SoFi Invest Review – A Lender-Turned-Investment Platform
- What is SoFi Invest?
- How does SoFi Invest work?
- How much does SoFi Invest cost?
- SoFi Invest features
- Who is SoFi Invest best for?
- Who shouldn’t use SoFi Invest?
- Pros & cons
- SoFi Invest vs. Betterment vs. Robinhood
- The bottom line
What is SoFi Invest?
How does SoFi Invest work?
Creating an active investing portfolio
Creating an automated investing portfolio
Creating a self-directed IRA
How much does SoFi Invest cost?
SoFi Invest features
Integration with other SoFi services
Free access to financial advisors
Flexibility and choice
Who is SoFi Invest best for?
Who shouldn’t use SoFi Invest?
Traders with a lot of capital
Traders who want to mitigate capital gains taxes
Pros & cons
- Easy to get started. As you can see from the above screenshots, setting up an account with SoFi Invest can be done in under 10 minutes. Best of all, with no investment minimums, you can get started today even if you only have $5 to put in your brokerage account.
- Low-cost. For those who are conscious of how much money in their portfolio could get eaten up by extra fees, the fact that SoFi Invest’s managed portfolios have no management fees makes their already low expense ratios even more attractive.
- Access to customer support and financial planners. SoFi Invest’s customer support goes well beyond troubleshooting the platform itself. By offering free access to financial planners and career coaches, SoFi Invest helps you understand not just how to make certain trades, but why those trades are a good idea for your financial situation. If you really want to understand the ins and outs of your portfolio, this sort of free service is a major boon.
- Can’t use tax-loss harvesting. As mentioned earlier in this review, investors who want to minimize their taxes from investing won’t be able to use a strategy called tax-loss harvesting with SoFi Invest, since this feature isn’t supported by the platform. If you trade a lot, this could mean that your taxes owed are higher through SoFi than a different online brokerage.
- Only for investors in the United States. Currently, you can only create an account on SoFi Invest if you live in the United States. This means that foreign investors will need to find a different platform to create and manage their portfolios.
- Some limits on active traders. While there are a lot of things active traders will like about SoFi Invest, one drawback of its platform is that it doesn’t allow stop-loss orders. Instead, market orders are the only way to actively invest in securities so timing and availability become more important if you’re actively trading with SoFi.
SoFi Invest vs. Betterment vs. Robinhood
|Platform||Account Minimum||Management Fees||Crypto Options||Fractional Shares|
The bottom line
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