Is SoFi Invest free as of September 2024?
SoFi Invest is in fact a zero-commission broker when it comes to buying and selling stocks. Zero commission is especially useful if you trade relatively low volumes, like buying stocks for less than $500 per trade, because you won't be hit with any minimum fees the broker might charge.
We should note that the payment-for-order-flow model, which is used by some zero-commission brokers to generate income (rather than relying on commissions), could potentially create a conflict of interest between you and your broker. This could result in trade execution (like routing your orders to specific market makers) that might be unfavorable for you under certain market conditions, especially when using market orders (as opposed to limit orders, which seem to be less affected).
Keep in mind that at some brokers, you could incur non-trading charges like withdrawal or inactivity fees. Also, if you trade on margin, the margin rate charged by brokers can differ wildly. In the next chapter, we'll find out what these charges are at SoFi Invest and how they compare with fees charged by its closest competitors.
If you want to read our full review, including fees, deposit options and other platforms (like web and desktop) then skip to the SoFi Invest review.
Confused about fees? Use this tool to see what the commission fee of a specific stock trade would be at SoFi Invest. To check and compare fees at other brokers, go to our main Fee calculator page.
Before doing so, check out our Privacy Policy and our General Terms and Conditions.
Overview of SoFi Invest fees and charges
It's safe to say that SoFi Invest's fees are low in general. They either don't charge a brokerage fee for things that other brokers do, or they only charge a small amount.
Here's a high-level overview of SoFi Invest's fees
| Assets | Fee level | Fee terms |
|---|---|---|
| US stock fee | Low | $0 per trade |
| EURUSD fee | - | FX not available |
| US mutual fund fees | - | Not available |
| Inactivity fee | Low | $25 after every 6 month of inactivity |
SoFi Invest fees explained
Online brokerages in general charge much lower brokerage fees than traditional brokerages do - this is largely because online brokerages' businesses can be much better scaled: from a purely technical standpoint, it doesn't make that much of a difference for them if they have 100 or 5,000 clients.
This is not to say, however, that they don't charge any fees at all. They make money by charging you various rates for various actions or events. Usually you need to keep an eye on the following three types of fees:
- Trading fees - these are brokerage fees that you pay when you actually carry out a trade, like buying an Apple share or an ETF. What you pay is either a commission, a spread or a financing rate. Some brokers apply all of these.
- A commission is either fixed or based on the traded volume.
- A spread is the difference between the buy price and the sell price.
- A financing rate or overnight rate is charged when you hold your leveraged positions for more than one day.
- Non-trading fees. These are usually related to some operations you carry out in your account, such as depositing money, withdrawing money, or not trading for an extended period.
We compare SoFi Invest fees with its closest competitors, Alpaca Trading and Robinhood.
SoFi Invest trading fees
SoFi Invest's trading fees are low, which makes it suitable for you even if you trade often (i.e. several times a week).
Let's break down trading fees according to the different asset classes available at SoFi Invest.
Trading fees
SoFi Invest's trading fees are low.
Stock fees and ETF fees
SoFi Invest has low stock trading fees.
|
US stock
|
$0.0
|
$0.0
|
$0.0
|
|---|---|---|---|
|
UK stock fee
|
-
|
-
|
-
|
|
German stock
|
-
|
-
|
-
|
Data updated on September 23, 2024
Options fees
SoFi Invest's options fees are low.
|
US stock options
|
$5.0
|
$0.0
|
$0.0
|
|---|---|---|---|
|
US stock index options
|
$5.0
|
-
|
$0.0
|
|
UK stock index options
|
-
|
-
|
-
|
|
German stock index options
|
-
|
-
|
-
|
Data updated on September 23, 2024
Margin rates
SoFi Invest margin rates are average.
|
USD margin rate
|
10.0%
|
8.5%
|
6.8%
|
|---|---|---|---|
|
EUR margin rate
|
-
|
-
|
-
|
Data updated on September 23, 2024
SoFi Invest non-trading fees
When it comes to non-trading fees, SoFi Invest is a rather cheap broker.
Non-trading fees include various brokerage fees and charges at SoFi Invest that are not related to buying or selling assets. This can be a withdrawal fee, deposit fee, inactivity fee or account fee.
|
Withdrawal fee
|
$0
|
$0
|
$0
|
|---|---|---|---|
|
Deposit fee
|
$0
|
$0
|
$0
|
|
Inactivity fee
|
Yes
|
No
|
No
|
|
Account fee
|
No
|
No
|
No
|
Data updated on September 23, 2024
SoFi Invest deposit fee
Usually, brokers don't charge anything for deposits, and SoFi Invest is no different.
|
Bank transfer
|
Yes | Yes | Yes |
|---|---|---|---|
|
Credit/debit card
|
No | No | No |
|
Electronic wallets
|
No | No | No |
|
Deposit fee
|
$0
|
$0
|
$0
|
Data updated on September 23, 2024
SoFi Invest withdrawal fee
SoFi Invest generally doesn't charge a withdrawal fee.
|
Bank transfer
|
Yes | Yes | Yes |
|---|---|---|---|
|
Credit/debit card
|
No | No | No |
|
Electronic wallets
|
No | No | No |
|
Withdrawal fee for bank transfer
|
$0
|
$0
|
$0
|
Data updated on September 23, 2024
SoFi Invest inactivity fee
SoFi Invest does apply an inactivity fee and it is $25 after every 6 month of inactivity. Keep this in mind to avoid getting charged after a longer idle period. The fact that SoFi Invest charges an inactivity fee makes it less ideal for you if you are a buy-and-hold investor.
The inactivity fee charged by SoFi Invest is low.
|
Inactivity fee
|
Yes
|
No
|
No
|
|---|---|---|---|
|
Inactivity fee
|
$25 after every 6 month of inactivity | No inactivity fee | No inactivity fee |
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