[ Ссылка ] Are you looking to get started with investing and exploring different options? Let's take a look at SoFi Invest including some pros and cons.

SoFi Invest: [ Ссылка ]
Review: [ Ссылка ]

In the past, I’ve discussed a few beginner investment tools on this channel, including Robinhood and Acorns. I’ve also talked about the FinTech company SoFi and, specifically, their SoFi Money hybrid banking product. But did you know what SoFi also offers a stock trading platform? Let’s take a look at what SoFi Invest has to offer and what you should know before signing up.

The first thing to know about SoFi Invest is that they offer both Active and Automated options

When you head to the SoFi site, you’ll probably notice that there are a couple of different investment options. The first is Active investing where you can select what stocks, ETFs, and cryptocurrencies to purchase. The other option is called Automated investing and is actually a roboadvisor. In either case, you start an account with as little as $1. Notably these are separate products so you’ll need to create an account for each.

Personally, I have yet to give SoFi Invest Automated a try, so we’ll be focusing exclusively on Active from here on out.

Next, one aspect of SoFi Invest that I really like is their Stock Bits feature where you can purchase fractional shares of select companies

If your favorite company’s stock is a bit too expensive for you to purchase a full share, you might want to check out SoFi Stock Bits. This feature allows you to purchase fractional shares, meaning that you can buy as little as $1’s worth of stock. To purchase these stocks, you can select the amount of money you want to invest instead of stating the number of shares.

However keep in mind that this option is only available for select companies, although several biggies such as Disney, Amazon, Apple, and more are all there. It’s also important to note that SoFi only places ordered for fractional shares once per day so the amount of stock you get for your money might vary between the make your selection and when the transaction is completed. Still this could be a great option for beginning investors

One area where SoFi was lacking when it launched was that it didn’t allow for limit order. However that has recently changed

When I first signed up for SoFi Invest, I quickly realized that the platform didn’t offer limit orders like Robinhood and others did. That was unfortunate as these types of orders allow you to set a price you’d be willing to pay for a tock and have order execute if the stock reaches that target. Luckily, SoFi has recently corrected this, adding limit order capabilities to their desktop and mobile trading.

While I’m glad for this development, the feature could still use some work. For one, while Robinhood allows you to set limit orders that expire at the day’s end or until cancelled, SoFi previously only allowed for same-day expiration but has seemingly now switched to a good until canceled setup. Addtionally the way you set limit orders in the SoFi app isn’t terribly intuitive, as you’ll need to tap the price in order to adjust your target. Still, all in all, it’s nice to see that SoFi is listening to feedback and incorporating new features into their platform.

Finally if you want yet another way to invest, SoFi actually has their own ETFs available for purchase.
In addition to a number of ETFs you can invest in using SoFi, the company has also created some of their own. For example, there’s SoFi Select 500 and SoFi Next 500 ETFs that are currently waiving all fees for an expense ratio of 0.0%. Meanwhile so has also created a Gig Economy ETF featuring companies like Uber, Etsy, PayPal and more. However this one has an expense ratio of 0.59%. You can find more info for these ETFs and more over on SoFi’s site.

Hopefully this gives you a better idea of what SoFi Invest is all about but for more on the platform I’ll have a link to my full written review on Dyer News in the description box down below.

For more investing product reviews make sure to visit [ Ссылка ] and for all my investing and savings videos
[ Ссылка ]

свернуть