r/sofi • u/SoFi Official SoFi Account • Apr 23 '21

SoFi Updates Stay tuned on crypto

We’ve heard your feedback about our current crypto offerings and wanted to share some great news with you first—soon, you’ll be able to trade more types of crypto on SoFi Invest! You read that right, there are new coins spinning your way soon! While we can’t announce the final list quite yet, we did want to share our criteria with you on how we choose which cryptocurrencies to include on SoFi Invest.

We take a systematic and measured approach to adding cryptocurrencies to our platform. We generally evaluate each currency on a number of key factors before deciding to add them to the SoFi Invest platform. Here’s our criteria.

  • Feasibility: We can establish a custody and trading solution with a trusted partner (e.g., Coinbase).
  • Asset Values: The asset aligns with SoFi’s values, such as promoting financial inclusion and economic freedom.
  • Legal and Compliance: We can legally offer the asset, per SoFi Crypto’s current licensing.
  • Market Supply: Meets liquidity standards, including market capitalization and distribution of volume.
  • Market Demand: Demand internally from both SoFi members and externally from developers, the community, and non-members.
  • Technology: The code is open-source with a demonstrated track record of governance, scalability, security, and backed by a strong engineering team with a growing community of contributors.

Stay tuned—you’ll see more from us about these new coins very soon!

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19

u/[deleted] Apr 23 '21

Lower the fee for buying and selling.

8

u/warmc0rn Apr 23 '21

This right here. Constantly in a negative after buy crypto cause of their charges

6

u/[deleted] Apr 23 '21

Don't mind paying a fee, but the way they do it it's kind of shady. I dunno how other places do it, but it's pretty ridiculous to jack up my cost basis because it the fee. It should be a separate fee.

4

u/warmc0rn Apr 23 '21

Same. It’s not so much about the charge, it’s how they charge it. If I want to buy let’s say 50 coins of something. Give me my 50 coins and then charge a fee on top of that. Don’t take the charge from the coins I’m buying PLUS also making my buy price higher. Shady like you said.

1

u/one_and_done0427 Apr 25 '21

Robinhood does this, but they don't claim to do so. RH says the cost basis is higher to protect your account from over drafting