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SoFi Active Invest allows you to trade cryptocurrencies, stocks, options and ETFs. The app uses the SIPC protection scheme and offers up to $500,000 in insurance coverage. Through the mobile platform, traders can analyze stocks and track investments and grow their investment skills. The broker also provides you with a list of stock bit companies and lets you invest in those that align with your financial goals.Ā With SoFiās active investment, traders can draw strategies that fit their risk tolerance.
Summary: SoFi Active Investing offers fractional share investing, so you can buy your favorite stock, even if it comes with a high price tag.
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| HQ | 234 1st St, San Francisco, CA 94105 |
| Fees | No fees on ETF and Stock Trade, 1.25% mark up on Cryptocurrency |
| Minimum Deposit | $0 |
| Leverage | Not disclosed |
| Accounts | Taxable, Roth IRA, Traditional IRA, SEP IRA |
| Instruments | Cryptocurrency, Bonds, ETFs, Stocks, Options |
| Regulation | – Securities and Exchange Commission (SEC) – Financial Industry Regulatory Authority (FINRA) |
| Demo Account | Not available |
| Trading Platforms | Mobile App, Web Trading Platform |
Since its introduction into the broker industry, SoFi Active Investing aims to help investors trade freely on stocks, cryptocurrency, and Exchange Traded Funds (ETFs). Some of the cryptocurrencies include Ethereum and Bitcoin.
A 2021 survey reveals that 10% of Americans hold about $969,000 stocks in active investment. This number, although still low, has been on a sharp increase since 2009 as people have become more financially aware of active investing. SoFi has certified financial advisors that will walk you through the financial awareness journey and help you achieve your investment goals.
It also offers an easy-to-navigate digital platform that gives traders access to membership benefits and discounts.
Opening an account with SoFi Active Investing is simple and straightforward. You can start your application using the mobile app or desktop platform and Ooly green card holders or US residents can open an account. The sign-up process takes up to 20 minutes, and your account is verified within one day.
To get started, you can go here. You will need to:
SoFi also requires that you enter your social security number and financial data. The final step is to select a suitable account funding option.
SoFi Active Investing charges zero fees on ETF trading. You can buy and sell stocks and options with the broker without incurring any commission charges.Ā
When trading with cryptocurrencies, SoFi puts a 1.25% mark up, which is relatively low compared to other market leaders. Also, if your account is inactive, you will not incur any charges for inactivity.
You can use direct deposits such as ACH transfers and wire transfers to fund your account. Direct deposits are more secure, convenient, and save time. Here are the main ways to fund your account:
SoFi offers free deposits and withdrawals to members using bank transfers only. Those who use wire transfers may incur a higher fee of up to $25.
You can deposit or withdraw your funds in USD only. Members who use personal bank accounts operating in other currencies apart from USD are charged a conversion fee.
SoFiās trading platforms are simple and easy to navigate. Users can trade ETFs, options, cryptocurrencies, and stocks through the desktop site or the mobile app. SoFiās mobile app includes all the financial products that the broker offers.Ā
You can install the app on your Android or iOS phone by downloading it from Google Play Store Apple Store, respectively. The app has a biometric authentication system to help protect your account.
The digital platform has become a leader in the industry as it houses all your financial needs in one app. Members gain access to blogs, articles, and financial advice that guide them through trading wisely and increasing their earnings.
Members can also trade through SoFiās web trading platform, which offers a user-friendly experience.
SoFi Active Invest offers ETFs, US Stocks, and cryptocurrencies. Users cannot trade forex or mutual funds as the broker has not listed them yet. The following are the cryptocurrencies that SoFi members can trade:
SoFi has limited its trade to the US Market only. Members can buy and sell stocks on:
Members are unable to trade Over The Counter (OTC) products. However, SoFi offers a stock bits feature that allows members to purchase fractional shares.
SoFi Active Investing has user-friendly research tools but does not give trading ideas to members. However, users can check trending stocks that have been traded most on a particular day.
To view these trending stocks and ETFs, you need to click on the recommendation bar. The broker also reveals market indicators to its members. Some of the indicators include:
Although SoFi offers charting tools, they are limited compared to other brokers. The broker also briefs you about the stockās availability.
You can also visit the news feed sector and view third-party websites available at SoFi.
SoFi Active Invest offers a wide range of educational content to help you trade wisely. Unfortunately, SoFi Active Invest does not offer demo accounts or tutorials.
You can visit the SoFi Blog or You Channel to learn more about ETFs, Stocks, and Cryptocurrencies. SoFi also offers financial advisors to guide you through your investment journey.
SoFi Active Invest offers excellent and reliable customer support service. All your concerns are forwarded to relevant departments, and you will receive feedback in the shortest time.
You can use the telephone or the live chat option to reach the support staff. Although the broker does not offer 24/7 customer support, it offers you a chance to contact the office via email or phone call. The contact details are displayed on the digital platform.
Operation hours are as follows:
SoFi Active Investing is regulated and licensed by relevant US authorities in the respective States. The broker is regulated by :
When you sign up with SoFi, you become a SoFi Securities LLC member and enjoy investor protection.
The broker also covers you under the US SIPC protection package that protects your funds and securities up to $500,000. Some of the investments insured by SIPC include stocks, registered securities, notes, and mutual funds
SoFi Active Investing offers several attractive features to all investors. The broker helps you save more with no account minimum, and zero fees on ETF and stock trades.
The digital platform also makes it easier for investors to track their performance, interact with the online community and read educative blogs on investing smartly. Active investors also enjoy exclusive access to SoFiās member benefits such as discounts, events, and financial advice from certified professionals.
Another attractive feature is the ability to buy fractional shares. Additionally, SoFiās investor protection limit of up to $500,000 is high compared to other traders. If you plan to begin trading stocks, ETFs, or crypto, you need to consider opening an account with SoFi Active Investing.
