To start investing on margin, FINRA requires that you have an account balance of at least $2,000, which can include cash and securities, but not crypto.
In a margin account, your buying power is the sum of the cash in your account plus the cash you’re able to borrow from SoFi. They’re a variety of other factors that go into this calculation, including overall account balance, current equity, and the specific securities held in your account.
Remember, it’s always important to closely monitor your account’s margin requirements. If you are investing on margin and your account balance dips below the $2,000 minimum, you will not be able to continue investing on margin until you bring your account balance back above the $2,000 threshold. Or, if you trigger a margin call and your account does not meet the minimum equity requirement, you will need to deposit more funds or sell securities to meet the call. Otherwise, we’ll manage the liquidations if the call goes unmet.