SoFi is not just a crypto exchange—it’s a comprehensive financial services platform that offers a range of products designed to help you take control of your finances. From student loan refinancing and personal loans to investing and insurance, SoFi has something for everyone. And when it comes to cryptocurrency, SoFi’s trading platform is top-notch, offering competitive pricing, high-end security measures, and user-friendly features that make it a great choice for both novice and experienced traders.
In this Sofi crypto review, we’ll take a closer look at this crypto exchange and its other offers to help you decide if it’s the right fit for your financial needs.
What is SoFi?
SoFi is a leading financial technology company that provides a variety of products and services aimed at helping people achieve financial independence. Founded in 2011, SoFi started out as a platform for refinancing student loans but has since expanded to include personal loans, mortgages, investment accounts, insurance, and of course, cryptocurrency trading.
SoFi’s mission is to empower people to achieve financial independence and take control of their money through education, technology, and community. With over 5 million members, SoFi is quickly becoming a one-stop-shop for millennials and beyond who want to manage their money in a smarter, more efficient way. In the next sections, we’ll learn more about SoFi and dive into the details of how you can open an account with this platform and start using its services.
How to Open an Account at SoFi?
Here are the simple steps you’ll need to follow to create a SoFi account:
- Visit the website and click on “Open Account.”
- Verify your email address by clicking on the verification link sent to your email inbox.
- Provide your permanent address details, including your street address, apartment, city, state, and zip code.
- Select your employment status and provide your employer information.
- Choose your occupation, annual income, citizenship status, date of birth, and phone number.
- Verify your phone number by entering the verification code sent via text message.
- Verify your identity by providing a government-issued ID, such as a driver’s license or passport.
Once your account is verified, you can fund it and start trading. Unfortunately, a bank transfer is the only way to fund your account, as credit or debit cards aren’t accepted.
Although this process might seem a bit complicated, it’s important to note that this account setup process is designed to ensure the security of your funds. Verifying your identity and contact information helps prevent fraud and protect your account from unauthorized access.
Is SoFi Safe?
When it comes to investing in cryptocurrency, security is of paramount importance. That’s why SoFi takes security seriously across all of its products, including its crypto exchange. SoFi uses a variety of tools to safeguard its users’ crypto holdings against theft, such as two-factor authentication and SSL encryption. Additionally, SoFi partners with trusted crypto exchanges like Coinbase to complete transactions and does not share personal information about its members with crypto trading partners and custodians.
While these measures offer a high level of protection, it’s important to understand that investing in cryptocurrency is not without risks. The value of cryptocurrencies is highly volatile, and investors should be aware of this inherent risk before investing in crypto through SoFi.
What Are SoFi Features?
SoFi Invest is an in-depth trading platform that offers a variety of features to help you stay on the cutting edge of cryptocurrency trading.
A SoFi crypto list includes all popular coins such as Bitcoin, Ethereum, Dogecoin, Cardano, and 26 others. Users can trade 24/7. But that’s not all. SoFi is also a secure platform that ensures your holdings are protected against fraud and theft. You can buy crypto anytime you want, even during weekends and holidays.
Additionally, if you have the SoFi app, you can buy crypto alongside the stocks, fractional shares, and ETFs that you’re already trading. However, it’s important to remember that crypto carries a higher degree of risk than traditional investments. Overall, SoFi’s comprehensive platform, high-end security measures, and user-friendly features make it a great choice for both novice and experienced traders.
SoFi Crypto Bonus
If you’re looking to make your first foray into cryptocurrency investing, now it’s the best time to get started with SoFi. SoFi is currently offering a generous welcome promotion for new users. To qualify for the promotion, simply open a new SoFi Digital Assets LLC account and make your first purchase of $50 or more within seven days. The crypto welcome bonus is based solely on the amount of your first crypto purchase, and the offer only applies to new crypto accounts.
Once the conditions are met and the account is opened, you’ll receive your bonus within seven days. The amount of the bonus varies depending on the size of your first trade, as shown in the chart below:
- First Trade Amount: $50 – $99.99, Bonus Payout: $10
- First Trade Amount: $100 – $499.99, Bonus Payout: $15
- First Trade Amount: $500 – $4,999.99, Bonus Payout: $50
- First Trade Amount: $5,000+, Bonus Payout: $100
It’s important to note that SoFi reserves the right to change or terminate the promotion at any time without notice. So, take advantage of this opportunity while it lasts, and get started with SoFi crypto today.
What Are SoFi Crypto Fees?
SoFi charges a markup of 1.25% (rounded up to the nearest penny) on crypto transactions. This markup is added to the market price from the exchange, and SoFi submits a market order trade on behalf of the user. The minimum order size per purchase is $1, which makes it accessible for all traders. The maximum purchase per day per individual is $50,000.
For example, if the Litecoin market price (LTC) is $100, and you buy $100 worth of LTC, SoFi would mark up the LTC price to $101.25. That means you would receive slightly less than one full LTC due to that markup. It’s important to note that SoFi may change the crypto markup amount at any time and will ensure that the amount listed on their platform is accurate.
While some users may find the markup to be slightly higher than with other exchanges, SoFi’s user-friendly platform, top-notch security measures, and excellent customer support make it a popular choice for traders.
SoFi Customer Support - Which Options Does SoFi Have?
Managing your finances can be stressful, but with SoFi ‘s support team, you can get the help you need when you need it. SoFi offers several customer support options, including phone, email, and live chat, so you can choose the one that’s most convenient for you. You can also check out SoFi’s comprehensive FAQ section on the official website for quick answers to common questions.
Plus, SoFi has a friendly and supportive online community where you can connect with other users, ask questions, and share insights. The customer support team is responsive, knowledgeable, and willing to go the extra mile to help users navigate the platform with ease. Whether you’re a newbie or an experienced trader, you can count on the platform’s support team to provide the help and guidance you need.
SoFi Crypto Reviews - What Do Customers Say About SoFi?
The true measure of any financial services platform is how satisfied its customers are. SoFi has garnered high marks from its users, with many praising its user-friendly interface, competitive pricing, and top-notch customer service. The company has a 4.6-star rating on Trustpilot, which is a testament to the positive experiences of many SoFi users.
Customers appreciate the convenience of being able to trade crypto alongside stocks, fractional shares, and ETFs, all in one app. They also appreciate SoFi’s commitment to security, which helps them feel more confident about investing in cryptocurrency.
SoFi’s customer service team has also received high praise for being responsive, helpful, and friendly. Customers appreciate the fact they can reach out to SoFi via phone, email, or live chat to have their concerns addressed promptly. While there are some criticisms around the markup fee that comes with SoFi crypto trading, customers generally agree that the fees are reasonable and transparent. Overall, customers are highly satisfied with SoFi and its comprehensive platform.
Final Thoughts: Is SoFi Worth It?
After taking a closer look at SoFi Invest’s key features, fees, security, customer support, and overall user experience, we can confidently say that SoFi is one of the best options for those looking to invest in cryptocurrency, as well as stocks, fractional shares, and ETFs.
SoFi’s user-friendly platform, comprehensive customer support, and commitment to security make it a safe and easy way to invest in your financial future. Plus, with the crypto welcome promotion, there’s an additional incentive to become a part of the SoFi crypto trading platform.
Is SoFi legit?
Yes, SoFi’s cryptocurrency trading platform is a legitimate and regulated platform for buying and selling digital coins. SoFi is registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business and operates in compliance with all relevant laws and regulations.
Does SoFi charge fees for crypto?
Yes, SoFi charges a 1.25% markup on cryptocurrency transactions. This markup is applied to the exchange’s market price, and SoFi executes a market order trade. The lowest order amount per buy is $1, and the maximum purchase per day is $50,000 per user.
Is SoFi a bank or cryptocurrency?
SoFi is primarily a financial services company that offers a range of products and services, including personal loans, student loan refinancing, mortgage refinancing, investment products, and cryptocurrency trading. Its cryptocurrency trading solution is a part of the overall suite of investment products, but it’s not the company’s main focus.
How many cryptos are on SoFi?
As we already mentioned in our SoFi crypto review, there are 30 cryptocurrencies available to trade on SoFi. These include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Aave, Dash, Cardano, and others.