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SogoTrade

By on October 16, 2012
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SogoTrade Logo

 

SogoTrade, the no frills discount broker, is a subsidiary of Wang Investments. Wang Investments is registered as a broker/dealer with SEC (Securities and Exchange Commission) and is also a member of SIPC (Securities Investors Protection Corporation) and FINRA (Financial Industry Regulatory Authority).

In this SogoTrade review, I'll cover what SogoTrade has to offer, who they're right for, and give you guys some links to the latest SogoTrade promotions. If you've used SogoTrade before, please add your own rating and review below.


SogoTrade – The Basics:

Investments:

Stocks, options, mutual funds.

Commissions:

Stock trades cost $3 for unlimited shares, options are $5 plus $0.50 per contract. Mutual funds are $15 per transaction. Broker assisted trades are $25.

Investor Education:

Basic selection of articles on trade mechanics, selecting stocks, options, and margin trading.

Mobile apps:

None.

 

Other Notes:

SogoTrade is a no-frills broker that focuses strictly on tools. This brokerage may not be what novices or beginners in the stock trading industry are looking for. The company prefers that their customers get quick stock trading benefits and expects them to do their own research. Be aware there is very limited research and analysis available at SogoTrade.

The minimum to open an account with SogoTrade is $500. Apply for an account now.


Pros & Cons Of SogoTrade:

Pros

Cons

  • Low budget.
  • Fee is lowest in the industry.
  • Good for traders with already some knowledge in stock trading.
  • Does not allow all investment choices.
  • Analytical security information is missing.
  • Customers need to do their own research before trading.
  • Customer service needs improvement.
  • Provides no investment advice.
  • No international investments.

How Others Rated SogoTrade In 2012:

Barron's: 3/5 stars

          Highest rated category: Usability

          Lowest rated category: Mobile

Smart Money: N/A (not rated)

          Highest rated category: N/A (not rated)

          Lowest rated category: N/A (not rated)


Word On The Street Is…

In their own words, Wang Investments say that their customers do not expect them to provide them with investment advice and guidance. While this is good for frequent traders and veterans, beginners do find trading with SogoTrade a tad difficult. They have to rely on other sites for information along with their own resources.

Overall takeaway: An OK option for those who already have their investment research information sources, because you won't get it from them. Good for cheap trading. The broker does not offer education plans, mutual fund trading or IRA accounts.


SogoTrade Promotion Code:


Hit the link below to claim the latest SogoTrade promotion. Click below to claim promotion code Get 100 free trades and up to $100 in transfer fees reimbursed when you open an account.

Where To Open A SogoTrade Account:

Open A Personal/Joint/Custodial/Business Account With SogoTrade: Apply Here

Open An IRA Account With SogoTrade: Apply Here

Open A Forex Trading Account With SogoTrade: N/A


P.S. Don't forget, if you've used SogoTrade before, please help us by adding your rating and review below!

About Peter Voga

Self-confessed coffee addict. Family man. Rage Against The Machine fan. Lover (and sometimes hater) of the stock market. Founder of BrokerChats. For more, follow me @petervoga or check me out on Facebook or Google+.

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