SoFi Invest Review 2023

  • 9.4

SoFi Invest review summary

SoFi Invest is a discount US stockbroker regulated by the top-tier SEC and FINRA. SoFi Invest offers commission-free US stock and ETF trading without withdrawal or inactivity fees. The account opening process is seamless, fully digital and really fast. Customer support gives relevant and quick answers. It is a good choice for beginner investors. On the down side, SoFi Invest is available only for US residents. The product portfolio is limited, covering only stocks, ETFs and cryptocurrencies. Research tools are very basic. BrokerChooser gave SoFi Invest a 4.7/5 rating based on analyzing 500+ criteria and testing via opening a live account.

SoFi Invest is a regulated broker, it is overseen by a top-tier financial regulator in the USA . SoFi Invest is also covered by investor protection and it offers negative balance protection in selected jurisdictions. We at BrokerChooser always test brokers with real money, including the withdrawal process.

You can't open an account at SoFi Invest if you live in Pakistan. See the best alternative available in your country.

SoFi Invest pros and cons

ProsCons
Free stocks and ETFs Available only for US clients
Fast and fully digital account openingLimited product portfolio
Great customer supportBasic research tools

SoFi Invest main highlights

 

🗺️ Country of regulationUSA
💰 Trading fees classLow
💰 Inactivity fee chargedNo
💰 Withdrawal fee amount$0
💰 Minimum deposit$0
🕖 Time to open an account1 day
🎮 Demo account providedNo
🛍️ Products offeredStock, ETF, Crypto

To read much more details about the broker’s services and features, expand on the sections below.

 

Our overall Trade NationBrokers rating
  • 9.4

  • Fees
    10
  • Account opening
    8.4
  • Deposit and withdrawal
    4.4
  • Web Trading platform
    6.4
  • Mobile trading platform
    9
  • Markets and products
    4.4
  • Research
    4
  • Customer service
    7
  • Education
    3
Trade Nation review

Fees

SoFi Invest has low trading and non-trading fees. It offers commission-free trades for US stocks and ETFs, and no fee is charged for inactivity or withdrawals.

Pros

Cons

Free stocks and ETFsNone
No withdrawal fee
No inactivity fee 
SoFi Invest fees snapshot
AssetsFee levelFee terms
US stockLow$0 per trade
EURUSDNot available
Mutual fundNot available
Inactivity feeLowNo inactivity fee

How we ranked fees

We ranked SoFi Invest’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let’s go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of SoFi Invest for each asset class. For example, in the case of stock investing the most important fees are commissions.

We also compared SoFi Invest’s fees with those of two similar brokers we selected, Robinhood and Fidelity. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of SoFi Invest alternatives.

To have a clear overview of SoFi Invest, let’s start with the trading fees.

SoFi Invest trading fees

SoFi Invest has low stock and ETF fees, while its crypto fees are OK.

Stock fees and ETF fees

SoFi Invest charges no commission for stock and ETF trading.

 

SoFi Invest stock and ETF commission of a $2,000 trade

 SoFi InvestAlpaca TradingRobinhood
US stock$0.0 $0.0 $0.0
UK stock
German stock

Crypto fees

SoFi Invest has okay cryptocurrency fees. It charges a 1.25% mark-up, which is higher than rival Robinhood’s 0.00% mark-up.

Non-trading fees

SoFi Invest has low non-trading fees. It doesn’t charge an inactivity fee or ACH withdrawal fees. If you use a wire transfer for withdrawal, however, SoFi Invest charges $25.

SoFi Invest non-trading fees​

 SoFi InvestAlpaca TradingRobinhood
Account fee

No

No No
Inactivity feeNoNoNo
Deposit fee$0$0$0
Withdrawal fee$0$0$0
SoFi Invest review

Account opening

Account opening at SoFi Invest is seamless and fully digital; our account was opened within a day. On the flip side, only US clients can open an account.

ProsCons
Fast Only US clients
Fully digital 
No minimum deposit 

Only US citizens and green card holders can open an active investing account at SoFi Invest. In the case of robo-advisory accounts, visa holders are also considered.

What is the minimum deposit at SoFi Invest?

There is no required minimum deposit for SoFi Invest accounts. This is ideal if you plan to invest smaller amounts only.

Account types

There are basically two main service types you can choose from:

  • SoFi Invest active investing – a self-directed investment account where you can trade stocks and ETFs on your own.
  • SoFi Invest automated investing – a robo-advisory-based service where SoFi Invest handles your investments.

In this review, we tested the SoFi Invest active investing account. Within the SoFi Invest active investing category, you can also select tax-advantaged IRA accounts (Traditional IRA, Roth IRA, SEP IRA). Corporate accounts are not available.

How to open your account

The account opening process is user-friendly, fully digital and fast. The online application process takes roughly 20 minutes, and it took 1 business day for our account to be verified.

You need to go through the following steps to open a SoFi Invest account:

  1. Register a SoFi account by entering your name, email address and a password
  2. Acknowledge terms and conditions
  3. Choose between the self-directed and robo-advisory account types
  4. Fill in personal information, like your address, phone number and employment status
  5. Provide your residency, Social Security Number or other ID details as prompted
  6. Review your information plus add financial data and preferences
  7. Choose your funding method

SoFi Invest review – Account opening

Our best alternatives to SoFi Invest are:

The highest ranking competitors are:

  1. Alpaca Trading full review
  2. Robinhood full review
  3. moomoo full review
  4. Webull full review
SoFi Invest review

Deposit and withdrawal

SoFi Invest offers user-friendly and mostly free deposit and withdrawal options. However, you can use only bank transfers, while wire transfer withdrawals incur a high fee.

Pros Cons
Free withdrawal Credit/Debit card not available
No deposit fee High fee for wire withdrawals
User-friendly

Account base currencies

At SoFi Invest, the only available base currency is USD.

Base currencies at SoFi Invest vs similar brokers
 SoFi InvestAlpaca TradingRobinhood
Number of base currencies 1 1 1

If you have a personal bank account in a currency other than USD, then you will be charged a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

 

Deposit fees and options

SoFi Invest charges no deposit fees. US clients can use checks, ACH and wire transfers to fund their accounts.

A SoFi Invest deposit feature that we thought was great was automatic funding. Once you initiate a bank transfer deposit, SoFi Invest instantly credits your account with this amount (up to $5,000), even though it has not yet come through from your bank account (a process that can normally take two business days). In effect, SoFi Invest is fronting the money for you, which we thought was great for instant trading. This feature compensates for the fact that deposit via credit/debit cards and electronic wallets — which is normally executed instantly — is not possible at SoFi Invest.

SoFi Invest deposit options
 SoFi InvestAlpaca TradingRobinhood
Bank transferYesYesYes
Credit/debit cardNoNoNo
Electronic walletsNoNoNo

We tested ACH transfer for deposit and it took 2 business days. You can only deposit money from accounts that have been previously linked to your brokerage account, and which are in your name.

SoFi Invest review – Deposit and withdrawal – Deposit

SoFi Invest withdrawal fees and options

SoFi Invest charges no fees for ACH withdrawal. Wire transfers, on the other hand, cost $25 per withdrawal.

SoFi Invest withdrawal fees and options
 Interactive BrokersSaxo BankDEGIRO
Bank transferYesYesYes
Credit/debit cardNoNoNo
Electronic walletsNoNoNo
Withdrawal fee$0$0$0

How long does it take to withdraw money from SoFi Invest? We tested the ACH bank transfer and it took 2 business days.

You can only withdraw money to accounts that are in your name.

How do you withdraw money from SoFi Invest? You can withdraw money from SoFi Invest by selecting ‘Withdraw Money’ under the ‘Settings’ menu.

SoFi Invest review

Web trading platform

SoFi Invest offers a user-friendly web trading platform with a neat design. However, it lacks customizability, unique price alerts, and many common order types.

Pros

Cons

User-friendly Limited customizability (for charts, workspace)
Two-step (safer) login Limited order types
Modern design No unique price alerts
SoFi Invest platforms to choose from​
Trading platformScoreAvailable
Web
3.2
Yes
Mobile
4.5
Yes
Desktop

No

SoFi Invest offers a web trading platform developed in-house. It is available only in English.

Look and feel

The SoFi Invest web trading platform is user-friendly and has a neat design, tailored mainly to the needs of investors rather than traders. It has few customization options, and lacks handy search tools.

SoFi Invest review – Web trading platform

Login and security

SoFi Invest offers two-step login. You can turn it on in the ‘My profile’ menu under ‘Account settings’.

Search functions

The web platform’s search functions are OK. We missed the screener function, and it is somewhat hard to carry out detailed searches. As a plus, it is easy to put assets on a watchlist.

SoFi Invest review – Web trading platform – Search

Placing orders

SoFi Invest offers only market and limit orders. It lacks other basic order types such as stop or stop limit. It doesn’t offer order time limits either.

If you are not familiar with the basic order types, read this overview.

SoFi Invest review – Web trading platform – Order panel

Alerts and notifications

You can choose from only a few pre-set alerts, like a notification when the price of a stock or ETF on your watchlist reaches a 52-week high or low. We missed unique and customizable alerts, like being notified when an asset reaches a certain price level.

You can turn on pre-set alerts in the ‘My profile’ menu under ‘Push Notification Preferences’.

Portfolio and fee reports

SoFi Invest offers a clear portfolio report. You shouldn’t expect much in the way of a fee report, as SoFi Invest rarely charges any fees.

SoFi Invest review

Mobile trading platform

The SoFi Invest mobile platform is great; it is well-designed and user-friendly. However, only a few order types are available, and there are no unique price alerts.

Pros

Cons

User-friendly Limited order types
Two-step (safer) login No unique price alerts
Modern design 

The SoFi Invest mobile trading platform is available on both iOS and Android devices. We tested it on iOS.

The SoFi Invest mobile platform has the same design and the same functions as the web trading platform. For mobile trading platforms, our scoring algorithm assigns a higher weight to the app’s simplicity and ease-of-use than it does in the case of web trading platforms. This is the main reason why the SoFi Invest mobile trading platform has a higher score than the web trading platform.

In another plus, the SoFi Invest mobile trading platform also offers biometric authentication on compatible devices.

SoFi Invest review – Mobile trading platform

SoFi Invest review

Desktop trading platform

SoFi Invest does not offer a desktop trading platform.

SoFi Invest review

Markets and products

SoFi Invest has a limited product portfolio comprising US stocks and ETFs as well as a few cryptocurrencies. You can’t trade funds, bonds, forex, options or futures.

SoFi Invest asset classes​
 SoFi InvestAlpaca TradingRobinhood
StocksYesYesYes
ETFsYesYesYes
ForexNoNoNo
FundsNoNoNo
BondsNoNoNo
OptionsNoNoYes
FuturesNoNoNo
CFDsNoNoNo
CryptoYesYesYes

Stock and ETFSoFi Invest has average stock and ETF selections. You can also trade 3 cryptocurrencies: Bitcoin, Litecoin, and Ethereum. 

SoFi Invest gives you access only to the US market. You can trade stocks on the NYSE, NASDAQ and AMEX exchanges. Compared with its immediate competitors, this market selection is roughly on par with Robinhood’s, but lags behind that of Fidelity, which also grants access to international stock exchanges.

SoFi Invest stock and ETF selection

 
 SoFi InvestAlpaca TradingRobinhood
Stock markets (#) 3 5 5
ETFs (#) 2,300 2,300 2,300

SoFi Automated InvestingYou can’t trade low-priced stocks (“penny stocks”) and OTC products at SoFi Invest. We liked the “Stock Bits” feature, though, which allows you to buy fractional shares. It’s great for investors looking to invest only smaller amounts at a time.

SoFi Invest crypto selection
 SoFi InvestAlpaca TradingRobinhood
Cryptos (#) 30 34 19

Besides SoFi Invest active investing, you can use SoFi Automated Investing, a robo-advisory service. This is a great option if you need help managing your investments.

To get started, first you have to answer a few questions and select your risk preference. SoFi Invest then assembles a portfolio and rebalances it automatically when needed.

There is no annual management fee for SoFi Invest’s robo-advisory service. This is a plus, as most robo-advisors charge an annual management fee of about 0.20-0.50% of assets.

SoFi Invest review – Automated Investing

SoFi Invest review

Research

Research tools at SoFi Invest are very limited, lacking analyst recommendations, detailed fundamental data and sophisticated charting tools.

Pros

Cons

User-friendly Limited interactive charting
  Limited fundamental data

Trading ideas

SoFi Invest does not provide professional trading ideas. You can view the most heavily traded stocks by other SoFi investors for a given day, but we missed professional recommendations by third-party providers. There is another recommendation bar that shows trending stocks and ETFs by sector.

Fundamental data

SoFi Invest provides very little fundamental data. For stocks, SoFi Invest gives a short summary of the company, its history, and the geographical markets and product or service lines it is active in. It also provides current indicators like Market Cap and Price to Market Cap. However, it is lacking more in-depth data.

Charting

SoFi Invest has limited charting tools. There are no technical indicators or more sophisticated charting tools like a trendline editor. 

SoFi Invest review – Research – Charting

News feed

The news feed consists only of links to third-party websites. There are no archive feeds or visual elements like charts or tables. 

SoFi Invest review

Customer service

SoFi Invest’s customer service is great, as it gives fast and relevant answers. On the flip side, there is no 24/7 service.

Pros

Cons

  Live chat No 24/7 support
Fast response time  
Relevant answers 

You can contact SoFi Invest via:

  • live chat
  • telephone

SoFi Invest has a fast live chat. The relevancy of the answers was satisfactory.

SoFi Invest’s telephone support gave relevant and helpful answers. The speed was OK as we had to wait about a minute before someone was connected. However, we missed 24/7 availability. Furthermore, you can’t connect them via live chat until your account is validated. 

It’s also a nice feature that you can email the CEO’s office. We emailed the CEO and got both a phone call and an email response from the CEO’s office.

SoFi Invest review – Customer Service

SoFi Invest review

Education

SoFi Invest offers some educational content on its learning centre, blog and YouTube channel, but there are no demo accounts, platform tutorials or webinars.

Pros

Cons

Articles on SoFi blog No demo account
  No trading platform tutorial videos
  No webinars

At SoFi Invest, you can learn with the help of educational articles available on the SoFi blog, but these are not very well structured. SoFi Invest has a learning centre, where various questions about investing, jargon, and assets are explained. It also has an extensive FAQ section spelling out the basics of investing, and information on SoFi Invest products, however, it is hard to search and is not well structured. 

The YouTube channel is separate from the SoFi website, and it can be hard to locate if you want easy access to educational content.

SoFi Invest review – Education

SoFi Invest review

Safety

SoFi Invest is regulated by top-tier financial authorities and comes with a high investor protection amount. On the negative side, it doesn’t hold a banking license.

Pros Cons
Majority of clients belong to a top-tier financial authority Does not hold a banking license
High level of investor protection
Listed on stock exchange

Is SoFi Invest regulated? Yes, it is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Is SoFi Invest safe? To be certain, it is best to check two things: how you are protected if something goes wrong and what the background of the broker is.

How you are protected

This is important for you because the investor protection amount and the regulator differ from entity to entity. With SoFi Invest this is not an issue, as all customers belong to SoFi Securities LLC and are covered by the US SIPC investor protection scheme. The SIPC investor protection scheme protects against the loss of cash and securities in case the broker goes bust. The limit of SIPC protection is $500,000, which includes a $250,000 limit for cash. This amount is substantially higher than what most other investor protection schemes provide.

Not all investments are protected by SIPC, though. In general, SIPC covers notes, stocks, bonds, mutual funds and other investment company shares, and other registered securities. It does not cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, currency, and interests in gold, silver, or other commodity futures contracts or commodity options.

Background

SoFi was established in 2011, while the SoFi Invest branch was founded in 2018. The longer the track record of a broker, the more proof we have that it has successfully survived previous financial crises.

Among the few negatives, publicly available financial information about SoFi Invest is quite limited compared to other brokers.

However, being a US-regulated broker and offering a high amount of investor protection are still all great signs for SoFi Invest’s safety.

SoFi Invest review

Bottom line

SoFi Invest’s fees are great. You can trade stocks and ETFs listed on major US markets for free. Account opening is easy, fully digital and fast. Customer service responds quickly and gives relevant answers.

SoFi Invest has some drawbacks though. It is available only for US clients. Its product portfolio is fairly limited, covering only US stocks, ETFs, and a few cryptocurrencies. Lastly, research tools are very basic.

As the account opening process is seamless and SoFi Invest offers commission-free stock and ETF trades, you should feel free to try it.

SoFi Invest review

FAQ

We recommend SoFi Invest for beginners and investors looking for zero-commission trading, focusing on the us market.

Below you can find links to all aspects of SoFi Invest in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our SoFi Invest fees article.

What about the minimum deposit?

Our ultimate guide to the SoFi Invest minimum deposit is updated regularly.

How to start your SoFi Invest account?

Look no further than our evaluation of the SoFi Invest account opening.

How’s their trading app?

Here’s our expert view after checking the SoFi Invest trading app.

Is the quality of customer service satisfactory?

All you need to know about the SoFi Invest customer service.

Legit or scam?

Is SoFi Invest legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether SoFi Invest is really free.

Is this broker good for beginners?

We checked it in Is SoFi Invest good for beginners.

Should you buy your silver bullets on SoFi Invest?

Research for silver bugs in the Silver buy on SoFi Invest guide

I want to trade options, are they available at SoFi Invest?

We explored the topic in Can you trade options on SoFi Invest?

What is the minimum account balance at SoFi Invest?

Check out the current account balance requirements at SoFi Invest in our What is the minimum account balance at SoFi Invest article.

Looking for commission and fees data for SoFi Invest?

We collected them in SoFi Invest commission and fees.

How do you withdraw money from SoFi Invest?

We tested it and collected the options and costs in How to withdraw money on SoFi Invest.

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