Buy Crypto with SoFi Invest

Buy Crypto with SoFi Invest

Summary: SoFi Invest currently offers over 40 cryptocurrencies to buy, sell and trade through the SoFi Crypto App. However, it is one of the most expensive ways to invest in the asset class due to their high fees and wide spreads that result in 2% transaction fees per trade.

We recommend specialist trading platforms like eToro that charge zero fees and tighter spreads for over 90 different crypto assets. With eToro, you can get better trade execution when you buy or sell compared to SoFi and stake your assets to earn interest.

Table of Contents

Best SoFi Invest Crypto Alternative

Platform Highlights

  • Fast and Cheap US Dollars (USD) deposits from any US Bank account.
  • Trade over 70 Cryptocurrencies with industry leading fees and spreads.
  • FINRA-licensed and trusted by over 24 million users in America and 120 other countries.
SoFi Invest Alternative
Visit Site
Deposit $100 get $10 Free
Audited Proof of Reserves
Audited Proof of Reserves

Can I buy Crypto with SoFi?

Yes, you can invest in cryptocurrencies like Bitcoin, Ethereum, Solana, and 40 others through the SoFi Crypto App and wallet. However, our team recommends avoiding applications like SoFi because they charge predatory fees and wide spreads that ultimately hurt consumers.

The fees to trade crypto on the SoFi app are currently 1.25% which is the highest we can find when comparing it to other popular crypto trading apps.

How to buy Cryptocurrency with a SoFi alternative

For investors in the United States, we recommend using a trusted brokerage platform like eToro as an alternative to SoFi. Their exchange charges zero fees to trade over 60 different Cryptocurrencies, and thousands of Stocks, ETFs, Commodities, and Options. This means you can buy coins like Ethereum or Solana on eToro, as well as crypto stocks like Coinbase or Robinhood in one platform!

You can get started with this simple guide:

  1. Sign up to the eToro USA trading platform and verify your identity as a US citizen.
  2. Select the 'Deposit Funds' button at the bottom of your eToro Dashboard.
  3. Select USD and your preferred deposit method to start buying Crypto (bank transfer, credit card/debit card or PayPal).
  4. Once the USD has landed in your account, you can buy, sell and trade any of the thousands of assets listed on their platform.
buy crypto SoFi alternative

Once you complete your purchase on the eToro platform, the tokens will be automatically stored in your eToro managed wallet for secure custody. You can withdraw them onto a personal wallet, or leave it on eToro for safe custody.

Does SoFi offer Crypto Staking?

No, the SoFi Invest cryptocurrency trading platform does not offer users the ability to stake assets to earn passive income or yield. We recommend using DeFi platforms like AAVE or Compound to get the best yield on your Ethereum-based tokens like ETH, USDC, or USDT.

Alternatively, you can use centralized staking providers that offer slightly less yield, but better security such as eToro.

About SoFi Invest

SoFi was founded in 2011 and is headquartered in San Francisco, CA. They are a leading online personal finance platform that offers a variety of products and services to its users. SoFi Invest is one of those products, and it allows users to invest in a variety of different assets, including stocks, ETFs, and cryptocurrencies.

SoFi Crypto

SoFi is a safe and regulated platform to use, and it offers a great way for users to get started in investing. That said, we recommend avoiding the SoFi Invest platform because they charge extremely high fees across their suite of products.

Is SoFi Invest Safe to Use?

Yes, SoFi Invest is safe to use. SoFi places a strong emphasis on data security and consumer protection. All personal information is securely stored and encrypted using the latest in industry-standard encryption technology. Additionally, all accounts are protected by two-factor authentication for added security. The company also offers extensive customer support if any issues arise and is a member of the Financial Industry Regulatory Authority (FINRA).

With these measures in place, you can be sure that your investment is safe and secure with SoFi Invest. SoFi also offers a number of features designed to help keep customers’ assets safe. For instance, it provides 24/7 monitoring of accounts to detect any suspicious activity. It also offers insurance protection on investments up to $500,000 in case of unauthorized activity or mistakes.

Final Thoughts

SoFi Invest is a great platform for people who are just starting out in investing and want to learn the basics. It offers an easy-to-use interface, helpful customer service, and access to a wide range of assets. However, its fees can be high compared to other platforms, so we recommend shopping around before making your first crypto investment.

Additionally, be sure to take advantage of the safety measures offered by SoFi, such as two-factor authentication and insurance protection. With these in place, you can rest assured that your funds are secure and protected. For those looking for an alternative platform with lower fees and a wider range of features, we recommend eToro USA.

Adrian Graham

Co-Founder & former Investment Banker (Finance MBA) turned Full-Time DeFi analyst and researcher. Left traditional finance to pursue my interest in digital assets and decentralized finance.

View Posts