As I mentioned in my SoFi Money review, one slight downside to SoFi’s growing roster of features is that they all share a single app.On the one hand, I do enjoy being able to quickly switch between my Money and Invest accounts. Individual and joint non-retirement accounts. The SoFi IPO is confirmed in a press release from January 7. Many or all of the products featured here are from our partners who compensate us. This is the main reason why the SoFi Invest mobile trading platform has a higher score than the web trading platform. Special bonuses: SoFi offers bonuses to clients who invest at least $20 per month. Both SoFi and Robinhood offer trading throughout the day for active investors (and day-traders). SoFi is Hong Kong’s $0 commission broker making investing easy, affordable and fast. Want to buy mutual funds, index funds and bonds — bedrock investments in most retirement accounts — or more advanced strategies such as options, forex and futures? Financial planning: SoFi stands out here. Trade stocks, shares, cryptocurrency & ETFs from a single app. ... our scoring algorithm assigns a higher weight to the app's simplicity and ease-of-use than it does in the case of web trading platforms. As an online-only institution, SoFi’s suite of digital tools is optimized for user ease and stacked with features like easy account transfers, bill pay and even budgeting tools. With a broad range of low-cost ETFs, SoFi provides strong features for cost-conscious investors, especially those just starting out. ‎Can you guide Sofi through the coloured rings? SoFi clients have a choice of 10 portfolios based on risk tolerance and investment objectives, using a diversified selection of low-cost ETFs that give exposure to U.S. stocks, developed international stocks and emerging markets, as well as high-yield and Treasury bonds. Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love. While SoFi, which made its name with student loans, has been around since 2011, SoFi Active Investing is a relative newcomer with its February 2019 launch. Grade: A. Is SoFi Automated Investing right for you? The bottom line: SoFi Active Investing's $0 trading commission and $0 account minimum is attractive to new investors, but a lack of investment choices such as mutual funds and bonds is a drawback for those saving for retirement. sofi.com | FinTech | Founded: 2011 | Funding to Date: $3.28B Social Finance (SoFi), operates a marketplace lending platform and is the largest provider of student loan refinancing, offering student loan refinancing, mortgages, mortgage refinancing, and personal loans. career counseling plus loan discounts with qualifying deposit, of free management with a qualifying deposit, Get more smart money moves — straight to your inbox. SoFi Active Investing came out of the gate as a competitor to. Kevin Voigt is a personal finance writer at NerdWallet. Commission-free trades: SoFi Active Investing came out of the gate as a competitor to Robinhood, offering free stock and ETF trades (unlike many other brokers, SoFi doesn’t offer options trading). A stock’s profile displays a basic … When evaluating offers, please review the financial institution’s Terms and Conditions. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. Fractional shares: SoFi Active Investing was among the first brokerages to offer fractional shares — buying a piece of a share rather than shelling out the full share price. SoFi Invest is a worthwhile investment app for beginners without a ton of money to invest Free financial counseling: All SoFi clients have unlimited access to the company's financial advisors at no extra charge to help with long-term financial strategy. Some investors may prefer a more seasoned brokerage. We decided to submit a mortgage refinance application. These "members" can receive complimentary career coaching as well as members-only events such as dinners and talks. 1st Category: Products That Can Be Traded SoFi clients get to buy and sell exchange-traded funds, equities, closed-end funds, and cryptocurrencies. Our partners cannot pay us to guarantee favorable reviews of their products or services. In this review, we tested SoFi Invest active investing. Plus the app is super simple to use and easy to understand. Customer support for more technical issues is also available during an extended range of hours: Monday through Thursday from 8 a.m. to 8 p.m. Eastern time; Friday from 8 a.m. to 7 p.m. Eastern time. NerdWallet strives to keep its information accurate and up to date. Mobile Banking: SoFi App Review. But it's especially enticing relative to competitors who charge significantly more and offer similar unlimited access to advisors, such as Betterment Premium (0.40%). As with some of the most popular robo-advisors, SoFi Automated Investing provides automatic rebalancing. As of October 2020, it has a TrustScore of 3.6 out of 5 stars based on over 2,492 reviews. About SoFi Invest. Tradable securities: SoFi Active Investing may be leading the way with fractional shares and cryptocurrency offerings, but the brokerage is behind the curve on other investment options. At the same time, making Invest a mere tab instead of giving it its own application does feel limiting. An important note: While SoFi Automated Investing customers are given direct investment advice, the advisors won't give SoFi Invest brokerage customers specific suggestions on stock trades. You can schedule a phone or video appointment between the hours of 7:30 a.m. and 6:30 p.m. Eastern time Monday through Thursday, and 7:30 a.m. to 3:30 p.m. Eastern time on Fridays. Security Research and Financial Education The SoFi website has very minimal information on securities. They are not intended to provide investment advice. , offering free stock and ETF trades (unlike many other brokers, SoFi doesn’t offer options trading). On top of this, advisors are available at a range of hours and through various contact methods. SoFi Automated Investing (formerly known as SoFi Wealth) charges no advisory or administrative fees and offers access to low-cost exchange-traded funds. 2,738,809 reviews on ConsumerAffairs are verified. SoFi stands out here. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. They’re also noncommissioned advisors, meaning they don't make money off of specific trades or actions they recommend. The Google Play Store rating is slightly lower at 4.1 out of 5 after more than 3,000 reviews. SoFi Active Investing was among the first brokerages to offer fractional shares — buying a piece of a share rather than shelling out the full share price. Save money & earn cash back rewards when you spend on your favorite brands with SoFi Money®. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. SoFi Automated Investing charges $75 for closing an account. The SoFi app has a 4.8 out of 5 star rating on the Apple App store with more than 32,000 reviews. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. Margin rates As of August 2020, SoFi Active Investing does not offer margin investing. Sofi Invest: Trade stocks, including partial shares, at no cost.There are no account minimums. SoFi Money also charges no account fees and offers unlimited reimbursement for ATM fees each month. However, toward the end of 2019, free trades became the industry standard at online brokers, causing the offerings from SoFi and Robinhood to lose their edge. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. All clients have unlimited access to the company's financial advisors at no extra charge. The cost of portfolios averages 0.05%, competitive with some of the cheapest robo-advisor portfolios out there, including those from Vanguard Digital Advisor and. That’s an increasingly attractive option as the market has led to sky-high stock prices, and it offers new investors a cost-effective way to build a diversified portfolio. While, of course, you’ll need cash to trade, SoFi has no account minimum to open your account and begin buying and selling stocks and ETFs. Automated Investing – The SoFi robo-advisor invests your money in diversified exchange traded funds, or ETFs and manages it for you . Disclaimer: NerdWallet strives to keep its information accurate and up to date. Click here to download. Our estimates are based on past market performance, and past performance is not a guarantee of future performance. Real Estate funds; High-Yield Bond funds SoFi Automated Investing charges $75 for closing an account. Called SoFi Bits, the offering allows investors to buy commission-free fractional shares of nearly 40 brand name public companies — including Apple, Amazon, Facebook, Starbucks and Alphabet, the parent company of Google — as well as fractional shares of ETFs. career counseling plus loan discounts with qualifying deposit, Get more smart money moves — straight to your inbox. The service includes unlimited access to a team of certified financial planners and complimentary career coaching. SoFi offers some of the best, most transparent pricing in the industry. These advisors are CFPs with the Series 65 designation (or similar), which holds them to a fiduciary standard that binds them to operate in your best interest. So how do we make money? Our partners compensate us. An important note: While SoFi Automated Investing customers are given direct investment advice, the advisors won't give SoFi Invest brokerage customers specific suggestions on stock trades. They’re also eligible for reduced interest rates on SoFi loans. Open Account Robinhood: Get one free $3-$7 value stock when you open an account. , SoFi offers a high-interest savings account. ... Stock and ETF. SoFi Invest is an online broker offering zero-commission trading along with robo-advisory features. They’re also noncommissioned advisors, meaning they don't make money off of specific trades or actions they recommend. Competitor Robinhood offers commission-free crypto trades. Our opinions are our own. SoFi offers greater choice of assets and investment styles along with live advice. Active trading and automated investing are the two types of trading they accommodate trying to appeal to both traders and investors with fractional shares purchases, no fees and a low $100 minimum account balance. Nothing stopping you. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Pre-qualified offers are not binding. SoFi Money functions like a checking and savings account that pays. SoFi started up its robo-advisor platform in 2017, so it’s among the newer kids on the block. Look elsewhere. Management and administrative fees: Since 2018, SoFi has charged no management fees. The SIPC insures your account for up to $500,000, with $250,000 for cash. 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