Today, I am going to explain about SogoTrade Review. Is it safe to use? What are the features which makes it better than others.
What is SogoTrade?
SogoTrade is a US stockbroker 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.
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Account opening at SogoTrade is digital and straight forward. It offers many types of accounts.
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 Type||Short Description|
|Individual Account||The account is owned and used by a single individual.|
|Joint Account||The account is owned and used by two or more individuals.|
|Business Account||Account is owned and used by a legal entity.|
|IRA Account||Individual retirement accounts are only available for US clients.|
|Coverdell Education Saving Account||Tax-advantaged individuals account for future educational expenses. This is only available for US clients.|
|UTMA/UGMA Account||Account for minor clients. This is only available for US clients as well.|
|Trust Account||Account is held by a Trustee for your benefit.|
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SogoTrade has low nontrading fees and commission-free stock trading. On the other hand, it has a high margin and mutual fund fee.
SogoTrade fee snapshot
|US stock||$4.88 flat fee/trade, $2.88 flat fee/trade above 150 trades/quarter|
|Mutual fund||Broker-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 more||4.50%||Base rate – 2.25%|
|$500,000 – $999,999||5.00%||Base rate – 1.75%|
|$250,000 – $499,999||5.50%||Base rate – 1.25%|
|$100,000 – $249,999||6.00%||Base rate – 0.75%|
|$50,000 – $99,999||7.25%||Base rate + 0.50%|
|$25,000 -$49,999||8.25%||Base rate + 1.50%|
|Under $25,000||9.25%||Base rate + 2.50%|
SogoTrade stock & ETF fees
|Normal Trading||Active Trading||Pre Paid Trading|
|Commission||$4.88||USD2.88||$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 quarter||When you trade more than 150 per quarter||If 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.
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.
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.
SogoTrade trade platform comes in three format :
- Web Trading Platform
- Mobile Trading application
- 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 allows you to trade ETFs, US stocks, options, futures & bonds. It offers assets covering the US market only, also it does not offer trade-in bonds & mutual funds
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You can connect SogoTrade via:
- Live Chat
No 24/7 support available.
|Commission-free US stocks and ETFs||Limited product portfolio|
|Wide range of research tools||High mutual fund fees and margin rates|
|Many account types||Credit/Debit card not available|
|User-friendly||Slow live chat|
|Trading platform tutorial||Demo account is only for desktop|
Is SogoTrade Legit or Scam?
SogoTrade is a legit stockbroker. 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 comparatively higher than other brokers.
SogoTrade Review 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.