SogoTrade Commissions, Fees, and Minimum Deposit
|Stocks and ETFs|| $5 if making 0 - 149 trades per quarter; $3 if making 150+ trades per quarter|
|Stocks and ETFs broker assisted|| $25|
|Options|| $5 + $0.50 per contract|
|Options broker assisted|| $25 + $0.50 per contract|
|Options exercise/assignment|| $15|
|Mutual funds|| $25|
|Investments|| stocks, options, mutual funds, ETFs|
|Sogotrade minimum deposit to open account|| $0 cash account, $2,000 margin account|
SogoTrade online application forms are well designed, and we were done with them in no time. After that we had to wait for an application to be approved -
that should take no more than 24 hours. When it was done, we verified two deposits SogoTrade made into our bank account, which took a few days.
We also had to fax (there is a mail option, too) a voided check. No minimum deposit is required to open an account.
SogoTrade Website/Trading Platform/Tools
Advanced Trading Platform
SogoTrade offers its customers a number of trading platforms:
SogoTrader is a web-based stock trading cockpit where you don't need to leave the page or juggle tabs to make trades. Real-time streaming quotes
and watch lists located alongside a customizable trade ticket, with interactive charts (collapsible) and news. You can monitor your order status
(complete with filters) and positions on the same page as well, with click-to-trade via symbol or price available throughout the platform.
SogoTrader is provided free of charge to all customers.
SogoOptions is designed for sophisticated option traders and it is full of calculators and risk analysis tools. It includes real-time streaming quotes,
watch lists and option chains. You can customize your page layout and order ticket via multiple settings as well as click-to-trade via symbol or price throughout
the platform. It supports up to 4-leg option order entry.
SogoElite is a downloadable platform designed for active traders. It delivers ultra-low latency streaming market data directly from the originating exchanges.
It comes complete with streaming charts, quotes, time & sales, option chains, a heatmap, and top movers lists. It is available to customers with $100,000+
SogoMobile is a browser-based mobile stock trading platform that allows clients to monitor positions, open orders, watch lists and
news. SogoTrade also offers mobile app which is rated by users at 3.7 stars in iTunes app store.
- Very low commissions
- No inactivity or maintenance fees for non-IRA accounts
- Free DRIPs (dividend reinvestment plans)
- Very limited investment choices
- For stocks priced under $1, there is a surcharge of the greater of $0.0003 / share (10% of principal max) OR 1/4% principal
- Extended hours trades are $5 ($3 if over 149 trades per quarter) + $0.005 per share
- Few educational resources
- $35 annual IRA fee
- Can't short stocks under $5
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. Both stock and options commissions are matched by a higher rated brokerage firm called OptionsHouse by E*Trade.
Mutual funds investors get about average rates: no load mutual funds cost $25 per transaction. TradeKing
and OptionsXpress both offer much lower rates at $9.95 per trade. At SogoTrade
mutual funds could be bought or sold only by calling customer service - online trading of mutual funds is not available. 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. By comparison, Scottrade offers
over 2,600 NTF mutual funds.
For a low priced discount brokerage firm SogoTrade's margin rates are about the same as at the much more expensive, large brokerage houses. The lowest rate of 4.50% is
available for balances of $1 million or more, and the highest rate is 9.25% for balances under $10,000. To compare, OptionsHouse
is charging only 3.50% for balances of $1+ million, and the highest rate is only 8.00% for balances of under $50,000.
There will be days when client's buying power and daytrade buying power at SogoTrade will not appear correctly. A client will have to call customer service to resolve
the issue. Since the customer service could be slow, it might take a while.
Almost all U.S. stocks are now tradeable at SogoTrade. The stocks that aren't available at this time are stocks that do not provide information. Unlike most other
online brokerage companies, SogoTrade doesn't offer investing in bonds and CDs.
SogoTrade was ranked close to the bottom of the list in Barron's magazine annual broker survey in 2016 and in prior years. It got very poor results in Trading Experience and Technology,
Mobile, Ranges of Offerings, Portfolio Analysis and Reports, Research and Amenities, and Mobile Trading categories.
We end SogoTrade review with this point: cheap trades are not an advantage in this case, since the poor trading platform and terrible service often result in missed
investment opportunities, even one of which could easily be more expensive than all the savings on commissions. We strongly
encourage investors to research other Online Brokers, before opening an account at SogoTrade.
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