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SoFi Active Investing is a commission-free trading platform that is ideal for novice and more mature investors.
Investors can buy and sell without worrying about an account minimum.
The platform also offers a user-friendly interface and robo-advisors to help you automate your investing according to your goals.
One convenient perk is access to certified financial planners to help you strategize about your financial goals.
Read more about the features in this SoFi Active Investing review.
Account Types
SoFi Active Investing has account types that may sound familiar to most investors.
Retirement Accounts
SoFiIRAsautomatically receive a 1% match on rollovers.
The following IRA accounts are available: traditional IRA, Roth IRA, SEP IRA and a rollover IRA.
You have the choice of automating your SoFi IRA.
Margin Accounts
There are trading margin accounts available at SoFi.
Margin accounts are convenient for those investors who dont quite have the funds to invest.
SoFi will finance up to 50% of the investment purchase.
Generally margin accounts are for seasoned investors.
SoFi requires a minimum of $2,000 to trade on margin.
Requirements To Open an Account
Its easy to set up an account with SoFi Active Invest.
In addition, you will have to link your SoFi investment account to a checking or another account.
This link will enable you to fund your investment account.
Investment Options
Wondering where to put your investment dollars?
ETFs
There are several types ofETFsavailable with SoFi Active Investing.
Other options include sector-specific EFTs that focus on certain industries.
Thematic ETFs revolve around new technologies like AI, clean energy, or cyber security.
Dividend ETFs offer returns from companies that pay regular dividends to its customers.
Cryptocurrency
SoFi Active Investing ended its crypto services in December 2023.
This allows people to invest in higher-priced stocks like Apple and Amazon.
Fees and Commissions
As an investor, you dont want fees to eat into your returns.
SoFi is accessible for most investors since there are no fees to trade stocks or ETFs.
SoFi Active Investing doesnt charge a maintenance fee, but there are fees associated with specific transactions.
Heres what SoFi offers:
SoFi Funds
There are proprietary investment options with SoFi Active Investing.
Other selections include SoFi Weekly Dividends which pays out dividends on a weekly basis.
Other choices are available depending on your value and goals.
With arobo-advisor, you have the benefit of a digital service that picks and manages your investments for you.
These investments are based on your personal preferences and risk tolerance.
There is a 0.25% fee, based on your account value, for the service.
Portfolio Rebalancing
Your portfolio will automatically rebalance with the robo-advisor feature.
The classic theme focuses on performance driven funds that center on low-cost investments to grow wealth.
Another option, the classic with alternatives, is geared to manage volatility.
You will have a mixture of low-cost funds and alternative assets as a part of your portfolio.
The third option is the sustainable portfolio.
These selections revolve around companies that are socially responsible and eco-conscious.
Investors can gather additional information with webinars and member events as well as in the forums.
SoFi Active Investing App
The SoFi Active Investing App is comprehensive and user-friendly.
It supports retirement accounts and provides portfolio tracking, real-time market alerts, and stock research tools.
The app was rated4.0out of 5 stars onGoogle Playand4.8out of 5 stars in theApple Store.
Pros and Cons of SoFi Active Investing
Thinking about opening a SoFi Active Investing account?
Heres a look at the pros and cons of SoFi Active Investing.
You could choose a brokerage or IRA account.
SoFi Active Investing vs.
Competitors
How does SoFi Active Investing stack up against competitors?
Heres a look how Robinhood and E*TRADE differ from SoFi Active Investing.
However, SoFi offers access to financial planners, while Robinhood does not.
Both platforms allow fractional share investing, but only Robinhood still allows cryptocurrency trading.
SoFi stands out with automated investing options, which Robinhood lacks.
SoFi allows investors to purchase fractional shares, while E*TRADE does not.
Neither E*TRADE nor SoFi offers cryptocurrency trading.
Additionally, SoFi offers automated investing, whereas E*TRADE does not provide this feature.
Each category was ranked from 1 to 5, with 5 being the top score.
Heres how the evaluation broke down:
Overall, SoFi Active Investing is a solid offering.
For its target market, SoFi Active Investing does an admirable job.
Some investors likely appreciate the firms access to Certified Financial Planners, convenient mobile app and seven-day-a-week customer services.
But overall, the firm offers a solid package, as demonstrated by our rating.
More About SoFi
There are limitations with fractional shares to consider before investing.
During market hours fractional share orders are transmitted immediately in the order received.
Share will be delivered at an average price received for executing the securities through a single batched order.
Fractional shares may not be transferred to another firm.
Fractional shares will be sold when a transfer or closure request is initiated.
kindly consider that selling securities is a taxable event.
Other fees, such as exchange fees, may apply.
The ability to schedule appointments is subject to financial planner availability.
SoFi reserves the right to change or terminate this benefit at any time with or without notice.
Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser.
It is possible to lose more than your initial investment when using margin.
For more details visitsofi.com/invest/capitalizeonepercentterms/
SoFi and Capitalize will complete rollover at no cost.
SoFi is not liable for any costs incurred from the existing 401k provider for rollover.
yo check with your 401k provider for any fees or costs associated with the rollover.
