SogoTrade Review

Richard Montana | June 20, 2022

SogoTrade is a regulated brokerage firm that gives you access to a decent range of investment products and services to help you reach your financial goals. You can trade online via robust platforms with competitive fees on a limited range of asset classes including stocks, ETFs and options. I like how they have plenty of powerful tools for conducting in-depth market analysis and finding opportunities. The account opening process is swift with customer service agents and advisors ready to help. I feel that this broker is suited more towards the average retail trader and investor who are looking for hassle free access to the markets. You can choose to trade manually or invest via the asset management service.

Pros / Cons
  • Great choice of versatile trading platforms
  • Competitive commission fees and execution speeds
  • Range of powerful tools for market analysis and research
  • FIX API market access for institutional trading conditions
  • Asset management services via MarketRiders
  • Exceptional one-on-one support online via email or by telephone
  • No minimum deposit to get started
  • Up to $100 in ACAT fee reimbursement when you transfer a qualified account
  • No online payment processors
  • Limited asset classes
  • No MetaTrader platforms
  • Could add some more guides & videos

Summary

SogoTrade was founded in 1986 in South Carolina, United States. They are an online broker serving independent self-directed investors and offering competitive fees across a range of investment products, including stocks for active traders. I like how they provide intuitive trading platforms, market research, an educational centre, trading tools and multi-lingual customer support for both Chinese and English customers.

At SogoTrade, they aim to decrease your risk while lowering your cost and maximizing your return. They seek to offer you the same product at a better price or a better product at the same price. I think they can be a good choice for day traders of all experience levels who want to trade in a regulated environment. From the Morning Call Newsletter to a dedicated options tool, the broker provides you with a good variety of market research and trading ideas to help you achieve your financial goals.

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Regulation

When choosing a broker, one of the first things I look for is regulation. This is because a regulated broker must comply with rules that have been implemented to protect investors. SogoTrade is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). FINRA enables you to participate in the market with confidence by safeguarding your integrity. It is a non-governmental organisation that regulates member brokerage firms and exchange markets. I am satisfied with this regulation which I consider to be top-tier. Therefore, I would personally have no issue trusting this broker.

Funds

They are also part of the SIPC which is an investor protection scheme established in order to protect you against the loss of cash and securities in case the broker cannot fulfil their financial obligations. The SIPC protection is limited to $500,000 with a $250,000 limit for cash. Though I recommend checking out their terms and conditions since they’re pretty specific on who is eligible for compensation. Your accounts are also covered with additional insurance of up to $37.5 million (including $900,000 for cash), up to an aggregate limit of $150 million. Though you should know that this coverage does not insure against declines in the market and a fall in the value of securities.

Countries

SogoTrade is a USA broker that can accept clients from across the globe although there are 100+ countries where clients are unable to open a brokerage account with them. If your country is not accepted for whatever reason, please feel free to use our broker comparison tool to find some alternative options.

Platforms

SogoTrade provides you with a good selection of powerful and flexible platforms to suit the styles and requirements of different traders. These online trading platforms make it easy to buy or sell stocks and options from a device of your choice. You can choose to trade from within your browser, on your desktop or from iOS and Android mobile devices whilst on the go. I find the trading apps ideal for following the markets and managing my positions as and when I need to. The platforms can switch between English and Chinese at the click of a button. This powerful technology helps you make informed investment decisions and react more quickly to market events.

SogoTrade Platforms

SogoTrade Platforms

This online brokerage utilises the latest innovative technologies to provide a powerful and efficient trading environment with real-time streaming watch lists to monitor your strategies, positions and outcomes. You can also build portfolio lists with streaming data, custom views and store lot-level costs. I appreciate how help tools have also been integrated into the platforms to assist new users. I personally would’ve liked to see them offer their services on the popular MetaTrader platforms as this is my platform of choice that you can get through many brokers. None the less, if you are happy to use a proprietary platform, then the SogoTrade platforms have all of the functionality that most of you will need.

SogoTrader

SogoTrader is a fully customisable trading platform that incorporates leading technologies including real-time streaming quotes along with the trading tools and features required for conducting in-depth market analysis. There is basic charting on SogoTrader but you need to use SogoElite in order customise the charts and add detailed technical analysis.

  • Multiple order types
  • Fully interactive charts
  • Real-time live streaming quotes
  • Extended trading hours
  • Reliable execution speeds

I like how you can connect directly to SogoTrade through the Application Programming Interface (API). This may be useful for those of you who need FIX API market access for their trading strategies and customised applications. This gives the average retail trades access to institutional trading conditions. I think anyone who is using scalping systems and high frequency trading strategies that rely on quick execution and small price movements could benefit from this setup.

SogoOnline

SogoOnline is an all in one trading platform for trading directly in your web browser without needing to download or install any additional software. The main advantages of this platform are you can access it from any machine and it is always up to date. For example, if you lost your device or ran out of battery, you could still access your account on another device.

  • User friendly online trading platform
  • Stocks, ETFs & options trading
  • Intuitive design
  • Limited trading tools for market analysis

SogoElite

SogoElite is a powerful and downloadable desktop trading platform that provides you with real-time streaming market data and low latency trading on U.S. stocks, ETFs and options. I like how the data that is streamed is sourced directly from the originating exchanges and delivered straight to your desktop. This is the best platform that has all of the bells and whistles to ensure you get the best trading experience that SogoTrade can deliver. You can create complex strategies to analyse charts in great detail.

  • Integrated trading
  • Dynamic charting
  • Real-time streaming quotes
  • Option chains
  • Top movers’ lists

SogoMobile

SogoMobile is a user-friendly browser based mobile trading platform for trading on any smart phone, tablet or any internet enabled mobile device. This is useful for those of you who wish to access your account and trade whilst on the go. I like how the SogoMobile maintains most of the same features and functionality as the desktop platform. However, it has some limitations so I would primarily use it just to check my positions and the latest market news.

SogoApp

The modern and sleek SogoApp gives on the go access to those of you using Android and iOS devices. I like how it is fully customisable offering a flexible and intuitive user experience.

  • Stock and options trading
  • Streaming quotes & charts
  • Watch lists
  • Real-time news feeds
  • Support for multiple order types
  • Simple navigation
SogoApp

SogoApp

SogoOptions

You can manage your option strategies with an advanced multi-leg options trading platform. I like how this powerful options trading platform offers you streaming quotes, professional analysis and risk management alongside good execution speeds in a fully customisable platform built specifically to meet the needs of the options trader.

  • Competitive commission fee of $2.88 per ticket, $0.50 per contract
  • Paying only one base rate for multi-legged orders
  • Live streaming quotes, powerful analysis & risk management tools
  • Clear display of the risk and reward of a trade

Tools

SogoTrade give you access to a good variety of stock market research and trading tools to help achieve your financial goals. This includes the Morning Call Newsletter, SogoPlay options tool, and more. I like how you also have free access to ValuEngine which is a stock valuation and forecasting service that covers over 5,000+ U.S. stocks and ADRs and offers lists of market neutral strategies.

There are also plenty of tools already built-in to the provided platforms which should be more than enough to meet the demands of most traders. You can customise the platforms to be as simplistic or complex as you need them to be. I found some handy tools for technical analysis, fundamental analysis and price action analysis. There is everything you need to conduct in-depth market analysis and build your own trading strategy templates.

Morning Call

The SogoTrade Morning Call give you access to institutional grade equity research  and trade ideas for free.

  • 8 Spotlight Stocks and ETFs to consider, delivered via email daily before the market opens
  • Includes both upside and downside price targets
  • 100+ leading global financial institutions in 30 countries trust this research and rely upon it daily
  • Spotlight selections have been chosen based on an award-winning methodology and backed by time-tested indicators
  • The chartist and mathematical approaches taken satisfy various investment styles

ValuEngine

ValuEngine (VE) is a stock valuation and forecasting service founded by Ivy League finance academics and Wall Street professionals in 1996. VE utilizes the most advanced quantitative techniques and analysis available. Here are some of the highlights:

  • Utilizes advanced quantitative techniques and analysis
  • Approximately 5300 US Stock Rating and Forecast Reports (including ADRs)
  • Approximately 140 Industry Reports and 16 Sector Reports
  • Market Neutral Strategy (MNS) portfolios: offer the potential for decent, steady returns in both good markets and bad.
  • VE View portfolio: provides the relative security of larger cap stocks with the potential for strong returns
ValuEngine

ValuEngine

EvoShare

With your SogoTrade account, get free access to a robust cash-back savings app from EvoShare. Earn on everyday spending and automatically apply the cash-back to fund your SogoTrade account.

Education

There is also a dedicated educational centre with a range of materials to help improve the skills and knowledge of all levels of traders. I appreciate that the SogoPlay platform has an abundance of useful information related to options strategies, how to use them and how to analyse them efficiently. I think there is enough material for everyone to learn something new.

SogoTrade Market Research

SogoTrade Market Research

Markets

SogoTrade offers online trading on stocks, ETFs, options and cryptocurrencies through Apex. The more you trade, the less the commission charged. For active traders executing 150 or more trades per quarter, the commission for stock and exchanged-traded fund (ETF) trades regardless of order type or share limit is $2.88 instead of $4.88. For those with less frequent trading activity, they offer pre-paid stock trading packages of 20 trades each for $3.88 per trade or 50 trades each for $2.88 per trade.

  • Stocks & ETFs: $2.88 for active traders (usually $4.88)
  • Options: $2.88 per ticket, $0.50 per contract
  • Cryptos: Buy and sell cryptocurrencies like Bitcoin through SogoTrade using Apex Crypto
  • Power Portfolios: Customised portfolios matched to your financial goals

Accounts

SogoTrade has a variety of different accounts catering to different investing goals. The individual account allows you to start trading with SogoTrade. I really like how there is no minimum deposit required which means potential clients can give them a try with a minimal investment. However, if purchasing stocks priced below $1 per share, the minimum investment permitted is $100.

The account types offered are:

  • Individual Account – An investment account opened for one person
  • Joint Account – An investment account opened for two people
  • Business Account – an account for a corporation or LLC
  • IRA Account – an account for Traditional IRA, Roth IRA, or SEP IRA
  • Coverdell Education Saving Account
  • UTMA/UGMA Account
  • Trust Account

Margin Trading

SogoTrade does offer margin accounts where you can borrow money to buy marginable securities, which can give you up to twice the buying power of a traditional cash account. However, this comes with additional risks that you should be aware of. Margin trading is risky since the margin loan needs to be repaid to the broker regardless of whether the investment has a gain or loss. Buying on margin can magnify gains, but leverage can also exacerbate losses.

SogoTrade Asset Management

I like how the SogoTrade Asset Management investment advisors can help you to build a portfolio that is relevant to your investment goals and risk preferences. Free consultations are also available upon request. You can use cutting edge technology to answer a few questions and see your customized portfolio in an instant. Portfolio management and advisory services are provided by MarketRiders, Inc. (doing business as SogoTrade Asset Management (“SAM”)), a registered investment advisor.

MarketRiders

MarketRiders

Support

SogoTrade customer service is offered via online chat, telephone and email. The knowledgeable specialists’ team speak English and Chinese and are available Monday through Friday, 7:00a.m. until 8:00p.m. Eastern time (excluding stock exchange holidays). I wouldve liked to see them offer their support services 24/7 in case of emergencies. They are able to answer general, technical and account questions in a prompt and efficient manner. The live online chat is unable to access or discuss your accounts.

Funding

SogoTrade offers wire transfer, cheques and an automated clearing house (ACH) for account deposits and withdrawals. I like how you can also transfer securities and/or funds to your SogoTrade account from another financial institution. The funding options are generally limited compared to other online brokers which offer credit/debit card funding and other online payment processors.

Withdrawal fees for the US are $25 whilst non-US clients must pay $50. You should know that there may also be some additional fees charged when making deposits or withdrawals. Bank transfers may take a few business days to clear. Accounts can only be opened in USD currency which means that currency conversion fees can apply if you are not funding in this currency.

Conclusion

SogoTrade is a regulated and established online brokerage located in the United States that has served investors since 1986. They do have a wide range of investment products, powerful online trading platforms and market research tools to help you achieve your investing and trading goals. I found them to have reasonable fees for trading stocks, ETFs, options and cryptos. I like how they implement advanced trading technology in order to create the most value possible.

Despite the positives, I did find their trading instruments and funding options to be quite limited when compared to some other online brokers. They are also predominantly focused on the US and Chinese market. That being said, they are worth consideration as a day trading platform for beginners. At SogoTrade, you have the tools at your fingertips to manage your stock trades, options strategies and long-term financial goals.

SogoTrade Logo

Min $1 Deposit

SogoTrade is a regulated brokerage firm with a good selection of platforms and tools along with competitive fees. They have a range of investment products and services catering towards day traders and long-term investors of all experience levels.

All investments involve risk, including loss of principal. Past performance does not guarantee future results.

About the Author

Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.