Beat Finance broker Accounts

SoFi Invest Account Types

SoFi Invest offers a variety of account types to cater to different investing needs. The primary account types include:

• Active Investing Account: This account allows users to trade individual stocks, ETFs, and options with no commission fees. There is no account minimum to open, and users can buy fractional shares starting at $5.
• Automated Investing Account: This is a robo-advisor service where investments are managed based on your financial goals and risk tolerance. It has no advisory fees for accounts under $25,000.
• Retirement Accounts: SoFi Invest provides options for traditional IRAs, Roth IRAs, and SEP IRAs, which offer tax advantages for retirement savings.

SoFi Invest Broker Account Opening Process

Opening a SoFi Invest account is a straightforward process that can typically be completed in just a few steps:

• Visit the SoFi Invest Website: Go to the SoFi Invest website to start the account creation process.
• Complete the Application: Fill out the online application form, providing personal information such as your name, address, date of birth, and Social Security number.
• Select Your Account Type: Choose the type of account you wish to open (Active Investing, Automated Investing, or Retirement Account).
• Verify Your Identity: You may need to provide identification documents to verify your identity.
• Link Your Bank Account: Connect a bank account to fund your brokerage account. You can transfer funds electronically or by mailing a check.
• Fund Your Account: Once your account is approved, deposit funds to start trading.

By following these steps, you can quickly set up your SoFi Invest account and begin your investment journey.