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  • Frequently asked questions
  • Your reviews
  • Ask a question
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SoFi Invest®
4.1
★★★★★
Finder score
Stock trade fee
$0
Minimum deposit
$0
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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. 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, with no options contract fees
  • Access alternative investments through a growing list of interval funds
  • Robo-advisor and CFP planning sessions at no additional cost
  • Fractional share trading
  • IPO access

Cons

  • No cryptocurrency
  • Low interest rate on uninvested cash
  • No automatic tax optimization strategy for automated investing
  • No advanced charts and limited research tools
  • $25 inactivity fee

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
  • Ask a question

How we rate SoFi Invest‘s features

Investment options

★★★★★

  • Stocks
  • Options
  • ETFs
  • Mutual funds
  • Interval funds
  • IPO access
Trading platforms and technology

★★★★★

  • Mobile and web-based trading platforms
  • Price alerts, watchlists, market news, basic charts, company statistics and trending stock lists, but no analyst ratings, price targets or research
Trading costs

★★★★★

  • Zero commission stock, option and ETF trades
  • No options contract fees
  • Competitive margin rates
Account fees

★★★★★

  • No annual fee
  • $25 fee per account for every 6 months of login inactivity
  • $100 full outgoing account transfer fee
Customer support

★★★★★

  • Live chat and phone support, but no 24/7 support
Mobile app rating and security

★★★★★

  • 2FA and biometrics capabilities
  • Highly rated among Apple and Android users
Features and amenities

★★★★★

  • No-cost robo-advisor
  • No-cost access to financial advisors
  • Fractional share trading
  • Instant buying power
  • Extended hours trading
  • Offers educational articles and videos
Cash sweep rates

★★★★★

Offers a cash sweep program but rates of only 0.02% APY
Account types and minimums

★★★★★

  • Individual and joint brokerage accounts
  • Traditional, Roth, rollover and SEP IRAs

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
  • Alternative asset 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 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 rate8.50%
Account transfer fee$100
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 6 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 IRA

Our pick for IRAs:

  • 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.

Screen shot of SoFi app on smartphone

SoFi Invest app reviews

App storeRatingTotal reviews
Google Play 3.96 33,975
Apple Store 4.80 343,264

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 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

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SoFi Invest®

★★★★★

Finder rating 4.1 / 5

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Available asset types

Stocks, 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.

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Available asset types

Stocks, Options, ETFs, Cryptocurrency, Futures, Treasury Bills


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Complete signup bonus

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Finder rating 4.1 / 5

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Available asset types

Stocks, ETFs, Cryptocurrency, Art, Treasury Bills, Collectibles


Stock trade fee

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Minimum deposit

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

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.

Frequently asked questions

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Matt Finder

Editor, Investments

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