SoFi Invest Review

Donny Gamble
May 14, 2022
4.0
Personalincome rating

SoFi Invest works for both experienced and novice investors. This allows them to take on some necessary risks while remaining a safe and secure investment platform. SoFi also doesn’t incur a broker fee, making it stand out from other investment platforms.

SoFi logo
on SoFi's website
SoFi Invest
FEES
$0
per trade
account Minimum
$0
PROMOTION

$5 to $1,000 in free stock for users who sign up via mobile app

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The information provided on this page does not offer any personal financial advice or advocate the purchase or sale of any security or investment for any specific individual.

Pros & Cons

Like any company, SoFi won’t be perfect, but there are lots of good things included too. We’ve compiled a list of pros and cons for you to consider when deciding if SoFi is right for you.

Pros
  • No trading fees or commissions
  • Safe and secure platform
  • Automated investing option
  • Large trading community
Cons
  • Risks of losing money in the stock market
  • No tax-loss harvesting

Have you seen ads calling for investment in crypto and ETFs, but don’t understand what those words mean? Do you want to begin investing money, but aren’t sure how or why you should? 

If you can’t answer either of those questions, SoFi Invest will be right for you.  SoFi Invest provides a safe way to learn about what to invest in and how to do so.

SoFi Invest also helps you meet your financial goals by giving you a place to begin your investment journey.  This article will delve into a review of SoFi Invest so you can find out if SoFi is the investment company for you. 

About SoFi Invest

SoFi began as a finance company designed to help people make their money work for them. SoFi provides a way for people to begin saving, make a comprehensive plan to get out of debt, and increase their credit scores. 

Headed by Anthony Noto, a USMA graduate, SoFi is an investing platform that commits to putting its members’ interests first. 

They work alongside you to help hold you accountable for your financial goals. And they believe in running after problems to remedy them, instead of waiting for them to grow too big.

These values make SoFi's primary goal to help people take charge of their money. And helping them learn how to make those dollars work for them.

SoFi Invest was created as a tool to aid SoFi clients in investing properly and safely - and they’re here to help you too. 

Products

SoFi Invest exists as a product of the financial company SoFi. But this tool includes several products in itself to help you jumpstart your investment journey.

IPO Investing

IPOs, or initial public offerings, are offered when a privately owned company decides to “go public” for the first time. Or it begins to sell shares to the general public.

Selling shares helps a company raise capital. And it allows early shareholders to cash in on their investments.  SoFi will guide you and help you see what IPOs are worth investing in, as well as educate you on what IPOs mean. 

Retirement Account

SoFi Invest offers SEP, Roth, and Traditional IRAs to help you save your money for retirement. Goal setting, opportunities to diversify your portfolio, and free advice from a financial planner help you secure your future.

Active Investing

SoFi helps you become an investor all by yourself with their Active Investing product. They take a learn-by-doing approach as you buy and sell stocks with no commission.

And it helps you keep up on news and events in the financial world with the SoFi app. 

Automated Investing

SoFi’s automated investing allows you to invest without having to keep up with the news. SoFi’s top-rated robo advisor diversifies your portfolio. 

It does this by spreading your money across different investments to mitigate risk.

Crypto

SoFi Invest has up to 30 coins, including Bitcoin and Dogecoin, all available for you to buy and trade. SoFi also keeps your cryptocurrency safe from hackers and allows you to easily invest right from their app. 

You’re even able to buy and trade 24/7, holidays and weekends included. 

ETF's

ETFs allow you to invest over time. These are investment funds that include different stocks from different high-growth companies.

This makes for a safe, easy way to begin your investment journey without overwhelming risk.  SoFi has a range of curated ETFs for you to choose from, some of which have dividends distributed every weekend. 

Fractional Shares

Fractional shares mean you invest in part of a share, instead of paying lots of money for a company’s whole share. You can get started investing for as little as $5 with SoFi, and you’ll be able to invest in both company shares and ETFs.

Commission & Fees

SoFi Invest offers clients chances to invest without any commission fees. Most platforms incur a broker fee or charge. But investing with the SoFi app means you can buy and trade stocks whenever you want, at no extra cost. 

While there will not be any broker fees, SoFi does ask for a minimum amount to be invested in each product. ETFs can be opened with just $5, and active investing begins with just $1.

Below, we’ve put a list together of the money needed for each investment opportunity with SoFi. 

  • IPOs: Available at the corresponding price of each stock
  • Retirement Account: Depends upon your contribution to your IRA
  • Active Investing: Minimum of $5
  • Automated Investing: Minimum of $1
  • Crypto: Minimum of $10
  • ETFs: Minimum of $5
  • Fractional Shares: Minimum of $5

Who is SoFi Invest Best For?

SoFi Invest attracts both experienced and novice investors. Resulting in a range of knowledge and experience amongst the company’s users.

Novice investors have a chance to flex their financial muscles and begin learning about the different types of investments available to them. 

SoFi provides the safe and secure platform needed to keep new investors safe. While still allowing them to experience some of the necessary risks. 

Experienced investors can invest in many kinds of investment funds. They’re able to buy, trade, and sell stock without the stockbroker's fee many other platforms charges. 

Like novice investors, experienced investors can learn more about the available investment types. They can feel confident in the safety and security of the SoFi investment platform

Compare to Other Brokers

Robinhood logo
TRADING FEES
$0
MINIMUM DEPOSIT
$0
PROMOTION
1 share of free stock
Webull logo
TRADING FEES
$0
MINIMUM DEPOSIT
$0
PROMOTION
Receive a free stock with deposit
M1 Finance logo
TRADING FEES
$0
MINIMUM DEPOSIT
$100
PROMOTION
Receive a free stock with deposit

SoFi Invest FAQ's

Here are some common questions about SoFi Invest.

Is SoFi a legit app?

Yes. This company was launched in 2011 and has over a decade of experience serving its clients. And it received an A+ rating from the Better Business Bureau

Is SoFi Invest good for beginners?

SoFi Invest keeps beginner investors safe by giving them in-depth explanations of each investment fund available. And by providing a secure investment platform with no stockbroker fees.

How does SoFi Invest make money?

SoFi makes money through its Lending Products (like Student Loans and Home/Personal Loans) by charging an interest rate. They also acquire revenue by whole loan sales. 

Is SoFi Invest a good trading platform?

Yes, because SoFi Invest provides security and safety for the investors who use it. As well as refusing to incur a stockbroker fee when buying into one of their investment funds.

SoFi Invest

Open a brokerage account with SoFi and trade stocks online, commission-free, using our all-in-one investment app.

  • SoFi Invest
  • Rating: 4
  • Reviewed by:
  • On May 14, 2022
  • Last modified:May 14, 2022

Review Summary:

Open a brokerage account with SoFi and trade stocks online, commission-free, using our all-in-one investment app

Review of: SoFi Invest

Reviewed by:
Rating:
4
On May 14, 2022
Last modified:May 14, 2022

Summary:

Open a brokerage account with SoFi and trade stocks online, commission-free, using our all-in-one investment app

About the author 

Donny Gamble

I’m Donny. I’m a world traveler, investor, entrepreneur, and online marketing aficionado who has a big appetite to compete and disrupt big markets. I thrive on being able to create things that impact change, difficult challenges, and being able to add value in negative situations.

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