SoFi Invest

This is where SoFi makes its strongest case. The fee structure is dead simple and genuinely cheap for most investors:

Trading Commissions

• Stocks & ETFs: $0 per trade
• Options: $0 commissions AND $0 per contract — this is a standout. Most brokers charge $0.50–$0.65 per contract
• Options exercise/assignment: $0 (SoFi removed these fees)
• Mutual funds: $0 for most, but interval fund purchases carry a 2% transaction fee. Other mutual fund purchases may incur a 0.2% fee, capped at $20 per transaction
• Fractional shares: $0

Account Fees

• Account maintenance: $0
• Annual fee: $0
• Inactivity fee: $25/year — but easily avoided by logging into the app once every six months. Literally just open the app
• IRA closing fee: $100 — steep compared to some competitors, and worth knowing about before you open one
• Paper confirmations: $2 each
• Paper statements: $5 each

Transfer & Withdrawal Fees

• ACH transfers: Free
• Outgoing wire transfer: $25
• Outgoing ACAT transfer: $100 — this is high. Fidelity and Schwab charge $0–$75
• Reversed ACH transfer: $30
• Early IPO sale (within 120 days): $50 for the first sale, $5 per sale after that

Margin Rates

• Base rate: 10.5% annually
• Minimum for margin account: $2,000
• SoFi's margin rates are above the industry average. If you plan to trade on margin regularly, Interactive Brokers or Fidelity will save you real money

Robo-Advisor (Automated Investing)

• Management fee: 0.25% annually — in line with Wealthfront and Betterment, but SoFi used to offer this for free, so existing users may feel stung
• Minimum investment: $50

Uninvested Cash

• Sweep rate: 0.01% — this is embarrassingly low. Fidelity's default sweep pays significantly more, and Schwab's money market options blow this away. If you keep any cash in your SoFi brokerage account, you're essentially earning nothing

Payment for Order Flow: Yes, SoFi accepts PFOF. This is standard among zero-commission brokers, but it means your order execution may not always be optimal.

SoFi offers a solid range of account types for most investors:

Retirement Accounts

• Traditional IRA
• Roth IRA
• SEP IRA
• Rollover IRA

Taxable Accounts

• Individual brokerage
• Joint accounts (JTWROS)
• Community Property accounts (select states)
• Tenants by Entirety (select states)

Each account type comes in two flavors: Active Investing (self-directed) and Automated Investing (robo-advisor). You can run both side by side.

What You Can Trade

• Stocks (including fractional shares on 4,000+ securities, starting at $5)
• ETFs (including fractional shares)
• Options (Levels 1 and 2 — covered calls, cash-secured puts, and standard strategies)
• Mutual funds (~6,800 no-transaction-fee funds)
• Interval funds / alternative investments (commodities, private credit, real estate)
• IPOs — you can participate in initial public offerings before shares hit the public market, which is unusual for a retail broker at this price point

What You Can't Trade

• Futures
• Forex
• Bonds or fixed income directly
• Crypto (SoFi appears to have scaled back or discontinued crypto trading through the invest platform as of late 2025, though SoFi Digital Assets LLC previously offered it)

The IPO access is a genuine differentiator. Most discount brokers don't offer this. You can only invest in one IPO at a time, and there's the $50 early-sale fee to discourage quick flips, but the access itself is free.

The Good Stuff

• Truly zero-cost options trading. No commissions, no per-contract fees, no exercise or assignment fees. If you're learning options or running basic covered call strategies, this saves real money compared to paying $0.65/contract at Schwab or Fidelity
• 1% IRA match. SoFi matches 1% on IRA contributions (2% for SoFi Plus members during promotional periods). Max out your $7,500 IRA in 2026 and that's $75 free. Not life-changing, but nobody else does this
• IPO access for regular people. No minimums, no special account tier needed
• Fractional shares from $5. Great for building a diversified portfolio on a tight budget
• Access to financial planners. One free 30-minute session with a CFP for all members. SoFi Plus members get unlimited sessions. This is genuinely valuable and uncommon at zero-commission brokers
• The ecosystem play. If you already bank with SoFi, having investing in the same app with the same login is convenient. Direct deposit into SoFi checking unlocks SoFi Plus perks at no extra cost

The Not-So-Good Stuff

• 0.01% cash sweep rate. This is the single biggest knock against SoFi Invest. In a world where money market funds yield 4%+, leaving cash in your SoFi brokerage account is like stuffing it under a mattress. You need to actively move idle cash elsewhere
• No tax-loss harvesting on the robo-advisor. Wealthfront and Betterment both offer this, and it can save hundreds or thousands in taxes annually
• Limited research tools. SoFi provides data from Morningstar, TipRanks, Xignite, and Benzinga, but there are no advanced charting tools, no income statements or balance sheets to dig through, and no custom screeners. Schwab and Fidelity are leagues ahead here
• $100 ACAT transfer fee. Want to leave? That'll cost you. Some brokers will reimburse this, but it's still annoying
• $100 IRA closing fee. Rolling over to another provider isn't free
• High margin rates (10.5%). If margin trading is part of your strategy, look elsewhere. Interactive Brokers charges a fraction of this
• No futures, forex, or bonds. Advanced traders and income-focused investors won't find what they need here

SoFi Invest is a great fit for:

• Beginners who want a clean, simple app and don't need advanced tools. The interface is intuitive, signup is fast, and fractional shares mean you can start with almost nothing
• Options beginners who want to learn covered calls and puts without worrying about per-contract fees eating into small positions
• IRA investors who want the 1% match — it's free money, even if it's modest
• SoFi banking customers who want everything in one place. The ecosystem benefits (SoFi Plus, higher APY on checking, advisor access) are real if you're already in their orbit
• IPO-curious investors who want early access to new listings without needing a Goldman Sachs relationship

SoFi Invest is NOT for:

• Active traders who need advanced charting, Level II data, or complex order types. Use thinkorswim, Interactive Brokers, or even Webull
• Income investors looking for bonds, CDs, or treasury products directly on the platform
• Margin traders — 10.5% is too expensive for any serious margin strategy
• Tax-conscious robo investors — without tax-loss harvesting, the 0.25% management fee is harder to justify vs. Wealthfront
• Anyone with significant idle cash — that 0.01% sweep rate is a dealbreaker unless you're disciplined about moving cash out immediately
• International investors or anyone wanting forex/futures exposure

NerdWallet gives SoFi Active Investing a 4.6/5, which puts it just below Schwab (4.8) and Fidelity (5.0), and slightly above E*TRADE (4.5). That feels about right.

vs. Fidelity: Fidelity offers zero-expense-ratio index funds, better research tools, a higher cash sweep rate, fractional shares, and no transfer fees. Fidelity doesn't match IRA contributions or offer IPO access to everyone, though. For most people, Fidelity is the better all-around broker. But SoFi's $0 options contract fees and IRA match give it a niche edge.

vs. Robinhood: Both target younger, mobile-first investors. Robinhood offers crypto trading and a slicker trading interface. SoFi offers IPO access, the IRA match, and access to financial planners. Robinhood's Gold subscription ($5/month) includes better margin rates and a higher cash sweep. It's close, but SoFi's ecosystem play and CFP access tip it for investors who want more than just trading.

vs. Schwab: Not a fair fight on features. Schwab has vastly superior research, thinkorswim for active trading, better margin rates, and a deep bench of no-fee products. SoFi wins only on options pricing ($0 vs. $0.65/contract) and the IRA match. If you're beyond the beginner stage, Schwab is the better home.

vs. Wealthfront (robo only): Both charge 0.25% for automated investing. Wealthfront offers tax-loss harvesting, direct indexing, and better portfolio customization. SoFi offers CFP access and the broader ecosystem. For pure robo-advising, Wealthfront is stronger.

The bottom line: SoFi competes on simplicity and zero-cost trading, not on depth. It's the right tool for a specific job, not a Swiss Army knife.