Game Changer: SoFi Launches No-Fee Crypto Purchases with Direct Deposit
Get ready, SoFi members: No-fee crypto purchases are here! SoFi members will now be able to invest part of every direct deposit directly in crypto and skip the purchase fees.1 Members can choose from up to 30 crypto coins, and can manage both the coin selection and overall allocation at any time.
Here’s what you need to do to get started:
• Get SoFi Checking and Savings and set up direct deposit. You can learn more and open a new account here.
• Open a SoFi Invest® crypto account.2 You can learn more about SoFi Invest and crypto here.
Once you have both accounts, you can set up no-fee crypto purchases either on web or in the SoFi app. If you’re using the app, make sure you’re using the latest version.
We know that the world of crypto can seem intimidating to those just starting, so our seamless and quick sign-up to allocate the amount you want into cryptocurrency investments allows you to customize your purchases to best align with your investment goals. We’ve also recently launched an educational hub for members to explain the ins and outs of cryptocurrency before they get started, and to help everyone throughout their crypto investing journey.
SoFi Checking and Savings is offered through SoFi Bank, N.A.
The SoFi® Bank Debit Mastercard® is issued by The Bancorp Bank pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
1 SoFi will assess a fee for each crypto transaction outside of automatic direct deposit purchases. For more information, visit SoFi.com/crypto
2 You need both a SoFi Invest crypto account and a SoFi Invest active investing account to get access to no-fee crypto purchases with direct deposit. Active investing and brokerage services are provided by SoFi Securities LLC, Member FINRA/SIPC. Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance, historical returns, future projections, and statistical forecasts are no guarantee of future returns or future performance. The firm reserves the right to monitor and retain all incoming and outgoing communications as permitted by applicable law.
SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-Registered Investment Adviser (“Sofi Wealth”). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA/SIPC, (“Sofi Securities”). Clearing and custody of all securities are provided by APEX Clearing Corporation.
3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Lending Corp and/or its affiliates.
† SoFi takes security seriously across all of the brand’s products. SoFi Invest uses a number of tools to secure crypto holdings against theft, including two-factor authentication, SSL encryption, partnering with trusted exchanges like Coinbase to complete transactions, and not sharing personal information about our members with crypto trading partners and custodians. Before you purchase crypto through SoFi Invest, it is important to understand the volatility of its value, and therefore its inherent risk.
SoFi Crypto is offered through SoFi Digital Assets, LLC. Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, involve a high degree of risk, and are unsuitable for most investors. For more information on digital asset risk see FINRA, SEC, and CFPB public advisories. SoFi will apply a markup of up to 1.25% for each crypto transaction. For more information, visit www.SoFi.com/crypto.
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