Does SoFi charge commissions on stock and options trades?

No. SoFi charges $0 commissions on stocks, ETFs, and options trades. Notably, there are also no per-contract fees on options, which is rare—most brokers charge $0.50–$0.65 per contract.

What are the main drawbacks of investing with SoFi?

SoFi lacks advanced features like tax-loss harvesting, futures trading, forex, and Level II quotes. The cash sweep rate is only 0.01% (very low), margin rates are above average at 10.5%, and the outgoing ACAT transfer fee of $100 is high compared to competitors.

What account types does SoFi offer?

SoFi offers Traditional IRA, Roth IRA, SEP IRA, Rollover IRA, individual brokerage accounts, joint accounts, and community property accounts. Each can be set up for either active (self-directed) or automated (robo-advisor) investing.

Is there an inactivity fee, and how can I avoid it?

Yes, SoFi charges a $25/year inactivity fee, but it's easily avoided by logging into the app once every six months.

Is SoFi a legitimate, regulated broker?

Yes. SoFi Securities LLC is a FINRA member and SIPC-protected, offering standard $500,000 asset coverage. It is a real broker-dealer, not an unregulated platform.

SoFi Invest Review: Zero Commissions, Zero

SoFi Invest wants to be your everything app. Banking, loans, credit cards, insurance — and yes, investing. The brokerage arm of this fintech darling offers $0 commissions on stocks, ETFs, and options, including no per-contract fees on options. That last part is genuinely rare. Throw in IPO access, fractional shares starting at $5, and a 1% IRA match, and you've got a compelling pitch for newer investors.

But SoFi isn't trying to compete with Schwab or Fidelity on depth. There's no tax-loss harvesting, no futures, no forex, limited research tools, and a cash sweep rate so low it's almost insulting. The platform is built for people who want investing to be simple, not sophisticated. If that's you, read on. If you want Level II quotes and custom screeners, you already know this isn't your stop.

SoFi Securities LLC is a FINRA member (CRD# 151717) and SIPC-protected, so your assets get the standard $500,000 coverage. They're a real broker-dealer, not some fly-by-night crypto app. Let's dig into what you're actually paying — and not paying — to invest here.

Fees

This is where SoFi makes its strongest case. The fee structure is dead simple and genuinely cheap for most investors:

Trading Commissions

Stocks & ETFs: $0 per trade
Options: $0 commissions AND $0 per contract — this is a standout. Most brokers charge $0.50–$0.65 per contract
Options exercise/assignment: $0 (SoFi removed these fees)
Mutual funds: $0 for most, but interval fund purchases carry a 2% transaction fee. Other mutual fund purchases may incur a 0.2% fee, capped at $20 per transaction
Fractional shares: $0

Account Fees

Account maintenance: $0
Annual fee: $0
Inactivity fee: $25/year — but easily avoided by logging into the app once every six months. Literally just open the app
IRA closing fee: $100 — steep compared to some competitors, and worth knowing about before you open one
Paper confirmations: $2 each
Paper statements: $5 each

Transfer & Withdrawal Fees

ACH transfers: Free
Outgoing wire transfer: $25
Outgoing ACAT transfer: $100 — this is high. Fidelity and Schwab charge $0–$75
Reversed ACH transfer: $30
Early IPO sale (within 120 days): $50 for the first sale, $5 per sale after that

Margin Rates

Base rate: 10.5% annually
Minimum for margin account: $2,000
SoFi's margin rates are above the industry average. If you plan to trade on margin regularly, Interactive Brokers or Fidelity will save you real money

Robo-Advisor (Automated Investing)

Management fee: 0.25% annually — in line with Wealthfront and Betterment, but SoFi used to offer this for free, so existing users may feel stung
Minimum investment: $50

Uninvested Cash

Sweep rate: 0.01% — this is embarrassingly low. Fidelity's default sweep pays significantly more, and Schwab's money market options blow this away. If you keep any cash in your SoFi brokerage account, you're essentially earning nothing

Payment for Order Flow: Yes, SoFi accepts PFOF. This is standard among zero-commission brokers, but it means your order execution may not always be optimal.

Account Types and What You Can Trade

SoFi offers a solid range of account types for most investors:

Retirement Accounts

Traditional IRA
Roth IRA
SEP IRA
Rollover IRA

Taxable Accounts

Individual brokerage
Joint accounts (JTWROS)
Community Property accounts (select states)
Tenants by Entirety (select states)

Each account type comes in two flavors: Active Investing (self-directed) and Automated Investing (robo-advisor). You can run both side by side.

What You Can Trade

Stocks (including fractional shares on 4,000+ securities, starting at $5)
ETFs (including fractional shares)
Options (Levels 1 and 2 — covered calls, cash-secured puts, and standard strategies)
Mutual funds (~6,800 no-transaction-fee funds)
Interval funds / alternative investments (commodities, private credit, real estate)
IPOs — you can participate in initial public offerings before shares hit the public market, which is unusual for a retail broker at this price point

What You Can't Trade

Futures
Forex
Bonds or fixed income directly
Crypto (SoFi appears to have scaled back or discontinued crypto trading through the invest platform as of late 2025, though SoFi Digital Assets LLC previously offered it)

The IPO access is a genuine differentiator. Most discount brokers don't offer this. You can only invest in one IPO at a time, and there's the $50 early-sale fee to discourage quick flips, but the access itself is free.

What's Good and What's Not

The Good Stuff

Truly zero-cost options trading. No commissions, no per-contract fees, no exercise or assignment fees. If you're learning options or running basic covered call strategies, this saves real money compared to paying $0.65/contract at Schwab or Fidelity
1% IRA match. SoFi matches 1% on IRA contributions (2% for SoFi Plus members during promotional periods). Max out your $7,500 IRA in 2026 and that's $75 free. Not life-changing, but nobody else does this
IPO access for regular people. No minimums, no special account tier needed
Fractional shares from $5. Great for building a diversified portfolio on a tight budget
Access to financial planners. One free 30-minute session with a CFP for all members. SoFi Plus members get unlimited sessions. This is genuinely valuable and uncommon at zero-commission brokers
The ecosystem play. If you already bank with SoFi, having investing in the same app with the same login is convenient. Direct deposit into SoFi checking unlocks SoFi Plus perks at no extra cost

The Not-So-Good Stuff

0.01% cash sweep rate. This is the single biggest knock against SoFi Invest. In a world where money market funds yield 4%+, leaving cash in your SoFi brokerage account is like stuffing it under a mattress. You need to actively move idle cash elsewhere
No tax-loss harvesting on the robo-advisor. Wealthfront and Betterment both offer this, and it can save hundreds or thousands in taxes annually
Limited research tools. SoFi provides data from Morningstar, TipRanks, Xignite, and Benzinga, but there are no advanced charting tools, no income statements or balance sheets to dig through, and no custom screeners. Schwab and Fidelity are leagues ahead here
$100 ACAT transfer fee. Want to leave? That'll cost you. Some brokers will reimburse this, but it's still annoying
$100 IRA closing fee. Rolling over to another provider isn't free
High margin rates (10.5%). If margin trading is part of your strategy, look elsewhere. Interactive Brokers charges a fraction of this
No futures, forex, or bonds. Advanced traders and income-focused investors won't find what they need here

Who Should Use SoFi (and Who Shouldn't)

SoFi Invest is a great fit for:

Beginners who want a clean, simple app and don't need advanced tools. The interface is intuitive, signup is fast, and fractional shares mean you can start with almost nothing
Options beginners who want to learn covered calls and puts without worrying about per-contract fees eating into small positions
IRA investors who want the 1% match — it's free money, even if it's modest
SoFi banking customers who want everything in one place. The ecosystem benefits (SoFi Plus, higher APY on checking, advisor access) are real if you're already in their orbit
IPO-curious investors who want early access to new listings without needing a Goldman Sachs relationship

SoFi Invest is NOT for:

Active traders who need advanced charting, Level II data, or complex order types. Use thinkorswim, Interactive Brokers, or even Webull
Income investors looking for bonds, CDs, or treasury products directly on the platform
Margin traders — 10.5% is too expensive for any serious margin strategy
Tax-conscious robo investors — without tax-loss harvesting, the 0.25% management fee is harder to justify vs. Wealthfront
Anyone with significant idle cash — that 0.01% sweep rate is a dealbreaker unless you're disciplined about moving cash out immediately
International investors or anyone wanting forex/futures exposure

How It Stacks Up

NerdWallet gives SoFi Active Investing a 4.6/5, which puts it just below Schwab (4.8) and Fidelity (5.0), and slightly above E*TRADE (4.5). That feels about right.

vs. Fidelity: Fidelity offers zero-expense-ratio index funds, better research tools, a higher cash sweep rate, fractional shares, and no transfer fees. Fidelity doesn't match IRA contributions or offer IPO access to everyone, though. For most people, Fidelity is the better all-around broker. But SoFi's $0 options contract fees and IRA match give it a niche edge.

vs. Robinhood: Both target younger, mobile-first investors. Robinhood offers crypto trading and a slicker trading interface. SoFi offers IPO access, the IRA match, and access to financial planners. Robinhood's Gold subscription ($5/month) includes better margin rates and a higher cash sweep. It's close, but SoFi's ecosystem play and CFP access tip it for investors who want more than just trading.

vs. Schwab: Not a fair fight on features. Schwab has vastly superior research, thinkorswim for active trading, better margin rates, and a deep bench of no-fee products. SoFi wins only on options pricing ($0 vs. $0.65/contract) and the IRA match. If you're beyond the beginner stage, Schwab is the better home.

vs. Wealthfront (robo only): Both charge 0.25% for automated investing. Wealthfront offers tax-loss harvesting, direct indexing, and better portfolio customization. SoFi offers CFP access and the broader ecosystem. For pure robo-advising, Wealthfront is stronger.

The bottom line: SoFi competes on simplicity and zero-cost trading, not on depth. It's the right tool for a specific job, not a Swiss Army knife.

Conclusion

SoFi Invest is a solid choice for newer investors who want a clean, simple platform with genuinely zero-cost trading — including that rare $0 options contract fee. The 1% IRA match, IPO access, fractional shares from $5, and free CFP consultations add up to a surprisingly complete package for people just getting started.

But it's clearly not built for everyone. The 0.01% cash sweep rate is borderline insulting, the research tools are thin, margin rates are high, and the absence of tax-loss harvesting on the robo side is a real miss. If you have more than basic needs — serious margin trading, tax optimization, advanced charting, bonds — you'll outgrow SoFi quickly.

Would I use it? For an IRA where I'm buying and holding index ETFs, absolutely — that 1% match is free money. For a primary brokerage account? I'd still lean Fidelity or Schwab for the better tools, research, and cash rates. SoFi is best understood as a great starter broker and a strong IRA play, especially if you're already in their banking ecosystem.