SoFi Invest
Overview
SoFi (Social Finance) has evolved from a student loan refinancing company into a massive "financial super app" that aims to handle every aspect of your financial life. SoFi Invest sits at the center of this ecosystem, offering a simplified, beginner-friendly platform for both active trading and automated investing. It is particularly aggressive in courting young investors, offering unique features like access to Initial Public Offerings (IPOs) at the offering price and free access to Certified Financial Planners (CFPs) for all members.
Key Specifications
| Account Minimum | $0 ($50 for Automated Investing) |
|---|---|
| Stock & ETF Trade Fee | $0 (Online US listed) |
| Options Fee | $0.00 contract fees (Free to trade) |
| Fractional Shares | Yes ("Stock Bits") - Min $5.00 |
| Automated Investing | 0.25% Advisory Fee (Annually) |
| Uninvested Cash Interest | Up to ~4.00%+ (Requires SoFi Plus membership) |
Trading Platforms
1. SoFi Mobile App
The app is designed for "scrolling" rather than technical analysis. It feels more like a social media feed than a trading desk. You can buy stocks, check your crypto, pay credit card bills, and check your loan balance all in one place. It includes "Collections" to help users find stocks by theme (e.g., "Clean Tech," "Female-Led Companies").
2. SoFi Web
The web interface mirrors the simplicity of the app. It does not offer advanced charting, Level 2 data, or complex order routing. It is built for investors who want to buy, hold, and check their balance occasionally.
Investment Features
- IPO Access: SoFi is a leader in democratizing IPOs. It allows retail investors to buy shares of select companies before they start trading on the public exchange, at the IPO price.
- Free Financial Planners: All members can schedule free 30-minute calls with Certified Financial Planners (CFPs) to discuss goals, debt, or investment strategy—a service that usually costs hundreds of dollars elsewhere.
- Stock Bits: Fractional share trading that allows you to buy into expensive companies (like Berkshire Hathaway A or Amazon) with as little as $5.
- Alternative Assets: Offers access to alternative investment funds (like the ARK Venture Fund) that invest in private pre-IPO companies, typically reserved for accredited investors.
Account Types
SoFi covers the essentials for personal finance:
- Individual Active Investing
- Traditional, Roth, & SEP IRAs
- Automated Investing (Robo-Advisor)
- SoFi Money (Checking/Savings Hybrid)
- Credit Card & Loan Accounts
*Note: SoFi currently does not offer Joint Brokerage accounts or Custodial accounts (UTMA/UGMA).