Sofi Trade (sofi-trade.life) has been flagged by ASIC (Australia) for "Unlicensed". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.sofi-trade.life.
Sofi Trade (sofi-trade.life) had an outage that lasted several hours during a major market event. Not only did they fail to prevent it, but they also failed to communicate what was happening. We were left in the dark while our investments were at risk.
Pros: Good mobile app|Educational resources|Social trading features
Cons: Could offer more webinars
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. Sofi Trade (sofi-trade.life) said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Risk management tools|Helpful community forum|API access|Fast execution
Cons: No live chat on mobile|No phone support on weekends
I referred a friend to Sofi Trade (sofi-trade.life) after hearing about them at a conference. We both deposited. The referral bonus never arrived. Support said we did not meet the terms. When we asked which terms they pointed to a clause that was added after we signed up. Shady.
Pros: Transparent fees|Portfolio tracking tools|Good analytical tools|Educational resources
Cons: Limited ETF selection
I requested my data from Sofi Trade (sofi-trade.life) under GDPR. They sent a partial export that was missing months of transactions. When I asked for the rest they said it was a technical issue. Still waiting. They do not take data rights seriously.
Pros: Customizable dashboard|Personal attention
Cons: Onboarding videos are outdated
I have been trying to close my account with Sofi Trade (sofi-trade.life) for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Risk management tools|Portfolio tracking tools
Cons: No integrated tax optimization|No dark mode on mobile
I am in a dispute with Sofi Trade (sofi-trade.life) over a trade that was clearly erroneous. The price shown was wrong, I closed at a profit, and they reversed the trade and took the money back. They said it was a system error. So I lose and they keep? Unacceptable.
Pros: Portfolio tracking tools|Tax reports included|Quick verification|Great customer service
Cons: Website design could be more modern
Do not be fooled by the professional-looking website. Behind the scenes, Sofi Trade (sofi-trade.life) is disorganized and incompetent. I found them while looking for alternatives to my previous provider and I can only assume the positive reviews are either outdated or paid for because my experience was terrible.
Pros: Good mobile app|Educational resources|High security standards|Easy to use platform
Cons: Mobile app could be improved|Search feature is basic
My withdrawal request from Sofi Trade (sofi-trade.life) has been pending for over two weeks now. Every time I contact support, I get the same copy-paste response about processing times. This is unacceptable for a financial platform in this day and age.
Pros: Easy to use platform|Portfolio tracking tools|Market news feed|Low minimum deposit
Cons: Inactivity fee applies after 12 months|Charting tools need more indicators
The onboarding at Sofi Trade (sofi-trade.life) was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: Good mobile app|Instant funding|Smooth onboarding
Cons: Email notifications too frequent|Account statements could be more detailed
The reporting at Sofi Trade (sofi-trade.life) is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: Great customer service|No hidden fees|Regular platform improvements|Real-time alerts
Cons: Account statements could be more detailed|No phone support on weekends