SoFi Trading Platform Review 2024: SoFi is an online financial services company that offers investing, lending, banking, and more. SoFi Invest is SoFi’s commission-free trading platform for stocks and ETFs. This review will cover the key features, fees, account options, and pros and cons of SoFi Invest for trading and investing.
SoFi Invest (Trading Platform) – OverViews
| SoFi | Details |
|---|---|
| Year Founded | 2011 |
| Headquarters | San Francisco, CA |
| Trading Since | 2017 |
| Account Minimum | $0 |
| Tradeable Assets | Stocks, ETFs, Options |
| Commissions | $0 stock and ETF trades |
| Platforms | Web, iOS, and Android apps |
| Account Types | Individual, joint, retirement |
| Funding Methods | ACH, wire, check, payroll |
| Withdrawal Methods | ACH, wire transfer |
| Tools & Research | Analyst ratings, projections, news |
| Education | Articles, videos, live events |
| Security | 256-bit SSL, SIPC insured |
| Customer Service | Phone, email, social, chat |
What is SoFi Invest? SoFi Investing Review
SoFi Invest is an online investing platform that lets you buy and sell stocks and exchange-traded funds (ETFs). SoFi Invest offers $0 commissions on all stock and ETF trades. This means you pay no trading fees.
Opening a SoFi Invest account is free and easy. You can fund your account by linking a bank account. Then you can deposit or withdraw money at any time.
The SoFi Invest website and mobile app are designed to be simple for beginners. You can buy fractional shares of stocks and ETFs. This lets you invest small amounts of money into big companies.
SoFi Invest has tools to help you learn about investing. There are articles, videos, and live events. SoFi members also share investing tips in the community.
Customer service is available by phone, email, chat, and social media. SoFi aims to respond quickly if you need help.
SoFi Invest is best for new investors who want an easy, low-cost way to buy stocks and funds. The $0 commissions allow you to trade small amounts affordably. SoFi Invest makes investing simple for beginners.
Overall, SoFi Invest stands out for its user-friendly platform, $0 fees, and great educational resources. It’s a great choice for starting in the stock market.
SoFi Trading Platform Login (SoFi Invest)
To get started trading with SoFi Invest, you’ll first need to create an account. The account opening process is simple:
- Provide your name, email, password, and some basic personal information.
- Link your bank account to fund your trading account.
- Review and accept SoFi’s customer agreements.
Once your account is open, you can log in at SoFi.com or on the SoFi Invest mobile app with your email and password. Enabling two-factor authentication adds an extra layer of login security.
The login process is smooth and secure for accessing your SoFi Invest trading platform.
SoFi Trading Platform Fees
One of the biggest advantages of SoFi Invest is the lack of commissions. SoFi offers unlimited $0 stock and ETF trades. There are no commissions, platform fees, or account minimums.
While stock and ETF trades have no transaction fees, there are some other fees to know:
- SEC fee – $0.021 per $10,000 of sales proceeds for equity and ETF sales.
Options contracts – $0.50 per contract.
Broker-assisted trades – $25 per trade for broker-assisted trades.
American depository receipts (ADRs) – $15 fee per transaction for trading international stocks.
Compared to other brokers, SoFi Invest offers exceptionally low trading fees overall. No commissions and no minimums make SoFi accessible for new investors.
How to Withdraw Money from SoFi Brokerage Account?
Withdrawing your cash from SoFi Invest is easy through ACH transfer or wire transfer. Follow these steps:
- Log into your SoFi Invest account at www.sofi.com,
- Go to Transfers > Withdraw Funds.
- Select your account type and banking details. Confirm the details match your external account.
- Enter the withdrawal amount. The minimum is $5.
- Review and submit the withdrawal request.
- SoFi withdrawals over $10,000 require additional verification. ACH withdrawals take 2-4 business days.
- Wire transfers are processed by the next business day. Understand SoFi’s withdrawal limits before requesting a large transfer.
How to Add Money to a SoFi Brokerage Account?
You have a few convenient options to fund your SoFi Invest account:
ACH transfer – Link a bank account and transfer money in 2-4 business days. No fee.
Wire transfer – Request an incoming wire transfer from your bank for a $10 processing fee.
Direct deposit – Set up an automatic recurring direct deposit from your paycheck.
Payroll deduction – Invest part of your paycheck automatically if your employer offers this.
Mobile check deposit – Deposit a physical check into your SoFi account remotely by scanning it in the SoFi app.
Adding funds takes just a few clicks so you can start trading stocks and ETFs commission-free.
SoFi Brokerage Fees
SoFi Invest stands out for its straightforward fee structure with zero trading commissions:
- $0 stock trades, ETF trades
- No account minimums or inactivity fees
- Margin trading not currently available
- SEC fee of $0.021 per $10,000 of sales proceeds
- Options contract fee of $0.50 per contract
- Broker-assisted trade fee of $25
- ADR fee of $15 per trade
With no hidden fees, SoFi Invest makes stock and ETF investing affordable even for beginners. Overall, SoFi offers very competitive pricing for traders and investors.
How to Buy Stock on SoFi Brokerage Account?
Buying stocks on the SoFi Invest platform is easy:
- Search for the stock you want or browse stocks by categories and collections.
- Click the stock name to view its quote page.
- Enter the number of shares you want to buy.
- Click Trade, review your order details, and click Submit Order.
- Choose the specific dollar amount to fund your buy order.
- That’s it! SoFi will place a market order to buy the shares and you’ll see them in your account once the order is filled. You can trade commission-free in just minutes.
How to Sell Stock on a SoFi Brokerage Account?
Selling stock positions on SoFi is just as streamlined:
- Find the stock you want to sell in your SoFi account.
- Select Sell on the stock menu.
- Enter the quantity to sell.
- Review and submit your sell order.
- Choose the specific shares to sell if you own multiple lots.
SoFi will immediately place a market order to close your position. Selling is commission-free and the cash proceeds will show in your SoFi Invest account once the order fills.
SoFi Brokerage Account
SoFi Invest offers the following account types:
Individual taxable accounts – standard investing accounts for individuals to buy stocks, funds, and ETFs.
Traditional, Roth, SEP IRAs – tax-advantaged retirement savings accounts.
Joint accounts – shared accounts for two people to invest together.
Trust accounts – accounts managed by trustees on behalf of a trust.
Custodial accounts – accounts opened by parents/guardians for minors.
SoFi accounts have no minimum balance requirements or inactivity fees. Margin trading and short selling are currently unavailable.
SoFi Invest Customer Service
SoFi clients can contact customer support by:
Chat with Invest Support
(855) 525-SOFI (7634)
Call the brokerage line at 855-525-7634. Phone support is available from 8am – 8pm on weekdays.
Address:
Apex Clearing Corporation c/o Banking
350 N St Paul Street
Ste 1300
Dallas, TX 75201
Please include your SoFi Invest account number in the memo line, as checks without your account number cannot be processed.
More Contact Details @ https://www.sofi.com/contact-us/