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Financial firm SoFi has added zero-fee cryptocurrency trading to its SoFi Invest platform.
SoFi clients, except those in New York and New Jersey, can now buy, sell, and trade bitcoin, ethereum, and litecoin through a collaboration with Coinbase. The firm said users are no longer required to set up a crypto wallet.
The student-loan refinancing company has also started offering several trading options including exchange-traded funds (ETFs) and stock shares, as per an announcement.
Users who sign up for a SoFi “crypto entity” account and buy at least $10 worth of any cryptocurrency within 7 days will receive a $25 bonus. The offer is up until Dec. 31, 2019.
The crypto trading option is reportedly a response to the growing demand of SoFi’s clients. The firm aims to cater to millennial investors via its student loan consolidation service.
“Feedback from our members has made it clear that a significant percentage are not only interested in learning more about cryptocurrencies but are also already buying and selling crypto [...] We’re very pleased to be adding this new product to SoFi Invest, as access, education, and keeping costs low for our members is at the heart of what we do,” Anthony Noto, SoFi CEO, said.
SoFi will initially not charge commissions, but it will add a 1.25% fee in coming weeks. Its crypto trading platform is slated to go live next Tuesday.
With the new platform, SoFi joins other digital-first trading firms such as eToro and Robinhood.
Last month, Robinhood is set to expand its presence in the U.K. after it received a go signal to operate as a broker. Online multi-asset trading provider eToro, on the other hand, recently launched a new programming language to simplify derivatives trading.
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