Summary: SoFi Invest provides access to 15 cryptocurrencies through its digital application, but its markup on crypto transactions is relatively high. Investors in the United States interested in acquiring digital assets should opt for a more economical platform. A crypto exchange regulated by FinCEN is the best and most secure option.
Our specialists have identified eToro as an excellent and affordable trading platform for SoFi customers. eToro offers over 25 digital assets, therefore providing a more robust exposure to digital currencies. It is also registered with FinCEN in the United States, guaranteeing compliance with relevant regulations.
- Fast and cheap USD deposits from any US bank or debit/credit card.
- Trade over 25 crypto assets with low fees and industry-leading spreads.
- FinCEN-licensed and regulated platform in the US.
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
Can I Buy Bitcoin with SoFi Invest?
Although SoFi Invest provides a platform for trading digital currencies, including Bitcoin, it tends to be a pricier option. Clients can enjoy lower fees and access even more tokens by transferring US Dollars (USD) to a reputable cryptocurrency exchange in the US. We recommend utilizing a trading platform overseen by FinCEN or FINRA to protect your investments.
How to Buy Bitcoin and Crypto with SoFi Invest
The most cost-effective way to begin investing in crypto is via a regulated trading platform with low fees, such as eToro. US traders can easily deposit USD into their eToro account through bank transfer, credit/debit card, Skrill, or PayPal.
Initiate your crypto investing journey with the following four steps:
- Create an account with eToro US and verify your identity.
- Click the 'Deposit Funds' button and choose a payment method.
- Deposit USD to your eToro account.
- Find the token you want in the search bar and complete the trade.
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Is SoFi Invest Crypto-Friendly?
SoFi, the company behind SoFi Invest, acknowledges the significance of cryptocurrencies and incorporates them as an investment option on its digital platform. That underscores its faith in decentralized currencies and the future of finance.
In addition, SoFi permits its banking customers to deposit USD funds with other cryptocurrency exchanges. It recommends investors only deal with secure trading platforms that are regulated. In other words, the exchange should comply with security and data privacy regulations in their state.
What Is SoFi Invest?
SoFi Invest is the investment product of SoFi, a cutting-edge online financial services platform launched in 2011 and headquartered in San Francisco, California. It began as a student loan refinancing business but became a comprehensive digital financial hub. It offers various services, such as personal loans, mortgage loans, investment services, insurance products, and a range of checking and savings accounts.
SoFi has brought innovation into the finance sector by integrating a broad spectrum of financial services into a single platform. Its user-friendly and interactive digital application suits individuals new to financial management. Similarly, it allows users to manage their financial health from multiple aspects in one convenient place. With SoFi Invest, customers can invest in IPOs, ETFs, IRAs, options, and digital assets.
Final Thoughts
In conclusion, SoFi Invest offers an accessible platform for trading digital currencies, including Bitcoin, despite being a somewhat expensive option. The platform's approach signifies SoFi's belief in the future of decentralized finance. However, for a more cost-effective crypto investment journey, eToro, a low-fee, regulated trading platform, is recommended.
Regardless of the chosen platform, it's crucial to use secure, regulated exchanges to protect your investments. SoFi Invest remains a comprehensive digital hub, providing a wide array of financial services, highlighting their innovative role in the finance sector.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
