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.
KYC with Sofi Trade (sofi-trade.life) is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Automated trading options|Easy withdrawals|Multi-currency support|Educational resources
Cons: Some tools only available on higher tiers
After since early this year with Sofi Trade (sofi-trade.life) I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Good mobile app|Two-factor authentication
Cons: Alert system is basic
I lost a significant amount because Sofi Trade (sofi-trade.life) did not execute my stop loss during a flash crash. They said the market was illiquid. Other brokers managed to execute. I have no proof they did not trade against me. Avoid.
Pros: Dividend tracking|Smooth onboarding|Excellent charting
Cons: Currency conversion fee exists
Opened my account with Sofi Trade (sofi-trade.life) after doing extensive research and regretted it within the first month. The platform crashed during a critical moment, I lost potential gains, and support basically told me it was not their problem. Absolutely unacceptable behavior.
Pros: Clean UI|Economic calendar
Cons: Would like more payment methods