Can I Buy Bitcoin with SoFi?

No, as of December 2023, SoFi has discontinued its Bitcoin and cryptocurrency trading services. Investors should instead use FinCEN-registered cryptocurrency exchanges in the USA. These exchanges adhere to strict regulatory standards, ensuring a secure and compliant environment for crypto investments.

How to Buy Bitcoin and Crypto with SoFi

With SoFi discontinuing its cryptocurrency services in December, investors need to turn to regulated exchanges for their crypto purchases. Kraken is a top choice, offering fast transactions, over 200 digital currencies, diverse staking options, and strict adherence to FinCEN regulations.

To buy cryptocurrency using Kraken:

1. Register and Verify: Sign up on Kraken and complete identity verification.
2. Add Funds: Navigate to your dashboard and click 'Add Funds.'
3. Transfer Currency: Select U.S. dollars (USD) and transfer funds from your SoFi account.
4. Buy Crypto: Once your balance is updated, choose the cryptocurrency you want and complete your purchase.

What are the Fees?

When transferring funds from a SoFi account to invest in cryptocurrencies, it's important to consider the associated fees. These typically include deposit, trading, and withdrawal fees, which vary across platforms. Trading fees generally range from 0.1% to 0.5%, depending on the exchange.

Kraken offers a cost-effective option, with trading fees starting at 0.16%. This is significantly lower than platforms like Coinbase, which can charge over 2%. Additionally, Kraken allows free USD deposits, including ACH transfers, making it an attractive choice for U.S.-based investors looking for an economical way to enter the cryptocurrency market.

Is SoFi Crypto-Friendly?

Yes, SoFi supports its customers in engaging with digital assets by allowing transfers from their savings accounts to regulated cryptocurrency exchanges. This demonstrates SoFi's commitment to offering diverse investment opportunities while ensuring regulatory compliance.

By enabling transfers to platforms like Kraken, which follows Financial Crimes Enforcement Network (FinCEN) regulations, SoFi ensures its users can securely participate in the cryptocurrency market. This approach balances access to digital assets with a strong emphasis on security and compliance.

About SoFi

SoFi, a leading financial services company, offers a range of products including SoFi Invest, SoFi Money, and SoFi Loans. SoFi Invest allows trading of stocks, ETFs, and cryptocurrencies. SoFi Money provides a fee-free hybrid of checking and savings accounts. SoFi Loans offers personal, home, and student loan refinancing. Committed to enhancing financial well-being, SoFi provides educational resources and personalized advice, making it a trusted choice for modern financial management.

Bottom Line

In summary, while SoFi has discontinued its cryptocurrency trading services, investors can still engage in crypto investments by transferring funds to regulated exchanges like Kraken. These platforms offer a secure and compliant environment for trading digital currencies. By leveraging SoFi's fund transfer capabilities, users can access diverse investment opportunities while ensuring regulatory compliance and security.