SoFi Invest Review: Zero Commissions, Zero Contract Fees, But What's the Catch?
SoFi Invest wants to be your everything app. Banking, loans, credit cards, insurance — and yes, investing. The brokerage arm of this fintech darling offers $0 commissions on stocks, ETFs, and options, including no per-contract fees on options. That last part is genuinely rare. Throw in IPO access, fractional shares starting at $5, and a 1% IRA match, and you've got a compelling pitch for newer investors. But SoFi isn't trying to compete with Schwab or Fidelity on depth. There's no tax-loss harvesting, no futures, no forex, limited research tools, and a cash sweep rate so low it's almost insulting. The platform is built for people who want investing to be simple, not sophisticated. If that's you, read on. If you want Level II quotes and custom screeners, you already know this isn't your stop. SoFi Securities LLC is a FINRA member (CRD# 151717) and SIPC-protected, so your assets get the standard $500,000 coverage. They're a real broker-dealer, not some fly-by-night crypto app. Let's dig into what you're actually paying — and not paying — to invest here.