SoFi, originally known for its foray into the loan space has quickly become one of the most popular starter platforms for Crypto Investors.
With up to 30 tradeable cryptocurrencies on the platform, a mobile app, and an engaging interface, let’s take a look at why Sofi is worth using for beginner crypto investors.
What is SoFi?
SoFi stands for ‘Social Finance’ it is an online banking platform founded in August 2011.
The company rose to popularity for student loan refinancing, but it has soon edged past this and is well known for its personal loans, crypto investments, credit card loans, mortgages, private student loans, and other personal finance features.
SoFi has made itself a household name for crypto investments as well. SoFi invest is the platform through which users can invest with SoFi.
SoFi invest is clearly aimed at young individuals interested in investing giving users the option to trade stocks, ETFs, cryptocurrencies, and fractional shares in companies like Netflix.
SoFi is now becoming even more popular as a starter platform for crypto investors this is due to the incentives the online financial service provider offers such as free (no-commission) trades on some crypto exchanges, no account minimum and it’s easy to use mobile platform.
How does Crypto Investment work with SoFi?
To get started with investing crypto with SoFi you can head to the SoFi Invest section on the SoFi app.
Under SoFi Invest you would find cryptocurrencies listed. You can use the app to purchase cryptocurrencies like bitcoin and manage and track your investments as well as prices of up to 40 altcoins.
An advantage of making use of SoFi invest is that you receive a $10 dollar bonus for trading $10 dollars worth of crypto on the SoFi platform.
However, your crypto in your personal wallet can not be sent out of the SoFi platform. This restriction is not the best for advanced traders but great for beginners making SoFi Invest is one of the best ways to get started investing in crypto.
SoFi promises to update its terms to allow users to deposit and withdraw crypto to other wallets in the future.
Features of SoFi Crypto Investing
SoFi allows you to trade a number of cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin among others.
Apart from the cryptocurrencies available for trading, SoFi also allows you to monitor prices of up to 40 altcoins.
However, it’s important to note at the moment you can not send crypto from your SoFi crypto wallet to a non-custodial wallet but this is not an issue for most beginner crypto investors as the SoFi crypto wallet is secure.
Sofi crypto investing is restricted to the United States and is available in 50 states. The unit for transactions on the SoFi platform is the US dollar.
Another important feature of Sofi Crypto investing is the fees they offer. SoFi’s rates are fairly competitive at a rate of 1.25%. For those interested in using SoFi as a bitcoin bank this is great as the rate offered is user-friendly.
Bottom Line
Sofi Invest offers a number of attractive features set to draw in beginner investors.
It has an automated process that allows investors to sit back and let the platform manage their investments. This is especially great for those looking for an environment where they can get a low-cost online trading experience.
With its focus on targeting the younger generation, the incentives put in place by SoFi have created a space where beginner crypto investors can thrive. However, before you with any tradeable cryptocurrencies on the platform start investing in crypto, as it is advisable that you consult your financial advisor.
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