SoFi Automated Investing at a glance
To learn how our star ratings are calculated, read our methodology.
SoFi Automated Investing is best for hands-off investing
SoFi Automated Investing could be the perfect fit for the investor who wants hands-off trading. Whether you want the extra support or are simply too busy, SoFi’s automated model takes the work out of investing. SoFi robo investing is quick and straightforward, making it an excellent choice for beginners or those who want to benefit from expert guidance.
What we like about SoFi Automated Investing
There are several benefits to SoFi robo investing, such as a low account minimum, access to financial advisors and SIPC protection for your funds.
Several account types
One of the best parts about SoFi is its versatility. SoFi offers both individual and joint accounts for investing. It also offers a series of retirement accounts, including traditional, Roth and SEP IRA accounts. If you have an old 401(k) from a former employer, you can roll that over as well.
SoFi also has a banking side. In addition to its checking account, it has a high-yield savings account that features an impressive APY to make you money on your savings. It is just another way to grow your portfolio with SoFi’s many services.
SIPC protection
Your money is protected with SoFi. Both SoFi Securities and its securities custodian, Apex Clearing, carry protection for the securities in your brokerage account. They will cover up to $500,000, including $250,000 for claims for cash, as members of the Securities Investor Protection Corporation (SIPC).
Socially responsible portfolio
In addition to its Classic and Classic with Alternatives portfolios, SoFi offers its Sustainable portfolio, a socially responsible option focused on growth and performance. It targets companies that meet certain environmental, social and governance (ESG) criteria, using more than 10 stocks and bonds to make up your portfolio.
Low minimum
You don’t need thousands or even hundreds of dollars to begin investing with SoFi. Instead, you only need $50 to deposit into your account.
This amount is significantly lower than competitors like Wealthfront, which requires a $500 minimum opening deposit. If you do not want to invest a ton into your new account, SoFi makes it easy to get started.
Where SoFi Automated Investing falls short
When weighing the pros and cons of SoFi Automated Investing, it is also important to consider its drawbacks, such as its management fee, lack of tax-loss harvesting and lack of weekend support.
No tax-loss harvesting
While most brokerages offer tax-loss harvesting, SoFi Automated Investing does not. This feature normally helps lower your taxes when it comes to your investments. That makes this a big drawback when comparing SoFi against other brokerages like Betterment that do offer this feature.
Management fee applies
For many years, SoFi did not have a management fee. That is why investors were surprised when there was a 0.25% management fee added last year for SoFi robo advising. Still, SoFi joins other popular brokerages that charge an advisory fee, such as Interactive Brokers’ annual performance fee of 20%.
No weekend support
SoFi offers generous hours for its customer support during the week, but it is not available on weekends. That means if you have a question, you will have to wait until the weekend is done before you can get an answer.
Is SoFi Automated Investing legit?
As a registered bank, SoFi is a legitimate company that follows industry regulations to protect both your money and your data. However, it hasn’t been a smooth road for SoFi when it comes to security.
In 2024, SoFi was fined $1.1 million by the Financial Industry Regulatory Authority (FINRA) for failure to “establish and maintain a reasonable Customer Identification Program.” FINRA found that SoFi approved some 800 brokerage account applications that belonged to stolen or fake identities.
Today, it has taken corrective measures. SoFi partnered with Cloudflare for greater security, adding an extra layer of authentication to protect consumer data. It also employs two-factor authentication to better secure your account and uses security protocols like SSAE18 SOC2 and PCI DSS, in addition to third-party penetration testing completed at least annually.
How is SoFi’s Automated Investing different from SoFi Invest?
SoFi Automated Investing is less hands-on than SoFi Invest, its self-directed investment arm. It works as a robo-advisor to automatically select and invest in securities. It is a great choice for novice investors who need guidance and support when beginning their investment journey.
SoFi Invest is more suited toward advanced investors who want self-directed investing. You have the option of using SoFi’s automated services if you want, but you can also trade stocks and ETFs and invest in IPOs at your own pace. If you are comfortable investing and want to call your own shots, SoFi Invest is the better option for you.
How to sign up for SoFi Automated Investing
Setting up your account with SoFi Automated Investing is a simple and straightforward process.
On your desktop:
- Visit SoFi’s website, navigate to its Automated Investing page and select Invest now.
- Enter your personal information, including your name, state email and password.
- Check the box after reviewing the terms and agreements. You will be taken to your dashboard where you can manage your account. However, to invest, you must download the mobile app.
- Download the SoFi mobile app on the App Store or Google Play, then open the app and log in.
- Set up two-factor authentication, enable or decline Face ID and turn on notifications.
- Select Invest.
On your mobile phone
- Download the SoFi mobile app on the App Store or Google Play.
- Select Get Started with SoFi.
- Choose Investing.
- Enter your personal information, including your name, state email and password.
- Check the box after reviewing the terms and agreements.
- Choose an account type.
From there, you will need to provide your personal details, such as your birthday, social security number and financial information. You will also be asked questions about your investment strategy and preferences.
Be sure to verify your email using the link in the email sent to you.
Customer experience
| BBB accredited | No |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.34 out of 5 stars, based on 358 customer reviews |
| Trustpilot score | 4.4 out of 5 stars, based on 9,176 customer reviews |
| Apple App Store Score | 4.8 out of 5 stars, based on 356,800 customer reviews |
| Google Play Score | 4 out of 5 stars, based on 39,600 customer reviews |
| Customer reviews verified as of | 10 February 2025 |
What do people on Reddit say?
On Reddit, users praise SoFi Automated Investing, as they appreciate the easy-to-use platform that makes trading very straightforward. Many are impressed with the returns they have received — although it is important to note that all investments carry risk.
However, SoFi isn’t perfect in its reviews. Users do not love the addition of an advisory fee when there previously was none. They tend to agree that for advanced traders, self-directed investing may be a more profitable option.
Compare SoFi Automated Investing to other platforms
Compare similar platforms by available asset types, trade fees and minimum deposit requirements. Select Go to site to sign up for an account.
SoFi Robo Advisor
★★★★★
Finder rating 4 / 5
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Available asset types
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Annual fee
0.25%
Minimum deposit
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Wealthfront
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Frequently asked questions
Is automated investing a good idea?
Automated investing can be a fantastic way to benefit from hands-off trading with lower fees and access to human financial advisors when you need it. However, all investments carry risk, so it is important to regularly review your investments and educate yourself using SoFi’s many resources.
How long does SoFi Automated Investing take?
It takes just minutes to set up SoFi Automated Investing. After creating an account, you only need to download the mobile app on the App Store or Google Play to begin investing.
How we rate robo-advisors
★★★★★ 5/5 — Excellent
★★★★★ 4/5 — Good
★★★★★ 3/5 — Average
★★★★★ 2/5 — Subpar
★★★★★ 1/5 — Poor
For a complete breakdown of how we score each category, read the full methodology of how we rate robo-advisors.
Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.
Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org).
There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.
Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options
Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser.
Utilizing a margin loan is generally considered more appropriate for experienced investors as there are additional costs and risks associated. It is possible to lose more than your initial investment when using margin. Please see https://www.sofi.com/wealth/assets/documents/brokerage-margin-disclosure-statement.pdf for detailed disclosure information
Probability of Member receiving $1,000 is a probability of 0.028%
SoFi Plus members can schedule an unlimited number of appointments with a financial planner during periods in which the SoFi Plus member meets the eligibility criteria set forth in section 10(a) of the SoFi Plus Terms and Conditions. SoFi members who are not members of SoFi Plus can schedule one (1) appointment with a financial planner. The ability to schedule appointments is subject to financial planner availability. SoFi reserves the right to change or terminate this benefit at any time with or without notice. Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov.
Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.
unlimited 1% match on recurring deposits to a SoFi InvestⓇ account, paid in rewards points. Must be a SoFi Plus member at the time a recurring deposit is received into your SoFi Active or Automated investing account to qualify. Bonus calculated on net monthly recurring deposits made via ACH and paid out as Rewards Points. See Rewards Terms of Service. SoFi reserves the right to change or terminate this promotion at any time without notice. See terms and limitations. https://www.sofi.com/sofiplus/invest/#disclaimers
Robo Advisor:
Automated investing is offered through SoFi Wealth LLC, an SEC-registered investment adviser.
0.25% fee is based on your account value. The wrap program fee may cost more or less than purchasing brokerage, custodial, and record keeping services separately.
