SogoTrade Review 2021: Earn $1 For Every 1000 Shares Traded

By | June 29, 2021

Today, I am going to explain about SogoTrade Review. Is it safe to use? What are the features which make it better than others?

What is SogoTrade?

sogotrade review

SogoTrade is a US stockbroker which deals in stocks, bonds, funds, and more. It was founded in 1986. Top financial institutes SEC & FINRA regulates sogo

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

SogoTrade Account Opening

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

Minimum Deposit

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 AccountThe account is owned and used by a single individual.
Joint AccountThe account 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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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 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 $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.

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. 

Trading Platform

SogoTrade 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 a clear fee report. Mobile apps are available on 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. 

Products Offered

SogoTrade allows you to trade ETFs, US stocks, options, futures & bonds. It offers assets covering the US market only; it does not offer trade-in bonds & mutual funds.

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Customer Service 

SogoTrade Customer Service

You can connect SogoTrade via:

  • Live Chat
  • Phone
  • Email

No 24/7 support available.


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 legit

SogoTrade is a legit stockbroker. We’re saying this because top financial institutions regulate it. The SIPC protection scheme protects the clients who operate under Fidelity.

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. 


Is SogoTrade Legit or Scam?

SogoTrade is a legit stockbroker. We’re saying this because top financial institutions regulate it. The SIPC protection scheme protects the clients who operate under Fidelity.

Do Sogotrade offer demo account?

No, Sogotrade do not offer any demo account.

What is the minimum amount required to open an account?

The initial min. amount required to open an account is $100

Sogotrade Review


Trading Platform


Products Offered




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