SoFi Invest Review

Beginners and all-in-one investors

FINRA SIPC SEC

Founded 2018 · United States · SoFi Technologies, Inc.

Why investors choose this broker

Commission-free stock, ETF, and options trading
No per-contract or exercise fee on options
Fractional shares from $5
IPO access at offering price

Review summary

SoFi Invest is a US brokerage offering commission-free stocks, ETFs, and options, a 0.25% robo-advisor, fractional shares, IPO access, and crypto trading in one platform.

Pros

Commission-free stock, ETF, and options trading
No per-contract or exercise fee on options
Fractional shares from $5
IPO access at offering price
1% IRA contribution match
Robo-advisor with no minimum beyond $50
Integrated banking, lending, and investing in one app
Access to Certified Financial Planners

Cons

Robo-advisor charges 0.25% annual fee (was free before November 2024)
Crypto trades carry a 1% spread on every buy and sell
Inactivity fee of $25 after 6 months without a login
$25 outgoing wire transfer fee and $100 ACAT transfer-out fee
No forex or futures trading
Limited research and charting tools compared to full-service brokers
No tax-loss harvesting in the robo-advisor
Crypto selection limited to around 25-30 coins with no advanced order types

Company background

SoFi Invest is the brokerage and investment arm of SoFi Technologies, Inc., a publicly traded US financial services company. SoFi was founded in 2011 as a student loan refinancing platform and in 2018 introduced commission-free stock and ETF trading under the SoFi Invest name. In 2022 SoFi received a national bank charter through SoFi Bank, N.A. The platform offers active self-directed investing, automated robo-advisor portfolios, options, fractional shares, IPO access, crypto, and mutual funds alongside banking and lending in one app.

Fees and pricing

Stock, ETF, and options trades are commission-free with no per-contract fee and no exercise or assignment fee. The robo-advisor introduced a 0.25% annual advisory fee in November 2024, on top of underlying ETF expense ratios. Crypto trades carry a 1% spread on every buy and sell. An inactivity fee of $25 applies after 6 consecutive months without a login and is waived by logging in.

Outgoing wire transfers cost $25 and ACAT transfers out cost $100. ACH transfers have no fee, though a $15 return fee applies if reversed. Margin interest is variable and tied to the Federal Funds Rate upper bound on a tiered basis. Certain mutual fund purchases carry up to 0.2% capped at $20. Selling IPO shares within 120 days of the offering carries a $50 fee for the first sale and $5 for each subsequent sale within that window.

Regulation and safety

Active brokerage services are provided by SoFi Securities LLC, a Member FINRA/SIPC. SIPC protects brokerage accounts up to $500,000, including up to $250,000 for cash claims. Automated investing services are offered through SoFi Wealth LLC, an SEC-registered investment adviser. Crypto trading operates through SoFi Bank, N.A., a federally chartered bank regulated by the OCC. Cash in SoFi Bank deposit accounts is FDIC-insured up to $250,000.

Platform experience

SoFi Invest is available via web and iOS and Android apps. The interface offers charts, watchlists, analyst ratings, and research from Morningstar, TipRanks, and Benzinga. Extended hours trading runs from 9 a.m. to 8 p.m. Eastern. Fractional shares start at $5 across more than 4,000 stocks and ETFs. IPO access allows members to buy shares at the offering price. The robo-advisor builds diversified ETF portfolios. SoFi Plus members receive unlimited access to Certified Financial Planners at no extra cost.

Pros and cons

SoFi Invest's main strengths are $0 commissions on stocks, ETFs, and options with no per-contract or exercise fees, $5 fractional shares, no account minimum, IPO access, a 1% IRA contribution match, and an integrated banking and investing ecosystem. The main drawbacks are the 1% crypto spread, the 0.25% robo-advisor fee added in late 2024, the $25 inactivity fee, limited advanced research tools, no tax-loss harvesting, and no forex or futures products.

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Trading fees & commissions

Stock, ETF, and options trades are commission-free with no per-contract or exercise fees. The robo-advisor charges 0.25% annually, crypto trades carry a 1% spread, and an inactivity fee of $25 applies after 6 months without a login.

Fees

Item	Fee
Ipo	$50 fee for the first sale of IPO shares within 120 days of the offering; $5 for each subsequent sale within that same 120-day window
Funds	Up to 0.2% on certain mutual fund purchases, not exceeding $20 per transaction
Crypto	1% spread on all buys and sells
Margin	Variable rate tied to the Federal Funds Rate target upper bound; tiered by settled debit balance
Account	No account opening fee; no annual account fee
Deposit	No deposit fee for ACH transfers; $15 ACH return fee if transfer is reversed
Options	$0 commissions; no per-contract fee; no exercise or assignment fee
Inactivity	$25 per account after 6 consecutive months without a login; waived by logging in
Withdrawal	No fee for ACH withdrawals; $25 wire transfer out fee
Robo Advisor	0.25% annual advisory fee; plus underlying ETF expense ratios
Transfer Out	$100 outgoing ACAT transfer fee

Trading platform & features

Platforms

SoFi Invest Web app
iOS app
Android app

Regulation and investor protection

SoFi Securities LLC is a Member FINRA/SIPC and provides SIPC coverage up to $500,000 per account. Automated investing advisory services are offered through SoFi Wealth LLC, an SEC-registered investment adviser.

Broker FAQs

Is SoFi Invest safe?

SoFi Securities LLC is a Member FINRA/SIPC, providing brokerage account protection up to $500,000 including up to $250,000 for cash claims. Automated investing services are offered through SoFi Wealth LLC, an SEC-registered investment adviser.

Is SoFi Invest a scam?

No. SoFi Invest operates through SoFi Securities LLC, a FINRA/SIPC member regulated in the United States, and SoFi Wealth LLC, registered with the SEC as an investment adviser.

Is SoFi Invest regulated and by whom?

Yes. SoFi Securities LLC is regulated by FINRA and covered by SIPC. SoFi Wealth LLC is registered with the SEC. Crypto services operate through SoFi Bank, N.A., chartered by the OCC.

Does SoFi Invest keep client funds in segregated accounts?

SoFi Securities LLC is a FINRA/SIPC member, which requires member firms to maintain client assets separately from firm assets. SIPC coverage protects brokerage accounts up to $500,000.

What happens to my money if SoFi Invest goes bankrupt?

SIPC protection covers brokerage accounts up to $500,000, including up to $250,000 for cash claims, in the event of a broker-dealer failure. SIPC protection does not cover investment losses from market movements.

What products does SoFi Invest offer?

SoFi Invest offers stocks, ETFs, options, fractional shares, mutual funds, alternative investment funds, crypto, IPO access, margin trading, and a robo-advisor service. It does not offer forex, futures, or bonds directly.

Does SoFi Invest offer ETFs?

Yes. SoFi Invest offers ETF trading with $0 commissions. Fractional ETF shares are also available from $5.

Does SoFi Invest offer options trading?

Yes. SoFi Invest offers options trading with $0 commissions, no per-contract fee, and no exercise or assignment fee.

Does SoFi Invest offer crypto?

Yes. SoFi offers crypto trading through SoFi Bank, N.A. Around 25-30 cryptocurrencies are available, including Bitcoin, Ethereum, Solana, and others. A 1% spread applies on all crypto buys and sells.

Can I buy fractional shares on SoFi Invest?

Yes. SoFi Invest offers fractional shares starting at $5 across more than 4,000 stocks and ETFs. Dividend reinvestment into fractional shares is also supported.

What does SoFi Invest charge for stock and ETF trades?

SoFi Invest charges $0 commission on stock and ETF trades. There are no annual account fees or account minimums for active investing.

What does SoFi Invest charge for crypto?

SoFi charges a 1% spread on every crypto buy and sell transaction. There are no additional trading commissions on crypto.

Is there a withdrawal fee at SoFi Invest?

ACH withdrawals have no fee. Outgoing wire transfers cost $25. Outgoing ACAT brokerage transfers cost $100.

Does SoFi Invest charge an inactivity fee?

Yes. A $25 inactivity fee applies to each SoFi Invest account that goes 6 consecutive months without a login. Logging into the app or website waives the fee.

What does the SoFi robo-advisor cost?

SoFi Automated Investing charges a 0.25% annual advisory fee, introduced in November 2024. Investors also incur the underlying expense ratios of the ETFs held in their portfolios.

Does SoFi Invest have a demo account?

SoFi Invest does not offer a dedicated paper trading or demo account for practising without real money.

Does SoFi Invest have a mobile app?

Yes. SoFi Invest is available on iOS and Android. The app covers investing, banking, and lending in a single interface.

Is SoFi Invest good for beginners?

SoFi Invest is often rated well for beginners due to its $0 commissions, no account minimum, $5 fractional share investing, user-friendly design, and access to Certified Financial Planners. The integrated banking and investing experience simplifies account management.

Is SoFi Invest good for long-term investing?

SoFi Invest offers commission-free stocks, ETFs, fractional shares, a robo-advisor with diversified portfolios, and a 1% IRA contribution match. The lack of tax-loss harvesting in the robo-advisor and the 0.25% advisory fee are relevant considerations for long-term investors comparing robo-advisor options.

Bottom line

SoFi Invest suits users who want commission-free stock, ETF, and options trading with fractional shares, IPO access, a robo-advisor, and integrated banking all in one platform. It may not suit users who need advanced charting and research tools, forex or futures trading, a demo account, or a robo-advisor with tax-loss harvesting.

SoFi Invest

Beginners and all-in-one investors

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Your capital is at risk. Other fees apply.