SoFi invest is said to be one of the best investing platforms around right now, however, it also says that it is perfect for beginners. In the past, many other platforms have claimed exactly this and then haven’t lived up to the expectations which is highly disappointing. However, SoFi is said to be the real deal for any beginner looking into the world of investing.
SoFi says that it is best for beginner investors who are looking for a platform to guide them along throughout their investing journey without interfering too much. The best bit is, SoFi doesn’t ask for a minimum amount when you open an account so even if you don’t have enough money to invest in other, more costly ventures, you can still invest in smaller amounts. This is great because it opens up investment opportunities for everyone so that more people can begin to make money off of their investing.
The no account minimum makes the platform a very inclusive and all-around enjoyable place to begin investing and its user-friendly design makes it even better because it is easy to navigate. SoFi also makes it incredibly easy to move money from one account to another in a quick and convenient way to make sure that no time is wasted, and no money is lost. It seems as if SoFi has taken a good look at other platforms to rule out terrible features that they have so that they could avoid the unfavourable vices that tend to turn people away.
While SoFi is a very convenient and well thought out platform and while it is absolutely perfect for beginners, it isn’t always the right platform for the more experienced investors out there. Perhaps one of the greatest reasons that SoFi is not for more advanced investors is because of the fact that it does not offer stop-loss orders or tax-loss harvesting. In all fairness, this isn’t meant to discredit SoFi at all, because it really is one of the best platforms for all of the beginner investors to become involved in.
SoFi is only available to people living in the US at this point, however, there are high hopes that it will soon become more available worldwide.
How to invest with SoFi
One of the main reasons that SoFi is so good for beginners is because it provides a good, stable, and very basic overview of everything you need to get on the road and begin your investing journey. Here are some of the basic features you can expect to find with SoFi:
- Access to cryptocurrency investments
- No account or management fees and extremely low fees on funds
- Active and automated investing available
- Complimentary access to Certified Financial Planners (CFPs)
- The readily available access to invest in fractional shares of company stock
There are many ways you are able to invest and as said above, this platform is best for beginners looking to earn money from their investments, however, it is still full of many different features that can prove attractive to even the more expensive investors. Though if you’re interested in tax-loss harvesting or trading more actively with stop-loss orders, you may want to consider other options that are available elsewhere.
How much does it cost to invest?
As stated earlier, SoFi doesn’t really have any sort of minimum requirements when it comes to your investments. This means that you can easily start investing without having to outlay a large or substantial amount of money. This is especially helpful for people who do want to invest but don’t have the funds readily available right now.
It can become hard to invest in the newest trends because by the time you have found out about them, they become quite expensive to invest in and most of the time, people don’t just have those funds available. SoFi also doesn’t charge any commissions when it comes to buying and selling stocks. The only time that fees really do become a thing is when you begin to invest in things such as mutual funds, but even then, the fees are substantially lower than the fees that other platforms offer.
The pros and cons
As with anything, there are both pros and cons to consider before you become fully involved with something. However, at the end of the day, the final investment decision is up to you. Here are some of the pros and cons of SoFi investing for you to consider if you are interested in investing.
- No account minimums
- Crypto trading available
- No account or trading fees, you will only encounter small fees to own funds
- Access to Certified Financial Planners with no charge involved
- Only available to US residents at this point in time
- No tax-loss harvesting available
- It is a newer platform, so it has a limited track record
- No available option for stop-loss orders when actively investing.