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SoFi Invest Review

Chris McKhann

Written by Chris McKhann
Edited by Carolyn Kimball
Fact-checked by Sam Levine

Last updated September 26, 2022
Published January 10, 2022

SoFi Invest offers a wide range of services, including access to cryptocurrencies, IPOs and automated investing. It is relatively easy to use, and gets high marks for its mobile app. However, its lack of research, as well as its lagging education and trading tools, leave it a step behind industry leaders.

Sofi Invest
starstarstarstar_borderstar_border Overall
  • Minimum Deposit: $5.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.00
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$0 stocks, 1.25% for cryptocurrencies

Top Takeaways for 2022

Here are our top findings on SoFi Invest for 2022:

  1. SoFi Invest does offer some of the most popular investments of the day, including crypto and IPOs, as well as automated investing. Combined with the other offerings SoFi has, it could be a good choice for beginner investors looking to combine all of their financial needs under one roof.
  2. SoFi trails the top brokers when it comes to its trading platform and tools, research, education and mobile platform.
  3. Like most of the industry, SoFi offers free stock and ETF trading. It does not offer options or futures trading, nor bonds or mutual funds.

Overall Summary

Feature Sofi Invest logoSofi Invest
Overall starstarstarstar_borderstar_border
Investment Options starstarstar_borderstar_borderstar_border
Commissions & Fees starstarstarstarstar_border
Mobile Trading Apps starstarstarstar_borderstar_border
Platforms & Tools starstar_borderstar_borderstar_borderstar_border
Research starstarstar_borderstar_borderstar_border
Customer Service starstarstarstarstar_border
Education starstarstarstar_borderstar_border
Ease Of Use starstarstarstarstar_border

Offering of investments

SoFi does offer some of the most popular current investments, including fractional shares, a wide variety of cryptocurrencies and IPO investing. Retirement services and robo-advising are also available. But there are some glaring holes in terms of offerings, as it lacks options trading, futures and mutual funds.

Cryptocurrency: SoFi offers 30 cryptocurrencies, including bitcoin, ethereum, cardano and dogecoin.

Retirement services: Unlike some of its competitors, SoFi offers retirement services, including traditional, Roth and SEP IRAs. These can be self-directed or set up through their no-fee automated investing advisor. An account also offers complimentary access to a certified financial planner.

Feature Sofi Invest logoSofi Invest
Stock Trading Yes
OTCBB / Pink Sheets Yes
Options Trading No
Complex Options Max Legs 0
Bonds (US Treasury) No
Futures Trading No
Forex Trading No
Mutual Funds (Total) 0
Advisor Services No
Crypto Trading Yes
Crypto Trading - Total Coins 30

Commissions and fees

Like the vast majority of the industry, SoFi offers $0 stock and ETF trades. Retirement accounts also have no annual fee.

Fractional shares: Investors can buy fractional shares, known at SoFi as Stock Bits, for as little as $5.

Feature Sofi Invest logoSofi Invest
Minimum Deposit $5.00
Stock Trades $0.00
Penny Stock Fees (OTCCB) N/A
ETF Trade Fee 0.00
Options (Base Fee) $0.00
Options (Per Contract) $0.00
Options Exercise Fee 0.00
Options Assignment Fee 0.00
Futures (Per Contract) $0.00
Mutual Fund Trade Fee $0.00
Broker Assisted Trade Fee $0.00

Mobile trading apps

SoFi’s mobile app is simple and easy to use. But its simplicity is also its drawback.

Ease of use: The mobile app gets high marks for ease of use. It is easy to move through from the home page to a name on your watchlist to the simple trade ticket. There is very little of a learning curve, partly because there is not much to learn.

Watchlists: Watchlists are upfront and easy to use, though offer limited features and information. The watchlist data is real-time but not streaming, as with the other quotes.

Charting: Charting consists of very basic line charts. Time frames can be adjusted, but there is no customization and no indicators. Advanced traders will want streaming quotes and charts, and the ability to customize the latter.

Trading tools: You can trade stocks, ETFs and cryptocurrencies on the mobile app, but beyond a very basic trade ticket, there are no trading tools. SoFi does offer unique “collections,” including their “Popular Investors” and Leaderboard.

Feature Sofi Invest logoSofi Invest
iPhone App Yes
Android App Yes
Apple Watch App No
Stock Alerts No
Charting - After-Hours No
Charting - Technical Studies 0
Charting - Study Customizations No
Watch List (Streaming) No
Watch Lists - Create & Manage No
Watch Lists - Column Customization No

Other trading platforms and tools

Like its closest competitors, SoFi Invest offers a bare-bones, basic trading experience that isn’t built for active traders. If you’re among the latter, see our reviews of Fidelity or TradeStation.

Platforms overview: SoFi’s website allows trading of stocks, ETFs and cryptocurrencies — and that is practically all you can do. There are no real trading tools to speak of.

Charting: Charts are very basic line charts. There is no customization. You cannot add indicators and there are no other charting tools.

Options and futures trading: SoFi does not offer options or futures trading.

Feature Sofi Invest logoSofi Invest
Desktop Trading Platform No
Web Trading Platform Yes
Paper Trading No
Trade Journal No
Watch Lists - Total Fields 3
Charting - Indicators / Studies 0
Charting - Drawing Tools 0
Charting - Study Customizations 0
Charting - Save Profiles No
Trade Ideas - Technical Analysis No
Streaming Time & Sales No
Trade Ideas - Backtesting No

Research

SoFi offers little to no research. Stock quote details offer the most basic of fundamental data, extending only as far as market cap, dividend yield and P/E ratio. To really compete, SoFi needs to put streaming charts with indicators — at the very least — at customer’s fingertips. For the same rate of $0 per stock trade, investors can take advantage of significantly more robust offerings at market research leaders Fidelity, Charles Schwab and TD Ameritrade.

Feature Sofi Invest logoSofi Invest
Research - Stocks No
Stock Research - ESG No
Stock Research - PDF Reports 0
Screener - Stocks No
Research - ETFs No
Screener - ETFs No
Research - Mutual Funds No
Screener - Mutual Funds No
Research - Pink Sheets / OTCBB No
Research - Bonds No

Education

SoFi’s education covers a wide range of topics, but is limited to text documents. While there are some clear subsections of education, it is not organized particularly cleanly.

Learning center: SoFi has a basic learning center. Material covers a variety of subjects, like “What Is the IPO Process?” and “How Does Bitcoin Mining Work?” There’s some information on a number of assets that it does not even offer, such as options (“Intrinsic Value and Time Value of Options, Explained)”. The material is straightforward text with little in the way of graphics, and no videos are offered on the site itself.

Feature Sofi Invest logoSofi Invest
Education (Stocks) Yes
Education (ETFs) Yes
Education (Options) Yes
Education (Mutual Funds) Yes
Education (Bonds) Yes
Education (Retirement) Yes
Paper Trading No
Videos No
Progress Tracking No
Interactive Learning - Quizzes No

Customer service

To score Customer Service, StockBrokers.com partners with customer experience research firm Confero to conduct phone tests from locations throughout the United States. For our 2022 Broker Review, 159 customer service tests were conducted over six weeks. Here are the results for SoFi Invest.

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 7.7 / 10
  • Average Professionalism Score: 7.6 / 10
  • Overall Score: 7.9 / 10
  • Ranking: 7th of 13 brokers

Banking services

SoFi offers a broad range of banking services. Products available include personal loans, home loans and the company’s flagship student loans, as well as credit cards and a cash management account that can be linked to a SoFi Invest account for funding. SoFi also offers a full range of personal insurance products.

Feature Sofi Invest logoSofi Invest
Bank (Member FDIC) No
Checking Accounts No
Savings Accounts No
Credit Cards Yes
Debit Cards Yes
Mortgage Loans Yes

Final thoughts

SoFi Invest is a relatively new entrant to the field, and it shows through in their focus on hot current trends like cryptocurrencies and IPO investing. Unfortunately, it also is clear in their lack of futures and options trading as well as mutual fund investing.

SoFi’s breadth of banking services does make it an attractive choice for beginner investors interested in stocks, ETFs and cryptos who are looking for one place to manage all of their financial needs.

About SoFi Invest

SoFi traces its roots back to 2011 and Social Finance, Inc, which was founded by Stanford business school students and used an alumni-funded lending model to connect grads with alumni in their communities. In 2012, SoFi became the first company to offer refinancing of student loans. SoFi Invest launched in January 2019.

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2022 Review Methodology

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For the StockBrokers.com 12th Annual Review published in January 2022, a total of 3,075 data points were collected over three months and used to score 15 top brokers. This makes StockBrokers.com home to the largest independent database on the web covering the online broker industry.

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy. Brokers also were offered the opportunity to provide executive time for an annual update meeting.

Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors quality data they can trust. Learn more about how we test.

SoFi Invest fees and features data

The data collection efforts at StockBrokers.com are unmatched in the industry. The following tables show a deeper dive into the offerings available at this broker. You can also compare its offerings side-by-side with those of other brokers using our Comparison Tool.

In addition to meticulous annual data collection by our in-house analyst, every broker that participates in our review is afforded the opportunity to complete an in-depth data profile. We then audit each data point to ensure its accuracy.

Trading fees

Feature Sofi Invest logoSofi Invest
Minimum Deposit $5.00
Stock Trades $0.00
Mutual Fund Trade Fee $0.00
Options (Base Fee) $0.00
Options (Per Contract) $0.00
Futures (Per Contract) $0.00
Broker Assisted Trade Fee $0.00

Account fees

Feature Sofi Invest logoSofi Invest
IRA Annual Fee $0.00
IRA Closure Fee $20.00
Account Transfer Out (Partial) $75.00
Account Transfer Out (Full) $75.00
Options Exercise Fee 0.00
Options Assignment Fee 0.00

Margin rates

Feature Sofi Invest logoSofi Invest
Margin Rate Under $24,999.99 N/A
Margin Rate $25,000.00 to $49,999.99 N/A
Margin Rate $50,000.00 to $99,999.99 N/A
Margin Rate $100,000.00 to $249,999.99 N/A
Margin Rate $250,000.00 to $499,999.99 N/A
Margin Rate $500,000.00 to $999,999.99 N/A
Margin Rate Above $1,000,000.00 N/A

Investment options

Feature Sofi Invest logoSofi Invest
Stock Trading Yes
Fractional Shares Yes
OTCBB / Pink Sheets Yes
Options Trading No
Complex Options Max Legs 0
Futures Trading No
Forex Trading No
Crypto Trading Yes
Crypto Trading - Total Coins 30
Mutual Funds (No Load) 0
Mutual Funds (Total) 0
Bonds (US Treasury) No
Bonds (Corporate) No
Bonds (Municipal) No
Advisor Services No
International Countries (Stocks) 0

Order types

Feature Sofi Invest logoSofi Invest
Order Type - Market Yes
Order Type - Limit Yes
Order Type - After Hours No
Order Type - Stop No
Order Type - Trailing Stop No
Order Type - OCO No
Order Type - OTO No
Order Type - Broker Assisted No

Beginners

Feature Sofi Invest logoSofi Invest
Education (Stocks) Yes
Education (ETFs) Yes
Education (Options) Yes
Education (Mutual Funds) Yes
Education (Bonds) Yes
Education (Retirement) Yes
Retirement Calculator No
Investor Dictionary Yes
Paper Trading No
Videos No
Webinars (Archived) Yes
Progress Tracking No
Interactive Learning - Quizzes No

Stock trading apps

Feature Sofi Invest logoSofi Invest
iPhone App Yes
Android App Yes
Apple Watch App No
Trading - Stocks Yes
Trading - After-Hours No
Trading - Simple Options No
Trading - Complex Options No
Order Ticket RT Quotes Yes
Order Ticket SRT Quotes No

Stock app features

Feature Sofi Invest logoSofi Invest
Market Movers (Top Gainers) Yes
Stream Live TV No
Videos on Demand No
Stock Alerts No
Option Chains Viewable No
Watch List (Real-time) Yes
Watch List (Streaming) No
Watch Lists - Create & Manage No
Watch Lists - Column Customization No
Watch Lists - Total Fields 3

Stock app charting

Feature Sofi Invest logoSofi Invest
Charting - After-Hours No
Charting - Can Turn Horizontally No
Charting - Multiple Time Frames Yes
Charting - Technical Studies 0
Charting - Study Customizations No
Charting - Stock Comparisons No

Trading platforms overview

Feature Sofi Invest logoSofi Invest
Desktop Trading Platform No
Web Trading Platform Yes
Paper Trading No
Trade Journal No
Watch Lists - Total Fields 3

Trading platform stock chart features

Feature Sofi Invest logoSofi Invest
Charting - Adjust Trades on Chart No
Charting - Indicators / Studies 0
Charting - Drawing Tools 0
Charting - Notes No
Charting - Index Overlays No
Charting - Historical Trades No
Charting - Corporate Events No
Charting - Custom Date Range No
Charting - Custom Time Bars No
Charting - Automated Analysis No
Charting - Save Profiles No
Trade Ideas - Technical Analysis No
Charting - Study Customizations 0
Charting - Custom Studies No

Day trading features

Feature Sofi Invest logoSofi Invest
Streaming Time & Sales No
Streaming TV No
Direct Market Routing - Stocks No
Ladder Trading No
Trade Hot Keys No
Level 2 Quotes - Stocks No
Trade Ideas - Backtesting No
Trade Ideas - Backtesting Adv No
Short Locator No
Order Liquidity Rebates No

Investment research overview

Feature Sofi Invest logoSofi Invest
Research - Stocks No
Research - ETFs No
Research - Mutual Funds No
Research - Pink Sheets / OTCBB No
Research - Bonds No
Screener - Stocks No
Screener - ETFs No
Screener - Mutual Funds No
Screener - Bonds No
Misc - Portfolio Allocation Yes

Stock research features

Feature Sofi Invest logoSofi Invest
Stock Research - PDF Reports 0
Stock Research - Earnings No
Stock Research - Insiders No
Stock Research - Social No
Stock Research - News Yes
Stock Research - ESG No
Stock Research - SEC Filings No

ETF research features

Feature Sofi Invest logoSofi Invest
ETFs - Strategy Overview Yes
ETF Fund Facts - Inception Date No
ETF Fund Facts - Expense Ratio Yes
ETF Fund Facts - Net Assets No
ETF Fund Facts - Total Holdings No
ETFs - Top 10 Holdings Yes
ETFs - Sector Exposure No
ETFs - Risk Analysis No
ETFs - Ratings No
ETFs - Morningstar StyleMap No
ETFs - PDF Reports No

Mutual fund research features

Feature Sofi Invest logoSofi Invest
Mutual Funds - Strategy Overview No
Mutual Funds - Performance Chart No
Mutual Funds - Performance Analysis No
Mutual Funds - Prospectus No
Mutual Funds - 3rd Party Ratings No
Mutual Funds - Fees Breakdown No
Mutual Funds - Top 10 Holdings No
Mutual Funds - Asset Allocation No
Mutual Funds - Sector Allocation No
Mutual Funds - Country Allocation No
Mutual Funds - StyleMap No

Options trading overview

Feature Sofi Invest logoSofi Invest
Option Chains - Basic View No
Option Chains - Strategy View No
Option Chains - Streaming No
Option Chains - Total Columns 0
Option Chains - Greeks 0
Option Chains - Quick Analysis No
Option Analysis - P&L Charts No
Option Probability Analysis No
Option Probability Analysis Adv No
Option Positions - Greeks No
Option Positions - Greeks Streaming No
Option Positions - Adv Analysis No
Option Positions - Rolling No
Option Positions - Grouping No

Banking features

Feature Sofi Invest logoSofi Invest
Bank (Member FDIC) No
Checking Accounts No
Savings Accounts No
Credit Cards Yes
Debit Cards Yes
Mortgage Loans Yes

Customer service options

Feature Sofi Invest logoSofi Invest
Phone Support (Prospect Customers) Yes
Phone Support (Current Customers) Yes
Email Support No
Live Chat (Prospect Customers) Yes
Live Chat (Current Customers) Yes
24/7 Support No

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About the Author

Chris McKhann
Chris McKhann

Chris McKhann has been in the industry for more than 20 years. He has worked for many of the top names in the online trading space, including TD Ameritrade and optionMONSTER, which later became part of E*TRADE. His work has been cited in the Wall Street Journal, Reuters, the Financial Times, Forbes, CNBC, Nasdaq.com and Nikkei. He has also been an advisor and outside trader for several hedge funds. He was one of the first traders to delve into the VIX tradable products and to write about them (back in 2006). Chris is also an educator who teaches high school statistics, finance and computer science.


Carolyn Kimball
Carolyn Kimball

Carolyn Kimball is managing editor for Reink Media and the lead editor for the StockBrokers.com Annual Review. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money.


Sam Levine
Sam Levine

Sam Levine is a longtime writer, investor and educator with nearly three decades of experience in the investing industry. His specialty is making even the most complicated investing concepts easy to understand for beginning and intermediate investors. He holds two of the most widely recognized certifications in the investment management industry, the Chartered Financial Analyst and the Chartered Market Technician designations. Previously, he was a contributing editor at BetterInvesting Magazine and a contributor to The Penny Hoarder and other media outlets.


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