SoFi Review for 2019

SoFi Rated 3/5
SoFi have a low rating. We recommend you look at one of their alternative brokers.
Good alternatives to SoFi

SoFi Introduction

When trading in the financial markets it can be very time consuming to find a broker that meets your needs.

Often you have to visit and read many broker websites all of which have different uses of language. The wording can be very confusing. In our review of SoFi we break down the pros and cons. What SoFi are able to offer, what countries SoFi are available in. Who SoFi are regulated by and more.

Having a reliable and capable broker is crucial to your success in online trading. Make sure that your broker is not fake or unreliable to avoid losing your investment. Ensure that your needs fit the profile of your broker as well, in order for you to have a good working profitable relationship.

Open SoFi's Website

As with any investment your capital is at risk, losses can exceed deposits.

At the bottom of this review you can also learn about some pretty good alternatives to SoFi

With this review we hope to help you see if SoFi is a good fit for you.

It is a common myth that online trading is confusing. It is only difficult for people who have not done the research. In this article, you will learn important information regarding SoFi that will help you get off to a good start in the world of online trading.

SoFi what you should know

SoFi offer two ways to trade: Social trading, .

With SoFi you will need a minimum deposit of $ $5,000. You can sign up for a demo account to acquaint yourself with SoFi platform.

SoFi are able to accommodate various levels of traders whether you are experienced or a beginner.


Are SoFi safe?

When choosing a broker like SoFi the administrative body and regulatory status of the broker is very important. Brokers who conduct trades without supervision of a regulatory body do so at their own discretion. Any capital you invest is at risk.

Established in , and in operation for 2019 years SoFi have a head office in United States.

SoFi is regulated. This means SoFi are supervised by and is checked for conduct by the a single government regulatory bodies.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to SoFi, this will be honored. If SoFi violate any regulatory rules their regulated status could be stripped.

Any payments funded to SoFi accounts by traders are held in a segregated bank account.

For added security SoFi use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Try creating two accounts when you are working with SoFi. One is the real account, with your real money and the other is your demo account. The demo account is your experimental account.

Open a demo account Visit SoFi

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

What we like

  • Used by over 10,000 traders
  • Established in
  • Regulated by a single government
  • Min. deposit from $ $5,000

What we don't like

SoFi General Fees

  • SoFi withdrawal fees varies on payment method
  • SoFi does charge inactivity fees

SoFi Commissions

  • SoFi does charge commission on CFD shares

What can you trade with SoFi?

You can trade a wide variety of instruments with SoFi over 204 instruments infact.

If you are looking at trading currency pairs SoFi offer over currency pairs.

Compare SoFi with Interactive Brokers and XTB below.

FX / Currencies sofi IB XTB
# of forex pairs offered 10 50
Major forex pairs No Yes Yes
Minor forex pairs No Yes
Exotic forex pairs No Yes
Cryptocurrencies No No Yes
Commodity CFDs SoFi Interactive Brokers XTB
# of commodities offered 0
Metals No Yes Yes
Energies No Yes Yes
Agricultural No Yes Yes
Indiced & Stock CFDs SoFi Interactive Brokers XTB
# of Stocks offered 1500
UK Shares No Yes Yes
US Shares No Yes Yes
German Shares No Yes Yes
Japanese Shares No Yes Yes
sofi's
Instruments
IB's
Instruments
XTB's
Instruments

Trading on SoFi web platforms and other applications

SoFi offer a user-friendly custom trading platform, available as both a downloadable program or as a browser based WebTrader. If you are looking for a MetaTrader broker, see our comparison of MT4 brokers here.

An SoFi IOS or Android native App on your phone or tablet will Work quicker Than the Avatrade Website on the same device

SoFi also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you’re on the move.

See sofi's platforms

SoFi Trading benefits :

  • Low min deposit

SoFi Trading Accounts offered:

  • Standard account

Can I try SoFi before I buy?

SoFi offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

What funding methods do SoFi accept?

SoFi offer the below funding payment methods. learn more about SoFi

  • Credit cards
  • Skrill
  • Neteller

How can I start trading with SoFi?

When opening a trading account with SoFi, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on SoFi trading platforms here.

Performing trades with SoFi

SoFi allow you to execute a minimum of trade of varies. This may vary depending on the account you open. SoFi allow you to execute a maxium trade of varies.

As a market maker, SoFi may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically have larger capital and minimum trade requirements. Market makers typically have lower minimum deposit, smaller minimum trades requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments, but as a guide, SoFi offer margin up to % on currencies.

Support at SoFi

SoFi support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian

What you will need to open an account with SoFi

As SoFi is regulated by a single government , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore SoFi's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with SoFi you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.sofi.com/ on 12th August 2018.

SOFI Frequently Asked Questions

Can I try SoFi before I buy?

SoFi do not offer a demo account so it looks like you will have to sign up for at least a trial period. Learn more here

What funding methods do SoFi accept?

SoFi offer the below funding payment methods accept Credit cards, Skrill, Neteller, among other payment methods. Learn more here

How can I start trading with SoFi?

When opening a trading account with SoFi, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on SoFi trading platforms here.

Is my money safe with SoFi?

SoFi is regulated by a single government . One of the most important criteria for traders when choosing a broker like SoFi is the regulatory body and regulatory status of the broker. Brokers who conduct business without regulation do so at their own discretion and pose a direct risk to the security of their clients money.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to SoFi, this will be honored. If they violate any regulatory rules their regulated status can be stripped.