How to Use SoFi Crypto: A Step-by-Step Guide to Buying Bitcoin

Purchasing Bitcoin through SoFi Crypto is a straightforward process. If you already utilize the app for investing or banking services, there is no requirement to transfer funds to a separate exchange beforehand, as Bitcoin is integrated directly into the ecosystem.

This convenience serves as the primary draw of SoFi Crypto, which resumed operations in late 2025 under the direct management of SoFi Bank, providing tools for buying, selling, and holding digital assets.

Read more: How to Build AI Agents in 2026: Create Your First Autonomous AI Step by Step

What Is SoFi Crypto?

SoFi Crypto functions as the native cryptocurrency platform built into SoFi Bank.

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The platform grants users access to 29 different assets, which include:

• Bitcoin
• Ethereum
• XRP
• Solana
• Dogecoin
• Cardano
• Chainlink
• Avalanche
• Litecoin
• USDC

The primary differentiator from traditional crypto exchanges is the user interface. There is no complex trading platform to navigate, nor is there a need to deposit funds into an external account if capital is already stored in a SoFi Checking or Savings account.

For individuals who wish to purchase Bitcoin on an occasional basis, this layout offers notable ease of use.

Who Can Use SoFi Crypto?

At present, SoFi Crypto is accessible exclusively to users residing within the United States. To qualify, you must meet the following criteria:

• Be at least 18 years of age
• Possess a U.S. Social Security number or ITIN
• Hold status as a U.S. citizen, permanent resident, or eligible non-permanent resident
• Maintain a valid U.S. residential address

Certain non-permanent residents may also qualify depending on the specifics of their visa status.

At this time, SoFi does not support joint or business crypto accounts. All registered profiles are restricted to personal, individual ownership.

How to Buy Bitcoin with SoFi Crypto

Step 1: Open a SoFi Crypto Account

Existing SoFi customers can initiate the process straight from within the mobile app:

1. Navigate to the Crypto section.
2. Select “Open an account.”
3. Complete the brief onboarding sequence.

The platform will prompt you regarding your intended account use, verify your personal details, and dispatch a verification code via text message.

Upon completion of these steps, review the terms and select Submit.

In certain instances, SoFi may request supplementary proof of identity.

Users who are entirely new to SoFi will need to establish a standard SoFi profile prior to proceeding.

Related: Crypto Trading API Guide: The Best APIs For Automated Trading In 2026

Step 2: Add Funds

If you already hold cash balances with SoFi, transactions can be funded using:

• SoFi Checking accounts
• SoFi Savings accounts
• Capital previously maintained inside SoFi Crypto

Transactions executed via Apple Pay, Google Pay, and debit cards are likewise supported. However, Stripe applies an additional 2% processing fee to these specific payment methods.

Furthermore, these three funding methods share a collective weekly limit of $2,800 and remain unavailable to residents of New York.

The minimum allowable cryptocurrency purchase is set at $5.

Buyers do not need to purchase an entire coin at its full market rate. Because Bitcoin is fractionally divisible, a $25 investment yields precisely $25 worth of BTC.

Step 3: Find Bitcoin

Inside the Crypto dashboard, tap the Buy option, search for Bitcoin, or choose BTC directly from the directory of supported assets.

SoFi will present the current valuation of Bitcoin alongside essential market metrics. Proceed by opening the trade screen.

This environment resembles purchasing equities within a conventional banking portal rather than navigating a robust crypto exchange; it creates minimal friction while offering fewer advanced controls.

Step 4: Enter Your Purchase Amount

Designate your preferred funding source and enter your desired investment amount, ensuring it meets or exceeds the $5 threshold.

The platform will automatically calculate the exact quantity of BTC you will receive.

Before finalizing the transaction, ensure you select the Review option.

This screen displays both the quoted price and the applicable trading fee. Because SoFi Crypto does not rank among the lowest-cost trading venues, evaluating these metrics beforehand is recommended.

Step 5: Check the Fee

SoFi operates on a tiered fee schedule determined by monthly trading volume.

The vast majority of casual traders will begin at the 1.90% tier.

Your tier status relies on completed buy and sell orders executed throughout the active calendar month, resetting at the dawn of each new month. Recurring purchases contribute toward this aggregate volume total.

This fee framework represents a central aspect of the platform’s design.

For individuals making occasional $100 Bitcoin purchases, streamlined convenience often outweighs saving a handful of dollars on execution costs. Active traders, however, may find these fees more difficult to overlook.

Related: How to Research a Crypto Presale in 15 Minutes: A Beginner’s Checklist

Step 6: Buy Bitcoin

Once you have verified all transaction details and confirmed accuracy, submit the order.

SoFi processes cryptocurrency orders utilizing real-time market execution.

Consequently, orders execute at the prevailing market price. Users cannot currently establish instructions to trigger a purchase only if Bitcoin drops to a specific price point.

How to Set Up Recurring Bitcoin Buys

Automated Bitcoin purchases can be configured directly within SoFi Crypto.

1. Initiate a standard Bitcoin order.
2. Select “Make it recurring.”
3. Designate your preferred frequency.
4. Input the monetary amount.
5. Confirm the setup.

The standard $5 minimum order requirement applies to automated purchases.

This mechanism benefits users who favor dollar-cost averaging over attempting to time daily market fluctuations in the price of Bitcoin.

Recurring transactions contribute directly toward your accumulated monthly SoFi Crypto trading volume.

Can You Send Bitcoin From SoFi to Another Wallet?

Yes. This capability marks one of the most substantial improvements introduced in the latest iteration of SoFi Crypto.

While previous versions maintained a closed system, users can now withdraw Bitcoin to an alternative exchange or a compatible external wallet by completing these steps:

1. Access your Bitcoin balance.
2. Select Transfer.
3. Input the destination wallet address.
4. Review the associated network fee.
5. Confirm the transfer.

Always verify the destination address twice.

SoFi provides a 10-second cancellation window immediately following transfer submission. However, once the transaction transmits to the broader Bitcoin network, reversal is typically impossible.

Read more: How to Pay with Bitcoin: From Wallet Setup to Checkout

Can You Send Bitcoin Into SoFi?

Yes. Incoming Bitcoin deposits are fully supported by SoFi Crypto. Access the Bitcoin wallet interface inside the application and choose the receive function to generate a dedicated deposit address.

When transferring funds from an external exchange or third-party wallet, verify that you are utilizing the native Bitcoin network rather than any alternative chain.

Who Holds the Private Keys?

So long as your Bitcoin holdings remain stored inside SoFi Crypto, the underlying wallet infrastructure is controlled directly by SoFi.

According to the company, the majority of customer cryptographic keys are housed internally utilizing a combination of hot and cold storage methods, while a smaller share may be managed through a designated sub-custodian.

In practical terms, this establishes SoFi Crypto as a custodial service.

While you maintain ownership of the Bitcoin balance reflected on your account, you do not personally retain possession of the private keys.

Withdrawing BTC to a self-custody wallet shifts the responsibility of managing those keys entirely to you.

Is Bitcoin at SoFi FDIC Insured?

No.

This distinction can be easily overlooked because SoFi Bank operates as an FDIC-insured institution.

Crypto is back at @SoFi! We’re now the first and only nationally chartered bank where consumers can buy, sell and hold crypto!! https://t.co/XM7NoYnPB3

— Anthony Noto (@anthonynoto) November 11, 2025

Eligible cash deposits do carry FDIC protection, but Bitcoin holdings do not.

Furthermore, cryptocurrencies held via SoFi receive no protection from SIPC coverage and lack backing or guarantees from the banking institution.

Under current regulatory frameworks, converting a Bitcoin portfolio into an insured deposit account remains impossible.

How to Sell Bitcoin on SoFi Crypto

The selling process mirrors the steps required for a purchase:

1. Open SoFi Crypto.
2. Select Sell.
3. Choose Bitcoin.
4. Specify the amount.

Proceeds from a sale can be routed to:

• SoFi Checking accounts
• SoFi Savings accounts
• SoFi Crypto balances

If funds are retained within the crypto account, SoFi denominates them using its native stablecoin, SOFID. Directing proceeds to checking or savings accounts converts the funds into standard fiat currency.

The minimum allowable cryptocurrency sale stands at $1.

Similar to purchasing, inspecting the quoted price and applicable fees prior to confirming the transaction is advised.

How Does SoFi Crypto Handle Taxes?

Acquiring Bitcoin using U.S. dollars typically generates no taxable gains.

Conversely, disposing of or exchanging the asset can trigger tax events.

When calculating cost basis for SoFi Crypto transactions, the platform employs a HIFO method, which stands for Highest In, First Out.

Under this system, the tax lots carrying the highest acquisition cost are automatically liquidated first.

Tax tracking becomes increasingly complex once Bitcoin moves across external wallets.

Transferring BTC into SoFi after acquiring it on a separate platform may prevent SoFi from automatically tracking the original cost basis.

Similar tracking challenges can arise when transferring Bitcoin out of the ecosystem.

Users are advised to maintain personal records detailing purchase prices, acquisition dates, and transfer histories.

SoFi Crypto vs a Regular Crypto Exchange

SoFi Crypto serves individuals best who already incorporate SoFi into their financial routines.

Users can channel funds from a bank account into Bitcoin without configuring a separate platform, with the added flexibility of withdrawing BTC afterward for self-custody purposes.

This represents a vastly improved product compared to SoFi’s legacy cryptocurrency offerings.

Even so, it does not seek to rival dedicated trading exchanges.

The entry-level trading fee of 1.90% is elevated, standard crypto limit orders are absent, and professional charting alongside advanced execution tools are unavailable.

Final Verdict: Is SoFi Crypto Worth Using?

SoFi Crypto functions best as a convenient Bitcoin acquisition gateway integrated seamlessly into a banking application.

It lacks the lowest fee structures and deepest analytical tools available elsewhere, prioritizing simplicity instead.

Current SoFi clients can access the crypto module, fund purchases using checking or savings balances, invest as little as $5 into Bitcoin, and subsequently move those digital assets to an external wallet.

The inclusion of withdrawal capabilities is particularly notable, resolving a major limitation inherent to SoFi’s previous crypto infrastructure.

The primary drawback remains the 1.90% base transaction fee.

For individuals prioritizing convenience, SoFi Crypto is simple to navigate and utilize. Traders seeking lower transaction costs and expanded execution controls will likely find a dedicated cryptocurrency exchange more suitable.

FAQ

Can I buy Bitcoin with SoFi Crypto?

Yes. Bitcoin is one of 29 cryptocurrencies currently supported by SoFi Crypto.

What is the minimum Bitcoin purchase?

The minimum crypto purchase is $5.

How much does SoFi charge?

Trading fees start at 1.90% and decline as monthly crypto trading volume increases.

Can I transfer Bitcoin to my own wallet?

Yes. SoFi Crypto supports Bitcoin withdrawals to compatible external wallets.

Is Bitcoin at SoFi FDIC insured?

No. Cryptocurrency is not covered by FDIC or SIPC insurance.