Opening a brokerage account with SoFi is a straightforward process designed with new investors in mind. Whether you’re just starting out or want to explore a simple way to buy and sell stocks and ETFs, SoFi provides a beginner-friendly interface and step-by-step onboarding. In this guide, we’ll walk you through how to open a SoFi brokerage account, fund it, and place your first stock or ETF trade.
Getting Started: Create a SoFi Account
To begin, visit the SoFi Invest page and click on the “Invest Now” button. You’ll be prompted to either log in or sign up. Since you’re opening a new account, select “New to SoFi? Sign up here.” Enter your first and last name, state, email address, and create a secure password to proceed. This step takes only a few minutes and gives you access to the SoFi platform.
Entering Personal Information
You’ll now be guided through a series of steps to verify your identity and meet regulatory requirements. This includes entering your address, employment status, annual income, citizenship status, date of birth, Social Security number, and a mobile phone number. After inputting your phone number, SoFi will send a six-digit code via SMS. Enter that code to verify your phone and continue to the next step.
Tax Information and Regulatory Disclosures
Next, you’ll be asked a few tax-related questions. Be honest and answer according to your personal tax situation. Then, you’ll be presented with several regulatory disclosures. These include questions about whether you or a family member are affiliated with FINRA, hold more than 10% of a publicly traded company, or have other regulatory ties. If none of these apply, simply proceed by clicking “Next.”
Trusted Contact and Additional Features
You’ll be given the option to add a trusted contact — someone SoFi can reach out to in case they suspect financial exploitation or have concerns about your account activity. This step is optional and can be skipped if you prefer to add a contact later.
Following this, SoFi will ask if you want to enroll in one or both of their optional account programs:
- SoFi Brokerage Cash Management Program: This automatically transfers any uninvested cash in your account into interest-bearing accounts with partner banks. These funds are FDIC-insured and accessible when you’re ready to invest.
- Share Lending Program: This allows SoFi to lend out shares in your portfolio to other investors, like short sellers. In return, you may earn a portion of the interest income. Note that you may temporarily lose voting rights to those shares while they’re on loan.
Both programs are voluntary, and you can opt in or out based on your comfort level. If you’re unsure, you can skip for now and revisit later.
Legal Agreements and Final Setup
To finish setting up your account, you’ll need to read and agree to SoFi’s legal disclosures and account agreements. Once completed, your account will be created. In some cases, you might receive an email requesting additional documentation to verify your identity. You typically have a few days to submit this information.
Funding Your SoFi Brokerage Account
After the account is set up, you’ll need to fund it before you can start trading. SoFi offers four funding options:
- Connect a bank account
- Transfer assets from another brokerage
- Wire transfer
- Mail a check
The easiest and most common method is connecting your bank account. SoFi uses Plaid to facilitate secure connections to thousands of U.S. banks. Simply select your bank, enter your login credentials, and verify your identity with a security code sent via text message. Your bank will ask for your permission to grant SoFi access to the account. Once confirmed, select the specific account you’d like to connect and authorize the link.
Now that your bank account is connected, you can initiate your first deposit. In the example used here, $30 was chosen as the initial amount. Click “Review” to verify the deposit details and then “Add Money” to proceed. The funds usually appear in your SoFi account quickly — in some cases, within seconds.
Placing Your First Trade
With your brokerage account funded, you’re ready to start investing. Go to the SoFi Invest dashboard by clicking “Invest” on the home screen. The web dashboard is clean and straightforward, though SoFi emphasizes its mobile app for a fuller experience. For this guide, we’ll focus on using the web platform.
To buy your first stock or ETF, search for the company name or ticker symbol. For example, if you want to invest in SoFi itself, search for “SOFI.” Once you find the asset, click on it to open the trading interface. Then click “Buy.”
SoFi allows fractional share investing, which means you can buy a portion of a share instead of a whole one. This is ideal for expensive stocks or ETFs. You can choose to buy by dollar amount or number of shares. The minimum investment is $5, making it accessible to nearly all investors.
Choose your order type — most likely “Market” for a beginner — and click “Preview.” Review the trade details and, if everything looks good, click “Buy.” Your trade will be processed and added to your investment portfolio.
Monitoring Your Investments
Once your trade is completed, your dashboard will update to show your holdings. For example, after purchasing one share of SoFi stock, the system might show a small market fluctuation — even a loss or gain of a few cents — which is normal.
The dashboard also includes metrics like:
- Total Account Value
- Total Gains
- Market Gain
- Dividends Earned
These indicators will update over time as your portfolio evolves.
If you decide to add dividend-paying stocks to your portfolio, you’ll begin to see dividend information populate in this section. It might show as a future expected value or only update after actual dividends are paid out.
Selling Stocks and ETFs
Selling a security on SoFi is just as easy as buying. Go to your list of holdings, click on the stock or ETF you want to sell, and you’ll be redirected to the trade screen. Click “Sell,” choose the amount or number of shares, review the order, and then confirm the sale. The proceeds from your sale will return to your SoFi brokerage cash balance and can be reinvested or withdrawn.
How to Open a SoFi Brokerage Account – Final Thoughts
SoFi has made investing accessible with an intuitive platform, minimal barriers to entry, and useful educational content. From setting up an account to executing your first trade, the process is streamlined and user-friendly. With features like fractional shares and optional cash management tools, SoFi supports new investors who want to take control of their financial futures without being overwhelmed.
If you’re looking for a simple way to begin your investment journey, opening a SoFi brokerage account could be a good first step. Just remember to always research your investments, keep track of your risk tolerance, and stay informed as you build your portfolio.
