to lock in profits or cut losses. If you don’t act upon the contract before the expiry date, it simply expires. Here’s how to close your options trade on SoFi:
Log in to your account and select the order you want to close.
Select Trade and Close.
Select the number of contracts you want to close.
Review the order and execute your trade.
SoFi has one options trading level
SoFi currently only offers access to Level 2 trading strategies, which means you can buy calls and puts and sell to close positions.
SoFi’s Level 2 strategies
SoFi offers the following basic options strategies to investors approved for Level 2:
With a clear, straightforward interface and a dedicated educational hub, SoFi’s a great option for beginners interested in options trading.
While its limited trading levels may not be enough for advanced traders, for beginners, it’s essential to start with basic options trading strategies, such as buying calls or puts, which allow you to bet on the stock going up or down.
Consider starting with small trades to familiarize yourself with how options work and the risks involved. Just like any other investment, get educated and take the time to understand options trading.
SoFi’s options fees
SoFi doesn’t charge options commissions or contract fees, making it one of the most affordable platforms for options traders.
Fee type
Fee details
Commissions
$0
Contract fees
$0
Exercise and assignment fees
$5
Margin base rate
Options cannot be purchased on margin
Options Regulatory Fee per contract
$0.02685
OCC Clearing Fee per contract
$0.02 per options contract up to 2,750 contracts; $55 flat rate per trade for trades with over 2,750 contracts
No commissions or fees. SoFi charges no options commissions and no options contract fees, making it an attractive option for cost-conscious traders.
Simple user interface. SoFi’s streamlined and easy-to-use interface simplifies the trading and investing experience, making it easy for beginners to navigate and execute trades.
Mobile accessibility. SoFi’s platform is optimized for mobile use, making it convenient to trade on the go.
Cons
Limited advanced features. While SoFi is great for beginners, it lacks the advanced trading tools and features that more experienced options traders may look for, such as detailed technical analysis, charting tools and research.
No Level 1, 3 or 4 options strategies. Only Level 2 strategies are available with SoFi. SoFi says Level 1 capabilities will be automatically added as soon as they are available.
No paper trading. Unlike some other platforms, SoFi doesn’t offer a paper trading feature, which would allow new traders to practice options trading strategies without risking real money.
Trade options, futures, options on futures, stocks, ETFs
$0 commission to close options
Pro-grade platform and risk analysis tools
Paid non-client promotion. Finder does not invest money with providers on this page. If a brand is a referral partner, we're paid when you click or tap through to, open an account with or provide your contact information to the provider. Partnerships are not a recommendation for you to invest with any one company. Learn more about how we make money.
Finder is not an advisor 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.
What is the minimum deposit for SoFi options trading?
SoFi has no minimum deposit requirements. However, since margin trading for options is unavailable, SoFi requires that options contracts be fully paid for.
Why can’t I trade options on SoFi?
SoFi must approve your account for you to enable options trading. If you cannot trade options on SoFi and your investor profile is current, it’s likely because you’re ineligible for options trading.
Matt Miczulski is an investments editor at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions.
Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University. See full bio
Matt's expertise
Matt has written 207 Finder guides across topics including:
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.