If you want to start investing with SoFi, opening an investing account is a straightforward process. In this guide, you’ll learn how to open an account on SoFi from start to finish, including how to qualify for the $25 stock bonus.
How to Get the $25 Free Stock Bonus
Before starting your Account on SoFi, make sure you use the promotional referral link associated with the $25 bonus. According to the promotion described here, you need to enter through the referral link and fund your account with at least $10 to qualify.
After opening the referral link, you’ll see a promotional screen explaining the offer. Tap Invest Now to begin opening your SoFi Active Investing account.
SoFi will then take you to a login screen. Since you don’t have an account yet, look for New to SoFi? Sign up at the bottom and select it.
Start Your Account on SoFi
The application begins with some basic information. You’ll need to provide:
- Your legal first name
- Your legal last name
- Your state
- Your email address
- A password
When entering your name, use the exact legal name shown on your government-issued identification. Avoid nicknames or shortened versions, as differences between your application and official documents can cause verification delays.
Use an email address you regularly check because SoFi may send important account information there.
Create a strong, unique password. Avoid easily guessed information such as birthdays, names, or pet names. A password manager can be useful for generating and storing a secure password.
You’ll also need to complete the Cloudflare human verification and accept SoFi’s electronic-signature consent, privacy notices, terms of use, and arbitration agreement. Review these documents before continuing, then select Next.
Choose Your $25 Stock
If you entered through the qualifying promotional link, you may see a screen allowing you to select the stock, ETF, or other eligible investment associated with the $25 offer.
Search for the investment you want and select it to claim the promotional reward.
Pay attention to the funding deadline shown during the application. The promotion described in the transcript requires the account to be funded within 14 days. Promotional terms can change, so always check the terms displayed when you apply.
After selecting your investment, you’ll see a confirmation screen explaining the next steps for completing your Account on SoFi.
Enter Your Permanent Address
Next, SoFi will ask for your permanent residential address.
Enter your actual home address rather than a PO box or business address. If your mailing address is different from your residential address, select the appropriate option and provide the separate mailing address.
Make sure the information is accurate before moving forward.
Provide Your Employment Information
SoFi will ask about your employment status. The available choices may include:
- Employed
- Self-employed
- Not currently employed
- Retired
Select the option that accurately describes your current situation.
Being unemployed or between jobs doesn’t necessarily prevent you from opening an Account on SoFi. Simply provide truthful information about your circumstances.
Provide Your Source of Funds and Income
The application will also ask where the money you plan to invest comes from. Options can include current savings, employment income, retirement funds, gifts, inheritance, government benefits, or proceeds from selling property.
Choose the source that genuinely applies to you.
You’ll also need to provide your annual income. Enter your actual income rather than estimating a higher number. This information is collected for regulatory and account-approval purposes and shouldn’t be treated as a way to qualify for better investments.
Confirm Your Citizenship Status
SoFi will ask about your citizenship or residency status. Options may include:
- U.S. citizen
- Green card holder
- Non-permanent resident alien
Select the status that is actually applicable to you. Don’t select U.S. citizen simply because it appears to be the easiest option.
You’ll also provide your date of birth as part of the identity-verification process.
Verify Your Phone Number
Enter a mobile phone number that you can access. SoFi will send a six-digit verification code to the number you provide.
Check your text messages and enter the code into the application. If you don’t receive it after a short time, you can use the option to resend the code.
Enter Your Social Security Number
One of the most important steps when opening an account on SoFi is providing your Social Security number.
Brokerage firms in the United States collect this information as part of identity verification and regulatory requirements. SoFi uses it to help verify your identity and meet its legal reporting obligations.
You’ll also be asked to authorize verification of the information you’ve provided, including your name, Social Security number, and date of birth.
Enter the information carefully and complete the required authorization.
How to Complete Tax Status Questions
SoFi will ask whether you’ve been notified by the IRS that you’re subject to backup withholding.
Answer this question based on your actual tax situation. If you’ve never received such a notification from the IRS, the answer will generally be No.
You’ll then need to certify that your tax identification information is correct and that the other statements you’ve provided are accurate.
Read the certification carefully before checking the box and selecting Next.
How to Answer Regulatory Questions
The next section covers additional regulatory questions.
SoFi may ask whether you or an immediate family member:
- Works for a securities exchange, FINRA, or a registered brokerage firm
- Is an officer, director, or significant shareholder of a publicly traded company
- Is a senior military, government, or political official of a foreign country
If none of these situations apply, select the option indicating that none apply.
If one or more does apply, answer honestly. Having one of these circumstances doesn’t necessarily mean you cannot open an Account on SoFi. It may simply require additional regulatory review or information.
How to Finish the SoFi Application
Once you’ve completed the required questions, you’ll reach a welcome screen indicating that your application is complete and directing you toward the SoFi app.
Download the SoFi app from the appropriate app store if you haven’t already. Then open the app and sign in using the credentials you created during the application.
At this point, you’ve completed the process of opening an Account on SoFi.
If you’re claiming the $25 promotional stock, remember to complete the required funding within the promotional deadline shown in the offer. Funding the account with the minimum qualifying amount is an important part of receiving the bonus.
Secure Your Account After Opening It
Opening your Account on SoFi is only the beginning. Once you’re inside the app, take a few minutes to secure the account properly.
Use a strong, unique password and enable any available security features, such as multi-factor authentication. Make sure your phone number and email address are current, and be cautious with unexpected messages asking you to provide login credentials or verification codes.
Finally, review your account regularly so you can quickly spot transactions or changes you don’t recognize.
With your application completed, your account funded, and your security settings configured, you’ll be ready to start using your SoFi investing account.
