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Written by: Ádám N. Updated: Dec 2022
Expert verified
Recommended for
  • beginners 3.9/5
  • equity trading 4.1/5
Trusted broker
Regulated by top-tier financial authorities
Popularity
252 people chose this broker in the last 6 months
BrokerChooser Score
4.7/5

SoFi Invest review summary

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.

SoFi Invest is a regulated broker, it is overseen by a top-tier financial regulator in the USA . SoFi Invest is also covered by investor protection and it offers negative balance protection in selected jurisdictions. We at BrokerChooser always test brokers with real money, including the withdrawal process.

SoFi Invest is available in United States

SoFi Invest pros and cons

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

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
To read much more details about the broker's services and features, expand on the sections below.

SoFi Invest review
Fees

5.0
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

4.2
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

2.2
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

3.2
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

4.5
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

2.2
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

2.0
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

3.5
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

1.5
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

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SoFi Invest review
FAQ

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Author of this review

Ádám Nasli

Author of this review

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo trading, programming and trading.

Ádám Nasli

Analyst Head

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo trading, programming and trading.

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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