SoFi Crypto Review

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Contributor, Benzinga
October 4, 2021
SoFi Crypto
Best For
  • Beginners
securely through SoFi Crypto's website
1 Minute Review

SoFi takes a modern approach to personal finance. It recently created buzz with the release of SoFi Crypto, a way to trade cryptocurrency on the app. The platform allows investors to familiarize themselves with crypto. It offers a high level of security, great customer support and an intuitive interface. However, it does have shortcomings with the number of cryptos offered and geographic restrictions.

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Best For
  • Beginners
  • Centralization of your money
Pros
  • Charges low or no fees for some functions within the interface.
  • Relies on Coinbase, a very secure platform, to process transactions.
  • Presents a low barrier of entry — you only need $10 to start trading.
Cons
  • Currently only offers 28 coins.

SoFi Crypto Ratings at a Glance

Offerings
Customer Service
Pricing
Mobile App
User Benefits
User Experience
Overall Rating

SoFi Crypto Offerings

The platform works well from either a desktop or mobile application. Upon signing up, users receive $10 of free bitcoin. To begin trading, you only need to deposit $10 into your account, providing an extremely low barrier of entry. You can also trade any of the supported assets 24/7. 

Some exchanges only offer trading during some hours or on some days. SoFi allows anytime trading. On SoFi, crypto can be traded in the same app used for direct deposit, stock market investments and retirement accounts. This feature offers a unique way to integrate crypto into established personal finance systems. However, SoFi is relatively new to the crypto scene and does not offer the endless lists of cryptos other exchanges offer. Here is a list of the cryptos supported on SoFi as of October 2021:

  • Algorand (ALGO)
  • Aave (AAVE)
  • Bancor (BNT)
  • Basic Attention Token (BAT)
  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Compound (COMP)
  • Cosmos (ATOM)
  • Decentraland (MANA)
  • Dogecoin (DOGE)
  • Enjin Coin (ENJ)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Filecoin (FIL)
  • Litecoin (LTC)
  • Maker (MKR)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Solana (SOL)
  • Stellar (XLM)
  • SushiSwap (SUSHI)
  • Synthetix (SNX)
  • Tezos (XTZ)
  • The Graph (GRT)
  • Uniswap (UNI)
  • Yearn.finance (YFI)

SoFi Crypto Customer Service

SoFi offers amazing customer support. Based in the U.S., the customer support team offers several methods to get in contact with customers. The most prominent are phone and email, which are clearly displayed on the homepage of the website. It lists its phone hours, so you know when it is available to help. The customer support team also offers a live chat feature for more urgent issues. This feature can be found under the “contact us” section at the bottom of the page. SoFi offers numerous methods to allow customers to quickly and efficiently solve issues. 

SoFi Crypto Pricing

SoFi is free to use but charges fees to buy and sell cryptocurrency. SoFi’s fees differ from other exchanges. Instead of a base rate, it charges a fee of 1.25% on all transactions. For instance, if you want to purchase $100 of Ethereum, you pay $101.25. Charging fees as a percentage can be good or bad, depending on the size of the transaction. Exchanges such as Coinbase charge a base fee of $0.99 or $2.99. Depending on the size of the transaction, SoFi’s fees can be lower or higher than its competition. Purchases under $239.20 will have lower fees on SoFi. It is also important to note the minimum requirement of $10 to buy or sell crypto on the app. For crypto investors trading smaller amounts of capital, SoFi offers competitive pricing. 

SoFi Crypto Mobile App

SoFi offers a great mobile app. It is very easy to track, trade and research crypto on it. The app also allows users to consolidate their investments, trading crypto alongside stocks, ETFs and IPOs. Only a few other exchanges offer this unique feature. You access a uniquely simple and intuitive mobile app that supports investments of all kinds, not just crypto.

SoFi Crypto User Benefits

SoFi offers a heightened level of security as opposed to other exchanges. It uses tools such as SSL encryption and 2-factor authentication to ensure user security. It also partners with Coinbase to facilitate crypto transactions. Coinbase is known to be secure, furthering the security measures SoFi has already put in place. It also has a huge list of FAQs for users to read through, providing tons of information for curious investors. However, the exchange is only available in the U.S. Those outside the U.S. will not be able to use the app.

SoFi Crypto User Experience

The site is easy to use, allowing users to buy and sell crypto at the push of a button. It doesn’t feature over-complicated charts or technicals. Most people should be able to understand and use the platform quickly. For beginners, SoFi functions as a perfect way to learn and put stake in the crypto world without having to understand all aspects of it. 

SoFi Active Invest (Brokerage)
Best For
  • IPO Investing
securely through SoFi Active Invest (Brokerage)'s website

SoFi Crypto vs. Competitors

SoFi differs from competitors with its unique interface, low fees and advanced support. Other exchanges are not able to make the crypto investment process as seamless as SoFi. SoFi allows users to quickly and easily begin investing in crypto. It offers lower fees than its competitors, with a fixed 1.25% fee on all transactions. Fees at other exchanges can approach 4%, so SoFi certainly offers competitive pricing. SoFi also offers support to customers in a variety of ways. It provides easy-to-reach customer service and lots of information surrounding investment topics. 

SoFi Crypto Overall Rating

SoFi is a great way for beginners to enter the crypto sphere. With its fair pricing, advanced security and modern interface, it sets itself apart from its competitors with low fees and advanced It is the perfect exchange for beginners in the U.S. looking to invest in some of the most popular cryptocurrencies. 

SoFi Crypto Tutorial

Frequently Asked Questions

Questions & Answers

Q
Is SoFi a good place to buy crypto?
A

SoFi offers low fees and 28 tradable tokens. For smaller investors looking to trade popular tokens, it is a great platform. 

Q
Can I buy Cardano on SoFi?
A

Yes, you can buy Cardano (ADA) on SoFi. 

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