How to Trade Options on SoFi®: A Beginner’s Guide

With no-fee commissions 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.

1. Open and fund a SoFi account.
2. Enable options trading in your account.
3. Select and trade options.
4. Closing options trades.

Step 1. Open and fund a SoFi account

SoFi’s account opening process is straightforward and only takes a few minutes. Follow these steps to sign up:

• Go to SoFi’s website or app and select Get Started, or select the Go to site button below.
• Provide your email, password, name, phone number, date of birth, address, citizenship status and Social Security number.
• Select the Invest icon at the bottom of the page once you’re logged in.
• Choose Active brokerage (Self-directed) from the list of account types.
• Answer a few questions about investing and provide details about your employment.
• Review SoFi’s agreements and fund your account.

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SoFi Invest® - Active and Automated Investing

Zero-commission stocks, ETFs and options, with no options per-contract fees. Plus, a 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

Partner terms and conditions

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.

Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org).

There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a
taxable event.

Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options

Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser.

Utilizing a margin loan is generally considered more appropriate for experienced investors as there are additional costs and risks associated. It is possible to lose more than your initial investment when using margin. Please see https://www.sofi.com/wealth/assets/documents/brokerage-margin-disclosure-statement.pdf for detailed disclosure information

Probability of Member receiving $1,000 is a probability of 0.028%

Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.

Robo Advisor:
Automated investing is offered through SoFi Wealth LLC, an SEC-registered investment adviser.
0.25% fee is based on your account value. The wrap program fee may cost more or less than purchasing brokerage, custodial, and recordkeeping services separately.

Step 2. Enable options trading in your account

Approval is required to trade options on SoFi. To enable options trading:

1. 1. Log in to your SoFi Invest account and select your brokerage account.

1. 1. Select the gear icon and then choose Options trading.

1. 1. Select Trade options to apply.

1. 1. Answer the necessary qualifying questions and provide information about your options trading experience.
   2. 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:

1. 1. 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.
   2. Select Trade and then Options to enter the options chain.

1. 1. Browse by expiration date to find a suitable contract.

1. 1. 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.

1. 1. Enter the number of contracts, choose market order or enter a limit price.

1. 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:

1. Log in to your account and select the order you want to close.
2. Select Trade and Close.
3. Select the number of contracts you want to close.
4. 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:

• Buy calls
• Buy puts

Related: Learn more about the different options strategies

How to trade options on SoFi for beginners

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
Trading Activity Fee	$0.00279 per contract

Pros and cons of trading options on SoFi

SoFi’s user-friendly trading platform simplifies the options trading experience, but it has some downsides, too.

Pros

• 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.

Compare SoFi to other options trading platforms

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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.

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Frequently asked questions

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.