How to Start Trading Stocks With No Minimum Balance Requirement
We all have that friend. The one who’s constantly checking the stock market like it’s a game and mumbling things like, “Ugh, I should’ve traded that yesterday!” You roll your eyes, but you also wonder: What am I missing out on?
Many financial experts encourage young people to invest in the stock market. Sure, it comes with risk, but it could pay out long term.
The only thing is… where do you start?
Lord knows you don’t want to ask that friend. Instead, you can open no fee account with SoFi® Active Investing*.
Investing for Beginners: Don’t Pay to Play
SoFi Active Investing leans into a “learn by doing” approach. That means you can experiment with buying and trading stocks — no fees and no account minimums attached.
If you buy something and immediately regret it? You can trade it seconds later. No penalty. (Honestly, it’s perfect for those of us with commitment issues.)
But maybe you have questions before you get to the whole buying and trading part… Take all the time you need to explore stocks through your SoFi dashboard.
For example, maybe you’ve heard everyone abuzz about Roku stock. Search for it on your dashboard, and you’ll see that SoFi has outlined the stock’s market price, its performance history and even recent company news hits — everything you need to know to make an informed decision is right there.
When you sign up with SoFi Active Investing and download its app, you could get up to $1,000 just for signing up and funding your account with at least $50.**
SoFi lets you buy and sell stocks and exchange-traded funds (bundles of stocks) without paying any commission fees at all.
It also lets you purchase “fractional shares,” or pieces of stocks, for as little as $5 so you can invest in stocks like Netflix, Amazon, Apple,Tesla and Disney — even if you can’t afford to buy a full share.
If you want some human input? Reach out to a SoFi financial adviser via phone, email or chat at any time.
How to Open a No Fee Investing Account
Are you ready to give this whole investing thing a try?
Here’s how to start:
- Sign up here by clicking “Invest Now.”
- Connect your bank account. This will fund your investments. (There are bank-level layers of security, and SoFi won’t store your info, so you’re safe!)
- Ready to go? Click “Add Buying Power” to deposit money into your SoFi Active Investing account. Choose a one-time transfer or set up recurring monthly transfers. It’ll take up to four business days for this money to land in your SoFi account.
From there, invest the money from your SoFi account into stocks of your choice.
Don’t feel like you’re marrying these stocks. You can buy and trade with no fees at any time the market’s open, but remember: Some of the smartest investors suggest riding out the market’s ups and downs long term for the greatest gains.
Oh, and if you want to really get serious? Download the SoFi app. Then, when that friend starts talking about stocks, you can add your two cents.
Carson Kohler ([email protected]) is a staff writer at The Penny Hoarder. Her boyfriend inspired the character of that friend in this article.
*Terms and conditions apply. Matches on contributions are made up to the annual limits.
Investment Products: Are not FDIC-insured, are not bank guaranteed and may lose value.
SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.
2. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org).
3. There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.
4. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options
5. Utilizing a margin loan is generally considered more appropriate for experienced investors as there are additional costs and risks associated. It is possible to lose more than your initial investment when using margin. Please see https://www.sofi.com/wealth/assets/documents/brokerage-margin-disclosure-statement.pdf for detailed disclosure information
6. SoFi Plus members can schedule an unlimited number of appointments with a financial planner during periods in which the SoFi Plus member meets the eligibility criteria set forth in section 10(a) of the SoFi Plus Terms and Conditions. SoFi members who are not members of SoFi Plus can schedule one (1) appointment with a financial planner. The ability to schedule appointments is subject to financial planner availability. SoFi reserves the right to change or terminate this benefit at any time with or without notice. Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov
1. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 45 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Probability percentage is subject to decrease.
2. Terms and conditions apply*. For 401k rollovers, existing SoFi IRA members must complete 401k rollovers via this link For SoFi members without a SoFi IRA, a SoFi IRA must first be opened, and 401k rollover must be completed utilizing Capitalize via this link. SoFi and Capitalize will charge no additional fees to process a 401(k) rollover to a SoFi IRA. SoFi is not liable for any costs incurred from the existing 401k provider for rollover. Please check with your 401k provider for any fees or costs associated with the rollover. For IRA contributions, only deposits made via ACH and cash transfer from SoFi Bank accounts are eligible for the match. Click here for the 1% Match terms and conditions.
3. Must be a SoFi Plus member at the time a recurring deposit is received into your SoFi Active or Automated investing account to qualify. Bonus calculated on net monthly recurring deposits made via ACH and paid out as Rewards Points. See Rewards Terms of Service. SoFi reserves the right to change or terminate this promotion at any time without notice. See terms and limitations. https://www.sofi.com/sofiplus/invest/#disclaimers
*** Checking your rate won’t affect your credit score. Completing an application includes a hard credit pull. If you refinance with an extended term, you may pay more interest over the life of the loan.
