Sogotrade rating

SogoTrade Review

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 New Account Setup

SogoTrade (member of SIPC) 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 Review: Website

SogoTrade Review: Trading

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+ account balances.

Mobile Trading

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.

SogoTrade Review: Pros

  • Very low commissions
  • No inactivity or maintenance fees for non-IRA accounts
  • Free DRIPs (dividend reinvestment plans)

SogoTrade Review: Cons

  • 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 Review Summary

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 Ally Invest.

Mutual funds investors get about average rates: no load mutual funds cost $25 per transaction. Ally Invest and Firstrade 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, TD Ameritrade offers over 2,000 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.

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.

SogoTrade Website

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SogoTrade reviewed by Rating: 3