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Crypto Trading SoFi Review USA 2021

Welcome to our SoFi Review here at BitReviews.com!

If you’re looking to get it with a young and exciting broker that offers a $25 bitcoin bonus on your first crypto trade, then there’s no better place to start your crypto trading. As well as this bonus, SoFi also offers users $0 commission fees on all stocks and ETFs.

Ultimately, if you’re a beginner or low volume trader, there honestly isn’t a better mobile trading platform out there for you right now.

sofi crypto review usa
Pros & Cons of SoFi
  • $25 SoFi bitcoin bonus on first crypto trades
  • $0 fees on stocks and ETFs
  • SoFi crypto app keeps your holdings safe
  • Low cost investment options
  • Not as established as other US brokerages

Security, Usability, Look & Feel - The SoFi Crypto USA Site

The SoFi site very much has the feel of being a site created by Millenials, for Millenials – which in turn is exactly what it is. Even the name resembles the SoCal abbreviation so it’s plain to see the West Coast Silicon Valley influence from the Stamford students who founded the company back in 2011. As well as trading, SoFi offers a range of other financial services including loans, all of which are contained on the one site.

80/100
Rating
SoFi Highlights
  • $25 Bitcoin bonus available
  • An excellent SoFi trading app
  • Great platform for beginners
-

The trading side of the site does stand alone, and overall it looks good and is extremely user-intuitive, with a design that’s 100% aimed at pyjama-wearing remote traders of the 21st century West Coast – rather than the suited up Wall Street East Coast Traders of the 1980s mould. The process from opening your account to making your first trade is as quick and easy as it can possibly be. In keeping with the times, all documents can be submitted online, so no posting copies of your documents for verification.

It would be impossible to round this section off without speaking about the SoFi crypto trading app, which also allows you to trade in stock bits and ETFs. Most of the old school trading companies that have gone online have struggled to bring an efficient trading service to handheld devices – but this is where SoFi’s Silicon Valley influence truly shines.

SoFi Crypto USA – How to Trade

Open your account

Like all trading journeys, this one starts by opening up your account, which can be done quickly and easily using the online form on the SoFi website. Look for the “Invest Now” Tab to get you started.

Get Verified

This is easier than it is with some classic investment companies and brokerages. Rather than having to post or even email companies of your ID and proof of residence, you can simply upload your documents directly to the website and wait to be verified.

Download and Study

While you’re waiting to get verified, use the time to download the excellent mobile trading app and make use of the educational materials to help you get to grips.

Fund Your Investments

You can now make your first deposit into your SoFi account using one of the available payment methods. The minimum withdrawal is just $1, but remember you need to make a first crypto trae of at least $10 to get your bonus!

Trade and Get Your Bonus

Start buying and selling cryptocurrencies in the app or using the web trader – it’s easy and intuitive. Remember if your first crypto trade is over $10, you’ll get a bonus of $25 in bitcoin free!

Company
CompanySocial Finance, Inc.
Headquarter2 Atlantic Ave, 5th Floor ,Boston, MA 02110 ,USA
Year of Founding2011
CEOAnthony Noto
Web Sitewww.sofi.com
Available LanguagesEnglish
Customer SupportLive Chat, Phone, Email Support
Email[email protected]
Phone+1 (617) 939-9900
Licence801-110134
SEC - U.S. Securities and Exchange Commission
Verified by-
Payment Methods
Bank Transfer
Show More

SoFi Review USA - Funding Your Account

You can fund your SoFi account via either wire transfer, check or Automated Clearing House (ACH). This is a fairly common selection for online brokerages, however, given the youthful nature of SoFi, we did expect some form of more innovative funding solution – or at least PayPal. Deposits should take one or two business days, but wire transfer can take longer. If you don’t want to have to wait it out every time and have an investment plan, you can set up recurring deposits.

Bank Transfer

There are no fees charged for deposits whatsoever, although they do get you at the other end with a $75 partial and full transfer fee. This is a little high for a low investment broker (the minimum deposit is just $1), however, given that there are absolutely no fees anywhere else, we’re willing to let it slide.

SoFi Review 2021 - Touching Base with Customer Service

You can contact the SoFi customer service team via either live chat, email, phone and Twitter. There’s also an FAQs section but it isn’t quite as extensive as those that we’ve tried and tested with some other brokerages.

Overall the level of customer service with SoFi is more than decent, with the live chat service being particularly impressive for speedy responses. For a modern company, you are put directly in touch with an actual human advisor rather than a bot, which always ticks a box right away. The downside is the lack of 24/7 customer service, which is particularly annoying given that

SoFi crypto trading can be done at any hour of the day, it’s a bit annoying that you can only find assistance during business hours. However, that’s not entirely uncommon in the world of online trading sites and platforms.

SoFi Crypto Review - License & Security

SoFi invest is licensed and regulated by both the Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) – two of the top regulatory bodies in the US financial sector.

For SoFi client deposits and funds, this means that they are protected by the Securities Investor Protection Corporation (SIPC). This protects your funds up to $500,000 (or $250,000 cash) in the event of SoFi going bust or entering a period of serious financial difficulty. SoFi is also regulated at the start level by multiple state regulatory bodies across the US, including being licensed by the Department of Business Oversight under the California Financing Law in California.

SEC - U.S. Securities and Exchange Commission
FINRA - U.S. Financial Industry Regulatory Authority

SoFi Crypto: Reputation and Customer Feedback

SoFi’s customer reviews are pretty darn good, as they have a high rating on consumer review sites including Trustpilot and ConsumerAffairs.com. This is no easy feat, especially given the fact the brokerages often wind up with low ratings on such sites due to the fact that customers who have been hit with losses are usually the most vocal with their feedback.

At an industry level, SoFi is also well respected among the experts despite being a relatively young company in the grand scheme of things.

SoFi Crypto

SoFi Crypto Review - A Closer Look

Clients have been able to trade crypto on SoFi since September 2019, due to a huge volume of client and customer demand. Although not as established and long-running as some other crypto trading platforms, such as Robinhood Crypto Trading and TradeStation Crypto, SoFi crypto investment is extremely impressive.

The SoFi cryptocurrency trading platform has helped entice a lot of new clients with the first trade bonus, which they opened up to both existing trailers and brand new account holders. With this offer, you get $25 worth of bitcoin free when you make your first crypto trade of at least $10 in value. Bonuses are an extreme rarity in the trading world, so we haven’t seen anything else we can even compare it to – and that’s a good thing, by the way.

80/100
Rating
SoFi Highlights
  • $25 Bitcoin bonus available
  • An excellent SoFi trading app
  • Great platform for beginners
-

With crypto trading being a relatively new service to SoFi, there are only three currencies available at the time of writing. Fortunately, though, it is at least what we’ll call “the big three” – Bitcoin, Ethereum and Litecoin. Therefore seasoned crypto traders might find SoFi a little bit restrictive. However, day traders of other assets who fancy a side flutter on one of these three digital currencies can buy and sell with the same trading platform and app used to trade everything else with SoFi. Additionally, crypto trading with SoFi is an excellent starting point for complete beginners.

SoFi Review - Fees and Prices

What SoFi lacks in longevity and diversity of crypto and tradable assets is made up for in a number of other ways – but perhaps none more so than their fees, or lack thereof. SoFi charges absolutely zero trading and commission fees on cryptos, stock bits and ETFs. Additionally, there are no non-trading fees either, meaning you don’t pay for deposits or if your account remains inactive for a period of time.

There is no charge for assisted trades either, however, SoFi only offers automated assisted investing rather than an actual human account manager – so a cut in costs here does come with a cut in service quality. And as the icing on the cake, there are no administrative fees. There is, however, a $75 transfer fee for both full and partial outgoing transfers, which is a little steep for a low investment broker – so just make sure you’ve made a decent amount before you withdraw.

Jurisdictions and Limits - Who Can Trade with SoFi Crypto?

SoFi Invest is a US company that was founded by Stamford University students and, at the time of writing, isn’t available outside of US states and territories. They hold trading and lending licenses in over 40 states including California, New York and Illinois to name but a few. As far as we can see all trading asset capabilities with SoFi invest are available across all 50 US states.

As only American clients are accepted by SoFi, you will need to prove your US residency and citizenship when signing up. However, the good news is that rather than having to post-physical copies of your ID and proof of residence, SoFi allows you to do everything online. If you’re currently looking to trade from outside of the US, we recommend checking out our eToro Review for a brokerage with a wider global jurisdiction.

80/100
Rating
SoFi Highlights
  • $25 Bitcoin bonus available
  • An excellent SoFi trading app
  • Great platform for beginners
-

SoFi Review - Other Tradable Assets

As well as SoFi crypto USA trading capabilities, SoFi clients can also trade in a number of other assets including stock bits and ETFs. For those unaware, stock bits make the stock market accessible for low budget investors, as they give you the opportunity to own part of a company’s stock without having to commit to an entire share.

If you’re looking to take baby steps into the investment world, SoFi provides an excellent opportunity here, with the possibility to invest as little as just $1. There are no commission or trading fees at all on stock bits with SoFi. Stock bits aren’t just an entry point for beginners who want to dip their toes into the investment world, they can also help you create a diverse portfolio with a budget that would otherwise buy you just a single stock. The range of companies that SoFi offers stock bits on are very much aimed at their ore millennial and gen Z markets, with the top stock bits including Netflix, Facebook and Tesla.

When it comes to ETFs, SoFi has an alternative selection which once again is aimed primarily at a younger breed of day trader. SoFi has five of their own ETFs that they claim are weighted by growth as well as market capitalization. The five SoFi ETFs include the SoFi 50, SoFi Select 500 and the SoFi Gig Economy. If you’re looking for an older and more traditional trading platform, head over to our TD Ameritrade Review. You may also have noticed that Forex currencies are missing from the list of tradable assets with SoFi. If international currency pairs are your thing, our Forex.com Review has got you covered.

80/100
Rating
SoFi Highlights
  • $25 Bitcoin bonus available
  • An excellent SoFi trading app
  • Great platform for beginners
-

SoFi Review USA - The Conclusion

To summarize, SoFi is definitely the go-to company for you if you’re a young investor who’s just starting out, or who wants to get a more diverse portfolio for your investment. While it may have a limited track record compared to other cryptocurrency brokers, it still has plenty to offer.

The crypto trading selection might still be small, but the seamlessness of the trading apps functions does more than enough to cancel out this problem. If you’re a high volume or serious trader, SoFi isn’t for you, however even if you’re apprehensive about entering the world of crypto trading and stocks, SoFi makes it feel more than accessible.

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