Financial independence is what most of the world runs after, and the arrival of crypto has accelerated the economic transformation. This has enabled numerous individuals to be able to finance their dreams. SoFi Exchange aims to provide the same with a platform and some push.
What is SoFi Exchange?
Founded by Stanford students in August 2011 and based on the alumni-funded lending model, which assisted newly graduated students to connect with their community, SoFi soon ventured into the world of cryptocurrency and its many affiliates. In May 2012, they introduced Student Loan Refinancing, becoming the pioneers in refinancing federal and private student loans. The platform is currently headquartered in San Francisco, with Healdsburg and New York City offices. SoFi Exchange is led by former US Military Academy and Wharton School alumnus Anthony Noto.
How many cryptocurrencies are available to trade?
What are Payment Methods Supported by SoFi Exchange?
SoFi Exchange does not allow crypto buying through a credit card, and it actively advises users to refrain from it. The reason is that credit card companies treat this as a cash advance, and hence a considerable interest is added to the transaction. SoFi Exchange, however, allows the following methods:
- Money Transfer Services like Western Union
- Wire Transfers but only from a personal checking or savings account under the user’s name. SoFi Exchange does not accept 3rd party wires.
- Third-Party Apps like PayPal, Venmo, Zelle, and Facebook Money.
- SoFi Money is the cash management account offered by SoFi Exchange to its users. It helps users to transfer money across the US instantly. The company provides other perks, like attractive interest rates for savers, debit cards with cash-back rewards, and an intuitive app that helps track the account.
Fees Charged by the Exchange?
SoFi is free, and opening an account is like a breeze. However, SoFi charges a nominal fee of 1.25% for all transactions, irrespective of the amount. SoFi also limits the minimum amount for crypto trade to $10. This is the minimum requirement.
Are my funds safe – What if the exchange gets hacked?
One of the primary concerns that plague investors and enthusiasts of crypto are the presence of online threats in the form of hackers. SoFi Exchange takes the safety and security of user account exceptionally seriously. It has invested in a robust framework capable of handling many transactions and the innovation of hackers. There are numerous tools that the exchange uses to perform this task.
- Two-Factor authorization: The 2FA is a must for login since it eliminates the fear of false authenticity. A 2FA ensures that hackers will not be able to penetrate a user’s account illegally.
- SSL Encryption: Any app or website that allows online transactions must have SSL Encryption. This provides a safe environment for trade. Financial information is vital, and keeping it confidential is the responsibility of both the platform and the user.
- Partnerships: SoFi Exchange has partnerships with trusted names like Coinbase to complete transactions. This is helpful since most said exchanges have been in business for a more extended period and have the technology and the reputation for conducting transactions safely. These exchanges are also certified by regulatory bodies and deemed secured and eligible for business.
- Identity Secured: SoFi does not share any personal information with its partners.
SoFi Exchange advises its users to adhere to the following rules:
- Secured Network: Users are advised to use only reliable and secure networks to avoid illegal access to accounts. There are instances where individuals might want to access their accounts through public wi-fi network systems which may pose a threat.
- Protected Device: Installing effective firewalls and updating the device software is necessary.
- Stop downloading unverified apps: One of the primary sources of malware and trojans is unverified apps.
- Strong Password: Having a weak password has been a bane for many. It is advised that the password created to be unique and strong.
- Transfer with Caution: It is advisable that the entities the money being transferred to be vetted.
- Be Cautious: It is essential to be cautious whenever making any transaction.
- Please beware of the volatility: While this is not about the technical aspect of transactions, it is equally essential for traders to understand the volatility of the trade. One should not indulge in excess and then suffer irreversible losses. A good study of the market is necessary before taking a plunge. SoFi provides a large amount of study material for the same.
Does it provide a smooth user interface?
The SoFi Mobile App is a great way to track, invest, and trade cryptos. This all-in-one app allows users to consolidate funds and investments and trade-in ETFs and IPOs. The mobile app has the distinction of being one of the most unique amongst the vast ocean of apps. One of the app’s best features is the easy user interface, and it is not complicated even for beginners. The app also has enough guides and study materials for the newbies to understand the nuances of crypto trading and using the app.
Is the exchange available in my country?
While the SoFi Debit Card can be used internationally, SoFi is primarily a US-based company and is not available internationally. They do, however, have plans to enter a few international markets like Canada soon.
Does the exchange provide enough liquidity?
SoFi trades in only 28 coins currently, but they have a large user base amounting to almost 2.5 million. This makes their liquidity sustainable and easy for traders.
SoFi Exchange is an online financial platform providing many services, including Crypto trade. They have exciting features and a user-friendly app, which provides a secure environment to trade. However, users should use their discretion before doing business since the market of cryptos is volatile. As the Metaverse is taking over the crypto world in many aspects, crypto traders, especially digital artists, have many opportunities to showcase their talents in the form of non-Fungible tokens.