SoFi Invest App Review: Stock Investing Simplified

Summary

Sofi is a comprehensive financial platform offering automated and active investing with no advisory fees. It provides commission-free trading, fractional shares, and a user-friendly interface suitable for all investors. Sofi also includes integrated banking with checking, savings, and retirement accounts, as well as personal finance tools like budgeting and credit score monitoring. The app stands out for its access to IPOs and free financial planning, making it an attractive choice for both beginners and experienced investors.

Takeaways

• 📱 Sofi is a comprehensive financial app offering investing, banking, and saving services through a user-friendly interface.
• 💼 Sofi Invest caters to both active and passive investors with commission-free trading and automated portfolio management.
• 💵 The app allows users to start investing with as little as $1, making the stock market accessible to a wide audience.
• 🆓 Sofi offers commission-free trading for stocks, ETFs, and options, and no advisory fees for their automated investing service.
• 🔍 Fractional shares are supported, enabling users to buy a portion of a stock for as little as $1.
• 🚀 Sofi provides unique access to IPOs, traditionally reserved for institutional investors.
• 📊 The app features automatic rebalancing and offers historical data, stock performance information, and real-time tracking.
• 🏦 Sofi Money includes Sofi Relay for credit score monitoring and financial insights, along with budgeting and tracking tools.
• 💰 Integrated checking and savings accounts with competitive interest rates are available within the app.
• 🏡 Sofi offers dedicated savings vaults for specific financial goals and access to certified financial planners at no extra cost.
• 🔐 As a member of SIPC, Sofi is insured against brokerage failure, and deposits are FDIC insured for bank services.

Q & A

What is Sofi and what does it offer?

Sofi is a financial platform that offers a range of services including automated and active investing, integrated checking and savings accounts, budgeting tools, and access to IPOs, all through a user-friendly interface.

How does Sofi Invest work?

Sofi Invest caters to both active and passive investors, offering commission-free trading of stocks, ETFs, and options, as well as automated investing through their robo-advisor service that builds a portfolio based on personal risk tolerance and time horizon.

What are the benefits of commission-free trading on Sofi?

Commission-free trading on Sofi makes it cost-effective for active traders and investors, as they can trade thousands of stocks, ETFs, and options without paying any commission fees.

How does fractional share investing work on Sofi?

Fractional share investing on Sofi allows users to buy a portion of a stock for as little as $1, making it possible to own shares in companies that might otherwise be too expensive to invest in with a full share.

What is the minimum investment required to start using Sofi Invest?

The minimum deposit to open an account with Sofi Invest is $0, but for their automated investment account, you only need $1 to get started, while for active investment portfolios, you need to fund your account with at least $10 within 30 days of opening the account.

What types of accounts does Sofi offer outside of investing?

Sofi offers Sofi Relay for financial tracking, checking and savings accounts with competitive interest rates, dedicated savings vaults for specific goals, and access to certified financial planners for guidance.

What is unique about Sofi's access to IPOs?

Sofi offers unique access to initial public offerings before they are traded on public markets, which is typically reserved for institutional investors.

How does the Sofi credit card work and what are its benefits?

The Sofi credit card offers unlimited 2% cash back on all purchases when points are redeemed towards Sofi investing or money accounts, or paying down eligible Sofi loans. It also offers 3% cashback on travel booked with Sofi travel, with no annual fees.

What is Sofi Plus and what benefits does it provide?

Sofi Plus is a free premium membership that provides enhanced interest rates on checking and savings accounts, discounted personal loan rates, double reward points on qualifying activities, and welcome offers.

Who is Sofi Invest ideal for?

Sofi Invest is ideal for beginner investors, hands-off investors who prefer a robo-advisor approach, and investors needing financial planning guidance, offering user-friendly access, automated portfolios, and unlimited access to certified financial planners.

What are the potential drawbacks of using Sofi Invest?

The potential drawbacks include basic charting that may not meet the needs of advanced traders, limited research tools compared to other platforms, and the absence of tax-loss harvesting features.