SoFi Invest® review 2024: Simple investing, no-fee CFP access
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- Stock trade fee
- $0
- Minimum deposit
- $0
Our verdict
Diversify with stocks, options, ETFs, mutual funds and alternative asset funds on SoFi®’s beginner-friendly platform. Plus, no-fee automated investing and financial advice.
SoFi Invest's all-in-one financial services platform offers customers self-directed and automated investing options and complimentary financial planning services, in addition to a variety of banking, lending and insurance products. Stock, option and ETF trades are no-fee commissions, with no options contract fees. Meanwhile, there's no minimum deposit requirement and no annual fee. SoFi Invest's the only broker we review that offers complimentary access to financial planning services, and its growing list of alternative investment funds lets customers diversify into alternatives. Like other beginner-friendly trading platforms, SoFi Invest doesn't offer advanced trading tools like advanced charts or research reports.
Best for: Beginners; Hands-off investors of any experience level; Individuals who want to invest, bank and borrow from a single platform.
Pros
-
No-fee commissions stock, option and ETF trades, with no options contract fees
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Earn a 1% match on all your SoFi IRA ACH contributions, or your 401(k) rollover of $20,000 or more
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Alternative investment funds
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Robo-advisor and financial planning sessions
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Fractional share trading
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IPO access
Cons
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No cryptocurrency
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No advanced charts and limited research tools
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No tax-loss harvesting for automated investing
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Low interest rate on uninvested cash
SoFi Invest at a glance
| Feature | Rating | Details |
|---|---|---|
| Investment options | ★★★★★ |
|
| Trading costs | ★★★★★ | Zero commission stock, option and ETF trades, with competitive margin rates and no options contract fees. |
| Account fees | ★★★★★ | No annual fee, but a $25 fee applies for every 6 months of login inactivity. |
| Account types and minimums | ★★★★★ |
|
| Trading platforms and technology | ★★★★★ |
|
| Features and amenities | ★★★★★ |
|
| Customer support | ★★★★★ | Contact SoFi customer support by live chat, email and phone support, but only during regular business hours. |
| Mobile app | ★★★★★ | Google Play app reviews: 3.9/5 stars based on over 34,075 reviews Apple App Store app reviews: 4.8/5 stars based on over 343,360 reviews |
| Cash sweep rates | ★★★★★ | Low 0.02% APY on uninvested cash but no minimum balance requirements. |
To learn how our star ratings are calculated, read our methodology.
SoFi Invest is great for beginners
SoFi Invest is designed with beginners and passive investors in mind, providing complimentary financial advice coupled with low-cost, 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 no-advisory-fee robo-advisor and get financial and investment advice from SoFi’s team of certified financial planners at no additional cost.
Latest SoFi Invest updates
May 28, 2024: SoFi relaunched its 1% IRA match on all contributions via ACH.
May 14, 2024: SoFi announced a partnership with Templum, a fintech company that provides access to alternative assets, to increase customers’ access to alternative investments.
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)
What we like about SoFi Invest
SoFi Invest offers several standout features, including low trading costs, IPO investing, access to alternative assets and complimentary access to human and robo advisory services.Invest with fewer trading costs
Trade stocks, options and exchange-traded funds (ETFs) no-fee commissions with SoFi Invest. What’s more, SoFi’s one of just a handful of brokers we review that doesn’t charge per-contract fees for options. Many brokers charge 65 cents on each side to open and close an options contract.
Complimentary access to advisory services
Hands-off investors will appreciate SoFi’s complimentary robo-advisor, while all investors can benefit from its complimentary access to its team of certified financial planners. Schedule time with a SoFi financial planner and discuss any financial issue, from budgeting to saving for a house to investing — a service that can cost hundreds to several thousand dollars, at no additional cost.
SoFi’s also expanding its educational content with an upcoming financial literacy educational guide as part of its new philanthropic Generational Wealth Fund initiative. SoFi’s donating $1 million to help spread financial literacy and $500K to birthFUND to cover maternal healthcare costs for families in need.(2)(3)
Participate in IPOs
SoFi’s also one of just a handful of brokers we review that offers access to initial public offerings (IPOs) before they trade on exchanges. Not every IPO is available on SoFi – only those in which SoFi is an underwriter make it on the platform. Still, previous IPOs include Instacart and Reddit.
Diversify with alternative assets
SoFi’s launch of alternative asset funds means customers can now diversify their portfolios beyond traditional investments like stocks, options, ETFs and mutual funds. Trade interval funds that include commodities, private credit, real estate and more in your brokerage account or IRA. Available funds include:
- ARK Invest, ARK Venture Fund
- Carlyle, Carlyle Tactical Private Credit Fund
- KKR, KKR Credit Opportunities Portfolio
- Clarion Partners, Clarion Partners Real Estate Income Fund
- Franklin Templeton, Franklin BSP Private Credit Fund
Beginner-friendly investing platform
Between its user-friendly interface, educational resources and no-fee commissions trading, SoFi Invest is among the most beginner-friendly platforms out there.
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
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.
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 no-advisory-fee 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. Its cash sweep rate at 0.02% APY is also low.
SoFi Active Investing fees
| Type of fee | Fee details |
|---|---|
| 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 | 11.0% |
| 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. SoFi’s now the official banking partner of the NBA. 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.
In terms of security, 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.
SoFi reviews and customer experience
While there are no customer reviews across the Better Business Bureau (BBB) and Trustpilot that specifically call out SoFi Invest, SoFi as a whole has mostly positive reviews. It’s not accredited by the BBB, meaning that they don’t meet, commit to and maintain the BBB’s accreditation standards, but it does hold an A+ rating. SoFi earns 1.51 out of five stars based on over 300 reviews. However, it earns a 4.5 out of five stars based on over 8,600 reviews on Trustpilot as of August 2024.
Many reviews across both sites praise SoFi’s reliability, ease of use and customer service. However, some negative reviews mention issues with account access, loan processing times and occasional technical glitches.
Compare SoFi to other platforms
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Frequently asked questions
Can you trade crypto on SoFi?
No, you can no longer trade crypto on SoFi as of December 19, 2023.
How much should I start investing in SoFi?
The amount you should start investing depends on your unique financial situation and investment objectives. With fractional shares, SoFi lets you invest in stocks and ETFs with as little as $5.
Can you trade options with SoFi?
Yes, you can buy calls and puts on SoFi Invest.
Does SoFi offer other financial products?
Yes, SoFi offers a number of financial products to its customers, including SoFi personal loans, SoFi checking and savings accounts, mortgages and more.
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.
Your reviews
Matt Finder
Editor, Investments
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