SoFi Officially Rolls Out Crypto Trading with $25 Bitcoin Bonus Offer
Nearly a month after debuting cryptocurrency trading to select users, last week SoFi formally announced the new feature for their SoFi Invest platform. According to the company the addition makes SoFi Invest the only tool to offer “automated and active investing with stocks, ETFs, and crypto through a single app.” What’s more, to entice users to try out SoFi Crypto, the company is currently offering free Bitcoin to new buyers.
Customers who make their first crypto purchase of $10 or more using SoFi Invest will earn $25 worth of Bitcoin for free. This bonus will reach consumers within seven days of conditions being met. Notably this perk is slightly different from a promotion that was offered to beta crypto users. That deal also offered $25 following a purchase of at least $10 but the bonus was added to users’ Invest cash balance instead of being paid in Bitcoin.
Like with the beta, SoFi Crypto currently supports trades for three assets: Bitcoin, Ethereum, and Litecoin. However it does allow users to add more than two dozen other coins to their watchlists, including XRP, Bitcoin Cash, Dogecoin, and more. For each listed token, users can view details such as the high and low price points for the day and one day trade volume. Additionally those with owned assets can view the total value, daily return percentage, average cost, and total position (in coins) of their investments.
In a press release officially unveiling the new offering, SoFi CEO Anthony Noto said, “Feedback from our members has made it clear that a significant percentage are not only interested in learning more about cryptocurrencies but are also already buying and selling crypto.” He added, “We’re very pleased to be adding this new product to SoFi Invest, as access, education, and keeping costs low for our members is at the heart of what we do.”
The roll-out of cryptocurrency trading is only the latest development for SoFi Invest, which only launched earlier this year. In addition to commission-free stock and ETF trades, the platform introduced Stock Bits this summer, allowing investors to purchases fractional shares of select companies. SoFi has also introduced their own collection of ETFs throughout the year, including ETFs comprised of gig economy stocks (GIGE), 500 mid-cap U.S. companies not included in the S&P 500 (SFYX), and others.
While the cryptocurrency market has seen better days, the official rollout of SoFi’s crypto trading platform reinforces that there is still a tremendous amount of interest in such assets. On top of that, the tweaks to SoFi’s bonus to now payout in Bitcoin could be a small boon to the slumping token. Overall, when it comes to platforms making it easier for average investors to buy and sell crypto, logic suggests the motto should be the more the merrier.