SoFi Looks to Implement Safeguards on Day Trading

SoFi CEO Anthony Noto said the company is looking at potentially adding safeguards to day trading to ensure users are fully aware of the risks involved; “We’re looking at implementing different technologies to push notify them when we see active trading at a significant level in terms of number of trades to help educate them,” Noto said on CNBC’s Closing Bell; most of SoFi’s users do not execute many daily trades, in fact less than 1 percent complete more than three trades a day; day trading has become a popular topic during the pandemic and SoFi has seen investor accounts double in 2020; “We’re taking the responsibility seriously, whether it’s margin lending or options or investing in cryptocurrency, to make sure these are the right products for our members for the long term,” said Noto. CNBC.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.