How to buy SoFi Technologies (SOFI) stock

Use our step-by-step guide to learn how to buy SOFI stock and compare the best SoFi Technologies trading platforms.
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Updated: Jul 6, 2023
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A big part of learning how to buy SoFi Technologies stocks is finding the best place to make your investment. SoFi Technologies stocks are available to invest in through an online stock broker, and it usually takes just a few minutes to buy shares in SoFi Technologies when following our step by step guide.

Where to buy SoFi Technologies stock?

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The best stock trading platform to use to buy SoFi Technologies stock is Start Trading .

Based on our research, we’ve ranked the top three brokers where you can buy SoFi Technologies shares, according to how easy they are to use, how low their fees are, their safety and security rating, and average customer reviews.

Read more about how we test, rank & review platforms.

How to buy stock in SoFi Technologies in 3 simple steps

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Buying SoFi Technologies stock is quick and easy, all you need is an internet connection and a copy of your photo ID. Here’s how to do it.

Step 1. Sign up to Start Trading

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Start Trading is the best stock trading platform for beginners. Fill in your details to set up a brokerage account and attach a copy of your ID to verify it.

1
Min. Deposit
100 €
Best offer
User Score
10
Trade +2000 CFDs on Shares, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads with up to 1:5 leverage
Start Trading
Payment Methods:
Bank Transfer, Debit Card, PayPal, Credit Card, Visa, Mastercard, American Express, Trustly, Apple Pay, Google Pay, Discover, Bank Transfer: SEPA, Bank Transfer: FPS, skrill
Full Regulations:
ASIC, FCA, FSA, MAS, CySEC #250/14

Buy or sell stock CFDs with Plus500. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Step 2. Make a deposit

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Transfer money to your new account with your credit or debit card, a bank transfer, or an alternative payment method, like PayPal. The minimum deposit is £10.

Step 3. Buy SoFi Technologies shares

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Search for SoFi Technologies using the ticker, SOFI. Click the ‘trade’ button and enter the details of your investment, such as how many shares you want to buy or how much you want to spend. Hit ‘trade now’ to invest in SoFi Technologies and complete your purchase.

It’s as easy as that! You can buy SoFi Technologies shares in just 10-15 minutes and now you’re a SoFi Technologies shareholder.

Compare the best platforms to buy SoFi Technologies stock

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1. Plus500. Best for international CFD trading*

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From 0.08%

Fees

$100

Minimum deposit

3,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Free demo account for every user Secure broker, licensed by top-tier regulators Wide variety of CFDs to trade Several good risk management tools
No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to CFDs on over 2000 stocks.

Plus500 has something for all types of stock trader, no matter what level of experience. Its zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting.

For accurate instrument availability, visit plus500.com.

The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% and varies depending on the instrument. Additional fees include overnight funding depending on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

Visit Plus500 Plus500 Review

Buy or sell stock CFDs with Plus500. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. TastyTrade: Best for options trading like a pro

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TastyTrade logo

...

Fees

...

Minimum deposit

20

No. assets

No

Demo/virtual account

Overview

We love TastyTrade because it’s an options trading platform built by market experts. TastyTrade is the latest piece of trading software built by the industry veterans who created thinkorswim, another hugely successful broker that made professional trading accessible to the everyday trader.

While TastyTrade offers stock and ETF trading, its core functionality lies in options and futures contracts. Notably, they recently added the ability to trade spot Bitcoin ETFs, catering to the growing interest in cryptocurrency. However, keep in mind their focus is on US markets; you won’t find international stocks or mutual funds here.

What truly sets TastyTrade apart are a competitive pricing structure and its dedication to options education. They heavily invest in educational content through their platform, tastylive, offering free webinars, tutorials, and resources specifically geared towards options trading. This focus is crucial as options involve a steeper learning curve compared to stock investing.

The fees: There are zero commissions on straight up stock & ETF trades. Stock options are charged a $1 fee to open and zero commission to close a position. Futures start from $0.25 per side. Crypto trades cost 1% of the total position on open and close.

Highlights

Visit TastyTrade TastyTrade Review

3. TradeStation: Best for fast & reliable trading with institutional-grade tools

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TradeStation_Logo

...

Fees

...

Minimum deposit

20

No. assets

No

Demo/virtual account

Overview

We love TradeStation because TradeStation it offers rapid trade execution in a simple, convenient package that’s packed with trading tools. TradeStation is a well-established online broker known for its powerful desktop platform and extensive toolkit for active investors.

Once catering primarily to professionals, TradeStation has expanded to accommodate individual investors seeking a feature-rich trading experience. It now offers a wide range of assets, including stocks, ETFs, bonds, options, and futures contracts. This variety allows users to implement diverse trading strategies. They also recently introduced commission-free trading for stocks and ETFs under a specific share threshold, making it attractive for active day traders.

The true strength of TradeStation lies in its desktop platform. It’s highly customizable, enabling users to design personalized layouts, technical indicators, and even code their own trading strategies. Another huge benefit is the fact that TradeStation offers paper trading, allowing you to test and refine your strategies before risking real capital.

The fees: Stocks & ETFs are commission free. Stock options come with a $0.60 fee per contract, while futures contracts start from $0.50 per contract, per side. Investing in bonds and mutual funds is significantly more expensive.

Highlights

Visit TradeStation TradeStation Review

4. eToro. Best for beginners, copy-trading & demo-account

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0% commission

Fees

$100

Minimum deposit

4,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Great for beginners, simple to set up and get started Competitive, industry-leading commissions Popular ‘Copy Portfolios’ function lets you follow top traders Excellent customer service, with live chat support provided
Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Overview

We love eToro because you can trade more than 3,000 stocks, commission free. When you buy stocks on eToro, you’re buying the underlying asset, which means you can earn dividends. Or you can trade fractional shares, which means you can invest in even the most expensive stock from just $10.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see what’s trending on the stock market every day, browse the latest analyst opinion about every one of those stocks, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: Stock and ETF trades are commission free. Stock CFDs are charged a 0.15% spread and overnight fees can apply. You can deposit money for free but you have to pay $5 per withdrawal, and there’s a minimum withdrawal of $30. A $10 per month activity fee is charged if you don’t log in for a year.

Highlights

Visit eToro eToro Review

eToro offers real assets only, no CFD products. eToro securities trading offered by eToro USA Securities, Inc. (‘the BD”), member of FINRA and SIPC. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the BD.

5. Public. Best for sharing beginner trading ideas

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public.com logo

...

Fees

...

Minimum deposit

...

No. assets

No

Demo/virtual account

Pros & Cons

Commission free stock and ETF investing Share and compare your portfolio on a social trading platform Trade crypto, fractional shares, and alternative investments
You can't trade on margin or use leverage No forex, options, funds, metals, or bonds

Overview

We love Public because it’s a social platform where you can share trading tips and get ideas from other people. Public offers 9,000+ financial instruments, including cryptocurrencies and stocks from around the world.

Alongside a community of other investors all sharing their ideas, Public offers real time news and information so that you can see the full picture before you invest. And the assets don’t just include your run-of-the-mill assets; you can make alternative investments in things like handbags and comic books as well.

The fees: There are no fees for investing in stocks during regular trading hours in the US – 9.30am-4pm EST. There is a $2.99 fee for trades outside of regular hours.

Highlights

Visit Review
Cryptocurrency execution and custody services are provided by Apex Crypto LLC (NMLS ID 1828849) through a software licensing agreement between Apex Crypto LLC and Public Crypto LLC. Crypto trading on Public platforms is served by Public Crypto LLC and offered through APEX Crypto. Please ensure that you fully understand the risks involved before trading.

Fundamental analysis of SoFi Technologies shares

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What is SoFi Technologies’s total worth?

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SoFi Technologies’s total net worth is $6.24 billion. This is its total market capitalisation, calculated by multiplying the number of shares outstanding on a stock exchange by the current share price.

How has SoFi Technologies’s share price performed in recent years?

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The current SoFi Technologies stock price today is $6.68, which is 73.43% below its all time high of $25.14, which it reached on 29 January 2021.

Overall, SOFI is down 35.83% over the last five years. The SOFI share price is up 48.88% in 2024 with a 52 week high of $10.57 and a 52 week low of $4.24.

What is SoFi Technologies’s EPS?

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SoFi Technologies’s EPS is -$0.05. EPS stands for earnings per share and is calculated by dividing SoFi Technologies’s net profit by the number of shares outstanding. It gives you an idea of how valuable a company is.

What is the SoFi Technologies P/E ratio?

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SoFi Technologies’s P/E ratio is 0.0. The P/E, or price to earnings ratio, tells you how much you would have to pay per share for $1 of SoFi Technologies’s earnings. 

It is calculated by dividing the share price by the earnings per share. You can use SoFi Technologies’s earnings estimates to predict its future (or forward) P/E and set a target price you think the stock can reach.

What is SoFi Technologies’s dividend yield?

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SoFi Technologies’s dividend yield is 0%. The dividend yield tells you how much of SoFi Technologies’s share price it gives back to shareholders in dividend payments every year.

Is SoFi Technologies stock a buy or sell?

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The indicator below shows you live technical ratings for SoFi Technologies stock on time frames from one minute to one month. 

It tracks a selection of key technical indicators on live market data, including moving averages, relative strength index (RSI), oscillators, and momentum. 

This indicator should be used when you research SoFi Technologies to help you decide whether to buy SoFi Technologies shares. Past performance is no guarantee of future results. It is not investment advice or a recommendation from Invezz to buy this stock.

Is SoFi Technologies a good investment for me? 

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The right answer is different for each person, so here is some information to help you decide whether to buy stocks in SoFi Technologies.

  • SoFi went public in the middle of the IPO boom and has never been valued as high since. In 2021 virtually every stock that went public saw its stock price spike in the aftermath. SoFi reached an all-time high in January 2021, but anyone who invested since then has seen its stock price slowly dwindling.
  • Its digital banking service appeals to students and young investors. SoFi has attracted a younger audience of millennials by providing an alternative to traditional banking. Initially, it focused on students and providing student loan refinancing, which helped to bring on board tech savvy, financially-oriented young people at the expense of larger banks.
  • Sofi offers a wide range of products and services. SoFi now offers mortgages, investing, credit/debit cards, and personal loans alongside its classic SoFi Money personal banking service. SoFi Money, which includes SoFi Checking and Savings, a current and savings account, makes up 88% of the bank’s deposits, but the rest of the pie is growing to offer a more comprehensive service.
  • It now has a regular banking charter to offer financial services. Its acquisition of Golden Pacific Bancorp allowed SoFi to gain a banking charter and start offering all those regular financial services, like loans and mortgages, and create more revenue streams.
  • It keeps adding customers and growing revenue… SoFi added 400,000 new customers in the final quarter of 2022 and deposits (the amount of cash people hold in the bank and a sign of customer confidence) were up 46%. This is a sign that its diversification is starting to work.
  • …But keeps recording an annual loss. Despite the growth in its raw numbers, SoFi is spending a lot of money on producing that growth. It reported a net annual loss of $72 million in 2022, more than double the $30 million of the year before.
  • Its transition to a more traditional-style bank may put a ceiling on its growth. Transitioning to a more traditional bank might stabilise the net income figures and allow SoFi to grow more sustainably, but it might cap how high its valuation can go. Investors generally value banks lower than fintech stocks, because banks have to be more careful with money and there’s less potential for extreme revenue growth.

It’s always a good idea to think about any potential risks there might be as well. Use this summary of SoFi Technologies’s pros and cons before you make a final decision on whether to buy SoFi Technologies stock.

Pros

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  • SoFi has a loyal audience of young investors
  • It can now compete with traditional banks in the services it provides
  • It continues to grow deposits and increase revenue

Cons

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Are there other ways to buy shares in SoFi Technologies?

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Yes, you can invest in SoFi Technologies stock in a few different ways. One option is to buy stock in SoFi Technologies directly through an investment platform as laid out above, while another popular choice is to invest in a fund. 

Mutual funds provide instant diversification to your investment portfolio by investing in lots of companies at once. You can invest in a NASDAQ index fund to get exposure to SoFi Technologies, or choose a fintech ETF.

Another option is to use a social copy trading platform, like Start Trading . Find a trader who you like and copy their SoFi Technologies trades directly to your own account. 

This can be a good investment strategy for beginners and a way to learn how to buy SoFi Technologies shares from someone with more experience.

What are the fees for investing in SoFi Technologies stock?

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It depends on the stock broker. Some platforms charge a flat fee per trade, others charge a commission as a percentage of the total trade value each time you buy SoFi Technologies stocks.

Consider that there may be other costs to trading too. Other fees can include deposit and withdrawal fees, or inactivity fees if you don’t use your account for three months or more. 

These are the trading platforms that charge the lowest fees for buying stocks in SoFi Technologies.

Trading platformTrading fees
eToro $0
Skilling $0
Capital.com $0
Degiro $0 (US) / £1.75 (UK)
AvaTrade 0.13% commission

How to sell SoFi Technologies stock

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When you decide the time is right to sell and lock in some profit (or cut your losses), log into your broker account and navigate to your portfolio. 

From there, find your SoFi Technologies stock and you’ll see a ‘sell’ option next to it. Click that to set the details of the trade (you don’t have to sell all your stocks at once) and sell back to cash.

Should I buy SoFi Technologies stock now?

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It’s your investing goals and style that define whether now is a good time to buy. The current SoFi Technologies stock price plays into it but ultimately it depends on your investment horizons.

  • If you’re a short term trader: the goal is to make money by buying and selling stocks regularly to secure a profit or avoid a loss. That can mean trading hourly, daily, or weekly but the focus is always on the near future. Traders learn how to buy stocks in SoFi Technologies based on short term technical analysis and don’t hold shares for a long time, so any time can be a good time to buy SOFI.
  • If you’re a long term investor: you’re more interested in long term price appreciation than whether a stock is up or down on any given day. The important thing is finding a stock with a strong foundation where you think the share price will be up over a period of months or years. If you think SoFi Technologies’s fundamentals are solid then the best time to invest in SoFi Technologies stock is after a dip or a pullback in price.

Most new traders sit somewhere between these two positions. You don’t want to actively trade SoFi Technologies stock all hours of the day but you don’t want to wait years for a return either.

Either way, following SOFI price news and analysis will help you decide when to dip your toe into the market.

Register now & buy SoFI stock

FAQs

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Is SoFi Technologies stock overvalued?
Do I have to pay capital gains tax on any profits I make?
What is SoFi Technologies’s ticker symbol?
Does SoFi Technologies pay dividends?
Is SoFi Technologies ESG friendly?


Sources & references
Risk disclaimer
James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.