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SoFi Invest

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description SoFi Invest Overview

SoFi Invest offers a comprehensive suite of financial products, including commission-free stock and ETF trading. While it also utilizes payment for order flow, SoFis broader financial services ecosystem including loans, banking, and financial planning tools provides added value. The platforms IPO access is a significant draw for some investors. SoFis automated investing options cater to those seeking a hands-off approach.

The platforms integration with other SoFi products is a key differentiator, but can also be overwhelming for new users.

help SoFi Invest FAQ

Does SoFi Invest charge any fees for trading stocks?

SoFi Invest offers completely commission-free trading for standard stocks and ETFs, meaning there are no per-trade fees. Like most modern brokerages such as Robinhood, they utilize Payment for Order Flow (PFOF) to monetize these trades. There are also no account minimums or management fees on their automated robo-advisor accounts.

Can I buy cryptocurrency through SoFi Invest?

Yes, SoFi Invest features a built-in crypto trading platform that allows users to buy, sell, and hold major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin directly in the app. However, they currently charge a markup fee of 1.25% on all crypto transactions. Furthermore, you cannot withdraw your crypto to an external, self-custody wallet.

What are 'Stock Bits' on the SoFi Invest platform?

Stock Bits is SoFi's brand name for fractional shares, which allows investors to buy a small slice of an expensive stock rather than purchasing a whole share. You can start investing in major companies like Amazon or Tesla with as little as $5. This feature is highly popular for beginners looking to diversify a small portfolio.

Is my money safe if SoFi Invest goes bankrupt?

Yes, SoFi Invest acts as a brokerage and your assets are held by their clearing partner, Apex Clearing Corporation. Your account is protected by SIPC insurance for up to $500,000 in securities (including a $250,000 limit for cash) in the event of broker failure. This insurance does not protect against market losses, however.

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