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SogoTrade review 2010: very cheap commissions. Bad trading tools and customer service. Mutual funds are not offered.
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SogoInvest Trading Fees and Investments Offered (2010)
- $3 stock trade commission for unlimited shares
- Options commission: $3 plus $0.70 per contract
- Investment products: stocks, options, ETFs
Opening account with SogoTrade takes longer than usual. Online application forms are well designed and
you will be done with them at no time. But once you complete them you'll have to wait for your application to be approved.
When it's done you will have to verify 2 deposits SogoTrade is going to make into your bank account, which is
going to take a few days. You will also need to mail or fax them your voided check, which is something no
other broker requires. Minimum to open account is reasonable $500.
SogoTrade Trading Platform/Tools Review
SogoInvest trading platform is limited, slow and buggy. Trade executions sometimes take minutes. It's probably
the worst trading platform out of all discount stock brokers we rated.
- Very low commissions
- Fractional shares available with no monthly subscription fee
- No inactivity fees
- Cannot invest in mutual funds and bonds
- For stocks priced under $1, the online commission is $3 plus ½% of the principal value
- Slow trade execution
- Poor trading platform
- Very slow new account set up process
- Customer service complains
- No interest on your not invested cash
- No IRA accounts offered
SogoTrade has some of the lowest stock commissions in the industry
- just $3 per trade for stocks over $1 and $3 plus 70¢ per contract for options traders.
SogoInvest is one of the few brokerages that offer fractional shares without monthly subscription fee.
This could be handy if you want to buy stock with a share price of thousands of dollars.
It is expensive to trade stocks below $1 with SogoInvest. The firm does not offer investing in mutual funds and
you can't open IRA account. Their trading platform is slow and buggy. There are a lot of complains on very slow
new account set up and poor customer service.
Optionshouse
charges the same low $2.95 stock commission and is highly rated by all investor surveys. The firm has very good
customer service and trading tools.
Sogotrade Promotion Code: none right now
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