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How to Buy SoFi Technologies Stock [2024] | Invest in SOFI

How to buy SoFi Technologies stock
Nemanja Curcic

Summary: SoFi Technologies is a financial technology company known for its wide assortment of banking and financial services, including student loans, mortgage refinancing, and insurance. This guide will show you how to buy SoFi Technologies stock through a regulated online broker like eToro.

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  • 0% commission on buying stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

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eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

About SoFi Technologies

SoFi Technologies’ trademark features include its technologically advanced and user-friendly mobile app and innovative finance methods, such as community features and benefits for loyal members.

How to Buy SoFi Technologies Stock: SoFi Technologies homepage screenshot.
SoFi Technologies homepage screenshot. Source: sofi.com

SoFi Technologies went public on June 1, 2021, and its stock began trading on the Nasdaq under the ticker symbol SOFI. It is a Russell 1000 index component.

How to buy SoFi Technologies stock: step-by-step

You can buy SoFi Technologies stock on the Nasdaq under the ticker SOFI in a straightforward process using a regulated online brokerage. Follow these steps to invest in SoFi:

Step 1: Choose a broker

Before you can buy SOFI shares, you need to enter the stock market through an intermediary. The simplest way to do this is an online investing platform.

To securely buy SoFi Technologies stock (SOFI), we recommend you consider eToro:

  • Commission-free stock and ETF trading; 
  • 2,000+ stocks from 17 exchanges;
  • Fractional shares available;
  • User-friendly platform.

Highly Rated Stock Trading & Investing Platform

  • Invest in 2,800+ stocks and other assets including 70+ cryptocurrencies and commodities.

  • 0% commission on buying stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Step 2: Open and fund your account

Once you decide on a brokerage, continue by creating and verifying your account. The investing platform should send the precise instructions via email within minutes.

You should deposit some funds into your account when the verification goes through. You will need that money to buy SoFi Technologies stock. Some frequently available methods include a bank transfer, debit or credit card, and a transaction service like PayPal.

Step 3: Decide how much you want to spend on buying SoFi Technologies stock

Defining the budget to buy SoFi Technologies is an essential part of investing that requires serious thought. Staying within your budget’s boundaries helps you avoid financial disaster. To secure a robust and safe investment, make sure you have done the following:

  • Paid off all high-interest debt, such as credit cards and personal loans;
  • Created an emergency fund that covers at least three months of daily life expenses.

Step 4: Place your order and buy SOFI stock

The next step is to place an order and buy SOFI shares. Do the following: 

  • Step 1: Log into your account and find SoFi’s ticker symbol SOFI;
  • Step 2: Type in the amount or the number of SoFi Technologies shares you want to purchase;
  • Step 3: Select the order type (market order or limit order) and place it;
  • Step 4: Confirm the trade order.

Step 5: Monitor and manage your investment

Investing in individual stocks requires you to monitor and manage your portfolio regularly. You need to keep track of the market trends and frequently update your information on SoFi Technologies and the overall performance of the fintech sector. 

SoFi Technologies stock price today

Pros and cons of buying SoFi Technologies stock (SOFI)

Pros

Pros

  • Abundant service range: SoFi Technologies offers a diverse selection of financial products, such as loans, insurance, and investment services. This diversification can expose investors to multiple different segments and markets within the fintech sector;
  • Innovation and cutting-edge technology: SoFi Technologies is known for its innovative approach to finance and technology focused on UX and UI. Its platform and app design have appealed to a younger demographic, benefiting the company for potential future growth in the digital finance domain;
  • Loyal community: SoFi Technologies has nurtured a community between its members, providing additional benefits such as networking events and career services. This community focus could drive customer loyalty and product engagement;
  • Growth potential: As a relatively young entry into the fintech market, SoFi Technologies shows significant growth potential, especially if it continues the product expansion trend and captures a substantial market share in the fintech industry.
Cons

Cons

  • Market instability: The stock market, particularly its technology sector, has a history of volatility. Investors in SoFi Technologies should be prepared for sudden shifts in the stock price caused either by broader market trends or company-specific factors;
  • Regulatory risks: Fintech companies operate within a complex regulatory environment. Regulation changes, compliance issues, or legal challenges could impact SoFi Technologies’ operations and performance;
  • Competitive landscape: The fintech industry is very competitive, with both big names and emerging stars struggling for a greater market share. SoFi Technologies faces competition from traditional financial institutions as well as other fintech companies, and dropping pace could result in the company’s position getting taken over;
  • Dependency on global market performance: Global economic conditions like interest rates influence SoFi’s performance and the overall health of the fintech sector. Economic downturns or disruptions could reduce demand for its financial products and services. 

Common mistakes to avoid when investing in SoFi Technologies stock

Make sure to avoid these common investing mistakes:

  • Lack of research: Research SoFi Technologies and its SOFI stock in detail, along with the market state of the fintech sector, before investing;
  • Lack of strategy: Set your goals before you spend any money;
  • Staking everything on one asset: Always diversify your portfolio;
  • Falling prey to scams: Avoid illegal platforms and suspicious deals.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

FAQs about how to buy SoFi Technologies stock

Where is SoFi Technologies' stock listed?

SoFi is a public company trading under the SOFI ticker on the Nasdaq.

How do I buy SoFi Technologies stock?

Traders can buy SoFi Technologies stock by using a regulated online brokerage like eToro.

Should I invest in SoFi Technologies?

While SoFi Technologies shows investment potential, the decision hinges on your preferences and the current financial climate of the fintech sector. Make sure to research SoFi Technologies before investing.

Does SoFi pay dividends?

No, SoFi Technologies does not pay dividends as of December 2023.

Is buying SoFi Technologies stock safe?

By doing your own research, making sound investing decisions, and using a regulated brokerage like eToro, you maximize the safety and success chance of your investment.

Highly Rated Stock Trading & Investing Platform

  • Invest in 2,800+ stocks and other assets including 70+ cryptocurrencies and commodities.

  • 0% commission on buying stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

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