Stoppage of Business

Score

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/10

SoFi

United States

|

Stoppage of Business

2-5 years|

MTL License|

Digital Currency License|

MSB License|

Suspicious Overrun|

High potential risk

https://www.sofi.com/invest/buy-cryptocurrency/

Website

Rating Index
Influence

Influence

C

Influence Index NO.1

United States 9.12

Better than 98.97% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

Influence
C

Licenses

NMLS

NMLSRegulated

MTL License

DFI

DFIRegulated

Digital Currency License

NYSDFS

NYSDFSRegulated

Digital Currency License

FinCEN

FinCENExceeded

MSB License

Exchange Info

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Company Name
SoFi
Phone of the company
(844) 763-4466
+18554567634
Customer Service Email Address
partnerwith@sofi.com
ir@sofi.com

WikiBit Risk Alerts

2
Previous Detection 2024-04-25

This Exchange has ceased its operation, and it has been listed in WikiBit's shut down list of Exchange; please be aware of the risk!

MSB License goes beyond their business with the licenses United States FinCEN (license number: 31000166901925), please be aware of the risk!

Website

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Time Machine

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User Reviews

More

90 ratings

Participate in evaluation
Emmychi
Sofi has ever been safe because their Wallet is secured and they are good for business development
2023-11-27 22:07
5
Emmychi
Sofi is one of the best app for exchange and transaction..
2023-11-24 06:39
5
zeally
soFI offers lower fees than its competitors, with a fixed 1.25% fee on all transactions. best strategy to win over the market
2023-11-22 21:37
4
Dexter 4856
sofi is good, but still need little improvement...
2023-11-05 21:11
6
Lala27
SoFi is a leading online lender that offers a range of financial products. SoFi is a great option for borrowers who are looking for a low-cost loan. However, there are some things to be aware of before taking out a SoFi loan. Be sure to think carefully before making a decision.
2023-11-26 19:39
8
Dexter 4856
sofi, the flexibility of sofi is what make me to recommend it to trader's
2023-11-26 04:19
1
Emmychi
nice exchange and friendly to the users
2023-11-24 06:38
9
Emmychi
A Solid Trading Platform for Crypto Beginners. SoFi started out with serious concentration on the issue of student loans.Sofi Crypto is a legit company and not a scam.
2023-11-28 03:06
9
Precious Andy
Sofi offers unique features for traders and also for buy and selling of cryptocurrencies it’s a great platform
2023-11-27 03:12
6
Emmychi
Sofi offers a platform for trading and Exchange of funds.
2023-11-26 16:46
2
Emmychi
Quality Service and Friendly with the users.
2023-11-24 17:48
1
V1vaah
If the project is reorganized properly it will be successful in the future
2023-08-22 11:20
3
Teemi
I recently joined SoFi and to my greatest surprise it is not what I expected with the biometric security
2023-11-23 03:15
6
V1vaah
I think if the project is managed well and correctly it will be successful in the future
2023-08-22 11:18
5
fidi
The exchange's commitment to staying updated with the latest technology is evident and appreciated.
2024-02-14 09:37
7
FX1251413675
SoFi's interface is quite clean and intuitive, making it very beginner-friendly. However, it supports only a limited number of cryptocurrencies, so the selection is somewhat restricted.
2024-01-13 03:51
2
jemila
Appreciate the secure and straightforward verification process.
2023-12-27 11:47
6
yemisi
As an experienced trader, the security features here align with my expectations. Cold storage, two-factor authentication – it's evident they take user safety seriously.
2023-12-26 08:21
7
mohbruh
Absolutely love this exchange! It's like they read my mind – everything I need is right at my fingertips. A+ for user convenience.
2023-12-24 12:36
9
swazi
As an experienced trader, I find the inclusion of a dark mode a small yet appreciated feature. It's a nod to the platform's understanding of user preferences.
2023-12-24 11:33
2

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Aspect Information
Company Name SoFi
Registered Country/Area United States
Founded Year 2011
Regulation Regulated by NMLS, DFI, and NYSDFS
Cryptocurrencies Available Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and more
Trading Fees - Cryptocurrency trading: Maker fee 0.40%, Taker fee 0.60%
Payment Method ACH, Wire Transfer, Direct Deposit, ACH Push
Customer Support Phone (844-763-4466, +18554567634), Customer Service Email (partnerwith@sofi.com, ir@sofi.com)

Overview of SoFi

SoFi, founded in 2011 in the United States, is a regulated virtual currency exchange offering a range of popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. With a user-friendly platform called SoFi Invest, the exchange supports stocks, ETFs, mutual funds, options, and cryptocurrencies. While providing commission-free stock and ETF trading, SoFi charges fees for options, margin trading, and cryptocurrency transactions. Advantages include regulatory compliance, a straightforward interface, educational resources, and responsive customer support. SoFi's commitment to financial wellness makes it a comprehensive platform, catering to users' investment needs with security and accessibility.

Overview of SoFi

Pros and cons

Pros Cons
Regulatory compliance Limited cryptocurrency options
User-friendly interface
Educational resources
Customer support

Pros:

- Regulatory compliance: SoFi is regulated by NMLS, DFI, and NYSDFS, which ensures that the exchange operates within legal boundaries and offers a secure trading environment for users.

- User-friendly interface: SoFi provides a user-friendly platform with a straightforward interface, making it accessible and easy to navigate for individuals interested in buying and selling virtual currencies.

- Educational resources: SoFi offers a range of educational materials such as articles, videos, and webinars to assist users in understanding the market and making informed investment decisions.

- Customer support: SoFi provides multiple channels of customer support, including email, live chat, and phone, ensuring that users have access to prompt and reliable assistance.

Cons:

- Limited cryptocurrency options: SoFi offers a limited selection of popular cryptocurrencies for trading. While it supports major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), it may not cater to individuals looking to trade a wider variety of digital assets.

Regulatory Authorities

SoFi, the virtual currency exchange, operates under the regulatory oversight of multiple agencies. The regulatory agencies overseeing SoFi include the Nationwide Multistate Licensing System (NMLS), the Washington State Department of Financial Institutions (DFI), the New York State Department of Financial Services (NYSDFS).

Here are the details of the regulatory situation for SoFi:

1. Nationwide Multistate Licensing System (NMLS):

- Regulation Number: 1770414

- Regulation Status: Regulated

- License Type: MTL License

- License Name: Sofi Digital Assets, LLC

Regulatory Authorities

2. Washington State Department of Financial Institutions (DFI):

- Regulation Number: 1770414

- Regulation Status: Regulated

- License Type: Digital Currency License

- License Name: Sofi Digital Assets LLC

Regulatory Authorities

3. New York State Department of Financial Services (NYSDFS):

- Regulation Number: Unreleased

- Regulation Status: Regulated

- License Type: Digital Currency License

- License Name: SoFi Digital Assets

Regulatory Authorities

Security

Here are some of the security features that SoFi uses to protect your accounts and information:

  • Multi-factor authentication (MFA): This is a security feature that requires you to enter two different pieces of information to log in to your account. This could be something like your username, password, and a code sent to your phone.

  • Encryption: SoFi encrypts all of your personal information, including your passwords, credit card numbers, and Social Security number. This means that your information is scrambled so that it cannot be read by unauthorized people.

  • Physical security: SoFi's data centers are located in secure facilities that are protected by 24/7 security. This helps to prevent unauthorized access to your information.

  • Fraud detection: SoFi uses fraud detection software to monitor your accounts for suspicious activity. If the software detects any suspicious activity, SoFi will take steps to protect your account.

Trading Market

SoFi offers a wide range of trading assets to help you reach your financial goals. You can trade stocks, ETFs, mutual funds, options, and cryptocurrency.

Stocks: You can trade over 10,000 stocks on SoFi, including popular stocks like Apple, Microsoft, and Amazon.

ETFs: SoFi offers a wide variety of ETFs, including index ETFs, sector ETFs, and bond ETFs.

Mutual Funds: SoFi offers a selection of mutual funds from top-performing fund managers.

Cryptocurrency: You can trade Bitcoin, Ethereum, Litecoin, and other cryptocurrencies on SoFi.

Options: SoFi offers a variety of options trading strategies, including calls, puts, and spreads.

Trading Market

Cryptocurrencies available

SoFi offers a wide range of cryptocurrencies for trading:

  • Bitcoin (BTC)

  • Ethereum (ETH)

  • Litecoin (LTC)

  • Bitcoin Cash (BCH)

  • Ethereum Classic (ETC)

  • Aave (AAVE)

  • Avalanche (AVAX)

  • Chainlink (LINK)

  • Cosmos (ATOM)

  • Dai (DAI)

  • Decentraland (MANA)

  • Dogecoin (DOGE)

  • Enjin Coin (ENJ)

  • Filecoin (FIL)

  • Huobi Token (HT)

  • Polygon (MATIC)

  • Shiba Inu (SHIB)

  • Solana (SOL)

  • Synthetix (SNX)

  • Uniswap (UNI)

  • USD Coin (USDC)

Cryptocurrencies available

Services

SoFi offers a wide range of services to help you reach your financial goals. Here are some of the highlights:

SoFi offers a wide range of products and services to help people reach their financial goals. Here are some of the highlights:

Student loan refinancing: SoFi allows people to refinance their federal or private student loans with competitive rates and terms. This can help people save money on their monthly payments and pay off their loans faster. SoFi offers a variety of repayment options to fit people's budgets.

SoFi Invest®: SoFi Invest® allows people to invest in stocks, ETFs, and fractional shares with no commission fees. This makes it easy for people to start investing, even if they have a small amount of money to invest. SoFi Invest® also offers a variety of investment options to fit people's risk tolerances and investment goals.

SoFi Protect: SoFi Protect offers a variety of insurance products to help people protect themselves from life's unexpected events. These products include renters insurance, homeowners insurance, life insurance, cyber insurance, and estate planning services.

SoFi Credit Card: SoFi Credit Card offers a 2% cash back rewards program with no annual fee. This card is a great way to earn cash back on everyday purchases. SoFi Credit Card also offers travel rewards and purchase protection.

SoFi Checking and Savings: SoFi Checking and Savings offers a free checking account with no minimum balance or fees. SoFi Savings offers a competitive interest rate on deposits. Both accounts offer a variety of banking features, like online bill pay and mobile banking.

SoFi Insights: SoFi Insights offers free financial advice from SoFi's team of experts. SoFi Insights covers a variety of financial topics, including investing, budgeting, and retirement planning.

SoFi at Work: SoFi at Work offers financial wellness programs and benefits to employees through their employers. These programs can help employees save for retirement, pay off debt, and build financial security.

Small Business Financing: SoFi offers small business loans to help businesses grow. SoFi small business loans offer competitive rates and terms, and they can be used for a variety of business purposes, such as working capital, equipment financing, or expansion.

SoFi is a one-stop shop for all your financial needs. With a wide range of products and services, SoFi can help you reach your financial goals and achieve financial freedom.

Services

SoFi APP

SoFi is a mobile banking app that allows you to pay bills, find ATMs, send money, make mobile deposits, and invest. You can earn up to 4.60% APY on your checking and savings accounts, get up to $1000 in free stock when you fund a SoFi Invest account, and automate your investing with no SoFi management fees. You can also earn unlimited 2% cash back rewards with your SoFi Credit Card.

To download the SoFi app, you can visit the SoFi website or search for it in your app store. Once you have downloaded the app, you can create an account and start using all of its features.

SoFi APP

How to open an account?

The registration process for SoFi typically involves the following steps:

1. Visit the SoFi website and click on the “Trade now” button to begin the registration process.

  • 2. Provide your personal information, including your name, email address, and password, to create an account.

  • 3. Verify your email address by clicking on the verification link sent to your registered email.

  • 4. Complete the identity verification process by uploading a valid government-issued ID, such as a passport or driver's license.

  • 5. Provide additional information, such as your address and phone number, to further verify your identity.

  • 6. Agree to the terms and conditions of SoFi and submit your registration information for review. Once your account is approved, you will be able to access and use the platform for virtual currency trading.

How to open an account?

How to Buy Cryptos?

How to Buy Crypto on SoFi Website

  • 1: Sign in to your SoFi Invest account.

  • 2: Click on the “Invest” tab.

  • 3: Select “Crypto” from the list of asset classes.

  • 4: Search for the cryptocurrency you want to buy.

  • 5: Enter the amount of cryptocurrency you want to buy.

  • 6: Click on the “Buy” button.

  • 7: Review your order and click on the “Confirm” button.

How to Buy Crypto on SoFi App

  • 1: Open the SoFi app and sign in to your account.

  • 2: Tap on the “Invest” tab.

  • 3: Select “Crypto” from the list of asset classes.

  • 4: Search for the cryptocurrency you want to buy.

  • 5: Enter the amount of cryptocurrency you want to buy.

  • 6: Tap on the “Buy” button.

  • 7: Review your order and tap on the “Confirm” button.

Fees

  • SoFi charges a variety of fees for its services, including:

    • Stock and ETF trading: SoFi does not charge any commissions when you buy and sell stocks or ETFs. However, there is a $25 inactivity fee if you do not make any trades in a 12-month period.

    • Options trading: SoFi charges a $0.65 per contract fee for options trading. There is also a $0.03 per share fee for exercising options.

    • Margin trading: SoFi charges a margin interest rate of 6.99%. There is also a $10 monthly margin maintenance fee.

    • Cryptocurrency trading: SoFi charges a maker-taker fee structure for cryptocurrency trading. The maker fee is 0.40%, while the taker fee is 0.60%.

    • SoFi Money account: SoFi Money is a checking account that does not charge any monthly fees. However, there is a $25 fee if you overdraft your account.

    • SoFi Invest loan: SoFi Invest loan is a personal loan that does not charge any origination fees. However, there is an APR of 7.99% to 23.99%.

  • Overall, SoFi's fees are competitive with other financial services companies. However, it is important to note that the fees may vary depending on the specific service you use. It is always best to check the fees before you sign up for any service.

  • Here is a table summarizing the fees charged by SoFi:

Service Fee
Stock and ETF trading No commissions
Options trading $0.65 per contract
Margin trading 6.99% margin interest rate, $10 monthly margin maintenance fee
Cryptocurrency trading Maker-taker fee structure: 0.40% maker, 0.60% taker
SoFi Money account No monthly fees, $25 overdraft fee
SoFi Invest loan APR of 7.99% to 23.99%

Deposit & Withdrawal

Deposit methods

  • ACH: This is the most common way to deposit money into SoFi. It is free and typically takes 1-3 business days to process.

  • Wire transfer: This is a faster way to deposit money into SoFi, but it is also more expensive. It typically takes 1-2 business days to process.

  • Direct deposit: If you have direct deposit set up with your employer, your paycheck will be deposited into your SoFi account automatically.

  • ACH push: This is a way to deposit money into your SoFi account from another bank account. It is free and typically takes 1-3 business days to process.

Withdrawal methods

  • ACH: This is the most common way to withdraw money from SoFi. It is free and typically takes 1-3 business days to process.

  • Wire transfer: This is a faster way to withdraw money from SoFi, but it is also more expensive. It typically takes 1-2 business days to process.

  • SoFi Money debit card: You can use your SoFi Money debit card to withdraw money from ATMs. There is a $2.50 fee for ATM withdrawals that are not made at SoFi ATMs.

  • SoFi Invest checking account: You can write checks from your SoFi Invest checking account. There is a $3 fee for each check you write.

The processing times for deposits and withdrawals may vary depending on the method you use. For example, ACH deposits typically take 1-3 business days to process, while wire transfers typically take 1-2 business days to process.

Customer Support

SoFi offers customer support through various channels, including phone and email.

Users can contact them at (844) 763-4466 or +18554567634 for assistance.

The company's website provides information about buying cryptocurrencies, and customer inquiries can be directed to partnerwith@sofi.com or ir@sofi.com.

Additionally, SoFi maintains an active presence on social media platforms like Twitter (https://twitter.com/SoFi) and Facebook (https://www.facebook.com/SoFi), where users can engage, seek information, and stay updated on the latest developments.

The diverse contact options reflect SoFi's commitment to providing accessible and responsive customer support.

Customer Support

Is SoFi a Good Exchange for You?

SoFi is the best exchange for investors seeking a convenient and user-friendly mobile platform for investing in cryptocurrencies. It offers a wide range of cryptocurrencies to trade, competitive fees, and a variety of educational resources.

Here are some specific examples of how SoFi can help these target groups:

  • Beginner investors: SoFi's educational resources can help beginners learn about investing in cryptocurrencies. The platform's user-friendly interface makes it easy for beginners to get started.

  • Casual investors: SoFi's mobile app makes it easy to trade cryptocurrencies on the go. The app's simple design makes it easy for casual investors to execute trades.

  • Mobile-first investors: SoFi's mobile app is the best way to trade cryptocurrencies on SoFi. The app is well-designed and easy to use, and it allows investors to trade cryptocurrencies from anywhere they have a mobile device.

  • Investors who want to invest in a wide range of cryptocurrencies: SoFi offers a wide range of cryptocurrencies to trade, including popular coins like Bitcoin and Ethereum, as well as more obscure coins. This makes it a good option for investors who want to diversify their portfolios.

SoFi is a powerful tool that can help investors reach their financial goals. With a wide range of features and benefits, SoFi is a good option for a variety of investors.

Conclusion

  • In conclusion, SoFi is a virtual currency exchange that prioritizes security and regulatory compliance. While specific information about its security measures and user feedback is not provided, users are advised to conduct further research and due diligence on the exchange's security practices and reputation. SoFi offers educational resources and tools to assist users in understanding the virtual currency market. However, details about its trading fees, deposit and withdrawal methods, customer support availability, and user satisfaction are not specified. Therefore, users should carefully assess SoFi based on their trading needs and preferences, considering factors such as security, educational resources, and customer support, before making decisions regarding the exchange.

FAQs

Q: What is SoFi's fee structure for options trading?

A: SoFi charges a $0.65 per contract fee for options trading. There is also a $0.03 per share fee for exercising options.

Q: What is SoFi's fee structure for cryptocurrency trading?

A: SoFi charges a maker-taker fee structure for cryptocurrency trading. The maker fee is 0.40%, while the taker fee is 0.60%.

Q: What are the deposit methods available for SoFi?

A: SoFi offers a variety of deposit methods, including ACH, wire transfer, direct deposit, and ACH push.

Q: What are the withdrawal methods available for SoFi?

A: SoFi offers a variety of withdrawal methods, including ACH, wire transfer, SoFi Money debit card, and SoFi Invest checking account.

User Review

User 1:

“SoFi is my go-to for crypto. The sleek interface makes trading a breeze, and their security is top-notch. Love that they're regulated, gives me peace of mind. They've got a decent range of cryptocurrencies, but more options would be cool. Customer support is responsive; had a quick resolution to an issue. Fees are reasonable, but I wish they had more info on privacy measures. Deposits are speedy, but withdrawals could be faster. Overall, a solid choice for a mix of security and user-friendly experience.”

User 2:

“Using SoFi for crypto feels like a safe bet. The regulated status and user-friendly interface are big pluses. Liquidity is good, and they offer a nice variety of cryptocurrencies, covering the basics. Customer support is hit or miss – had a delay in resolving an issue. Fees are fair, and I appreciate the focus on privacy. Deposits are lightning-fast, but withdrawals could use some improvement. The platform is generally stable, but occasional lags during peak times. SoFi suits my needs for a secure and straightforward crypto experience.”

Risk Warning

  • Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.