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SoFi Invest Review 2024

Written by
Adam N.
Fact checked by
Updated
2d ago
Regulated and trusted. Tested via live trading.
1,888 people chose this broker
Available in United States

Why choose SoFi Invest

SoFi Invest is a US discount stockbroker regulated by the top-tier SEC and FINRA.

It 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 negative side, SoFi Invest is available only for US residents. The product portfolio is limited, covering only stocks and ETFs. Also, research tools are very basic.

BrokerChooser gave SoFi Invest a 4.4/5 rating based on analyzing 600+ criteria and testing via opening a live account.

  • Free stock and ETF trading
  • Fast and fully digital account opening
  • Fast customer support
Overall score
4.4/5
Minimum deposit
$0
Stock fee
Low
Options fee
Low
Inactivity fee
yes
Account opening
1-3 days

Not sure if this is the right broker for you? See the best ones.

See how the best brokers in the United States compare to SoFi Invest

US stock fee
Estimated commission of a $2,000 trade, assuming a $50 stock price

Fees

Score: 4.4/5
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.
  • Commission-free stock and ETF trading
  • No withdrawal fee
  • No inactivity fee

We compared SoFi Invest's fees with two similar brokers we selected, Alpaca Trading and Robinhood. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of SoFi Invest alternatives.

Commission-free stock and ETFs

It’s extremely great as SoFi Invest has commission-free US stock trading.

Broker
US stock
SoFi Invest
$0.0
Alpaca Trading
$0.0
Robinhood
$0.0
SoFi Invest stock and ETF commission

Average margin rates

SoFi Invest USD margin rate fees are slightly lower than the industry average. USD margin rate fees are calculated as follows: 10% annual margin rates

Broker
USD margin rate
SoFi Invest
10.0%
Alpaca Trading
8.5%
Robinhood
6.8%
SoFi Invest annual margin rates

Low options commission

SoFi Invest US stock index options fees are less than half of the industry average. US stock index options fees are calculated as follows: $5 exercise and assignment fee

Broker
US stock index options
SoFi Invest
$5.0
Alpaca Trading
-
Robinhood
$0.0
SoFi Invest stock index options commission

Low inactivity fee, no withdrawal fee

Inactivity fee is $25 after 6 month of inactivity. You can avoid this fee by logging into your account. SoFi Invest charges no fee for ACH withdrawals.

Broker
Inactivity fee
Withdrawal fee
SoFi Invest
$0
Alpaca Trading
$0
Robinhood
$0
SoFi Invest inactivity, withdrawal and other fees

While there is no ACH withdrawal fee, if you use a wire transfer for withdrawal SoFi Invest charges $25.

Safety

SoFi Invest is regulated by top-tier financial authorities and has a high level investor protection. On the negative side, it doesn't hold a banking license.
  • Majority of clients belong to a top-tier financial authority
  • High level of investor protection
  • Listed on stock exchange
Read more

Deposit and withdrawal

Score: 1.6/5
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.
  • Free withdrawal
  • No deposit fee
  • User-friendly
Read more

Account opening

Score: 4.4/5
Account opening at SoFi Invest is seamless and fully digital; our account was opened within a day. On the negative side, only US clients can open an account.
  • Fast
  • Fully digital
  • No minimum deposit
Read more

Mobile app

Score: 4.7/5
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.
  • User-friendly
  • Two-step (safer) login
  • Modern design
Read more

Web trading platform

Score: 3.5/5
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.
  • User-friendly
  • Two-step (safer) login
  • Modern design
Read more

Product selection

Score: 2.5/5
SoFi Invest has a limited product portfolio comprising only US stocks and ETFs. You can't trade any other products, such as funds, bonds, forex, options or futures.
Read more
“I recommend SoFi Invest for beginners and investors looking for zero-commission trading, focusing on the US market.”

FAQ

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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.

author image
Adam Nasli
Author of this review
I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.
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