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SogoTrade Review

A well-respected broker with discounted trading commissions

SogoTrade review
Overall
InvestorGreg upholds the most rigorous standards for testing of brokers. We may receive compensation for advertising or for links that feature inside our reviews. Learn more about our methodology and review process.

Introduction

SogoTrade is a broker that is based in St. Louis, Missouri, United States and first started its operations back in 1986. It is under the regulation of the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

It is not currently listed on a stock exchange and there is no background in banking at SogoTrade. The SogoTrade platform is also available in Chinese for users. There are a variety of different aspects of this offering. One of its main focuses is on being innovative with its offering, as well as having a lot of discounts when it comes to trading commissions.

This SogoTrade review breaks down these different aspects, looking at what the platform does well and where it can improve.

Overall Rating

Products & Fees
4
Security
5
Tools
4
Desktop Experience
4
Mobile Experience
5
Banking
3
Customer Support
4
Education
3

Pros

  • Plenty of trading platform options

    With five different types of trading platforms, you will certainly find an offering that suits your specific needs.

  • Decent fee structure

    The fee structure at SogoTrade is pretty good when compared to a lot of its competitors. You can even obtain deeper discounts if you hit the frequent trader threshold during a quarter.

  • Well-regulated

    SogoTrade has been around since 1986 and is a well-respected broker. It is under the oversight of the SEC and FINRA, as well as client accounts being protected under SIPC and additional insurance.

Cons

  • Limited payment methods

    The payment methods are very restricted and they also come with somewhat hefty fees.

  • No 24/7 customer support

    While there is a good range of different customer support options, the lack of 24/7 or even 24/5 support is disappointing. Despite that, the customer support team does provide quality answers.

At SogoTrade, we aim to decrease your risk while lowering your cost and maximizing your return.

Commissions & Fees

SogoTrade claims to have some of the most competitive fee structures in the broker space today. There are two different sets of fee structures. If you are a frequent trader, making at least 150 trades per quarter, you will get discounted fees in comparison to when you make fewer than 150 trades in this period.

When trading equities online and you are a frequent trader, you will pay a base rate of $2.88, rising to a base rate of $4.88 for less frequent traders. If you are making your trades with the assistance of the broker, you will be paying a base rate of $40.

For options trades, frequent traders will pay a base of $2.88 plus $0.50 per contract. This rises to a $4.88 base rate and a $0.50 fee per contract for less frequent traders. For options exercising or assignment, there is a $15 fee. If you are looking to trade mutual funds, there is a cost of $25 per trade. Generally, the array of trading fees is pretty solid by industry standards, particularly if you place a lot of trades.

You also have some admin fees that you have to deal with. For example, if your total account equity drops lower than $100 in a 12-month period, you will then need to pay an annual fee of $50. You will also pay a fee for the use of a lot of the payment options.

Commissions & Fees
Stock
ETFs
Options
Mutual Funds
Bonds
CFDs
Futures
Cryptocurrency
 
SogoTrade
$2.88
$2.88
$2.88 + 50c
$25
$20
$2.88
$2.88
$1 or 1%
Robinhood
Commission-free
Commission-free
Commission-free
N/A
N/A
N/A
N/A
Commission-free
Interactive Brokers
$0.005
$0
$0 + $0.70 per contract
$14.95
0.1% of face value
N/A
$0.85 per contract
$5 per contract
Webull
Commission Free
Commission Free
N/A
N/A
N/A
N/A
N/A
N/A
Tastyworks
$0
N/A
$1
N/A
N/A
N/A
$1.25
N/A
TradeStation
$0.00
$0.00
$0.60 per contract
$14.95 per trade
$14.95 per trade
N/A
$1.50 per contract
N/A

Platform & Tools

There are a number of proprietary trading platforms to choose from on SogoTrade. SogoOnline is a platform that encompasses stocks, ETF and options trading in one place in a simplified and quick fashion. The SogoTrader platform has been a part of the broker for a number of years and is more comprehensive of an offering that SogoOnline.

SogoOptions naturally is dedicated to options trading and encompasses all of the various tools and indicators you need to have access to when trading options. There is also the SogoElite trading platform that has ultra-low latency and real-time streaming of market information. Finally, SogoMobile allows you to quickly and easily place trades on the go on any mobile device that is internet enabled and meets the system specs.

Platform & Tools
Desktop Platform (Windows)
Desktop Platform (MacOS)
Web Platform
MT4
MT5
Research & Analysis
Social trading
Education
Demo account
 
SogoTrade
Robinhood
Interactive Brokers
Webull
Tastyworks
TradeStation

Mobile App

The SogoMobile trading platform does not have to be downloaded. It is browser-based and works with all types of smartphones or tablets. The process of placing trades is very quick and you have access to a lot of the different functions and features that are part of the desktop trading platforms at SogoTrade. Finally, it is very easy to use and it is designed in a sleek and clear fashion.

There is also a SogoApp that you can download and has all of the different features you could ever want or need from a mobile broker platform.

Account Types

SogoTrade mainly caters to clients in the United States, with a large number of countries being on the restricted list. In total, there are seven different types of accounts that you are able to open. You can choose from an individual account, joint account, business account, IRA account, education savings account, UGMA/UTMA account or a trust account.

The registration process will take about twenty minutes and account approval generally comes within 24 hours. There is a step that requires you to verify your identity. This means providing a copy of some photo ID and proof of address.

Deposits & Withdrawals

There are a few different options when it comes to adding and withdrawing funds from your SogoTrade account. You can make a wire transfer, deposit via check, use an ACH transfer or an account transfer. There are fees associated with most of these options. ACH transfers are free, with a check withdrawal being $5 a domestic wire transfer being $25 and an international wire transfer being $50.

You can only conduct transactions using US dollars and the withdrawal process usually takes around three business days. Making deposits can often be a bit quicker, but it will still take a couple of business days in most cases for funds to process.

Deposits & Withdrawals
Minimum deposit
Withdrawal Time
Withdrawal Fee
SogoTrade
$0
3 business days
$25 for US wire transfer
Robinhood
None
5 days trading holding period for uninvested funds
Free
Interactive Brokers
$0
3-5 days
$0
Webull
Zero
2 business days
$45 (International Wire)
Tastyworks
$0
3 business days
$25-45
TradeStation
$500
3-5 business days
$35 for US domestic withdrawals

Customer Support

At SogoTrade, there are a few different options you can choose from if you are trying to resolve an issue you may be having. You can get in touch with the customer support team by using the live chat function, via telephone or by sending them an email. The phone support is very fast and you will get top-quality answers.

For more detailed questions, email is probably the best option while more straightforward issues can be resolved through live chat. The main downside to the customer support offering is that it is not open on a 24/7 basis. Instead, you can only contact the support team during the week from 7 AM until 8 PM ET.

Security & Fairness

As mentioned, the SogoTrade broker is under the watchful eye of the SEC and FINRA, two of the most respected financial watchdogs in the finance world. You will also be protected through the Securities Investor Protection Scheme (SIPC), which is an added comfort. The max protection you can get through SIPC totals $500,000, with a limit of $250,000 being in place for cash deposits. This coverage is in place in case the broker goes bankrupt, with non-US customers also receiving this protection.

There is also further insurance in place on accounts, with the aggregated coverage being for $150 million. There are certain types of investments that SIPC does not cover. These are the likes of fixed annuity contracts, precious metals, commodity options and unregistered investment contracts. There is no negative balance protection in place at SogoTrade.

In terms of privacy of data, the latest in encryption technology is used to ensure that all of your personal and financial data is kept safe and sound from nefarious eyes.

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InvestorGreg Editorial Team

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