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:
- Step 1: Sign up to the eToro USA trading platform and verify your identity as a US citizen.
- Step 2: Select the 'Deposit Funds' button at the bottom of your eToro Dashboard.
- Step 3: Select USD and your preferred deposit method to start buying Crypto (bank transfer, credit card/debit card or PayPal).
- Step 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.
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 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.