Cryptocurrency, often abbreviated to “crypto,” is a new type of digital currency. Crypto is decentralized, meaning that it is not controlled by a central authority like a bank or government and instead is exchanged person-to-person. Bitcoin was the first cryptocurrency. Read more about Bitcoin, blockchain technology, and what you should know if crypto is new to you on SoFi Learn.
Crypto is its own type of SoFi Invest account that functions through the SoFi Active investing platform. Any member with an Active Invest account residing in a licensed state can trade crypto. You will just need to select one of the cryptocurrencies you would like to purchase and select “Buy”.
If you do not have an active Crypto account, it will run you through the disclosures and open a separate Crypto account where you can buy and sell Crypto. This will create a separate Crypto account where you can view your crypto holdings and place trades.
Funding the Crypto account is done via Active Invest accounts and takes 1 business day to settle.