SoFi will no longer offer crypto services.
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SoFi will no longer be offering crypto trading services starting on December 19, 2023.
If you have crypto with SoFi, you can either migrate your crypto to Blockchain.com or liquidate it.
Here are alternative cryptocurrency exchanges for SoFi crypto investors to consider.
SoFi Invest, a popular online investment platform, will stop offering crypto services on December 19, 2023. Currently, SoFi lets you trade popular digital currencies like bitcoin and ether. But any assets in existing crypto accounts will be migrated to Blockchain.com before the end of the year.
If you don’t want your crypto to move Blockchain.com, you can choose to liquidate your crypto assets by December 18, at 11:59 p.m. ET. But if neither of those options suits you, there are a handful of alternative crypto-investing apps worth considering.
Featured Crypto Trading Platform
Account Minimum
$0 ($1 for fractional shares; $2,000 for margin trading)
Fees
0% ($5/month for Robinhood Gold)
Check mark iconA check mark. It indicates a confirmation of your intended interaction. Free stock, option, ETF, and cryptocurrency trades; 1.50% APY on uninvested cash for non-Gold users and 5.00% for Gold members
Check mark iconA check mark. It indicates a confirmation of your intended interaction. IPO investing available
Check mark iconA check mark. It indicates a confirmation of your intended interaction. Cash management accounts available
Check mark iconA check mark. It indicates a confirmation of your intended interaction. Website is easy to navigate; advanced charts for all users
con iconTwo crossed lines that form an ‘X’. Lack of investing research and trading tools; can only take advantage of professional research if you’re a Robinhood Gold member
con iconTwo crossed lines that form an ‘X’. No joint accounts, education savings accounts, or mutual funds
Product Details
App store rating: 4.2 iOS/4.0 Android
Consider it if: You want to trade crypto and invest in a wide range of stocks and ETFs.
Here are three of the best cryptocurrency exchanges for SoFi crypto customers who don’t want to move to Blockchain.com or liquify their assets.
Coinbase
Start investing
Account Minimum
$2
Fees
0.50% spread for buy/sell transactions; transaction fee from $0.99 to $2.99; up to 0.60% for Coinbase Pro and Coinbase Advanced Trade
Check mark iconA check mark. It indicates a confirmation of your intended interaction. Buy, sell, or store more than 170 cryptocurrencies like bitcoin and dogecoin
Check mark iconA check mark. It indicates a confirmation of your intended interaction. Educational investment resources, mobile access, digital storage, and customer support
Check mark iconA check mark. It indicates a confirmation of your intended interaction. Low account minimums
Check mark iconA check mark. It indicates a confirmation of your intended interaction. Can earn rewards for certain cryptocurrencies
Check mark iconA check mark. It indicates a confirmation of your intended interaction. Coinbase card lets you spend crypto or USD anywhere and earn crypto rewards; can deposit your paycheck into your account and convert from USD to crypto with no fees
con iconTwo crossed lines that form an ‘X’. Pay more for lower balances
con iconTwo crossed lines that form an ‘X’. High trading and transaction fees
con iconTwo crossed lines that form an ‘X’. Limited staking options
Insider’s Take
Coinbase is one of the best investment platforms for crypto trading, staking rewards, and crypto storage. The crypto exchange offers over 250 coins and tokens and is great for active real investors who can utilize Coinbase’s services, account options, and investment tools.
Coinbase
reviewExternal link ArrowAn arrow icon, indicating this redirects the user.”
Product Details
Promotion: Get $5 of bitcoin when you join Coinbase; earn up to $200 when you set up a new account and make your first purchase
Features: Coinbase Earn rewards, Coinbase Pro advanced account, user-controlled storage, stablecoins, staking, and institutional trading tools.
App store rating: 4.7 iOS/ 4.1 Android; Coinbase Pro: 4.7 iOS/ 4.1 Android
Awards: Named Best Prime Broker in Hedgeweek’s annual European Digital Assets Awards
Coinbase is a cryptocurrency exchange that allows you to trade over 250 assets, including bitcoin, ether, tether, and more. There’s a $2 minimum to buy cryptocurrency on Coinbase.
The crypto trading app has 24/7 customer support, zero trading fees, learning rewards features, and an online storage wallet. You can also create and trade NFTs on Coinbase’s beta NFT platform, or earn 4% back in crypto rewards with the Coinbase Visa debit card. More experienced investors can check out Coinbase Advanced Trading for in-depth charting and margin trading.
However, trading and transaction fees are on the higher end with Coinbase — transaction fees range from $0.99 to $2.99 per trade. Also, the staking reward options are limited.
eToro USA
Start investing
Account Minimum
$10 (in the USA and UK)
Fees
1% when you buy or sell a crypto asset; 0% stocks and ETFs
Check mark iconA check mark. It indicates a confirmation of your intended interaction. Can trade bitcoin, dogecoin, ethereum, Litecoin, and a dozen other popular virtual assets; stock and ETF trading available
Check mark iconA check mark. It indicates a confirmation of your intended interaction. eToro’s Copy Portfolios let you follow and copy the portfolios of experienced traders to enhance your investment returns
Check mark iconA check mark. It indicates a confirmation of your intended interaction. Several educational resources
Check mark iconA check mark. It indicates a confirmation of your intended interaction. Web and mobile app access
con iconTwo crossed lines that form an ‘X’. Not available to residents of New York, Minnesota, Nevada, Puerto Rico, Tennessee, Hawaii, Guam, American Samoa, Northern Marianas, and the US Virgin Islands (see a full list of its geographic restrictions here)
con iconTwo crossed lines that form an ‘X’. Limited selection of cryptocurrencies (eToro USA currently offers over 25)
Insider’s Take
eToro USA is a popular cryptocurrency exchange and investment platform that is best suited for beginners interested in automatic investing tools, Smart Portfolio options, crypto wallet storage, and more. But its crypto selection is fairly limited compared to other crypto exchanges.
eToro USA
reviewExternal link ArrowAn arrow icon, indicating this redirects the user.”
Product Details
Promotion: None at this time.
Features: Dogecoin and more cryptocurrencies, CopyTrader system, Copy Portfolios, and eToro Trading Academy
App store rating: 4.6 iOS/ 4.3 Android
eToro USA is a crypto exchange suitable for all types of investors. It offers secure and easy trading of more than 25 coins and tokens like bitcoin, litecoin, ether, and dogecoin. There’s a $10 minimum to start investing and a 1% transaction fee applied to crypto trades. eToro also offers commission-free trades on stocks and ETFs.
This cryptocurrency platform provides users with educational resources like video guides, financial tools, and a copy trading feature. Hands-off investors can use eToro USA’s Smart Portfolios for professionally managed accounts and additional trading guidance.
But eToro USA doesn’t offer nearly as many crypto assets as platforms like Coinbase. Moreover, the platform isn’t available to residents of New York, Nevada, Puerto Rico, Hawaii, Guam, American Samoa, or the US Virgin Islands.
Abra
Start investing
Account Minimum
$5 minimum deposit; Minimums vary per cryptocurrency
Fees
0% (Spread fee built into exchange rates)
Check mark iconA check mark. It indicates a confirmation of your intended interaction. No fees to trade 80+ cryptocurrencies (excluding spread fee)
Check mark iconA check mark. It indicates a confirmation of your intended interaction. Can borrow against crypto holdings, with payback interest rates of 0% to 9.95%
Check mark iconA check mark. It indicates a confirmation of your intended interaction. Can earn up to 10% interest on crypto or USD stablecoins
Check mark iconA check mark. It indicates a confirmation of your intended interaction. Support in 150+ countries with access for 50+ fiat currencies
con iconTwo crossed lines that form an ‘X’. High fees for Visa or Mastercard transactions
con iconTwo crossed lines that form an ‘X’. Limited transparency on the exact exchange spread rates
Product Details
Features: 100+ cryptocurrencies, crypto-backed loans, staking, and support for traders in 150+ countries.
App store rating: 4.6 Apple/4.3 Android
Abra is a popular mobile-forward crypto trading platform that offers over 75 coins and tokens. Abra provides a variety of services, including trading, lending, asset management, and custom crypto programs. It charges $5 per month but has no trading fees.
The crypto platform gives you mobile wallet storage, borrowing features, educational guides, and an NFT wallet. Institutions also have access to over-the-counter trading services. You can earn up to 10% interest when you hold onto certain cryptocurrencies and US dollar stablecoins in an Abra Boost account.
How to close your SoFi crypto account
If you decide to switch to another crypto exchange instead of migrating to Blockchain.com or liquifying assets, follow these steps to close your SoFi crypto account:
Choose whether to migrate or close
Jeremy Zafiros/Screenshot
Once you log into your SoFi account, you’ll receive a pop-up notification informing you that SoFi is closing all of its crypto accounts by December 19. If you don’t wish to migrate to Blockchain.com, select the “close account” option.
Sell any existing crypto assets
Screenshot
SoFi will inform you if you have any existing crypto coins or tokens in your account. You’ll want to make sure your crypto assets are sold or transferred to a crypto-supporting platform before closing your account.
Close your SoFi account
screenshot
Click the “Close my account” button once you have a zero account balance. Afterward, you should receive confirmation that your account was closed successfully.
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