SoFi Invest Rating: 
SoFi Invest Overview
SoFi has become a big financial company with a wide range of products, not just investing. It's worth a look.
Investment Accounts and Tradable Products
You can open self-directed brokerage accounts or managed accounts at SoFi Invest. But that's just a small part of what SoFi offers, since they have many other financial services.
Brokerage accounts (which SoFi calls active-investing accounts) let you trade stocks, mutual funds, options, ETFs, and closed-end funds. Other types of assets are not available right now, and you can't open short positions.
Robo accounts are invested in a small group of ETFs, mostly SoFi’s own funds. You can get help from human advisors by chat or phone, making this more of a mix between a robo and traditional advisory service.
Every account, either brokerage or robo, needs a tax status. SoFi Invest offers joint, individual, and retirement accounts, but you can't open a joint brokerage account.
Your account is covered by SIPC, the main U.S. insurance for securities accounts, with up to $500,000 per account type.
Margin
Only brokerage accounts at SoFi Invest can use margin to borrow money to buy more investments. Margin is a loan, so you’ll pay interest. Right now, SoFi charges a flat 10.5% APY on all balances.
Margin requirements are listed on each security’s profile, which is helpful.
You can switch a cash account to margin status on SoFi’s website, but you’ll need at least $2,000 in the account first.
SoFi Pricing for Investment Accounts
Fees at SoFi Invest are very low. There’s no management fee for robo accounts, so you just pay the expense ratios on the ETFs, which are usually less than 0.50%. Robo trades are free.
Self-directed accounts also pay no commissions on securities trades. There are no per-contract fees for options, but SoFi does charge $5 for exercises and assignments. Self-directed accounts don’t have management fees. There is a $25 annual inactivity fee, but you can avoid it by logging in at least once every 6 months.
Banking Tools
SoFi Invest also offers strong cash-management tools. You use one login for both investing and banking. Examples include:
- Personal loans
- Free credit score
- Mortgage loans
- Checking and savings accounts
- Student loans and refinancing
- World Elite Mastercard credit card with unlimited 2% cash back
- World Mastercard debit card
SoFi’s banking program combines checking and savings. You can’t open one without the other. The savings account pays a high yield (3.8% with a qualifying direct deposit), and the checking account comes with a debit card. There are no ongoing fees, and you get these extra features:
- FDIC-sweep program with up to $2 million in insurance
- Round ups when you use the debit card
- Vaults to help manage savings goals
- Cash bonus for opening an account
- Early access to your paycheck
- No ATM fees at Allpoint® Network machines
Website
SoFi’s website is basic and simple. Trading tools are very limited. For example, the order ticket has only two trade types: market and limit. There are no time-in-force options, so it’s a simple setup. There is a button for recurring investments, which is helpful.
Charting is even more limited. You can't expand charts to full screen, only five years of price data are shown, and there are no tools. You can't save or export a chart, and there’s only one (line) style.
If your account is approved for options, option chains now show up on each security’s profile. You can’t do spreads or custom multi-leg trades, but you can see Greek values for single contracts.
The website is simple, but it does bring in other SoFi services. For example, you can see mortgage rates, life insurance quotes, and education resources.
Mobile App
The SoFi mobile app is very similar to the website. There is a menu at the bottom for Home, Banking, Credit Card, Invest, and Loans.
The investing watchlist is on the Home screen and matches the website. Tapping a security brings up its profile, with features much like the website. The mobile app has one extra feature: investor activity, which shows what other SoFi customers are buying or selling.
Option chains appear here too, but only Delta is shown. Charting and order entry are basic, just like the website.
Other Software
SoFi doesn’t offer other trading platforms or advanced software. Trading at SoFi is a basic experience.
Customer Service
On the website and app, there’s a robo-chat. In our testing, answers weren’t always right. For example, asking for Boeing’s stock price gave info about cost basis instead. You can get a human rep during the week from 8:00 am to 8:00 pm Eastern Time, but there’s no support on weekends or overnight.
Outside of business hours, there are self-help features. You can download documents, change your address, update your info, pay bills, open accounts, and look at promotions.
SoFi has no branch locations, but you can call customer service during business hours at (855) 525-SoFi.
Additional Services
Fully-Paid Stock Lending: SoFi now lets customers earn extra money by loaning out their stocks. Customers get 15% of the total net proceeds.
IPO Access: You can buy new stocks (IPOs) at SoFi, and there are lots of guides and info on them. There’s no minimum to buy an IPO, but you must hold the shares at least 120 days.
Dividend Reinvestment Plan: There’s a free DRIP service.
Extended Hours: You can trade before the market opens and after it closes.
Fractional-share Trading: You can buy both full shares and fractions of shares in brokerage accounts.
Individual Retirement Accounts: SoFi offers SEP, Roth, and Traditional IRAs. Closing an IRA costs $100.
Recommendations
Active Stock Trading: Because SoFi doesn’t have advanced trading software, we don’t recommend it for active traders. Webull would be a better choice.
Long-Term Investors & Retirement Savers: SoFi is good for people who want to manage all their money in one place, but
Charles Schwab is a stronger option.
Beginners: Try a robo account and use the financial advisor service.
Small Accounts: There’s a $25 inactivity fee if you don’t log in for 6 months. We suggest
Robinhood instead.
Mutual Fund Trading: SoFi is fine for mutual funds, but Charles Schwab is better.
SoFi Invest Review Summary
SoFi has a big list of financial products, but its investing side is basic. The addition of mutual funds and stock lending is a sign that things may get better.
Updated on 7/20/2025.
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