SoFi Invest adds more hours to the trading day to allow members to trade on their own terms | national company
SAN FRANCISCO–(BUSINESS WIRE)–June 2, 2022–
SoFi Technologies, Inc. (“SoFi”), the digital personal finance company, today announced that SoFi Invest will be rolling out extended trading hours over the coming weeks. Members will have the ability to trade from 9 a.m. ET to 8 p.m. ET, adding 4.5 hours to the trading day, allowing members to trade when it suits them. While the current market hours of 9:30 a.m. ET to 4 p.m. ET may be inconvenient for many as they are during peak hours or leaving those outside of the East Coast behind, the new hours extended help level the playing field to ensure access. to markets for everyone.
“Our members’ lives don’t run 9 to 5 – and we’ve certainly learned that over the past two years,” said Anthony Noto, CEO of SoFi. “By extending our trading hours, we allow our members to execute their investment ideas in a wider window and more when it suits their needs, wherever they are. We know that making everything easy, from saving to investing, is essential to helping our members manage their money well. For years, the rigid traditions of the financial industry left many people behind because it just wasn’t working for them. This is the latest in a series of traditions that we have sought to break to ensure everyone has access to investment on their terms.
SoFi members will be able to take advantage of extended trading hours to take immediate action on major news announcements and earnings releases that typically take place after the market closes. Additionally, extended trading hours allow members to react to foreign market activity as it occurs rather than having to wait until the next day to trade. Extended hours are only available on the SoFi mobile app, and members will only be able to place limit orders. Extended hours will be available on the SoFi website in the coming months.
SoFi Invest offers both automated investing (robo-advising) and active investing (trading) with no fees on stock trades or account minimums. Additionally, SoFi Invest offers crypto trading with 30 coins, SoFi-branded ETFs, and fractional stock trading. Recently, SoFi Invest launched free recurring crypto purchases for SoFi Checking & Savings members with direct deposit and a SoFi Invest account that sets up automatic crypto purchases, continuing SoFi’s efforts to make it easier and better than ever to spend, save, and invest everything in one place.
SoFi helps people achieve financial independence to realize their ambitions. Our borrowing, saving, spending, investing and protection products give our three and a half million members quick access to tools to manage their money well. Membership in SoFi includes the essentials to progress, including career counselors and a connection to a thriving community of ambitious, like-minded individuals. SoFi is also the naming rights partner for SoFi Stadium, home of the Los Angeles Chargers and Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.
This press release contains forward-looking statements and are therefore not historical facts. This includes, but is not limited to, statements regarding financial condition, business strategy, and management’s plans and objectives for our future operations; anticipated trends and prospects in the industries in which our business operates; new products, services and related strategies; our ability to fund Golden Pacific Bank’s strategy; and the impact on our business of the regulatory environment and increased compliance complexities that come with regulation as a bank holding company. These statements constitute projections, forecasts and forward-looking statements and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “have the intention to”, “may”, “could”, “opportunity”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “strive”, “shall”, “would” and similar expressions can identify forward-looking statements, but the absence of such words does not mean that a statement is not forward-looking. Forward-looking statements represent our current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements, and there can be no assurance that developments future affecting us will be those we have anticipated. Among these risks and uncertainties are our ability to achieve the value creation contemplated by the Merger, including our ability to improve our existing financial products and offer more competitive pricing to our members, the impact of additional regulation following our transformation into a bank holding company, our ability to operate SoFi Bank in accordance with its operating agreement with the Office of the Comptroller of the Currency, changes in government regulations, market conditions, including interest rates market conditions, trading price and volatility of our common stock; and risks relating to our business, including those described in periodic reports we file from time to time with the Securities and Exchange Commission. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date on which they were made, whether as a result of new information, future events or otherwise, unless applicable securities laws require it. Due to a number of known and unknown risks and uncertainties, our actual results or performance may differ materially from those expressed or implied by such forward-looking statements. You should not place undue reliance on these forward-looking statements.
SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated investment and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth”). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active investing and brokerage services are provided by SoFi Securities LLC, Member FINRA(www.finra.org)/SIPC(www.sipc.org), (“SoFi Securities”). Clearing and safekeeping of all securities is handled by APEX Clearing Corporation.
3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN-registered money services business.
For additional information regarding the SoFi Invest platforms described above, including the state license of SoFi Digital Assets, LLC, please visit www.sofi.com/legal.
Neither SoFi Wealth Investment Advisor Representatives nor SoFi Securities Registered Representatives are compensated for the sale of any product or service sold through a SoFi Invest platform. The lending product information contained herein should not be construed as an offer or pre-qualification for any lending product offered by SoFi Lending Corp and/or its affiliates.
Extended hours are 9 a.m. to 9:30 a.m. and 4 p.m. to 8 p.m. ET Monday through Friday. Only limit orders can be placed during extended hours. Orders placed after 4:00 p.m. ET and not fulfilled by 8:00 p.m. ET will be void. Trading for extended hours involves higher risk, including lower liquidity and higher volatility.
SoFi will assess a fee for each crypto transaction outside of direct deposit redemption. For more information, visit SoFi.com/crypto.
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: FINANCE BANKING PROFESSIONAL SERVICES TECHNOLOGY SOFTWARE
SOURCE: SoFi Technologies
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PUBLISHED: 02/06/2022 09:00/DISC: 02/06/2022 09:02