SoFi Invest Logo
Written by:
Fact checked by:
Updated:
May 2023
Recommended for
  • beginners 3.9/5
  • equity trading 4.1/5
Trusted broker
  • Top-tier regulation in the US
  • Compensation in case of broker bankruptcy (terms apply)
  • Listed on a stock exchange
Popularity
5,807 people chose this broker in the last 6 months

Our take on SoFi Invest

SoFi Invest is a discount US stockbroker regulated by the top-tier SEC and FINRA. SoFi Invest offers commission-free US stock and ETF trading without withdrawal or inactivity fees. The account opening process is seamless, fully digital and really fast. Customer support gives relevant and quick answers. It is a good choice for beginner investors. On the down side, SoFi Invest is available only for US residents. The product portfolio is limited, covering only stocks, ETFs and cryptocurrencies. Research tools are very basic. BrokerChooser gave SoFi Invest a 4.7/5 rating based on analyzing 500+ criteria and testing via opening a live account.

BrokerChooser score
4.7 4.7 /5
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SoFi Invest is available in United States
Stock fee
Low
Fractional shares
Yes
Minimum deposit
$0
Inactivity fee
$0
Pros
Cons
Free stocks and ETFs
Available only for US clients
Fast and fully digital account opening
Limited product portfolio
Great customer support
Basic research tools
Expert opinion
“I recommend SoFi Invest for beginners and investors looking for zero-commission trading, focusing on the US market.”
Gergely Korpos
Co-founder / CPO

SoFi Invest main highlights

🗺️ Country of regulation USA
💰 Trading fees class Low
💰 Inactivity fee charged No
💰 Withdrawal fee amount $0
💰 Minimum deposit $0
🕖 Time to open an account 1-3 days
🎮 Demo account provided No
🛍️ Products offered Stock, ETF, Crypto

SoFi Invest summary

Fees
4.9
Account opening
4.2
Deposit and withdrawal
2.2
Web trading platform
3.2
Mobile trading platform
4.5
Desktop trading platform
Markets and products
2.2
Research
2
Customer service
3.5
Education
1.5
Safety
To read much more details about the broker's services and features, expand on the sections below.

SoFi Invest review
Fees

Score: 4.9/5
+
SoFi Invest has low trading and non-trading fees. It offers commission-free trades for US stocks and ETFs, and no fee is charged for inactivity or withdrawals.
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SoFi Invest review
Account opening

Score: 4.2/5
+
Account opening at SoFi Invest is seamless and fully digital; our account was opened within a day. On the flip side, only US clients can open an account.
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SoFi Invest review
Deposit and withdrawal

Score: 2.2/5
+
SoFi Invest offers user-friendly and mostly free deposit and withdrawal options. However, you can use only bank transfers, while wire transfer withdrawals incur a high fee.
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SoFi Invest review
Web trading platform

Score: 3.2/5
+
SoFi Invest offers a user-friendly web trading platform with a neat design. However, it lacks customizability, unique price alerts, and many common order types.
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SoFi Invest review
Mobile trading platform

Score: 4.5/5
+
The SoFi Invest mobile platform is great; it is well-designed and user-friendly. However, only a few order types are available, and there are no unique price alerts.
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SoFi Invest review
Desktop trading platform

+
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SoFi Invest review
Markets and products

Score: 2.2/5
+
SoFi Invest has a limited product portfolio comprising US stocks and ETFs as well as a few cryptocurrencies. You can't trade funds, bonds, forex, options or futures.
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SoFi Invest review
Research

Score: 2/5
+
Research tools at SoFi Invest are very limited, lacking analyst recommendations, detailed fundamental data and sophisticated charting tools.
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SoFi Invest review
Customer service

Score: 3.5/5
+
SoFi Invest's customer service is great, as it gives fast and relevant answers. On the flip side, there is no 24/7 service.
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SoFi Invest review
Education

Score: 1.5/5
+
SoFi Invest offers some educational content on its learning centre, blog and YouTube channel, but there are no demo accounts, platform tutorials or webinars.
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SoFi Invest review
Safety

+
SoFi Invest is regulated by top-tier financial authorities and comes with a high investor protection amount. On the negative side, it doesn't hold a banking license.
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SoFi Invest review
Bottom line

SoFi Invest's fees are great. You can trade stocks and ETFs listed on major US markets for free. Account opening is easy, fully digital and fast. Customer service responds quickly and gives relevant answers.

SoFi Invest has some drawbacks though. It is available only for US clients. Its product portfolio is fairly limited, covering only US stocks, ETFs, and a few cryptocurrencies. Lastly, research tools are very basic.

As the account opening process is seamless and SoFi Invest offers commission-free stock and ETF trades, you should feel free to try it.

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SoFi Invest review
FAQ

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Author of this review

Adam Nasli

Author of this review

Adam is a motivated finance expert. He is one of the first hires at BrokerChooser and has since tested almost all 100+ brokers covered by BrokerChooser. Adam holds a professional degree from CEU and he helps teach finance and programming courses at his alma mater. Previously he worked in the banking sector, including at Citi Bank. He loves researching the financial industry, managing his long-term investments, and trading with algorithms.

Adam Nasli

Analyst Head

Adam is a motivated finance expert. He is one of the first hires at BrokerChooser and has since tested almost all 100+ brokers covered by BrokerChooser. Adam holds a professional degree from CEU and he helps teach finance and programming courses at his alma mater. Previously he worked in the banking sector, including at Citi Bank. He loves researching the financial industry, managing his long-term investments, and trading with algorithms.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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