Is SoFi Investing Legit?


Jeremy BiberdorfBy: Jeremy Biberdorf

November 8, 2022November 8, 2022

Innovations such as low account thresholds and partial share ownership have made investing more accessible than ever.

SoFi Invest is a trading platform that offers many of these “quality-of-life” features such as automatic management and repeating investments.

Does that mean it deserves all the hype? Is SoFi investing even legit?

We think so. Keep reading to find out why.

Product Name SoFi Investing
ServicesInvestment And Brokerage Platform
Investment TypesStocks
Cryptocurrencies
ETFs
Minimum Investment $1, $10 For Cryptocurrency
Management Fee None

SoFi Investing Summary

  • SoFi was established in 2011 as a one-stop financial shop for users.
  • SoFi concentrates on providing low-cost investing by not collecting administration fees for its automated investment platform or charges on open positions.
  • It offers commission-free trading.

Pros & Cons

Pros

  • As its main selling point, SoFi Investing has a $0 management fee.
  • Membership perks include lower interest rates on SoFi loans, access to regional networking opportunities, business mentoring, and much more.
  • Free access to licensed investment advisors via SoFi Investing.

Cons

  • Only available to US citizens at this time.
  • No forex or mutual funds trading.

Learn More About SoFi Investing

What Is SoFi Investing?

SoFi Investing is an investing platform with low-cost and straightforward market access. It was created with novice and idle traders in mind.

SoFi Investing handles the entire procedure for you setting it apart from other investment platforms. Investing is made simple via their mobile app and designed so that anyone can navigate the platform.

Even if you’re a complete rookie and find yourself getting stuck you can contact SoFi directly where you can live chat with real financial advisors and they’ll walk you through the process.

  • With SoFi Invest, you don’t have to conduct research on the assets before investing. Instead, SoFi Invest manages this process for you. Just make sure you are comfortable with the risk tolerance of any investment.
  • You can use their Robo adviser for idle trading or their direct investment to make your investments.

Read our full SoFi Investing review here!

What Does SoFi Investing Offer?

SoFi Invest allows SoFi Money users to automatically deposit earnings and start investing in cryptocurrencies, buy stock Bits, or fractional shares of stocks.

For digital stocks and ETF transactions, SoFi provides free-of-charge trading. SoFi Investing offers two investment strategies to pick from:

  • SoFi Active Investing: Allows you to trade stocks and ETFs independently through a self-directed investment portfolio.
  • SoFi Automated Investing: SoFi Investing uses a Robo-advisory-based technology to handle your assets.

Clients have various IRA selections with SoFi including, Sofi Roth IRAs, regular IRAs, and SEP IRAs. Investors looking to open a Roth IRA on a low-cost, automated platform may find SoFi the best choice.

All SoFi Invest clients are eligible to receive free, individualized financial counseling from SoFi’s group of complete fiscal advisors. Non-commissioned advisors are obligated by law to make recommendations that are in investors’ best interests since they are bound by the fiduciary rule.

Something that would be nice to see SoFI implement is tax-loss harvesting. Considering everything they already offer, that might be asking too much of a Robo-advisor with no management fees.

What Are The Expected Returns Of Sofi Investing?

Sofi Invest has a historical average annual return of about 7% after accounting for inflation. It’s crucial to remember that each Robo has a unique investment approach that can affect profits. Investors make money with SoFi Invest by receiving dividends and returns from rising stock prices.

When SoFi Invest was established in 2011, its first mission was to assist customers in refinancing their student loans at reduced interest rates. SoFi Investing has now evolved into a full-service financial institution supplying credit cards and financial planning.

Sofi’s Investments numbers are impressive. They boast over 4 million members with over $50 billion in funded loans and $22 billion in debt paid off by members.

We have to admit, SoFi’s results speak for themselves and have been exceptional to date.

SoFi Investing Reviews

Users on Trustpilot, one of the best review sites, have left many positive reviews about SoFi Investing. Let’s mention some of them.

“Before applying, the reviews I read were very mixed. I was skeptical at first. Applied for $60k. Streamlined Process. No red tape. Received funds less than 24hrs after applying. Was able to consolidate monthly bills and significantly lower my monthly payment and interest rate. No prepayment penalty is great. This was the easiest and quickest loan process I have ever seen. I will definitely use it again if needed. Very pleased. Thank you SOFI.” OB
“the process was very fast I was approved in just 4 days the communication was excellent. I would only like you to have operators who speak Spanish since I handle the dls languages ​​but I have people who only speak Spanish and would like to request loans with SOFI” Jeans Velazco
“The entire process went very smoothly. The Agent kept me abreast of where my application was at all times. She was friendly and very professional when we spoke. It’s very hard in getting a loan but SoFi worked with me to find one as well as get approved for $40,000. I’m grateful and would definitely recommend SoFi to my friends and family.” Barbara Copsey

SoFi Investing Ranking

Below are some of SoFi Investing’s ratings:

Trustpilot LogoTrustpilot4.2/5
Trustpilot LogoGoogle Play Store4.1/5
Apple App StoreThe Apple App Store4.8/5

Summary

As your one-stop shop for all your financial needs, SoFi hopes to continue playing a significant role in investors’ lives.

SoFi Investing is the best place for investors seeking a low-fee platform that makes on-the-move investing possible.
Get started with SoFi Investing today!

Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. After working many years in the website marketing industry, he decided to take on blogging full time and also get his finances headed in the right direction. He has been blogging at ModestMoney since 2012. Also check out his contributions to Equities.com and Benzinga.

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