Author: Mike Ross
SoFi is an American online personal finance company and online bank. It’s perfect for first-time investors who seek an easy-to-use online trading experience and wish to create an active or automatic investment account.
Because of its limited investment choices and features, it may not be suitable for advanced investors. Furthermore, the platform attracts a 300$ bonus for new users.
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SoFi Investment Options
This platform offers no minimum deposit to register an account, so you can get started even if you are on an investment budget.
The platforms contain the following fundamental features:
- There are no account or administration fees, and fund costs are quite cheap.
- Free access to Certified Financial Planners
- The opportunity to buy fractional shares of a company’s stock
- Investing, whether active or automated
- Cryptocurrency availability
SoFi gives users full control over their purchasing and selling decisions, while its automated investing feature provides pre-built portfolios based on risk level and financial position.
SoFi Features
SoFi Mechanical Investing allows automated deposits. However, you must integrate and authorize the software to use its cash management features.
Users of SoFi Automated Investing also have access to the full spectrum of SoFi goods and services, which includes:
- SoFi Active Investing offers self-directed brokerage accounts for crypto, IPOs, equities, and ETFs
- Loans for students, homes, and refinancing
- Banking services, as well as credit and debit cards
SoFi does not provide margin, options, or other complex trading alternatives, at this time.
Sofi Checking and Savings Accounts
The new SoFi Checking and Savings accounts allow new account users to receive a bonus of up to $300 in cash based on the trading amount deposited.
With a direct deposit, SoFi now offers 1.25 percent APY. That’s more than double the current rate on most high-yield savings accounts. SoFi has no bank, debit, minimum balance, or monthly payments, and you may set up automatic 2-day payments to make payday a little easier.
Transferring funds across your accounts is not limited. Users may also get up to 15% cash back at local businesses when they pay with their SoFi debit card.
Is SoFi Invest Legit?
SoFi provides commission-free stock and ETF trading, as well as free automatic investment. Crypto traders, on the other hand, should be prepared to pay when trading various assets.
SoFi charges a 1.25 percent fee on all cryptocurrency transactions. In addition to recently receiving a national bank charter, the company is a reliable source for personal finance and investment.
SoFi Shortcoming
- Limited only to US residents
- Limited product portfolio
- Inadequate high-tech research tools
Conclusion
SoFi is a personal finance website for individuals looking for a reliable platform to start investing, trading assets or cryptocurrencies. Founded in 2011 as a refinancing website for student loans, the company has gone beyond its initial purpose to allowing low-income Americans and those on a budget to find investment options that suit their finances.
Furthermore, the company has automated investment options with manual investment opportunities that allow users to have complete access to their investments.