SoFi, short for Social Finance, has quickly become one of the most user-friendly platforms for anyone looking to invest in stocks, ETFs, or even explore options trading. Whether you’re brand new to the world of investing or just curious about trying a simpler approach, SoFi makes it easy to open an account, deposit funds, and start trading—all with a clean interface and mobile-first experience.
This guide walks you through the steps on how to use SoFi, fund it, trade, and explore additional features like dividend reinvestment, options, and more.
Opening a SoFi Account
The first step to using SoFi is creating an account.
To get started:
- Click Invest Now
- Choose “New to SoFi? Sign up here”
- Fill in your personal information (name, email, password, etc.)
Once signed up, you’ll choose a stock to receive the $25 bonus. You can pick from a few curated options—many users opt for SoFi stock itself since it’s the platform host, but feel free to choose what appeals to you.
To complete the bonus process, you’ll need to open and fund your investment account.
Verifying Your Identity and Setting Up Your Profile
Next, SoFi will request standard verification details:
- Address
- Employment status
- Income level
- Citizenship status
- Date of birth
- Social Security Number
- Phone number
You’ll receive a six-digit code via text to verify your phone number. After that, you’ll go through a short tax questionnaire (most users can answer “no” on the first question unless you’re affiliated with FINRA or own a large portion of a public company).
You’ll also be asked about adding a trusted contact (optional), and whether you’d like to enroll in two optional features:
1. SoFi Brokerage Cash Sweep Program
This feature automatically transfers your uninvested cash into interest-bearing accounts at partner banks. It’s FDIC-insured and functions similarly to a savings account.
2. Share Lending Program
This program allows SoFi to lend your shares to other investors (usually short sellers), and you earn a portion of the interest. The downside? You might temporarily lose voting rights for those shares.
If you’re unsure, the Cash Sweep Program is the safer choice.
Finally, agree to SoFi’s legal terms and submit your application. You might receive an email requesting documentation for identity verification—SoFi gives you seven days to complete this.
Funding Your SoFi Investment Account
Once your account is ready, it’s time to add funds. SoFi offers four funding methods:
- Connect your bank account (fastest option)
- Transfer assets (bring stocks, ETFs, or cash from another brokerage)
- Wire money
- Mail a check
Most users prefer linking a bank using Plaid, a secure service that connects to thousands of financial institutions. You’ll:
- Enter your bank credentials
- Receive and verify a security code
- Confirm the connection and choose the account to link
Once linked, you can make your first deposit. Even a $30 deposit is sufficient to start investing. The funds usually appear in your SoFi account within seconds.
Buying Stocks and ETFs on SoFi
After funding, it’s time to make your first investment. To start:
- Click Invest to access the SoFi investment dashboard.
- Type the stock or ETF you want to buy (e.g., “SOFI” or “SCHD”).
- On the stock page, click Buy.
- Choose how much to invest—SoFi supports fractional shares, meaning you can invest with as little as $5.
You can choose between:
- Dollar amount (e.g., $10 worth of a stock)
- Number of shares (e.g., 1 share)
Pick your order type (usually “market price” for beginners), then preview and confirm your trade.
Once purchased, the trade executes instantly in most cases. Your investment dashboard will reflect the new stock position and update with:
- Total market value
- Market gain/loss
- Dividends (if applicable)
Selling Stocks and ETFs
Selling is just as simple:
- Click on the stock or ETF in your portfolio.
- Click Sell, enter the amount, and confirm the order.
You can also view your complete investment history and performance from your dashboard.
Exploring SoFi’s Advanced Investment Features
Enroll in Options Trading
SoFi allows options trading, though it’s not a primary feature. To enable it:
- Click Enroll in Options
- Answer a short questionnaire about your investment experience and risk tolerance
- Review and accept the terms
Once approved, you can trade options directly from the investment dashboard.
DRIP: Dividend Reinvestment Plan
SoFi offers a DRIP (Dividend Reinvestment Plan) feature. To activate it:
- Go to Dividend Preferences
- Choose Enroll in Dividend Reinvestment
This reinvests your dividend payouts automatically into the same stock or ETF, helping your investments grow over time.
Other Features
- Extended hours trading
- 1% match for IRA or 401(k) contributions (subject to limits)
- Affiliate referral program
- Margin trading (optional and not recommended for beginners)
What Else Can You Do on SoFi?
Though SoFi is beginner-friendly, it also includes:
- Crypto investing
- Educational materials
- Basic research tools (performance stats, dividend yields, PE ratios)
- Banking and loans (student loans, mortgages, personal loans)
However, SoFi doesn’t offer in-depth research like historical dividend performance or advanced charting tools. If you’re a data-driven investor, this may be a drawback.
Evaluating the Stock Pages
Let’s say you search for the Vanguard S&P 500 ETF (VOO). SoFi displays:
- Daily performance
- Price highs and lows
- Dividend yield
- PE ratio
- Top 10 holdings
- Basic financial news
Unfortunately, it lacks more advanced data such as:
- Full list of ETF holdings
- 10-year dividend payout history
- Technical charts
SoFi is best suited for casual or beginner investors who prioritize a clean interface and ease of use over analytical depth.
How to Use SoFi – Summary
SoFi makes investing extremely accessible. The process to:
- Open an account
- Fund it
- Buy or sell stocks/ETFs
- Enroll in programs like DRIP or share lending
…is fast, smooth, and designed for the everyday user—not professional traders.
Pros:
- Fractional shares starting at $5
- Clean and easy-to-use platform
- Fast funding and trading execution
- Optional features like DRIP and options
Cons:
- Limited data for research
- Not ideal for in-depth technical or dividend analysis
- Focused more on simplicity than customization
If you’re looking for a low-barrier way to start investing, SoFi is a solid choice. While it may not replace full-featured brokerages like Fidelity or TD Ameritrade for research-heavy users, it delivers on its mission: making investing easy, approachable, and mobile-first.
