Is Sogotrade a Scam? Is Sogotrade Safe and Legitimate Brokerage Firm? Are Your Money, Assets and Investments Insured?
Is Sogotrade Safe?
We are often being asked the following questions: is Sogotrade a fraud? Is it safe to use, to keep money and investments at Sogotrade? Is account SIPC/FDIC insured? The
short answer - Sogotrade is a legitimate brokerage firm. But the company had some problems when we reviewed it, especially with
trading tools and customer service - we do NOT recommend opening account there. It also has F rating from BBB and a lot of negative user reviews: you can read them in
our 2017 Sogotrade Review under this link.
Is Sogotrade Insured And Regulated?
Sogotrade is a division of Wang Investments which is an online deep discount brokerage firm.
The firm is also helping individuals establish retirement plans.
Wang Investments, registered as a Broker/Dealer with the Securities and Exchange Commission (SEC), is a member of the Financial
Industry Regulatory Authority (FINRA) and Securities Investors Protection Corporation (SIPC).
Sogotrade BBB (Better Business Bureau) Rating: F
Total Closed Sogotrade Complaints - 12: Problems with Product/Service - 9, Advertising/Sales Issues - 1, Billing/Collection Issues - 1, Delivery Issues - 1.
SogoTrade offers very low stock and ETF commissions - just $5 per trade on stocks and ETFs priced over $1. However, it is extremely expensive to trade
with the firm stocks priced below $1 as well as making any stock trades during extended hours. Options traders get very good $5 plus 50¢ per contract
pricing, which is matched by a higher rated brokerage firm called OptionsHouse.
Mutual funds investors get about average rates: no load mutual funds cost $25 per transaction. TradeKing
and OptionsXpress both offer much lower rates at $10 per trade. At Sogotrade
mutual funds could be bought or sold only by calling customer service (no online trading). There are over 12,000 mutual funds available for investing at the firm, but
out of these only 343 are NTF (no transaction fee) funds.
Read full Sogotrade Review »
Updated on 1/12/2017.