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.
Beat Finance accounts can be viewed for products that can be traded accounts with a minimum deposit of by (2+) .