In this article, we will understand all about the SogoTrade platform and the SogoTrade Review.
SogoTrade is a brokerage based in the United States that offers excellent customer service and efficient trading platforms enabling traders to invest in a wide range of securities, including stocks, options, cryptocurrency, and ETFs.
The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) supervise SogoTrade USA (FINRA). SogoTrade is noted for its effective trading tools and excellent investment assistance; therefore, it may be considered a broker for both novices and more experienced investors.
It is simple to open a SogoTrade account, and it is quite inexpensive, but there are a few things to consider before doing so.
In this SogoTrade review USA, we look at the broker’s customer service, fees, products, trading platform, and if you should open an account with them.
Who Can Use SogoTrade?
For Active Traders
If you’re a frequent trader, SogoTrade is a superior option because it offers the lowest charge at $2.88. This is in contrast to the $25 fee for broker-assisted trades (which could come in useful if you’re a passive investor). The company’s numerous trading platforms, charts, and tools are also available to active traders.
Aside from minimal commissions and costs, the lack of inactivity or account service charges attracts traders seeking a low-cost, high-quality alternative.
Excluding the firm’s special SogoOptions trading platform for options traders, it also provides low per contract commissions, a clear image of a trade’s risk/reward, and simply charges a flat fee for multi-legged transactions.
Commissions and Fees Charged – SogoTrade Review
The company charges a fee of $2.88 for online equity transactions if a customer makes 150 or more trades every quarter. When the number of trades per quarter falls below 150, the charge rises to $4.88. SogoTrade, on the other hand, offers a prepaid alternative for these low-volume traders, lowering charges to $2.88 or $3.88.
- You can buy in advance of placing an order with the prepayment option. Prepaid packages come in packs of 20 or 50 prepaid trades and are effective for a year.
- The firm charges a basic rate for equity transactions conducted during prolonged hours when just limit orders are permitted.
- SogoTrade requires a $25 commission for broker-assisted equities trades, and this service is only accessible for orders made during regular market hours by 4 p.m. ET.
- If you make 150 or more trades each quarter, Sogotrade charges a standard rate of $2.88 plus 50 cents per option contract. Therefore, for trade volumes of less than 150 every quarter, the base charge is $4.88 plus 50 cents per transaction.
- Options trades with a broker are charged at a $25 standard rate and 50 cents per contract.
- Option exercise/assignment is also charged at $15 at SogoTrade.
Online trade verification, online account statement, online prospectus, online tax summary, paper proxy, and other services are available for no charge. It is also possible to make a free ACH money transfer.
Paper trade confirmation costs $5, paper account settlement costs $10, domestic paper prospectus costs $5, paper tax report costs $5, and duplicate trade confirmation, account statement, and tax statement costs $10.
There is no need for a minimum account balance. On the other hand, purchasing penny stocks demands a $100 investment.
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Deposit Protection and Regulation – SogoTrade Review
In our opinion through our extensive SogoTrade review, SogoTrade is a secure and safe trading broker to use in the United States and worldwide. The Securities and Exchange Commission (SEC) and the Financial Industry Regulation Authority (FINRA), both legal agencies that protect customers’ money, have authorized and regulated it.
This SogoTrade Review USA discovered that it is a secure website with a solid track record stretching over 34 years since its inception in 1986. SogoTrade clients are qualified for the Securities Investor Protection Corporation (SIPC), a not-for-profit corporation established under the Securities Investor Protection Act of 1970, in addition to being regulated by top-tier authorities. Up to $500,000 per account (up to $250,000 in cash) is protected under the SIPC investor protection scheme.
However, it is important to note that SogoTrade USA does not have a banking license and is not registered on the stock exchange, so it might be claimed that there are more secure trading brokers out there, but SogoTrade is not in any way unsafe.
Customer Service – SogoTrade Review
In our SogoTrade USA review, we discovered that the company’s customer service is outstanding and arguably the most striking aspect of the entire user experience. You can contact the SogoTrade USA customer service staff in various methods, and the assistance provided is always timely and useful.
A SogoTrade open account does not include 24/7 support, but it is available Monday through Friday from 7 a.m. to 8 p.m. ET – how convenient this is for you hinges on your personal and professional conditions.
Our impressions of SogoTrade USA were bolstered by the numerous ways to contact their customer care team, including live chat, email, and phone, as well as a free Skype line.
You may be frustrated if you require urgent assistance outside of business hours – a flaw that our SogoTrade USA review must mention – but you can rest certain that their staff will contact you as soon as possible and will be as supportive as possible.
There are phone numbers available all around the country. To contact SogoTrade, dial 1-888-709-7646 in the United States or 1-646-885-6594 internationally.
While it is not the most appealing or modern website, our SogoTrade assessment is that it is simple to use and available to all types of individuals.
The menu at the top of the website, which features connections to its tools and goods, allows you to move between each component of the SogoTrade USA website conveniently.
The terms and conditions, newsroom, and everything else you might need can be found at the bottom of the SogoTrade USA homepage, as well as contact details for anyone seeking additional assistance.
Our SogoTrade review USA discovered that the platform is not as well-designed as some of its competitors, such as Tradestation and Tastyworks.
Overall, our SogoTrade review USA found the website’s performance adequate, with all essential pages loading promptly on all devices, as expected. The website might use some updating, and a drop-down menu on the home page would be helpful.
Sogotrade’s distinctive selling point is its low commission, though some prominent names in the brokerage industry now provide services with low commissions and costs as well.
The firm’s platform appears to suit active traders who already have their own research and analytical tools. Clients have a variety of trading platforms to choose from. However, a lack of solid research information, a restricted number of tradable securities, and feature-poor platforms are all major roadblocks.
Christopher is a highly skilled writer who possesses a deep understanding of the interplay between financial markets and technology. His goal in writing is to deliver expert analysis through written content that is easy for readers to comprehend.
With a keen interest in cryptocurrencies and the blockchain industry, he has been among the earliest contributors to the Coin Decimal Crypto Blog.
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