SoFi Invest Rating:  

Review of SoFi stock trading account: Automated Option and Active Option fees and commissions, pros and cons, minimum requirements and promotion offer for opening a new online account or IRA with the discount stock broker.

SoFi Invest Overview

SoFi has expanded into a large financial services company with a broad range of offerings that go well beyond just brokerage accounts. It’s definitely worth a look.

Investment Accounts and Tradable Products

At SoFi Invest, you can open both self-directed brokerage accounts and managed (investment-advisory) accounts. This is just one part of the larger SoFi experience, as the company offers much more than just investing.

Self-directed, or active-investing accounts, allow trading in stocks, options, ETFs, and closed-end funds. Currently, no other asset classes are available, and shorting stocks is not permitted.

Automated, or robo, accounts are invested in a limited range of ETFs, typically SoFi-branded funds. These accounts offer access to human investment advisors via chat or phone, making it a hybrid investment advisory system.

Accounts, whether self-directed or automated, require a tax classification. SoFi Invest offers individual, joint, and retirement accounts, although joint accounts are not available for brokerage accounts.

SIPC protects securities accounts, with maximum coverage of $500,000 per account category.

Margin

Self-directed accounts at SoFi Invest can use margin, allowing them to borrow funds to buy more securities. Since margin is a type of loan, there is an interest rate, which SoFi currently sets at a flat 11.25 APY for all balances.

Margin requirements (initial and maintenance) are shown on each security’s profile, which is a helpful feature.

You can upgrade a cash account to margin status on the SoFi website, as long as the account value is at least $2,000.

SoFi Pricing for Investment Accounts

Both self-directed and robo accounts at SoFi Invest are among the lowest-cost options in the industry. The automated service has no management fee, so the only costs are the expense ratios on the ETFs, usually below 0.50%. Trades handled by the robo advisor are free.

Self-directed accounts also have no commission on securities trades. Options trades don’t have per-contract fees, though SoFi charges $5 for exercises and assignments. Brokerage accounts don’t have a management fee but do have a $25 annual inactivity fee, which you can avoid by logging in at least once a year.

Banking Tools

SoFi Invest offers a wide range of banking tools alongside investment services, all accessible with a single login. These include:

• Personal loans
• Free credit score
• Mortgage loans
• Checking and savings accounts
• Student loans with refinancing options
• World Elite Mastercard credit card with unlimited 2% cash back
• World Mastercard debit card

SoFi’s banking package includes a combo checking-savings setup; you can’t open just one. The savings account has a high yield (currently 4.50% with qualifying direct deposit), and the checking account includes a debit card. Neither account has monthly fees, and both offer a range of features, such as:

• FDIC-sweep program with up to $2 million in insurance
• Round-ups for debit card purchases
• Vaults for managing savings goals
• Cash bonus for opening an account
• Early direct deposit access
• No ATM fees at Allpoint® Network machines

Website

While SoFi offers many financial services, its website remains basic, with limited trading tools. The order ticket only includes two order types: market and limit, with no options for time-in-force. However, there is a recurring investment button, which is a nice feature.





Charting on the site is basic as well. The graph can’t be expanded to full-screen, only includes five years of data, and offers no charting tools or export options. Only one plot style (line) is available.

SoFi Invest now includes options trading, with options chains appearing on a security’s profile if the account is approved for derivatives. However, spreads aren’t available, and custom multi-leg trades aren’t supported. One standout feature is the display of Greek values for individual contracts.





Despite the website’s simplicity, it does offer access to other SoFi services. We found mortgage rates, life insurance quotes, and educational resources during our review.

Mobile App

SoFi has effectively replicated its website experience on its mobile app. At the bottom, there is a menu for different sections, including:

• Home
• Banking
• Credit Card
• Invest
• Loans

The investing watchlist is located on the Home screen and syncs with the website, so it's the same list. Tapping an entry brings up the asset’s profile, with mostly the same features as the website. The mobile app does have one extra feature: investor activity, which shows what other SoFi Invest customers are doing with a specific asset (buying or selling).





Option chains are also available on the app, although Delta is the only Greek value shown. The basic charting and order entry tools are also present.

Other Software

In our research, we didn’t find any additional software, like a desktop platform, that would provide a more advanced trading experience. Thus, the trading tools at SoFi Invest are fairly basic.

Customer Service

Both the website and mobile app feature a robo-chat widget. During our tests, responses weren’t always accurate. For instance, when we asked for Boeing’s stock price, we received information on cost basis instead. Fortunately, a human rep is available during regular business hours: Monday through Friday, 8:00 am to 8:00 pm EST. There’s no support on weekends or overnight.

Outside these hours, the website and mobile app offer several self-help options, including downloading account documents (like tax forms), updating personal details, paying bills, opening new accounts, browsing promotions, and more.

Since SoFi is an online-focused financial company, there are no physical branches. Phone support is available during business hours at (855) 525-SoFi.

Find a Financial Advisor

If you are looking for a professional financial advisor in your area, you can find top Financial Advisors on the Wiser Advisor website.

Visit Wiser Advisor

Additional Services

Fully-Paid Stock Lending: SoFi Invest recently introduced a program allowing clients to earn extra income by lending out their securities, earning 15% of the net proceeds.

IPO Access: SoFi Invest provides access to Initial Public Offerings (IPOs) and has a comprehensive educational section on them. There’s no minimum account balance to participate in IPOs, but there is a minimum hold period of 120 days.

Dividend Reinvestment Plan: SoFi Invest offers a free DRIP service.

Extended Hours: SoFi Invest clients can trade both before the opening bell and after the market closes.

Fractional-share Trading: SoFi allows clients to invest in whole shares or dollar amounts in brokerage accounts.

Individual Retirement Accounts: SoFi offers three IRA types: SEP, Roth, and Traditional. The firm charges $20 to close an IRA.

Recommendations

Active Stock Trading: Given the lack of advanced software, SoFi Invest may not be ideal for active traders. Webull could be a better alternative.

Long-Term Investors & Retirement Savers: SoFi Invest’s focus on overall financial wellness makes it a suitable choice here, though Charles Schwab might offer more.

Beginners: A robo account is recommended. Be sure to use SoFi’s access to financial advisors.

Small Accounts: SoFi Invest charges a $25 inactivity fee if no activity occurs over 12 months. Robinhood might be a better choice here.

Mutual Fund Trading: Since SoFi Invest currently doesn’t offer mutual funds, Charles Schwab is a good alternative.

SoFi Invest Review Summary

While we appreciate SoFi’s extensive financial products and services, the investment platform itself has room for improvement. The recent additions of options trading and fully-paid stock lending suggest that SoFi may continue enhancing its offerings.