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Written by Sam Pennington on April 23, 2022
Category: 
FTC Disclosure

How To Transfer From Coinbase To SoFi 2022

Cryptocurrency is a hot buzzword in the market today. Since the rise of Bitcoin, thousands of other coins have entered the scene. And with all those new coins, a multitude of crypto platforms have also come into conversation.

Coinbase, often considered a pioneer in the crypto space, got started in 2012. With a massive collection of coins and other cool features, Coinbase is a top choice for many.

For those that are interested in the most popular coins only, the huge collection of coins on Coinbase is not a major draw. Some investors may be looking for light exposure to cryptocurrency while taking advantage of a full-fledged investing platform, such as Sofi.

Whatever the case may be, if you are looking to move your cryptocurrency to Sofi, then this is the article for you. Here, we cover the steps required to transfer from Coinbase to Sofi. Let's dive in!

Be sure to read our full Sofi review to learn more!

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Transfer From Coinbase To Sofi

Sofi states that security is a top concern as it relates to crypto storage. Because of this, the company holds crypto on behalf of the investor. While this may increase security, it does have a downside: no crypto transfers in or out of the platform. In response to the question whether or not you can transfer crypto in or out, Sofi made the following statement:

"No, but there’s a reason why. We take security seriously at SoFi Invest and by having a closed system we can better secure your crypto assets. In the future, we may consider adding the ability to transfer crypto into or out of your SoFi Invest account, but it isn’t a planned feature at this time."

Before making the switch, be sure to check and see if Sofi supports the particular crypto you want to switch over. For example, if you currently own Shiba Inu on Coinbase, you won't be able to move that coin to Sofi as they do not support it yet.

Sofi currently has 30 cryptos on their platform:

  • Algorand (ALGO)
  • Aave (AAVE)
  • Avalanche (AVAX)
  • Bancor (BNT)
  • Basic Attention Token (BAT)
  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Compound (COMP)
  • Cosmos (ATOM)
  • Dash (DASH)
  • Decentraland (MANA)
  • Dogecoin (DOGE)
  • Enjin Coin (ENJ)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Filecoin (FIL)
  • Litecoin (LTC)
  • Maker (MKR)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Solana (SOL)
  • Stellar (XLM)
  • SushiSwap (SUSHI)
  • Synthetix (SNX)
  • Tezos (XTZ)
  • The Graph (GRT)
  • Uniswap (UNI)
  • Yearn.finance (YFI)

The steps to transfer from Coinbase to Sofi are the following:

  1. Create a Sofi Invest and Crypto Account
  2. Liquidate your assets on Coinbase
  3. Withdraw to your bank
  4. Link your bank to Sofi and deposit funds
  5. Repurchase your cryptocurrencies

You ought to be aware that selling your assets could result in capital gains taxes should you sell for a profit. You should also know that Sofi charges 1.25% per crypto trade.

Let's take a look at each of these steps in more detail.

1. Create a Sofi Invest Account

SoFi Robo Advisor

In order to purchase crypto on Sofi, you will need a Sofi Invest account. Follow the steps below to create an account:

  1. Go to Sofi's Invest website or download the Sofi app
  2. Click or tap "Invest Now"
  3. Enter in your name, email, and password. This creates a Sofi account. In order to invest, you will need to setup a Sofi Invest account.
  4. Tap "Invest" along the bottom menu in the app
  5. Tap "Start Investing"
  6. Select the type of investment account you would like to create (in this case, you should select the option that allows you to choose your own investments)
  7. Next, input your information such as address, SSN, job, investing experience, etc.

2. Liquidate your assets on Coinbase

Trade cryptocurrency with Coinbase

Selling your cryptocurrency on Coinbase is simple. Once you have sold a crypto, you will be ready to transfer those funds to your bank.

  1. Once in the Coinbase app, tap "Assets" along the bottom menu
  2. Locate the cryptocurrency that you want to sell by clicking on it
  3. Tap "Trade"
  4. Select the "Sell" option
  5. Enter in the amount you would like to sell
  6. Tap "Preview Sell"
  7. Review the details of your sell order and tap "Sell Now"

3. Withdraw To Your Bank

  1. On the home tab in the app, select the "More" option along the menu underneath your balance
  2. Select "Cash Out"
  3. Enter in the amount of dollars you would like to withdraw
  4. Select which bank or add a new one
  5. Tap "Preview Cash Out"
  6. Confirm the details and finish the withdrawal

4. Link Your Bank To Sofi

To fund your account, you will need to link a bank to your Sofi Invest account. To do so, you will need to navigate to the Sofi Invest section of the app. Then tap "Add Cash." Here, you will need to add a bank account, which will be done through Plaid.

Once you've linked your bank account, you are ready to deposit funds.

You will follow the previous step by clicking on "Add Cash." Follow the steps as prompted and choose an amount to deposit.

5. Repurchase Your Crypto

Now that you have a new Sofi account and have liquidated your Coinbase positions, you are ready to repurchase your crypto in Sofi.

  1. Log into your SoFi Invest account
  2. Locate crypto to purchase
  3. Click "Buy"
  4. Toggle between Dollars and Coins and enter the number of dollars/coins to purchase
  5. If it is your first crypto trade, review the agreement. Check the box and select "Agree and Continue"
  6. Review the transaction, then click "Buy"
  7. The confirmation screen will appear once the order has been placed. Click "Done" to return to the account dashboard

Transfer From Coinbase To Sofi: Final Thoughts

Because Sofi holds your cryptocurrency on your behalf, you are not able to use an external wallet, which means you cannot transfer coins in or out. Instead, you must liquidate your crypto assets from another platform first and then repurchase them within Sofi.

While the process is not complicated and can be completed by following the steps outlined above, there are a few things to be aware of.

First, both Sofi and Coinbase charge a fee to trade crypto. Since you are selling in Coinbase and buying in Sofi, you will be charged twice. Please be aware of these charges before starting this process.

Second, you must check Sofi's list of cryptocurrencies before starting this process. Since Coinbase has more than triple the number of coins that Sofi offers, there's a good chance the cryptocurrency you want to transfer is not supported by Sofi.

Third, whenever you sell cryptocurrency, you may be subject to capital gains tax. Suppose you purchased $100 worth of Bitcoin and you sell later for $110 worth of Bitcoin. In this case, you would be responsible to pay capital gains taxes on the $10 of profit.

Sofi and Coinbase are both highly popular platforms. However, they serve different purposes. If you want to transfer from Coinbase to Sofi, then hopefully this article helped!

Article written by Sam Pennington
Sam is a personal finance writer. While in college, he dedicated his spare time to learning about personal finance, investing, and real estate. Sam currently works as a business analyst for one of the top food manufacturers in the world.

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