What makes it great: SoFi is an excellent website to trade stocks for newly active traders. Any digital native, from Gen X to Gen Z, will likely find it intuitive and easy to use even if they’ve never invested in the past. It makes investing in stocks and ETFs very easy and includes commission-free trades and no recurring account fees.
In addition to a beginner-friendly trading platform, it offers a robo-advisor with no added costs or fees. It also supports cryptocurrency trades and an excellent low-fee banking platform, among other useful financial products and services. The settings for automated, recurring investments are one of the best around, with options for daily, weekly, and different schedules for fractional purchases of any supported stock, ETF, or cryptocurrency.
Potential drawbacks: It supports most common trading and investing needs but doesn’t cover every type. For example, you can’t hold mutual funds at SoFi, and you won’t find every stock on the markets. The types of accounts you can open are also limited compared to some larger online stock brokers.
Commissions and fees: Many users will find the SoFi investing experience completely fee-free, with no commissions and no recurring account fees. There’s a cost for cryptocurrency trades, deducted from orders automatically.
- Easy-to-use trading app
- Almost no costs or fees
- Covers most common investing needs
- Support for cryptocurrencies
- Limited account and investment types
- High cryptocurrency trade cost