SoFI Is Exiting the Crypto World — Here Are the 3 Best Alternatives for Trading Crypto
By Jace Dela Cruz
Nov 30, 2023 12:53 AM EST
Nov 30, 2023 12:53 AM EST
SoFi Invest is exiting the cryptocurrency world amid increased regulatory scrutiny. The popular online investment platform operated by Social Finance, Inc. will no longer offer crypto trading services starting on December 19.
Despite the surge in token prices, the San Francisco-based company has informed its crypto customers that they will need to either liquidate their accounts in the coming weeks or transition to the cryptocurrency exchange and wallet provider, Blockchain.com.
Currently, SoFi allows the trading of widely recognized digital currencies such as Bitcoin and Ether. However, the company noted that any assets in existing crypto accounts will be migrated to Blockchain.com before January 2024.
Those who prefer not to make the move to Blockchain.com can choose to liquidate their crypto assets before 11:59 p.m. ET on December 18.
For those seeking alternatives to Blockchain.com, several crypto-investing apps are worth considering. Business Insider recommended three noteworthy cryptocurrency exchanges for SoFi crypto customers.
Coinbase is a leading cryptocurrency exchange that allows trading over 250 assets, including popular options like Bitcoin, Ether, and Tether. Offering a low minimum of $2 for cryptocurrency purchases, Coinbase provides 24/7 customer support, zero trading fees, and additional features.
Remember that while Coinbase offers advanced trading, transaction fees range from $0.99 to $2.99 per trade, and staking rewards are somewhat limited.
eToro USA caters to diverse investors, providing a secure platform for trading over 25 coins and tokens, such as Bitcoin, Litecoin, Ether, and Dogecoin. With a requirement of a $10 minimum for investments, the platform applies a 1% transaction fee to crypto trades.
Abra is a mobile-friendly crypto trading platform featuring a diverse selection of over 75 coins and tokens. Offering various services like trading, lending, asset management, and customized crypto programs, Abra charges a $5 monthly fee but imposes no trading fees.
Users benefit from mobile wallet storage, borrowing options, educational guides, an NFT wallet, and over-the-counter trading for institutions. Additionally, holding specific cryptocurrencies and US dollar stablecoins in an Abra Boost account can earn users up to 10% interest.
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