SogoTrade Pricing and Minimum Deposit
| Investments | Commissions |
|---|
| Stocks and ETFs | $0 for limit orders, $2.88 for market orders |
| Stocks and ETFs broker assisted | $25 |
| Options | $0.50 per contract |
| Options broker assisted | $25 + $0.50 per contract |
| Options exercise/assignment | $15 |
| Investments | stocks, options, cryptocurrencies, ETFs |
| Sogotrade minimum deposit to open account | $0 cash account, $2,000 margin account |
Overview of SogoTrade
Although SogoTrade isn’t the most famous broker, it provides a strong set of trading and investing services, including a fascinating commission plan. It’s certainly worth a look.
SogoTrade Pros
Paid to trade: Customers can earn cash for making trades.
Multiple software platforms: Includes an API for institutional users.
Asset management: Advisory services are offered.
SogoTrade Cons
Not always zero-commission: Certain stock trades still cost money.
Limited customer service: No branch locations and no round-the-clock help.
High fees: IRAs, options, and other services can incur multiple charges.
SogoTrade Investment Services
SogoTrade has both self-directed and advisory accounts. The self-directed side naturally provides the widest range of tradable products:
- Stocks
- ETFs and closed-end funds
- Options
- Cryptocurrencies
SogoTrade’s crypto trading is powered by Apex. Sadly, many investment products—like precious metals, futures, forex, bonds, mutual funds, and global assets—are missing.
But there is a large variety of account types. SogoTrade offers many accounts, some with tax advantages. Beyond individual and joint setups, there are custodial, business, estate, retirement, trust, education, and institutional accounts.
Certain account types can be opened by non-U.S. citizens because of SogoTrade’s robust foreign account options. Some visa holders don’t need a Social Security Number, which is a valuable feature. Applications must be completed in Chinese or English.
SogoTrade clients receive a complimentary EvoShare membership, providing cash back into a SogoTrade account with no monthly or annual cost.
Opening an Account
It only takes a few minutes to complete SogoTrade’s online application. However, approval isn’t immediate. It might be a few days before SogoTrade gives the green light, and until then, you can’t log into the website.
When we opened a U.S. account, we got an email asking for three documents: proof of residency, Social Security card, and another government ID, such as a driver’s license. This adds more steps and time to the process. Still, our account was active in under 6 hours. But SogoTrade needed 11 calendar days to set up ACH transfers, and for the first 90 days, only one bank could be linked.
U.S. residents and others should begin by clicking the orange “open an account” button on SogoTrade’s site. Non-U.S. users must upload several digital documents, like a passport, visa, and proof of residency.
Options, margin, and crypto privileges can be added with one application. A managed account can be set up by choosing the Power Portfolio option on the online portal.
Customer Service
Applicants and clients can contact SogoTrade’s support team on weekdays. The company is closed on weekends. From Monday through Friday, service is open from 7:00 am to 8:00 pm Eastern. During these times, we tried calling both the local and toll-free numbers but did not reach anyone.
There is a live chat tool on the site (find ‘Live Help’ at the top). We got replies this way, so chat may be more reliable. There is also an email form on the Contact page.
SogoTrade is focused on the Chinese-speaking community as well. Its call center has Chinese-speaking reps, operating during the same hours. There are phone numbers for clients in China, Taiwan, and Hong Kong. The Hong Kong office is open 24 hours a day, 5 days a week.
The SogoTrade website can be viewed in simplified or traditional Chinese by clicking links next to the chat option. Accessibility settings are at the bottom-right corner.
SogoTrade Asset Management
Beyond self-directed trading, SogoTrade has a comprehensive advisory program. It’s a combined robo-human setup. Software selects which ETFs to hold and how to allocate them, but each account also has a personal advisor.
SogoTrade’s advisors can meet in person, although the company only has offices in New York City and St. Louis. You can also schedule phone or video meetings.
There are two types of management services: one that mirrors market indexes and another that aims to beat them.
A short online form starts the managed account application. The basic questionnaire has just six questions, which we view as too few. Some sample questions are:
- How much do you plan to invest?
- How much risk can you accept?
- What is your investment experience?
SogoTrade’s algorithm uses these answers to build a portfolio of ETFs from Vanguard and iShares.
Along with this standard program, SogoTrade Asset Management has an upgraded option, adding extras like tax-loss harvesting, financial planning, debt advice, retirement help, and more.
SogoTrade Self-Directed Pricing
Now for the question all traders ask: how much will this cost? Like many brokerages, SogoTrade has changed its pricing in recent years to reflect lower-cost trading.
For self-directed accounts, SogoTrade removed its old low-balance fee, so taxable accounts no longer have recurring costs. There is a $25 yearly IRA fee. Closing an IRA is $75.
Trade fees have also changed. Limit orders are $0 if the order is at least 100 shares or the fill is at least $2,000. Otherwise, the cost is $2.88.
Now here’s where it gets intriguing: these limit orders can actually earn rebates. You get $1 for every 1,000 shares traded. Some conditions apply: it has to be done during normal market hours, and the limit order must be at least a penny below the ask (for buys) or above the bid (for sells). Essentially, it can’t fill right away.
Other order types still have fees and don’t qualify for rebates. Market orders and trades of OTC or penny stocks cost $2.88. Penny stocks also have an extra charge of $0.0003 per share or 0.25% of the trade’s value, whichever is higher.
Options have no base fee but do have a 50¢ charge for each contract. Assignments and exercises cost $15.
Crypto trades run 1% of the trade amount, with a $1 minimum.
There are other fees. Phone trades with a live broker cost an extra $25. A paper tax document is $10, which is probably the most disappointing charge.
Asset Management Fees and Minimums
Managed accounts don’t pay commissions, but their numbers differ elsewhere. There is a required deposit: $1,000 for the index-following plan and $25,000 for the strategy that tries to outperform the market.
The annual management fee is 0.75%, billed monthly. There’s a $5 minimum each month, so smaller accounts pay a high percentage.
The enhanced advisory service mentioned before costs extra, though negotiable. It won’t exceed 0.75% per year.
SogoTrade Margin Rates
You can switch a cash account to margin on SogoTrade’s site, or revert margin back to cash.
Margin accounts get moderate interest rates. Currently, it starts at 13.5% and goes down to 8.75% for balances of $1 million or more.
SogoTrade’s platforms (discussed soon) show overnight and day-trade margin rules for each ticker, both long and short. Some symbols allow up to 4:1 leverage for overnight and day trading.
These platforms also display buying power for margin accounts. This data is right next to the order ticket on SogoOnline.
SogoOnline
SogoTrade’s self-directed users have several platforms. The first is SogoOnline, the broker’s most basic software, so it’s a logical place to start. It’s web-based and can be opened by hovering over the Trade tab on the website and selecting it from the drop-down list.
SogoOnline handles stock and options orders, but there are no chains for options. You must manually choose key details like the option type, expiration, and trade open type.
The stock section has 6 order types, including stop and trailing stop limit. There is also a separate sell short function.
SogoTrader
SogoTrader is next. Also launched from the Trade tab, it’s slightly more advanced. A typed ticker symbol here yields a chart, but it can’t go full screen, and there are few tools. Only line and candlestick styles are available.
You’ll see the same order ticket at the top that appears in SogoOnline. There are two time-in-force settings: day and GTD. For GTD, you must add an expiration date.
SogoOptions
While SogoOnline can place derivative orders, it’s quite basic. SogoOptions is far more advanced. You’ll find it under the same Trade tab.
This dedicated options tool has many features, such as:
- Greek values with corresponding charts
- Profit/loss graphics
- Pre-built spread strategies
- A custom strategy builder
- A probability calculator
You can filter spread strategies by the symbol’s expected movement (bullish, bearish, neutral, or volatility). Examples include bull put ladder spreads, long straddles, and covered calls. The platform provides a broad P/L chart and detailed description for each.
The order form can be filled by clicking the bid or ask on the chain display.
During our test, some parts of SogoOptions wouldn’t load on Google Chrome during market hours. Switching to Microsoft Edge solved this issue.
SogoElite
Finally, there’s SogoElite. Despite its name, it’s not very advanced. In fact, you can’t place trades on it, so its main functions are charting and watchlists.
To use a platform that doesn’t even allow orders, your account must be funded and signed up for real-time quotes. SogoTrade charges for quote data ($1.25 to $3.00 per month).
Mobile App
SogoTrade’s mobile app is compatible with Apple and Android devices. It offers charts with bar, candlestick, or mountain styles. You can rotate them horizontally for a better view, though there are no tools at all.
Option chains exist for calls and puts, though no pre-made strategies are offered. You can create custom multi-leg trades.
The order ticket is the same one we’ve seen. It does include a unique order type called GP2T, which stands for “get paid 2 trade,” the method for earning rebates.
A watchlist is available, but it doesn’t sync with the website. You can set alerts on a stock or fund. Sadly, there’s no video news, and no mobile check deposit feature.
Supplementary Services
Initial Public Offerings: No IPO trading is offered.
Extended Hours: SogoTrade has pre-market trading from 7:00 am to 9:25 am EST and after-market from the close to 7:00 pm. No phone orders are allowed during these times.
Individual Retirement Accounts: U.S. citizens and permanent residents can open Roth, SEP, or Traditional IRAs.
Fractional-share Trading: Only whole shares for stocks and ETFs, although crypto can be traded in fractions.
DRIP Service: Dividends can be automatically reinvested, but you must contact services@sogotrade.com.
Recurring Mutual Fund Purchases: Not supported, and mutual funds themselves are not offered.
Recommendations
Individual Retirement Accounts: Due to the multiple IRA fees, we can’t recommend SogoTrade.
Charles Schwab provides more IRA varieties with no charges.
Mutual Fund Investors:
Firstrade offers thousands of funds with no transaction fees.
Beginners: A robo account through SogoTrade Asset Management is a reasonable place to start.
Active Stock and ETF Trading: SogoTrade’s platforms are not the most advanced.
Webull provides stronger trading software plus fractional shares.
Long-Term Investors and Retirement Savers:
Charles Schwab
has many lifecycle funds, annuities, individual 401k plans, local branches, IRA calculators, and more.
Small Accounts: For self-directed trading, SogoTrade has no minimum. For robo investing, we
suggest Webull, which only requires $100.
SogoTrade Review Summary
SogoTrade provides a decent managed account service, although its self-directed side could be better,
especially regarding software. Getting paid to trade is an interesting angle, and the broker’s foreign
account support is a unique plus.
Updated on 3/17/2025.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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