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SogoTrade Review 2022

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SogoTrade, an online stock brokerage based in the USA, offers a variety of investment products, including options, stocks, ETFs, and educational savings accounts. Being one of the best trading companies, SogoTrade offers powerful online trading platforms. They have a variety of stock market research and trading tools to help achieve your financial goals.

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Below are in-depth SogoTrade reviews. It will include pros and cons, features, and customer service quality. We will also discuss the fees and commissions charged by SogoTrade brokerage. This will be an impartial review. AtoZ Markets does not endorse any opinions expressed by the writer. If you represent SogoTrade or believe the writer misrepresented the broker, please contact the AtoZ Markets editorial team.

Company Overview

Sogotrade review

image credit: SogoTrade

SogoTrade was established as a U.S. stockbroker back in 1986. It is currently regulated by Financial Industry Regulatory Authority, the Securities and Exchange Commission, and other regulatory agencies.

It offers a full-service, budget-oriented trading platform. It is known for its innovation and low commissions. But its true value lies in the support provided to SogoTrade customers in achieving their trading and investing goals.

SogoTrade allows stock trades and other assets. Although it offers the majority of mainstream assets, as well as access to research and technical data- its main focus has been trading at low prices.

Overall, SogoTrade has some unique features like customer support and trading technology for the Chinese. However, SogoTrade's pricing advantage has been eroded by the industry shift to commission-free trading.

SogoTrade Offered Products

SogoTrade provides many investment products, including options, stocks, ETFs, mutual funds, and educational savings accounts. SogoTrade offers its customers the best trading technology and the lowest commissions. It has five online trading platforms as well as market research tools.

Equities

SogoTrade provides you the chance to increase your wealth and possibly outpace inflation through investing in equities.

ETFs (Exchange Traded Funds)

ETFs are a group of investments that can include stocks, bonds and commodities. ETFs allow for flexibility and can trade throughout the day. They are also more diverse than one stock position. ETFs can easily be bought and sold on major equity exchanges. SogoTrade allows you to purchase hundreds of ETFs.

Options

SogoTrade is an excellent choice for Options trading. It is a powerful and customizable Options trading platform that was designed for options traders. It offers streaming quotes, powerful analysis, and risk management tools. The platform is highly configurable. SogoTrade provides powerful tools that help you assess the risk and rewards of trades.

 Margin trading

Margin trading refers to borrowing money from a broker in order to invest in financial securities. You can borrow money from SogoTrade to purchase marginable securities. This gives you twice the buying power as a traditional cash account.

Cryptocurrency

SogoTrade offers cryptos through Apex Crypto. Apex Crypto allows cryptocurrency trading in the United States. It is currently available in 48 of 50 states and the District of Columbia. For residents of these two states, crypto trading via Apex Crypto is currently not available.

* Alabama

* New York

Power Portfolios

SogoTrade Asset management has a dedicated Financial Advisor that can assist you. It will help you to identify your investment goals and create a financial plan. It provides personalized guidance and makes it simple through technology.

It can be difficult to make sure that you have the right investments in order to achieve your goals. SogoTrade offers a dedicated team to assist you every step of the way.

How to open a SogoTrade account

SogoTrade account opening process is completely online and easy to use. Open a SogoTrade account quickly and digitally for US citizens and international citizens. The registration process can be done easily using your mobile device. SogoTrade offers several steps to open an account. Let's take a look at those steps.

Visit SogoTrade and click on 'Open An Account' button in the upper right corner of the website and provide your first name, last name and email address then click on continue. Once you have received the email, verify it and then go to the next page. Then complete all the necessary steps.

Pros and Cons of SogoTrade

Pros

  • They have a 'Get Paid to Trade Program'. High volume traders might be able to make a little extra income by trading on SogoTrade's qualifying limit orders. SogoTrade pays $1 per 1,000 shares.
  • You can access a wide range of research tools for free. ValuEngine is available to customers for free. It uses advanced quantitative techniques to analyze data to produce 5,300 U.S. stock ratings and forecasts (including ADRs), 140 sector reports and 16 sector reports. You also have free access to SogoPlay, an options trading tool, and the Morning Call newsletter. This newsletter offers institutional-grade equity research about eight spotlight stocks or ETFs.
  • It offers a wide variety of research tools.
  • SogoTrade offers prompt telephone support. Customers can get human assistance quickly in English or Chinese. Customer service is available in a minimum of 10 seconds.
  • SogoTrade technology and support are available in Chinese. With a click, traders can convert the SogoTrade platform to simplified or traditional Chinese. Support is available in many Chinese dialects.
  • SogoTrade offers access to Apex crypto in all U.S. States, except New York and Alabama.

Cons

  • Although SogoTrade's basic platforms are sufficient for casual investors they do not offer the same functionality as traders such as chart trading and conditional orders. SogoOptions is an exception, offering a versatile and decent toolkit for options traders.
  • SogoTrade only offers a small selection of trading products. Apex Crypto allows customers to trade stocks, ETFs and options as well as four cryptocurrencies. SogoTrade does not support forex trading, commodities, futures or futures options.
  • A commission is charged by SogoTrade when market orders are placed. Customers pay $2.88 for market orders for stocks, ETFs and penny stocks. Additional fees may apply to penny stocks under $1.
  • SogoTrade offers five trading platforms. This makes it difficult to find the right platform for you and make trades that you like. It's difficult to switch between platforms seamlessly and it's easy for users to log out after a change.

Is SogoTrade Legit?

Is sogotrade legit?

The short answer to this question is yes. SogoTrade's regulation is provided by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA).

SogoTrade, although it isn't listed on any stock exchanges or has no banking history, is considered safe due to its long track record and the fact that it is regulated and supervised by top-tier regulators. The SIPC investor protection program offers clients up to $500,000 (cash up $250,000) per account.

SogoTrade's login protocol lets users set a unique account phrase as well as an image. To protect themselves from keyloggers, customers can create a pin number. This is entered via an encrypted keypad on the screen.

Apex Clearing, SogoTrade's clearing company, offers excess Securities Investor Protection Corporation coverage from Lloyd's of London, up to $150 million. Limits are $37.5 million for one customer's securities, and $900,000.000 for one customer's cash.

SogoTrade didn't report any platform outages in 2020 and it also did not report any data breaches during the four-year period under review.

SogoTrade Review: Trading Platform

SogoTrade Review

image source: SogoTrade

SogoTrade's trading platforms make it simple to purchase or sell options and stocks from any type of computer or touch screen device. SogoTrade is committed to providing the best online trading platforms available. SogoTrade offers its customers the best online trading technology and market research tools.

SogoOnline

This SogoTrade platform offers all-in-one access to stocks, ETFs, and other options. SogoOnline allows you to trade online quickly and conveniently using a state-of-the-art online trading platform. You can open an online trading account at a discount stock brokerage by looking at these other sites.

The main features of Sogotrade are:

  • Online trading platform that is easy to use
  • All-in-one stock & option trading
  • Trade technology that is powerful
  • Execution of high quality
  • Intuitive design
  • SogoTrader

SogoTrader is a customizable online trading platform that offers leading technologies such as streaming quotes. It provides the tools and controls traders need to gain an edge in the markets.

The main features of SogoTrader are:

  • Flexible Order Entry
  • Interactive Chart
  • Live Streaming Quotes
  • Extended hours trading
  • Quick & High Quality Execution

SogoOptions

SogoOptions was created for advanced options traders. It is an options trading platform that can be customized and tailored to the needs of options traders. It is the best choice because it offers streaming quotes, powerful analysis, risk management and fast execution in a highly-configurable trading platform.

The main features of this trading platform are:

  • Commissions per contract are low
  • Clear disclosure of the risks and rewards of trading
  • Multi-legged orders only: Pay one base rate

SogoElite

SogoElite offers ultra-low latency streaming market information for U.S. stocks, options and other investments. SogoElite's data stream is directly sourced from the exchanges and delivered to your computer in milliseconds.

The main features of SogoElite trading platform are:

  • Integrated Trading
  • Time and Sales Dynamic Charting
  • Streaming Charts Streaming Quotes
  • Option Chains
  • Top Movers Lists

SogoMobile

SogoMobile is a mobile trading platform that works via a browser. This mobile trading platform was designed for people who want to use browser-based mobile trading from any mobile phone, tablet, or other internet-enabled devices.

It's a fast-trading platform which takes advantage of all the functionality and user-friendly characteristics that you have come to expect from the SogoTrade equity trading platform.

SogoApp

SogoApp allows you to access SogoTrade's order routing technology while on the move. SogoTrade's trading platforms and mobile app SogoApp are built on a single core infrastructure that was originally created for professional traders. SogoApp can be customized to meet the specific needs of traders and investors.

Its main features include:

  • Options and stock trades
  • Streaming quotes, watch lists and other information
  • Streaming charts
  • Live news feed
  • Stop Limit and Stop Orders
  • Account settings that can be customized
  • Site navigation is simple

As for mutual funds, the app, unfortunately, does not offer any trading capability for them.

SogoTrade Investing Tools and Research

 Morning Call

The SogoTrade Morning Call, a daily newsletter that is free to its customers, provides research on eight stocks and ETFs every day before the markets open. Trading Central, a third party research team, provides the content.

 ValueEngine

Customers of SogoTrade have access to ValueEngine services for free, which offer forecasting and valuations for stocks. ValueEngine also sends them a monthly newsletter.

 SogoPlay

SogoPlay offers free tools that help investors assess risk and reward in trading decisions. You can compare trading options by using the company's trade scores for options or equities.

SogoTrade Account Types

SogoTrade offers several online trading accounts that can be used to meet clients' investment needs. They offer the following types of accounts.

  • Individual Account- One person can own and use the account.
  • Joint Account- Two or more people can own and use the account.
  • Business Account- A legal entity owns and uses the account.
  • IRA Account- Only US clients can open an individual retirement account.
  • Coverdell Education Savings Account- Individual account with tax-advantaged status for future education expenses. This account is only available to US clients.
  • UTMA/UGMA Account- You can account for minor clients. This option is available only to US clients.
  • Trust Account- A Trustee is a separate legal entity that holds your account for your benefit.

Cryptocurrency

SogoTrade review

image source: SogoTrade

Through a partnership agreement with Apex Crypto, SogoTrade offers cryptocurrency trading to its customers. At the customer's direction, SogoTrade will also assist with money movement between the customer's SogoTrade and Apex Crypto accounts.

Cryptocurrency trade is currently only available for individual non-retirement accounts.

SogoTrade Review: Cost

The SogoTrade commission and trading fees schedule are as follows:

Option trading fees

  • Commission: $0
  • Contract fee: $0.50
  • Broker-assisted trades $25 plus $0.50/contract

Stock/ETFs Trading Fees

  • Commission on Limit Orders: $0
  • Commission on Market Orders: $2.88
  • Commission on orders of non-qualified odd lots: $2.88
  • Broker-assisted trades: $25

Mutual Funds Trading Fees

  • Broker-assisted commission: $25
  • Account fees (annual, transfer, inactivity)
  • Annual fee for IRA: $25
  • Inactivity fees: $0
  • Maintenance fee: $0
  • Transfers incoming: $0
  • Transfers outgoing: $75
  • Other Transfers: $50 or More

Bank fees

  • ACH Transfer: $0
  • Regular check withdrawals: $5 domestic/$10 foreign
  • Overnight check withdrawals: $50 domestic/$100 international
  • Additional fees for wire transfers, return payments, and stop payments: $30 or more

What is SogoTrade minimum deposit?

SogoTrade is a basic online trading platform that requires no minimum deposit. As there is no minimum deposit required, SogoTrade may be a good broker for beginners. This means that you can invest small amounts easily and start trading.

SogoTrade Customer Support

Customer support

Is SogoTrade good in terms of customer service? SogoTrade has the best customer support in the industry. SogoTrade's nationwide English service center could be contacted by clients/prospects using a toll-free number (US:1-888-709-7646/

Outside US:1-646-885-6594). A nationwide Chinese customer center also functions (1-888-681-7646/1-646-885-6246).

Contact customer service representatives are available between Monday and Friday from 7 am to  8 pm ET. Online forms can be filled out by clients to submit their questions.

SogoTrade Review: Regulation

Broker regulations

Is SogoTrade safe? is well regulated. This means that SogoTrade is supervised by and inspected for their conduct with the Financial Industry Regulatory Authority (FINRA) and The U.S. Securities and Exchange Commission (SEC) regulators.

Regulated brokers do not influence market prices. When you make your request for withdrawal via SogoTrade the request will be accepted. If SogoTrade breaches any rules of regulation, their status as a regulated entity could be removed.

Conclusion

SogoTrade provides many investment products, including options, stocks, ETFs, and educational savings accounts. There's no recurring/periodic account maintenance or inactivity fees on individual, taxable accounts. SogoTrade doesn't require a minimum deposit. As such, this is one of the best online brokers if you want to invest or trade with only a smaller amount of money.

Although SogoTrade's distinctive selling point is the discounted commission, other brokers now offer similar services at attractive fees and commissions.  However, the industry shift to commission-free trading has reduced its pricing advantage.

SogoTrade's platform suits active traders who have their own methods of analysis and research. There are many trading platforms to choose from. However, the lack of strong research content and limited customer service are deterrents. SogoTrade is a great choice if you are solely interested in trading options contracts and not concerned about anything else.

Overview

Company
7/10
Trust
7/10
Trading Platform
7/10
Account Types
8/10
Costs
8/10
Regulation
8/10
Cryptocurrency
8/10

Reviewed By

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