SogoTrade Review 2020
SogoTrade is a regulated US online broker offering competitive stock trading fees on intuitive trading platforms. They do not offer forex, CFD or crypto trading and funding options are limited compared to other online brokers.
SogoTrade Review 2020, Pros & Cons
- Strict regulation
- Securities Investor Protection Corporation (SIPC)
- No minimum deposit
- Flexible trading platforms
- Competitive commissions
- Educational centre
- Restricted leverage
- No forex, CFD or crypto trading
- No online payment processors
- No MetaTrader platform
In this detailed SogoTrade review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
SogoTrade is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including SogoTrade.
SogoTrade Review: Summary
SogoTrade was founded in 1986 in South Carolina, United States. SogoTrade are an online broker serving independent self-directed investors and offering competitive fees across a range of investment products, including stock trades from $2.88 for active traders (usually $4.88). They provide intuitive trading platforms, market research, educational centre, trading tools and multi-lingual customer support for both Chinese and English customers.
SogoTrade Review: Regulation
SogoTrade, Inc is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC) scheme.
FINRA enables investors and firms to participate in the market with confidence by safeguarding its integrity. It is a non-governmental organisation that regulates member brokerage firms and exchange markets.
The SIPC is an investor protection scheme established in order to protect clients 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.
Client 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. This coverage does not insure against declines in the market and a fall in value of securities.
SogoTrade Review: Countries
SogoTrade is a US 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. Some SogoTrade broker features and products mentioned within this SogoTrade review may not be available to traders from specific countries due to legal restrictions.
SogoTrade Review: Trading Platforms
SogoTrade provide a range of powerful and flexible trading platforms to suit the styles and requirements of different traders. The 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. The platforms can switch between English and Chinese at the click of a button.
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. Help tools have also been integrated into the platforms to assist new users.
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
You can connect directly to SogoTrade through the Application Programming Interface (API). This may be useful for the programmers who need FIX API market access for their trading strategies and customised applications.
SogoOnline is an all in one trading platform for trading directly in your web browser without needing to download or install any additional software.
- User friendly online trading platform
- Stocks, ETFs & options trading
- Intuitive design
- Limited trading tools for market analysis
SogoElite is a downloadable desktop trading platform that provides real-time streaming market data and low latency trading on U.S. stocks, ETFs and options. The data stream is sourced directly from the originating exchanges and delivered straight to your desktop.
- Integrated trading
- Dynamic charting
- Real-time streaming quotes
- Option chains
- Top movers’ lists
SogoMobile is a browser based mobile trading platform for trading on any smart phone, tablet or any internet enabled mobile device. This is useful for those who wish to access their account and trade whilst on the go. SogoMobile maintains most of the same features and functionality as the desktop platform.
SogoApp gives on the go access for traders using Android and iOS devices. 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
SogoTrade provide options trading via the SogoOptions trading platform. This platform offers streaming quotes, powerful analysis & 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
SogoTrade Review: Trading Tools & Education
SogoTrade provide a variety of market research and trading tools that can be used to help investors achieve their financial goals. This includes the Morning Call Newsletter, SogoPlay options tool, and more. Clients 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 is also a dedicated educational centre with a range of materials to help improve the skills and knowledge of all levels of traders. The SogoPlay platform has an abundance of useful information related to options strategies, how to use them and how to analyse them efficiently.
SogoTrade Review: Trading Instruments
SogoTrade offer online trading on stocks, ETFs and options. 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
Unfortunately, this online brokerage does not offer forex, CFD or cryptocurrency trading.
SogoTrade Review: Trading Accounts & Fees
SogoTrade have a variety of different accounts catering to different investing goals. The individual account allows you to start trading with SogoTrade. There is no minimum deposit required. 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
SogoTrade do 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.
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 available upon request.
As broker fees can vary and change, there may be additional fees that are not listed in this SogoTrade review. It is imperative to ensure that you check and understand all of the latest information on the official SogoTrade website before opening a brokerage account.
SogoTrade Review: Customer Service
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). 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.
SogoTrade Review: Deposit & Withdrawal
SogoTrade offer wire transfer, check and automated clearing house (ACH) for account deposits and withdrawals. Clients can also transfer securities and/or funds to their SogoTrade account from another financial institution.
The funding options are generally limited compared to other online brokers who offer credit/debit card funding and other online payment processors such as PayPal, Skrill, Neteller, etc.
Withdrawal fees for the US are $25 whilst non-US clients must pay $50. 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.
SogoTrade Review: Account Opening
You can open a SogoTrade account online by completing the short application form. You will need to provide some personal details, answer some trading experience questions and have proof of identification to hand. US traders must have a valid U.S. social security number (SSN) to open an account as a U.S. resident. International clients will need a passport or drivers license to verify their identification and utility bill or bank statement as proof of address.
Once you have completed and submitted the application, it can take up to a few days for your SogoTrade account to be verified which is normal for US brokers.
SogoTrade Review: Conclusion
SogoTrade is a regulated and established online brokerage located in the United States with a range of user-friendly trading platforms and useful tools. They have reasonable fees for trading stocks, ETFs and options. The trading instruments and funding options are limited when compared to other online brokers. They do not offer forex, CFD or cryptocurrency trading whilst there is no MetaTrader platform.
Before investing carefully consider the underlying objectives, risks, charges, and expenses of the investment product. All investments involve risk, including loss of principal. Past performance does not guarantee future results. There is no assurance that the investment process will consistently lead to successful investing.