When it comes to investing in Bitcoin, there are a few different options available. One option is to purchase fractional shares of Bitcoin. But can you do this on SoFi?
In short, yes, you can buy fractional shares of Bitcoin on SoFi. However, there are a few things to keep in mind before doing so.
First, it’s important to understand what fractional shares are. When you purchase a fractional share of an asset, you’re essentially buying a partial ownership stake in that asset.
For example, if you purchase a fractional share of Apple stock, you own a small piece of the company.
The same is true for Bitcoin. When you purchase a fractional share of Bitcoin, you own a small piece of the entire Bitcoin network.
One thing to keep in mind is that you won’t have access to the private keys associated with your fractional shares. This means that you won’t be able to directly control your coins.
Instead, your coins will be stored on the exchange or platform where you purchased them.
SoFi is one such platform that allows you to purchase fractional shares of Bitcoin. When you do so, your coins will be stored in a digital wallet on the SoFi platform.
You won’t have direct control over your coins, but you will be able to track their value and sell them at any time.
One thing to keep in mind is that fees may apply when buying or selling fractional shares of Bitcoin on SoFi. These fees can vary depending on the amount of Bitcoin you’re buying or selling and the current market conditions.
Be sure to check the fees before making any trades so that you know what to expect.
Overall, purchasing fractional shares of Bitcoin on SoFi is a relatively simple process. Just be sure to understand all of the terms and conditions before getting started.