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How to Buy Bitcoin on SoFi Bank: A Step-by-Step Guide
SoFi Bank has emerged as a popular all-in-one financial platform, offering banking, investing, and cryptocurrency services. If you’re looking to buy Bitcoin through SoFi, this guide will walk you through the process, including prerequisites, fees, and tips for first-time buyers.
Prerequisites for Buying Bitcoin on SoFi
Before purchasing Bitcoin on SoFi, ensure you meet these requirements:
- An active SoFi Checking & Savings account
- Completed identity verification (Social Security Number, government-issued ID)
- Linked funding source (bank account or debit card)
- SoFi Invest account enabled for crypto trading
Step-by-Step Guide to Buying Bitcoin on SoFi
- Log into Your SoFi Account: Access your dashboard via the mobile app or website.
- Navigate to SoFi Invest: Select the ‘Invest’ tab from the main menu.
- Choose Crypto Section: Click ‘Trade Crypto’ to view available cryptocurrencies.
- Select Bitcoin: Search for Bitcoin (BTC) and click ‘Trade.’
- Enter Purchase Amount: Specify the dollar amount or Bitcoin quantity you want to buy.
- Review & Confirm: Double-check details and finalize the transaction.
Important Considerations When Buying Bitcoin on SoFi
- No Wallet Transfers: SoFi doesn’t support sending/receiving Bitcoin to external wallets.
- Fees: SoFi charges a 1.25% spread on crypto transactions.
- Insurance
FAQ: Buying Bitcoin on SoFi
Q: Can I transfer Bitcoin out of SoFi?
A: No. SoFi only allows buying/selling within their platform.
Q: Are there purchase limits?
A: Yes. Limits vary based on account status ($1,000-$50,000 daily).
Q: Is crypto FDIC-insured?
A: No. Only cash deposits are FDIC-insured up to $2M.
Q: Does SoFi charge storage fees?
A: No, but the 1.25% spread applies to all trades.
