Fe-Cr-based soft magnetic alloy (SMA) monolayer coatings with high saturation magnetization (Ms) above 1.3 T were deposited onto AISI 1010 substrate by co-axial powder feeding plasma transferred arc (PTA) welding, using FeCrBSi self-fluxing powders Fe313, which have a similar chemical composition to AISI 430 ferritic stainless steel (FSS). The effect of welding parameters on the phase assemblage, microstructure, hardness and magnetic performance of the coatings was investigated. The results show that the coating’s maximum width and the welding surplus height increased with the rise in welding heat input and powder distribution density, respectively. The coating’s Ms increased sharply, but its coercivity (Hc) decreased with the growth in the substrate dilution ratio. The coating’s Hc increased whereas its Ms decreased with the increment in welding heat input. The as-welded coating C3 with optimum magnetic performance had a dendrites–eutectics composite structure, where the columnar or equiaxed sorbitic pearlite dendritic cores surrounded by network-like eutectics α(Fe,Cr) + (Fe1−xCrx)2B were the main contents. Moreover, (Fe,Cr)7C3 and CrB had also been detected, and they were mainly distributed in the interdendritic regions. The body-centered cubic (b.c.c.) α(Fe,Cr) multi-element solid solution contributes to a high Ms of 1.61 T, and the borides (Fe1−xCrx)2B and CrB as well as (Fe,Cr)7C3 and other carbides cause a high Hc of 58.6 Oe and hardness HV0.3 of 4.90 ± 0.06 GPa, much higher than that of AISI 430 FSS (HV < 1.8 GPa). The current work verifies the feasibility of fabricating Ni- and Co-free FeCrBSi SMA coatings with high Ms and high hardness via PTA welding, and since the feedstock powders have chemical composition similar to AISI 430 FSS, the work may bring about novel applications for AISI 430 FSS in particular cases where the considerable wear-resistant performance as well as superior soft magnetic and anti-corrosive properties are required.