A detailed guide to all relevant fees for stock trading at SoFi Invest
Reading time: 3 minutes
It's great that you are interested in stock trading at SoFi Invest. When looking for a stockbroker, one of the most important aspects are fees. However, sometimes it can be a daunting task to pay attention to all the relevant fees and it can be frustrating to pay for some fees you didn't even know existed. Don't worry, we are here to help you with that.
We at BrokerChooser test brokers' services with a live account and real money, so our knowledge is based on our first-hand experience.
In this article, we are going to walk you through all the fees that are relevant for stock trading at SoFi Invest.
THE ESSENCE:
- Fees are extremely important when choosing a broker for stock trading
- SoFi Invest's stock and ETF trading fees are low
- Pay attention to less obvious fees like conversion fees
- Visit SoFi Invest's site if you need more information about fees
- SoFi Invest is a reliable broker regulated by at least one top-tier regulator
First, let's see if SoFi Invest is available in your country
SoFi Invest stock trading relevant fees
What are stock/ETF trading fees at SoFi Invest?
Stock and ETF trading fees refer to the charges by a brokerage platform for executing trades of stocks and ETFs. SoFi Invest charges relatively low fees for these types of trades.
The following table shows the trading fees of a few popular stocks at SoFi Invest. In these examples, a trade would mean buying a $2,000 position, holding it for one week, then selling it.
| Asset | Fee |
|---|---|
| Apple benchmark fee | $0.3 |
| Vodafone benchmark fee | - |
SoFi Invest stock trading relevant fees
What is the deposit fee at SoFi Invest?
When depositing funds at SoFi Invest, you won't be charged any deposit fees, meaning that no deductions will be made from your deposits. However, there may be conversion fees associated with your deposit. We will discuss conversion fees later in the article.
SoFi Invest stock trading relevant fees
What is the withdrawal fee at SoFi Invest?
When withdrawing funds from SoFi Invest, there is no withdrawal fee. This means that no deductions will be made from your withdrawal amount. However, conversion fees may apply, similar to when making deposits.
SoFi Invest stock trading relevant fees
What are conversion fees at SoFi Invest?
When depositing money into your SoFi Invest's account in a currency other than the base currency of your account, or trading an asset denominated in a different currency, conversion fees will apply. You can find more detailed information about conversion fees on SoFi Invest's website.
SoFi Invest stock trading relevant fees
Is there a custody fee at SoFi Invest?
A custody fee is usually charged by the broker for holding positions in some asset types, typically stocks, ETFs or bonds.
SoFi Invest does not charge a custody fee, which means that you will not be charged any fee just for holding positions.
SoFi Invest stock trading relevant fees
Does SoFi Invest have an account fee?
An account fee is typically charged to cover the costs of maintaining and administering an account. It is often a fixed amount and is charged regularly; most often monthly or quarterly.
At SoFi Invest, there is no account fee, which means that you won't be charged by the broker for the maintenance of your account.
SoFi Invest stock trading relevant fees
Does SoFi Invest have an inactivity fee?
The inactivity fee is usually a flat amount that is charged to accounts that haven'T been used for a certain period of time. This fee is often charged on a regular basis, such as monthly or quarterly.
At SoFi Invest there is no inactivity fee. This means that you won't be charged for not using your account for an extended period of time.
SoFi Invest stock trading relevant fees
Wrap-up
Making sense of brokerage fees can be frustrating, so we hope that you found this guide useful. Keeping all of these fee types in mind should help you pick the right broker and make trading decisions more confidently.
We believe you are on the right track now, but if you still have any questions or suggestions, drop us an email at [email protected] and we will get back to you soon.
Comments