SogoTrade Review

By | March 17, 2021

What is SogoTrade?

SogoTrade is a US stock broker which deals in stocks, bonds, funds and more. It was founded in 1986. Sogo is regulated by top financial institutes SEC & FINRA. 

It has its headquarter in St. Louis, Sogo serves its customers through 12 regional offices and more than 190 Investor Centers in the United States.

It has a long operating history which makes it safer for the trader. 

sogotrade

Account Opening

Account opening at SogoTrade is digital and straight forward. It offers many types of accounts. 

What is the minimum deposit at SogoTrade?

There is no minimum deposit required at SogoTrade. However, you are required to have a minimum deposit if you trade using a margin account. 

Along with this you have to maintain a minimum of $100 in your account, otherwise they will charge an inactivity fee. 

Account Types

Account Type Short Description 
Individual AccountAccount is owned and used by a single individual.
Joint AccountAccount is owned and used by two or more individuals.
Business AccountAccount is owned and used by a legal entity.
IRA AccountIndividual retirement accounts are only available for US clients.
Coverdell Education Saving AccountTax-advantaged individuals account for future educational expenses. This is only available for US clients.
UTMA/UGMA AccountAccount for minor clients. This is only available for US clients as well.
Trust AccountAccount is held by a Trustee for your benefit.

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Fees

SogoTrade has low non trading fees and commission free stock trading. On the other hand, it has a high margin and mutual fund fee. 

 SogoTrade fee snapshot 

Assets Fee Terms
US stock$4.88 flat fee/trade, $2.88 flat fee/trade above 150 trades/quarter
Mutual fundBroker-assisted only
Inactivity fee$50/year, if balance is under $100 and 0 trades in the last 12 months

If you want to do trade on margin, then you must check the margin rates before trading. 

For those, who don’t know what margin trade is? Margin trade means that you borrow money from your broker to trade in stocks. You have to pay interest on this borrowed amount, hence the margin rates are;

SogoTarde margin rates

Debit Balance Rate%Base Rate +/-
$1,000,000 or more4.50%Base rate – 2.25%
$500,000 – $999,9995.00%Base rate – 1.75%
$250,000 – $499,9995.50%Base rate – 1.25%
$100,000 – $249,9996.00%Base rate – 0.75%
$50,000 – $99,9997.25%Base rate + 0.50%
$25,000 -$49,9998.25%Base rate + 1.50%
Under $25,0009.25%Base rate + 2.50%

SogoTrade stock & ETF fees

Normal Trading Active Trading Pre Paid Trading 
Commission$4.88USD2.88$2.88 at 50 trade packages. The package has a $144 price.$3.88 at 20 trade packages. The package has a $77.6 price.
When is the commission applied?If you trade between 0 – 149 per quarterWhen you trade more than 150 per quarterIf you buy Pre-Paid Package

SogoTrade also allows you to trade in crypto but this option is limited to US customers only. SogoTrade has started this in partnership with Apex crypto.

sogotrade

Deposit and Withdrawal

SogoTrade has a user friendly deposit and withdrawal process. It charges no deposit and withdrawal charges. But you can use only bank transfer, as it does not support credit/debit transactions. And it charges $50 from non-US residents & $25 from US residents for wire withdrawal.

It offers 1 base currency, i.e USD. 

If you’re from the US you can also use ACH, check deposit and account transfer. 

Trading Platform

SogoTrade trade platform comes in three format :

  1. Web Trading Platform
  2. Mobile Trading application
  3. Desktop Trading Platform

SogoTrade provides multiple web trading platforms; they are SogoTrader, SogoOnline & SogoOption. 

All of the trading platforms are easy to use and are beginner friendly. They provide a safe login and clear fee report. Mobile apps are available in both Android and iOS.

However, desktop trading platforms are not very suitable for beginners. Desktop trading platforms are so advanced and have so many functions. 

sogotrade

Products Offered

At SogoTrade, you can trade with US stocks, ETFs, options, and cryptos. However, the offered assets cover only the US market and popular asset classes, such as bonds or mutual funds, are not provided.


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Customer Service 

You can connect SogoTrade via:

  • Live Chat
  • Phone
  • Email

No 24/7 support available. 

Pros Cons
Commission-free US stocks and ETFsLimited product portfolio
Wide range of research toolsHigh mutual fund fees and margin rates
Many account typesCredit/Debit card not available
User-friendlySlow live chat
Trading platform tutorialDemo account is only for desktop

Is SogoTrade Legit or Scam?

SogoTrade is a legit stock broker. We’re saying this because it is regulated by top financial institutions. The clients which operate under Fidelity are protected by the SIPC protection scheme.

The limit of SIPC protection is $500,000, which includes $250,000 for cash. This amount is substantially higher than what most investor protection schemes provide.

The Verdict

SogoTrade has low stock & ETF fees. They provide a wide range of tools for research and good educational material to learn about the platform. 

On the other side, it charges inactivity fees, has high wire withdrawal charges. The desktop platform is quite  complex to use & no 24/7 support available.

Account opening is easy and inactivity fee strike after 1 year, feel free to try this. 

sogotrade

FAQ’s

How much does it cost?

There is no minimum deposit required. However, if purchasing stock priced below $1 per share, the minimum investment permitted is $100.  At SogoTrade, we have some of the lowest stock trading fees in the Industry. Not only stock trading fees, but also some of the lowest options trading fees and margin interest rates, as well.

What are Qualifying Limit Orders?

• BUY ORDER: order placed at least one penny below the ask
• SELL ORDER: order placed at least one penny above the bid

How do I cancel a funds transfer?

To cancel a transfer request that you have submitted online, please go to Funds/Account Transfer > Funds Transfer History page. You can only cancel transfers in “Pending” status. If your request has been approved and you wish to cancel it, please contact SogoTrade Customer Support for assistance.

What happens to the pre-paid trades that I have already purchased?

Any pre-paid trades will be applied to non-qualifying orders such as market orders where the base rate is $2.88.

Sogotrade Review

9.1

Trading Platform

9.2/10

Products Offered

8.9/10

Fees

9.3/10

Customer Service

9.0/10

Pros

  • Many account types
  • User-friendly

Cons

  • Credit/Debit card not available
  • Slow live chat

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