Top perks
No trading commissions
Most brokerages have scrapped trading commissions for online stock and ETF trades. SoFi Invest is no different. However, SoFi Invest also offers options trading with no per-contract fees, which is somewhat of a rarity in the brokerage industry.
No account minimums
You can open a SoFi Invest account with no minimum amount.
Buy fractional shares
SoFi Invest lets investors buy fractional shares of stock. In a nutshell, investors can buy a portion of a share of stock for as little as $5. This means that not only can investors open an account with a tiny deposit, but they can actually invest that tiny amount of money -- even in stocks whose share prices are relatively high.
All-in-one app
SoFi has an easy-to-use app that serves as the functional home base for its investing platform and other financial products. It is highly rated, with 4.8 out of five stars on the App Store and 4.2 out of five stars on Google Play.
Retirement accounts
Unlike some of the other low-frills brokerages, SoFi Invest offers traditional, Roth, and SEP IRA accounts to its investors, both active and automated.
Lots of educational resources
SoFi Invest does a great job of educating its customers about all of its financial products and accounts, and its brokerage is no exception. The platform offers extensive educational resources for investors who are just getting started or who want to advance their investing knowledge.
IPO investing
Most brokers reserve IPO investing for investors who either have a high net worth or are very active. SoFi Invest allows all active investing members to participate in IPOs with no minimum account balance or investment amount.
Mutual funds
SoFi Invest now offers more than 6,000 commision-free mutual funds on its platform. Minimums are low, and folks can invest in mutual funds through their brokerage and retirement accounts.
Alternative funds
Alongside mutual funds, SoFi Invest offers alternative funds, including access to venture capital. In the discount brokerage universe, that's uncommon. Folks can invest in alternative funds through their SoFi Invest brokerage and retirement accounts.
Discounts on other SoFi products
If you use SoFi Active Investing, you'll become a SoFi member. This entitles you to discounts on other products offered by the company. For example, if you end up taking out a personal loan, you can get a discounted interest rate because of your relationship with the company.
Retirement matching
SoFi Invest is one of the few brokerage platforms that gives investors a bonus for retirement contributions. SoFi Invest's standard matching rate is 1% of eligible IRA contributions, and this includes both new contributions and transfers of assets or cash from outside accounts. So, if you roll an old 401(k) with $20,000 into a SoFi Invest IRA, you can get a $200 bonus for doing so. There are certain conditions to meet before you can keep the bonus, but this is a big differentiator.