SogoTrade Broker Review
SoGoTrade is an discount online brokerage firm that has been servicing its clients since 1986 and focuses on keeping a very low commission rate compared to its competitors. They offer all the major asset classes including stocks, options, futures, mutual funds and fixed income products. Their trading platform is basic but powerful enough to meet the demands of most traders, but is lacking for the more demanding active trader who needs more powerful software that includes direct market access and hotkey capabilities. They do have great customer service that was responsive to my questions and were very knowledgeable in regards to their site features and basic market information. SoGoTrade is a great company that offers a deep discount in commissions but with those cheap commission you’ll get an average trading platform so you’ll have to decide what matters most to you.
Commissions & Fees
SoGoTrade has one of the best commission rates in the industry with equity trades getting as low as $3 per trade if you make at least 150 trades in a quarter, but if you don’t meet that minimum requirement then you still pay an impressively cheap rate of $5 per trade. So basically if you trade quite a bit and meet the active trading minimum requirement then you will get a 40% discount and save a lot of money throughout the year. For after hours trading the commission rate is the base rate that you pay normally plus a $0.005/share fee to cover the cost of ECN fees and if you are making a broker-assisted trade it’ll cost you $25.
For options, SoGoTrade offers a base rate of $5 per trade plus $0.50 per contract which is a very good rate compared to most of the full-service brokers. Broker-assisted trades for options is $25 plus the $0.50 per contract with assignments and exercises costing $15.
Mutual Funds start at $25 which is a fair price compared to other brokers in the industry but what’s inconvenient is that Mutual Fund orders have to be place on the phone with a rep. It’s not the worst thing but it is inconvenient and not something a lot of traders want to deal with. Overall, their commission rates are very competitive and among the lowest in the discount broker industry.
Trading Platform & Tools
SoGoTrade has a few platforms to choose from but I wasn’t really impressed with any of them. Their best one, SoGoELITE is for the most active trader with streaming quotes and market data, advanced charting, options chains and time and sales. The layout is average and the graphics were OK, but what really surprised me is that you had to have a $100,000 minimum equity balance to be able to use it which seems a bit high. However, all of the other platforms are free for clients with no minimum equity requirements.
The other platforms include: SoGoOnline, SoGoTrader, SoGoOptions and SogoPlay. SoGoOnline is web-based and is really only used for order entry and checking on order statuses. It does have real time quotes but they are static so you have to click to refresh them to get the most up to date quote.
SoGoTrader is a more customizable platform with streaming quotes, extended hours trading and some basic charting capabilities.
SoGoTrade proves to be a solid company with great customer service and some of the best commission rates I’ve seen. However, with those cheap rates you’ll get an average trading platform and below average research on companies, just the very basic. They don’t have direct market access, hotkey capabilities and customization is limited. But, like I said above, if you don’ need hotkeys then this could be a great a great fit for you. Their customer service was professional and knowledgeable and were able to answer all my questions. I think people underestimate the importance of customer service and I can tell you first hand I have been at some places were the service was terrible and it makes everything different. So when I come across a company that strives to excel in customer service and goes that extra yard I know i’m in good hands.
As always, if you have any questions or comments regarding SoGoTrade, please leave us a message below!