Sogotrade vs MB Trading: Commissions, Fees and Investments 2012
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- Stocks and ETFs: $3
- Stocks and ETFs broker assisted: $25
- Options: $5 plus $0.50 per contract
- Options broker assisted: $25 plus $0.50 per contract
- Options exercise/assignment: $15
- No-load mutual funds: $15
- Investment products: stocks, options, mutual funds, ETFs
- Minimum to open Sogotrade account: $500
- All Sogotrade fees
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- Stocks and ETFs: $4.95 for limit and market regular hours orders for up to 10,000 shares
- OR $0.0075 per share with a $4.95 minimum per trade (proprietary order routing through MBTX system)
- Executions on foreign stock exchange: $4.95 + 0.01 per share
- Options: $0.95 per contract, per side, and no minimum ticket charge
- Mutual funds: $12.95 for no-load funds
- Bonds: $12.95
- Futures: $0.95 per contract
- Pink Sheets & OTC BB: $8.95 per trade, no limit to number of shares
- Forex: $2.95 per $100,000 traded
- Investment products: stocks, options, mutual funds, Forex, futures, bonds, ETFs
- Minimum to open MB Trading account: $1,000 for cash account, $2,000 for margin, $400 for a Forex, $500 for IRA
- All MB Trading fees
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- Very low commissions
- Fractional shares available with no monthly subscription fee
- No inactivity, maintenance fees (accounts with over $100)
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- Good commissions on market and limit orders (regular hours only and below 10,000 shares)
- Excellent trading tools
- Great customer service
- No ECN and exchange fees
- No maintenance, inactivity or hidden fees
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- For stocks priced under $1, the online commission is $3 plus 0.5% of the principal value
- Terrible trade executions
- Poor trading platform
- Frequent technical problems
- Very slow new account set up process
- Hard to reach, unresponsive customer service
- $30 annual IRA fee
- Can't short stocks under $3
- Cannot invest in CDs and bonds
- No interest on cash
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- Surcharge of $0.005 per share for extended hours and orders
executed using the Reserve, Discretionary, or Pegged order types
- $30 annual fee for IRAs
- High margin rates
- $0.01 per share fee to exercise options contracts
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MB Trading versus Sogotrade: Comparison Summary
Sogotrade (Sogotrade Review)
offers much lower commissions on stocks and ETFs: $3
versus $5 at MB Trading (MB Trading Review).
Sogotrade, however, charges $3 plus 0.5% of the principal value on stocks under $1. MB Trading has a
surcharge of $0.005 per share on extended hours trades and more complicated order types. Both
brokerage firms don't have account maintenance and inactivity fees.
MB Trading offers customers excellent trading platform and social networking features.
With Sogotrade investors cannot invest in CDs and bonds. Its trading platform is limited, there are
frequent technical issues with website and trading tools, and order execution
is terrible. There are a lot of complaints about company's rude and slow customer service and very slow account setup process.
Sogotrade charges $30 annual IRA fee. Even though MB Trading has no IRA fees, it was not included in our list of
Best IRA Accounts in 2012, where one could find
TradeKing (TradeKing Review),
Zecco (Zecco Review) and
Scottrade (Scottrade Review).
Because of surcharges at MB Trading and terrible trading tools, order executions and customer service at Sogotrade,
we don't recommend opening investment account at these brokerage firms. We suggest researching other
Online Brokers.
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