SoFi Active Investing Review 2022: Pros, Cons and How It Compares – NerdWallet

Where SoFi Active Investing shines

Beginner investment platform : SoFi Active Investing, a new offer from SoFi Invest, is squarely aimed at young investors with dislodge trades of stocks and exchange-traded funds, the ability to buy and sell 30 cryptocurrencies such as Bitcoin and Ethereum, and fractional shares of blue-chip companies such as Amazon and Netflix. relate products : The autonomous brokerage is partially of the San Francisco company ‘s growing wrinkle of fiscal products — which includes robo-advisor SoFi Automated Investing and online cash management report SoFi Banking — and gives members benefits such as free educational seminars and meetings with fiscal advisors.

access to fiscal advisors : All SoFi clients have inexhaustible access to the company ‘s fiscal advisors at no supernumerary charge to help with long-run fiscal scheme.

Where SoFi Active Investing falls short

investment selection : While SoFi Active Investing has bells and whistles such as fractional shares, IPO investments and cryptocurrency, there are no reciprocal funds, index funds or bond funds available through the brokerage, which is a big downside for retirement investors.

SoFi Active Investing is best for:

  • active traders .
  • ETF investors .
  • fractional shares .
  • Cryptocurrency .

SoFi Active Investing at a glance

Account minimum

$ 0 .
livestock deal costs

$ 0 .
Options trades not available .
report fees ( annual, remove, close, inactiveness )

No account or inactiveness fees ; $ 75 partial or broad outgoing transfer fee .
No-transaction-fee reciprocal funds not rated .
Tradable securities

  • Stocks .
  • ETFs .
  • fractional shares .
  • IPOs .
Crypto handiness

Can trade 30 cryptocurrencies for a apartment fee of 1.25 % per trade wind .
trade platform

limited features and tools.

Mobile app

Access to core account functions including track, quotes and trade. available on io and Android .
inquiry and data

free on-line resources, including historical data and stock performance, arsenic well as webinars and hot events .
Customer digest options ( includes how easy it is to find key details on the web site )

earphone corroborate Monday through Thursday 8 ante meridiem to 8 post meridiem Eastern ; Friday 8 ante meridiem to 7 post meridiem Eastern. Email and chat support .

More details about SoFi Active Investing’s ratings

Account minimum: 5 out of 5 stars

While, of course, you ’ ll need cash to trade, SoFi has no account minimum to open your account and begin buying and selling stocks and ETFs.

Stock trading costs: 5 out of 5 stars

SoFi Active Investing came out of the gate as a rival to Robinhood, offering free stock and ETF trades ( unlike many other brokers, SoFi doesn ’ t offer options trade ). however, toward the end of 2019, absolve trades became the diligence standard at on-line brokers, causing the offerings from SoFi and Robinhood to lose their boundary.

Account fees: 3 out of 5 stars

SoFi Active Investing charges no annual or inaction tip, though there is a $ 75 full or partial outgoing transportation tip.

Number of no-transaction-fee mutual funds: Not rated.

As noted above, one of the big downsides of SoFi Active Investing is the inaccessibility of any reciprocal funds.

Tradable securities available: 1 out of 5 stars

SoFi Active Investing may be leading the way with fractional shares, cryptocurrency and now IPO offerings, but the brokerage house is behind the wind on other investment options. Want to buy common funds, index funds and bonds — bedrock investments in most retirement accounts — or more promote strategies such as options, forex and futures ? Look elsewhere.

Crypto availability: 5 out of 5 stars

The brokerage house launched SoFi Crypto in 2019, which allowed users to buy and trade three cryptocurrencies — Bitcoin, Ethereum and Litecoin. Fast fore to today, and users have access to 30 cryptocurrencies. however, although the choice is strong, there are n’t any loose trades here : SoFi adds a 1.25 % blame based on the amount of each cryptocurrency trade wind. Competitor Robinhood offers commission-free crypto trades ( though its crypto selection is much smaller ). And, when considered for our list of the best exchanges and platforms for cryptocurrency trade, SoFi Active ‘s all-around sexual conquest came out to 3 out of 5 stars when ranked among pure-play crypto brokerages.

Trading platform: 3 out of 5 stars

SoFi Active Investing offers a straight-forward deal platform with identical limited features without the bells and whistles serious traders may enjoy, but a dim-witted interface for new investors.

Mobile app: 5 out of 5 stars

SoFi Active Investing has two free mobile apps, available for io and Android, both highly rated by io and Android users, that allows users to make trades, equally well as path performance and get real-time quotes.

Research and data: 3 out of 5 stars

Sofi has a sampling of free on-line resources, such as historical data and store performance, a well as webinars and populate events.

Customer support options 3.5 out of 5 stars

Customer support is available via electronic mail and chat, deoxyadenosine monophosphate well as by earphone Monday through Thursday 8 ante meridiem to 8 post meridiem Eastern and Friday 8 ante meridiem to 7 post meridiem Eastern.

Other SoFi Active Investing details you should know

Margin rates

In March 2022, SoFi began offering margin trade, which lets users borrow money against their stream investments to buy more securities. SoFi is offering an introductory margin pace of 2.5 %, but this will rise to 5 % on June 1, 2022. Unlike Robinhood, which requires a subscription to Robinhood Gold for access to a gross profit account, users do n’t need an extra subscription to start trade on margin with SoFi. however, it ‘s authoritative to note that allowance trading introduces well more hazard to your investments, and you should amply understand these risks before diving in. If you ‘d rather skip eruditeness and cede investment decisions to the experts, SoFi ’ s robo-advisor servicing, SoFi Automated Investing, will manage your portfolio for you for an annual advisory fee of 0 % with no report minimum. Robo-advisors are computer-based investment advisors who build and manage customer investment portfolios.

Is SoFi Active Investing right for you?

SoFi Active Investing has attractive features for new investors : commission-free stock and ETF trades, no account minimal, free fiscal guidance and up-to-date offerings including fractional shares and cryptocurrency. however, the lack of investment options — such as reciprocal funds and index funds — will be a turnoff for long-run investors, and advanced investors will need to go elsewhere for options, forex and futures trading.

How do we review brokers?

NerdWallet ’ s comprehensive review work evaluates and ranks the largest U.S. brokers by assets under management, along with emerging industry players. Our target is to provide an independent judgment of providers to help arm you with data to make sound, inform judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity. We collect data directly from providers through detail questionnaires, and conduct first-hand examination and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists ’ hands-on research, fuel our proprietary judgment procedure that scores each supplier ’ south performance across more than 20 factors. The final examination output produces star ratings from hapless ( one ace ) to excellent ( five stars ). Ratings are rounded to the nearest half-star. For more details about the categories considered when evaluation brokers and our serve, read our full methodology .

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