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The Offer
Targeted offer sent out via e-mail. Subject line is ‘Get 1% match on Crypto purchases—Ends 10/31!’
- SoFi Invest is offering some members a 1% match on Crypto purchases made though October 31, 2020
The Fine Print
- Earn 1% on all net crypto purchases (total purchase amount less sales) during the incentive period. This offer period is between now and 10/31/20. All bonuses will be paid within 14 business days of the conclusion of the offer period.
- SoFi Invest is available for crypto trading in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, Wisconsin, and Wyoming.
- The minimum order size per purchase is $10, and the maximum purchase per day, per individual is $50,000. The minimum sale amounts are 0.001 BTC (Bitcoin), 0.01 ETH (Ethereum), 0.1 LTC (Litecoin), 0.01 BCH (Bitcoin Cash), and 0.1 ETC (Ethereum Classic).
- SoFi will charge a markup of up to 1.25% on crypto transactions.
Our Verdict
Given that SoFi charges a markup of 1.25% on these transactions it doesn’t seem worth doing. You can find cryptocurrency deals worth doing by clicking here.
Hat tip to readers Chris R, Casey & Jeremy
Targeted and curious if anyone has experience about the “up to” 1.25. is it usually closer to 0.25 or 1.25?
Here’s what SoFi told me: “ We partner with Coinbase to enable cryptocurrency trading and the markup for as long as I can remember has been 1.25%, but is subject to change depending on several factors, but for now I would expect the markup to be as stated and we will update our site if there are any changes.“
Kraken exchange charges less than .025 and has more liquidity if ur worried about the miniscule fee. Coinbase pro is .050 and gemini activetrader .035, big fat nothing burger. Their spot is prob higher than most.
Your numbers were off by a decimal place.
Keep in mind that Coinbase Pro fees are same for maker and taker, but Gemini ActiveTrader fees for maker is only 0.25%.
Also note that Coinbase Pro and Kraken both charge withdrawal fees, but Gemini offers up to 10 free withdrawals per month.
Yep realized after I reread it was too good to be true, I’ve used all 3, kraken is best since 5x margin for US but their withdrawal and deposit options stink. I use gemini mainly since the first $500 is given to trade immediately.
I got targeted. Im taking advantage of it, but something to note is that Sofi has a 1.25% upcharge on crypto buys, so a better way to think of this is that it lowers the fee to buy crypto to 0.25% (better than coinbase)
Yea I saw this and it looked concerning, do crypto exchanges charge some small hidden fee like this?
Actually it’s worse than CB given that you’re not able to purchase crypto itself on Sofi. Rather, you’re buying crypto CFDs (contract for difference).
Not your keys, not your coins.
Thanks for pointing out! I don’t have a SoFi account, and not aware of this! Yikes to SoFi for selling derivatives. I am staying away!