SOFIMONEY

BASIC INFORMATION:

SoFi is an online broker that combines a large selection of stocks, shares, ETFs and cryptocurrencies. An American online personal finance company based in San Francisco. SoFi was founded in 2011 by Dan Macklin, Mike Cagney, Ian Brady and James Finnigan. It was initially a student loan refinancing company but has since grown in scale and variety. It provides a range of financial products varying from mortgages, loans and banking to credit cards and student loan refinancing, in addition to investment services. Anthony Noto is the current CEO and Director of SoFi.

REGULATORY INFROMATION: LICENSE

No valid regulatory information

Please be aware of the risk!

MARKETS

SoFi offers opportunities to invest in company stocks, Exchange Traded Funds (ETFs), Initial Public Offerings (IPOs) and cryptocurrencies. SoFi doesnt currently have options to invest in mutual funds or penny stocks. As of October 2021, it is only possible to execute market and limit orders; stop-loss and stop-limit buying options are not supported.

Stocks & Shares

There are a wide variety of different stocks and shares available, all listed on the NASDAQ, AMEX and NYSE. These are categorized into various groups based on particular features. For instance, there are categories based on popularity, trends and dividend payments, among others.

ETFs

There are 6 ETFs offered, made up of a total of 2,300 securities.

· SoFi Weekly Dividend ETF (WKLY) – Distributed dividends every week whilst tracking an index of global stocks sustaining dividends (0.49% management fee)

· SoFi Weekly Income ETF (TGIF) – Distributes earnings to investors every Friday (0.59% management fee)

· SoFi Gig Economy ETF (GIGE) – Invests in high-growth tech companies (0.59% management fee)

· SoFi Social 50 ETF (SFYF) – Consists of the top 50 traded stocks on the SoFi Invest platform (0.29% management fee)

· SoFi Select 500 ETF (SFY) – Focuses on the top publicly traded fortune 500 companies in the US (As of October 2021, management fees have been waived)

· SoFi Next 500 ETF (SFYX) – Focuses on growing mid-cap US companies (As of October 2021, management fees have been waived)

Unlike many other ETFs, these are weighted by growth, not just market capitalization.

IPOs

SoFi supports participation in IPOs, providing clients with the opportunity to buy company shares before they are traded on the public market.

Crypto

SoFi partnership with Coinbase provides the ability for its customers to purchase and trade over 20 major cryptocurrencies, including Bitcoin, Ethereum and Litecoin

SPREADS & COMMISSION

SoFi has 0% commission and no-account minimums, so all you need is $1 to start investing. There are also no inactivity fees but the robo advisor service comes with a 0.25% fee for accounts worth more than $10,000. While there is no commission, some of the ETFs incorporate management fees, the highest being the TGIF and GIGE funds, with 0.59% charges. There is also a 1.25% mark-up fee with crypto trading.

ACCOUNT TYPES

The accounts are listed below:

Taxable account

· Individual and joint accounts available

· Investments can be tailored to risk preferences

· Taxed as income (potential for capital gains and dividends tax)

Retirement account

· Bypasses income tax/defers until withdrawals. Growth is tax-free

· Traditional, Roth, SEP and Rollover IRAs are available

· Traditional IRA – deposit pre-tax money but pay taxes on the earnings when it is withdrawn at retirement. The maximum IRA contribution limit for a tax year is $6,000.

· Roth IRA – deposit money that you‘ve already paid taxes on (therefore you don’t have to pay taxes on the funds when you retire). The maximum contribution limit is $6,000 per tax year.

· SEP IRA – exclusively for self-employed investors, deposit up to 25% of the net profit of your business, up to a maximum of $54,000 annually

· Corporate accounts are not available

PAYMENT METHODS

Depositing into a SoFi account is a smooth experience, you need only record your basic personal and financial details and connect the bank account from which you wish to transfer your funds.

Deposits

There is no minimum deposit limit. SoFi offers instant deposits (funding) of up to $1,000, extending up to $50,000 with other SoFi products. This means you dont have to wait until the bank transfer is completed to make your investments. The firm also supports direct deposit functionality, so you can regularly add to your account.

Withdrawals

SoFi does not charge fees for ACH withdrawals, though wire transfers incur $25. There is also a $75 outgoing fee when closing your account

TRADING HOURS

The stocks offered by SoFi are listed on the NYSE, NYSE American (formerly AMEX) and NASDAQ exchanges. Therefore, the trading window for these assets corresponds to the opening times of these stock exchanges. They are all open from 09:30 EST to 16:00 EST, with holidays observed for all. Both the NYSE and the NASDAQ allow after-hours trading in the forms of pre-market and post-market sessions.

Crypto can be traded at any time as the cryptocurrency market is open 24 hours, 7 days a week.

CUSTOMER SUPPORT

SoFi customer service gives relevant and quick responses to queries and issues like your account not working or you cant withdraw your money. The team can be contacted via telephone or live chat through both the mobile and web platforms, though email support is not available. Telephone support can be accessed 05:00-19:00 Monday-Thursday and 05:00-17:00 Friday-Sunday.

· Telephone Number: 1-(855)-525-SOFI (7634)

ACCEPTED COUNTRIES

SoFi only accepts traders from United States.