sofi Guide – Read our In-Depth sofi Review
sofi Rating: 5 / 10
Our proprietary rating algorithm takes all of our datapoints to generate the rating. This keeps things fair and removes human bias to ensure that our users can compare brokers easily and find the best ones.
This sofi review has been updated for 2021 by industry experts with years of financial experience in Forex, CFDs, & Social Trading.
Please note that due to regulations, the content in this sofi review does not apply to users in BR, KR, IR, IQ, SY, JP, US
If you are a new entrant in the realm of trading and broker, so many details will be perplexing for you. Getting into the world of trading requires expert assessing skills and comprehensive understanding. You will get adept at all of the concepts of broker since you keep trading. For starters, you have to select the right agent who will be clear with you always.
In this fast-paced universe of stock markets and trading, you will need guidance to make correct decisions. A professionally direct investment plan will generate hefty returns. sofi is just one such stage which will take you along with your investment into great heights. It is important to know about sofi until you trust them with your money.
sofi Guide – Quick Overview
|sofi Telephone Number:|
|sofi Email Address:|
|Regulated By:||Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F306|
|Number Of Clients:||10,000+ sofi users and traders|
|sofi Facebook Likes:||0|
|sofi Twitter Followers:||0|
|sofi Instagram Followers:||0|
Your capital is at risk
Our entire sofi Review covers all you will need to learn about trading using sofi. A fantastic agent can multiply your initial investments and give you favorable profits. If you would like to earn profits, you should trade with a brokerage service that aligns with your investing objectives.
There's absolutely no sure-fire method to guarantee profits; thus, you should carefully assess your broker before you select them. It's a frequent misconception that all agents are exactly the same, but that's not correct. Wrong judgment, initially, can set your investments at risk.
sofi is a broker which has found its way successfully into the brokerage world. In this review, we've tried to collate some of the important aspects of sofi. This review will allow you to understand whether sofi is a good fit for your investments or not. We've tried to breakdown all of the qualities and fees for your advantage.
sofi Review, Table Of Contents
- Who are sofi?
- Benefits Of Trading With sofi
- Everything you should know about trading with sofi
- Is sofi Safe To Trade With?
- Pro's & Con's Of Trading With sofi?
- Compare Brokers Similar To sofi
- Regulation And Licencing In More Detail
- sofi Awards
- Minimum Deposit Required For A Live Account With sofi
- sofi Commission And Fees Explained
- Compare broker fees against sofi
- sofi Withdrawal Fees Explained
- sofi Deposit Fees Explained
- Compare Broker Deposit Methods
- What Can You Trade With sofi?
- Alternatives To sofi
- Frequently Asked Questions About sofi
Who are sofi?
sofi is a forex broker headquartered in Lebanon and provides a range of instruments for trading. Since its beginning in 2015, sofi has emerged as a top player in the industry of online brokerage. sofi has a highly competitive and full-featured trading site that is focused on forex, indices, metals, stocks , commodities.
Over the past 6 years, sofi has grown into one of the leading online brokers.
After establishing in 2015, their client base is becoming as large as 10,000+ clients.
sofi is a favorite of many traders because of its negative balance protection. Our sofi review found that they're an superb choice for automated trading options. It's most appropriate for investors who are looking for a variety of assets. Social and automated trading options are the core at sofi.
Technology plays a substantial role at sofi. sofi offers trading on MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps. sofi is honest, transparent, and a well-regulated broker by the Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F306. Their outstanding variety of tools will be beneficial for the majority of traders. Third-party partnerships also provide in-house research.
The trader resource department at sofi is quite enlightening for new traders since it allows them to get a closer look in the financial markets. sofi caters to all sorts of traders and are a must-have broker for almost any well-diversified approach to online trading.
If you feel that sofi is not right for you then at the bottom of this sofi review you wil find a lot of alternatives to sofi.
What you ought to know about trading with sofi
sofi is a lively platform that offers various techniques of trading. These instruments cover the monetary markets substantially. Most of the broker platforms offer less procedures than sofi
If you want to trade with sofi, you will need a minimum deposit of $250. This deposit is compulsory if you wish to start trading using sofi. This 2021 sofi review will guide you easily about trading with them.
sofi is as flexible as another brokerage platform. sofi is ideal for traders that want a manageable selection of low-cost services. The programs supplied by sofi are third party, white-label offerings. All traders may choose out of MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps.
Along with everything, sofi has multiple benefits to new and verteran traders and should be investigated. There is no minimum time over which a trade must be kept open. The agents provide premium customer service that rewards customers with advantages.
Many less reputable brokers attempt to pressurise customers into bigger funding for superior services. sofi, on the other hand, is more focused on trading volume. Traders can expect trading conditions to be fair, honest and transparent. The more lots traded by the consumer, the more benefits will become available.
sofi accounts are available globally and provides quality service wherever they have clients. There are a few countries where sofi accounts are not available. Traders in the following countries cannot open or use a sofi account:
BR, KR, IR, IQ, SY, JP, US
Is sofi Safe To Trade With?
Established in 2015, sofi has been in operation for 6 years, they have a head office in Lebanon.
sofi is regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F306. These figures have rules that ensure that trading platforms have steps in place to keep investor's assets procured. This usually means that sofi users do not need to be worried about their money as it's segregated and safely kept in established banks. SSL encryption simplifies each user's private information also.
You can make use of an option for Two Factor Authentications (2FA) with sofi for heightened security. An SMS with the confirmation code will be sent to a mobile phone. You will be asked to input this code to log in to your account.
Another concern with fiscal brokers with regards to security may be manipulation of trading. This is highly disadvantageous for users on these platforms. Nonetheless, this is much more prevalent in the case of Market Maker brokers who compete with users on the platform.
Pro's & Con's Of Trading With sofi
Every online trading platform will have a few pros and cons sofi review would be complete without having a balanced approach. This sofi review covers both the pros and cons you need to know before you make an account. A comparative analysis can put things into perspective so that you are aware of what to expect.
- sofi is trusted by 10,000+ clients
- sofi offers Negative Balance Protection
- sofi doesn't charge withdrawal fees
- sofi doesn't charge inactivity fees
- sofi offer trading on MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps
- sofi offer 189 trading instruments
- sofi trades major forex pairs
- sofi trades minor forex pairs
- sofi trades exotic forex pairs
- sofi offers trading on cryptocurrencies
- sofi can communicate in English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic
- sofi does not offer Guaranteed Stop Loss
- sofi charge deposit fees
- sofi charge CFD fees
sofi Review - Compare Brokers Similar To sofi
|sofi||fx private||Fidelity||Invast Global|
|Rating||5 / 10||4.85 / 10||4.56 / 10||4.41 / 10|
|Regulated By||Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F306||Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F239||Financial Conduct Authority (FCA), Financial Industry Regulatory Authority (FINRA), Securities and Exchange Commission (SEC)||Australian Securities and Investment Commission (ASIC)|
|Find Out More|
|Risk Warning||Your capital is at risk||Your capital is at risk||Your capital is at risk||Losses can exceed deposits|
sofi Review - Regulation And Licencing In More Detail
sofi is regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F306.
sofi, as a business, has a powerful set of rules for ensuring fair trading on its own platform. For information encryption purposes, it provides an industry-standard secure socket layer (SSL).
As per the company's privacy regulations, client data is to not be shared with some other institutions or individuals. Including credit history and other financial details.
sofi Review - Awards
- At the time of writing this sofi review, they had not received any awards.
sofi Trading Platforms
sofi are a professional brokerage that has been open for over 6 years. They offer a wide range of options in their client accounts.
In the following table we take the main parts of any professional broker and compare sofi against fx private, Fidelity, and Invast Global
sofi Review - Minimum Deposit Required
The minimum deposit that you must deposit to begin on sofi is $250. This is a decent amount for those just beginning. It's possible to make more complex residue as you cooperate. However, make certain that you know how to make the most of your cash before investing in larger sums.
sofi Review - Commission And Fees Explained
sofi is an online brokerage platform, and most online brokerages charge lower prices than traditional brokerages tend to charge. The reason for this is that the businesses of online brokerages are scaled better. That is, an online broker is not necessarily affected by the number of customers they have.
But this doesn't necessarily mean that online brokers don't charge any fees. They charge prices of varying rates for various services to earn money. There are mainly three types of penalties for this objective.
The first sort of fees to keep an eye out for are trading charges. Whenever you make a genuine trade, like buying a stock or an ETF, you are charged trading fees. In these cases, you're paying a spread, financing rate, or a commission. The sorts of trading charges and the prices vary from broker to broker.
Commissions could be fixed or determined by the traded quantity. On the other hand, a spread refers to the difference between the buying and selling price. Funding or overnight rates are people who are charged when you hold a leveraged position for longer than daily.
Apart from trading charges, online agents also bill non-trading fees. These are determined by the actions you undertake in your account. They're charged for services like depositing money, not investing for lengthy periods, or withdrawals.
Generally, sofi does not charge high fees compared to other online brokers. For operations other brokers charge for, they do not charge a brokerage fee, or they charge a smaller sum. This is beneficial for those who regularly exchange, for example daily or weekly trading.
But, non-trading fees charged by sofi are comparatively lower. As a result, you're charged more for non-trading activities on your trading accounts, such as deposits and withdrawal. These aren't related to the sale and purchase of resources.
This sofi review breaks down every one of the applicable non-trading charges for you in detail.
Compare broker fees against sofi
sofi Review - Withdrawal Fees Explainedsofi doesn't charge withdrawal fees
Withdrawal of cash is possible at any moment from your sofi account. It's possible to withdraw up sums to the amount of your account balance, keeping aside the margin utilized. One thing to remember is that you don't always need to have any cash in your account.
In addition, the withdrawn money will be moved directly to the account you use to make deposits. Thus, in the event that you used a credit card for deposits, then the withdrawn money will be sent into the card. sofi will ask you to provide other withdrawal methods in case your details have changed since your deposit.
There is a minimum withdrawal amount. In case you are withdrawing cash in different currencies from USD, a conversion fee is also applicable. The conversion fee will depend on the money you're choosing to withdraw in.
sofi Review - Inactivity Fees Explained
Understanding whether you will be charged inactivity fees is only one of those buzzing questions that run through your mind when open an account with sofi. An inactivity fee is an amount charged to registered dealers that have not participated in purchasing or selling for a while. The period regarded as inactive is determined by the broker.
The inactivity fee differs from 1 agent to another and isn't standardized. If a traders account doesn't have a purchasing or selling trade, it is claimed by the broker as an inactivity fee. The traders have to pay this fee under terms and conditions they had consented while registering.
sofi doesn't charge inactivity fees so you are free to use your account as needed
Even if no charges have been implied by sofi, it is better for you to close the account if you're inactive. Inactivity fees aren't only charged by broker firms but also many financial services.
For other trading platforms, the inactivity fee depends upon the type of account you've chosen. The inactivity fee is subjected to a lot of conditions and should be revealed clearly by the broker beforehand.
sofi Review - Deposit Fees Explained
When you transfer money into your trading account from your bank account, a deposit fee can be billed by the broker. Most brokers don't charge an excessive amount of money for this operation.
sofi charges a deposit fee for transferring money into your trading account.
Depositing money on the sofi trading platform is simple. You simply have to finish a single-user profile questionnaire to begin depositing money into your trading account. You'll have to provide an identity evidence and evidence of residency to deposit large sums.
sofi Review - Compare Broker Deposit Methods
What Can You Trade With sofi?
Note: sofi provides many different trading instruments due to regulatory restrictions in various countries. Trading instruments offered may be different based on the country of residence of the client.
sofi has a wide variety of over 189 instruments available for you to trade with.
If trading forex pairs is of interest to you then sofi offer over 159 forex pairs.
Compare sofi, fx private, Fidelity & Invast Global below.
Alternatives To sofi
If, after studying this sofi review, they don't quite fulfill your needs check out these sofi alternatives.
We have scoured the internet to find the best alternatives to sofi. Click the links below to learn more.
Frequently Asked Questions about sofi
Can I try sofi before I buy?
Yes, you can most certainly try sofi before you buy. sofi offers demo accounts for the ease of inexperienced traders. You can use this feature to build your faith in the system and yourself and your trading strategies.
If you register for a demo account on sofi, you may set out with a decent amount of virtual money. It is to establish a feeling of safety and confidence in you before you choose to spend your own money.
With this virtual sofidemo account, you are able to experiment in any way, to whatever length you desire. You might even open positions, examine different trading approaches, and much more.
sofi specifies on its official site which you are able to trade real time stocks in a demo account.
Is sofi safe?
You can drop all your worries since we believe that sofi is perfectly safe to use. It is in compliance with all the rules of Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F306.
Nevertheless, sofi doesn't provide assured stop-loss protection.
Why does sofi ask for my passport?
The reason that sofi asks for your passport when you open a live account is to ensure that it remains within the rules of its regulated bodies. Because there is a lot of money moving around the world, sofi has to be careful that they don't breach any money laundering laws and part of that is know as KYC (Know your customer). This means that at all times, sofi must know exactly who they are dealing with so that if there is any investigation they are comfortable that they are well within the law.
How can I start trading with sofi?
The process to start trading withsofi is perhaps simple enough to be a cakewalk. You need to begin by signing up on the sofi website. It will require you to fill in details pertaining to the credibility and security of your account.
Once you are done setting up your profile, you must deposit a minimum amount to get started. The minimum deposit for a live acocunt with sofi is $250. You should have a good hold over the nuances of online trading before you set out and trade with real money.
If you are confident of your knowledge and understanding, you can open an account with sofi.
The best way to kickstart your trading career with sofi is to open a demo account facility before risking any real money
What funding methods do sofi accept?
There are a number of ways to fund your account with sofi. The process is effortless and quick, with different payment methods in your fingertips.
You can use debit or credit cards ranging from Visa, Diners, and Maestro to MasterCard and Visa Electron. PayPal can be at your disposal for depositing money. You must keep in mind that PayPal is not available in every country. The currencies sofi
Is my money safe with sofi?
Yes, your cash is safe and protected with sofi. As you already know, sofi works with good conformation to. It's established plenty of measures to guard all of its investors.
sofi protects its clients' private and sensitive information under SSL encryption. Your funds will be retained highly secure in top-tier banks.
If you want to further protect your accounts, it is possible to empower Two-Step Verification also. It takes an SMS confirmation for you to get your account.
Is sofi trading good?
Yes, trading via sofi is a pleasant and good experience indeed. It is an excellent and intuitive platform with useful features for your simplicity. In addition, you could also gain access to a huge selection of educational tools and assistive material to kickstart your trading experience.
If you are still skeptical, you can start a eToro demo account and evaluate the credibility of the platform on your own.
Which Countries does sofi support?
sofi operates around the world. However, due to regulations there are some countries that sofi cannot accept clients from BR, KR, IR, IQ, SY, JP, US
Is sofi legit?
sofi is a legit company headquarted in Lebanon since 2015. They are regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F306. sofi is an acclaimed fintech company, which operates with transparency. You will not have to bear any hidden costs or be a victim to any scams.
Is sofi a good broker?
sofi is a great broker, and its own users may vouch for it. The highlight of the platform is its fast order execution on trades.
You'll find the clean design of the platform and the admirable features that a pleasure to work with.
Is sofi a trustworthy broker?
Yes, sofi is a trustworthy broker. Top-tier financial authorities regulate all operations. Over 10,000+ users registered with them can reaffirm their trustable nature.
What is the minimum deposit for sofi?
The minimum deposit to open a live account with sofi is $250
How long do sofi withdrawals take?
Normally, withdrawal of money from sofi is actioned within a couple of working days but depending on the withdrawal method chosen, it could take up to 7 working days for the withdrawal from sofi to show in your bank account.
Are sofi regulated?
sofi are regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F306
Is sofi a market leading broker?
sofi is currently one of the business leaders. It supports over 10,000+ registered customers and over 6 years of experience on its own record. They are among the world's top trading platforms and a dominant figure in the Fintech revolution.
It majorly owes this status to its unbelievable platform and wide selection of tools plus resources so you may put money into capital markets.
Is sofi a con?
No, sofi is not a con. They are regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F306 and must adhere to their rules. Thus, it is safe to say that sofi is not a scam.
Can you make money with sofi?
Through sofi, several traders make a great deal of money. But typically, through consistent trading, you can create between 2% - 10% profit a month.
This can look like a small number, but over the entire year, this adds to a substantial number of gains. Even though sofi provide you all the tools to make money, they can't guarantee you will profit.
Does sofi have fees?
Yes. To begin trading using sofi, you have to deposit $250. Particular commissions while trading additionally applies. Any processing fees from your bank might need to be incurred by you.
When was sofi founded?
sofi was founded in 2015 in Lebanon. sofi is regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F306.
How many people use sofi?
sofi is a worldwide recognised broker with 10,000+ customers.
Where is the sofi head office?
sofi has its head office in Lebanon
Does sofi offer negative balance protection?
Yes, sofi has Negative Balance Protection. It's specially offered while the market volatility keeps clients from allowing their account go into the red. In a situation like this, sofi offers the ability to reset a clients account balance to zero.
You should go through the important conditions on sofi's website to understand their policies.
Does sofi offer guaranteed stop loss?sofi unfortunately, doesn't provide guaranteed stop loss. sofi provides an opportunity for its traders to close their trades at their given price. Aside from this, sofi does not provide guaranteed stop loss.
Does sofi allow scalping?Yes, sofi do allow scalping. Many traders throughout the world select sofi due to their scalping services. They offer trading on MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps which let this.
Does sofi allow hedging?
Yes, sofi does allow hedging.
Can you trade energies with sofi?
Yes, you can trade energy stocks with sofi
Can you trade agricultural shares with sofi?
No, unfortunately you cannot trade agricultural stock with sofi
Can you trade cryptocurrency with sofi?
Yes, you can trade cryptocurrency with sofi
Can you trade metals with sofi?
Yes, you can trade metals with sofi
Can you trade UK Shares with sofi?
No, unfortunately you cannot trade UK shares with sofi
Can you trade US Shares with sofi?
No, unfortunately you cannot trade US shares with sofi
Can you trade Japanese Shares with sofi?
No, unfortunately you cannot trade Japanese shares with sofi
Can you trade German Shares with sofi?
No, unfortunately you cannot trade German shares with sofi
Does sofi accept bank transfers?
Yes, sofi accepts bank transfers for depositing money.
Does sofi accept credit cards?
Yes, sofi accepts credit cards for depositing money.
Does sofi accept PayPal?
Yes, sofi accepts PayPal for depositing money.
Does sofi accept Skrill?
Yes, sofi accepts Skrill for depositing money.
Does sofi accept Payoneer?
Yes, sofi accepts Payoneer for depositing money.
Does sofi accept Neteller?
Yes, sofi accepts Neteller for depositing money.
Does sofi offer Live Chat customer support?
No, sofi does not offer customer support through live chat.
Does sofi offer phone customer support?
No, sofi does not offer customer support over the telephone.
Does sofi offer email customer support?
No, sofi does not offer customer support through email.
What languages can sofi communicate in?
sofi has the ability to communicate and support customers who speak: English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic
Does sofi have a wikipedia page?
No, sofi does not have an official wikipedia page.
Does sofi offer demo accounts?
Yes, sofi offers demo accounts so you can learn their systems before risking any real money.