Learn More About SoFi
Sofi is a big name in the new generation of financial services. Curious to know more? Here is our take on Sofi.
Learn More About SoFi
Sofi is a big name in the new generation of financial services. Curious to know more? Here is our take on Sofi.
What is Sofi Invest?
Investment platform
Sofi is not a cryptocurrency wallet or a coin but an investment platform which enables its users to trade a limited number of cryptos in different ways.
Crypto coins
At the moment, you can trade a relatively small number of crypto currencies on Sofi. Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ethereum Classic are included and there are plans to add more in the future.
What is Sofi Invest?
included on its app which includes a dedicated crypto-currency trading section. It
started in 2011 and now has $50 billion in funded loans plus $20 billion in repaid
loans. As the company offers lending services in addition to crypto trading, we’ve
summarised the available investments below.
Investment platform
Sofi is not a cryptocurrency wallet or a coin but an investment platform which enables its users to trade a limited number of cryptos in different ways.
Crypto coins
At the moment, you can trade a relatively small number of crypto currencies on Sofi. Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ethereum Classic are included and there are plans to add more in the future.
How Do I Use Sofi?
Crypto trading on the Sofi app is only available in certain US states, so the first step is to check whether you’re eligible.
If you are, then the next step is to open an account on Sofi.com or download the app. The cryptocurrencies are found in the Invest tab. From there, you can buy cryptos and when you sell them, the equivalent in USD is returned to your account.
How Do I Use Sofi?
Crypto trading on the Sofi app is only available in certain US states, so the first step is to check whether you’re eligible.
If you are, then the next step is to open an account on Sofi.com or download the app. The cryptocurrencies are found in the Invest tab. From there, you can buy cryptos and when you sell them, the equivalent in USD is returned to your account.
Sofi crypto trading is:
Secure
Crypto to fiat
Realtime
No delays on your conversion orders.
Sofi crypto trading is:
Secure
Crypto-currencies in your Sofi
account cannot be transferred
to an external wallet.
Crypto to fiat Sofi converts your crypto holdings to USD when ordered.
RealtimeNo delays on your conversion orders.
Benefits of Sofi app
There are several benefits of using Sofi to trade cryptos. It is a conservative way to enter the market if you’re inexperienced or risk-averse. The company limits the biggest daily trade to the equivalent of $50,000 per individual.
It’s also beneficial that users can diversify and trade asset classes other than crypto-currencies, like ETFs and stocks all on the same platform.
Sofi’s website features helpful tutorials and articles for newbies.
The company aims to help people to stay debt free and take charge of their money.
Benefits of Sofi app
There are several benefits of using Sofi to trade cryptos. It is a conservative way to enter the market if you’re inexperienced or risk-averse. The company limits the biggest daily trade to the equivalent of $50,000 per individual.
It’s also beneficial that users can diversify and trade asset classes other than crypto-currencies, like ETFs and stocks all on the same platform.
Sofi’s website features helpful tutorials and articles for newbies.
The company aims to help people to stay debt free and take charge of their money.
Disadvantages of Sofi
Daily trading limits
The daily trading limits may not suit more experienced crypto traders.
Only internal crypto transfers
Users cannot transfer cryptos from the Sofi app to another wallet.
Markup of 1.25%
Some traders may consider 1.25% too high as a markup on crypto trades.
Disadvantages of Sofi
Daily trading limits
The daily trading limits may not suit more experienced crypto traders.
Only internal crypto transfers
Users cannot transfer cryptos from the Sofi app to another wallet.
Markup of 1.25%
Some traders may consider 1.25% too high as a markup on crypto trades.
What Assets Can I Trade on Sofi?
In addition to crypto-currencies, you can trade ETFs and stocks like Apple. The company offers portfolio management services or you can trade on your own account.
Sofi has a number of other products, including student loans, mortgages, personal loans and refinancing services.
We predict that the hybrid investment company could be a growing trend as online financial services take over more market share from the mainstream.
At BTCtopic we constantly look for new trends and products to keep you informed about your investment options.
Have you read our post about BTC wallets?
What Assets Can I Trade on Sofi?
In addition to crypto-currencies, you can trade ETFs and stocks like Apple. The company offers portfolio management services or you can trade on your own account.
Sofi has a number of other products, including student loans, mortgages, personal loans and refinancing services.
We predict that the hybrid investment company could be a growing trend as online financial services take over more market share from the mainstream.
At BTCtopic we constantly look for new trends and products to keep you informed about your investment options.
Have you read our post about BTC wallets?