Sogotrade

1-888-709-SOGO
50 Broad St, New York, NY 10004, USA

Founded in 2006, Sogotrade prides itself on its deep-discount commissions. While the firm offers a limited selection of different securities, customers comment that, unlike some competitors, they do have shares to short. Unfortunately, members are prohibiting from shorting stocks under $3, and they must be active traders – or prepay – to take advantage of the firm’s best prices. Some find the available trading technology lacking. 

While Sogotrade’s graduated pricing structure does privilege active traders, its commissions for less-active traders are still low. The firm is less competitive when it comes to options, however – especially compared to brokerages focused on options traders – and has a host of other fees. After-hours trades receive a surcharge of $ .005 per share and penny stocks receive a surcharge of .5% of the principal value. There’s also a $30 annual maintenance fee for IRAs, although broker-assists are a somewhat-standard $25, with a per-contract charge for options.

Sogotrade customers have their choice of four platforms, including SogoOptions, SogoTrader and SogoMobile. Of the four, users are most likely to favor SogoOnline, which supports both stocks and options, although members say it’s nothing special. The platform lacks many advanced charting features and Level II access, and gets mixed reviews on execution. Members have also reported repeated trouble logging in, and many complain that the firm’s trading stops at 6 PM ET. The brokerage does offer some education and research – like a stock screener and market overview – on its site, which prospective users can preview before signing up. 

Customer service has long been a problem for SogoTrade. Users report lengthy hold times, and long waits for the brokerage to process account openings and updates, as well as bank transfers. Many also mention unanswered emails and incorrect tax paperwork. If they’re patient, members can get through to a rep at the national call center between 7 AM and 9 PM on weekdays. Hours for regional call centers – covering the coasts, the Midwest and China – vary. The firm also offers Skype and live chat support. 

It seems that with Sogotrade, investors do get what they pay for. However, the deep-discount commissions may be worth it for frequent traders if they can find a way to minimize their exposure to the firm’s fees. 

Founded in: 1986
Licensed:
Platforms: SogoOnline, SogoTrader, SogoElite, SogoMobile, SogoApp
Capital:
Fees:
Broker: 5
Exchange:
Withdrawal:
Minimum Deposit: 0

Mobile Trading Seminars, Education

User Reviews

John

Sogotrade is the worst in many respects. Way back in 2008 was great with $3 trades. But I will not ever use Sogo trade to buy anything ever again. If you have any issue, all I can tell you is good luck because these guys are not only Chinese, idiots and a**hles but goes way further to show you what kind of company this is really. Customer service is so horrible and over the years it got worse. Back in 2009, it was way better. Now if there is any issue they are like the Catholic Church. The blow you off for as long as they can and they hide like rats.

Zachariah

How are the executions and fills for sogotrade. I’ve heard conflicting reviews all over about sogotrade. I’m mainly a swing trader with occasional day trades for listed stocks (no penny stocks for me).

Jacob
Thanks for reading Zachariah. The executions and fills for me using Sogotrade have always been fine. However, my purposes for using Sogotrade were always more for long-term investing where small price changes didn’t matter within the day I was buying the stock. For swing trading or day trading, I know you all need a whole other level of accuracy in order to make money, so I’d suggest to continue searching around to get clarification. Best of luck!
BillMason

I tried SogoTrade back in 2007 when I found out they had extremely low execution costs for online trades. However, the service was not very good and they seemed to have some issues that needed to be worked out, so I just sort of left after about 9-10 months. After trying two other brokerages with mixed results, I decided to look around again and see what was out there today (about 3-4 months ago). I noticed a lot of mixed reviews for SogoTrade and with no better alternative (in my mind), I decided to give them another shot. I could not have been more pleased with the customer service and platform. I have never had any issues with executions or fills and customer service has been very responsive the couple of times I contacted them. Anyway, I was just wanting to put my 2 cents in and let you know about the positive experience I have been having with SogoTrade this time around.

LarryLudwig
Thanks for the insight Bill.
Gregor

What about the stocks listed on OTCBB. Does SogoTrade allow to trade them or not?

Alex

Could you please, explain why this brokerage firm isn´t for long term investor?

LarryLudwig
Hi Alex where do we say this?
Carrisa

SogoTrade is a great choice! It provides lowest commission fees compare to other online brokers. And now there are more investment products for customers. Also the online trading platforms and market research tools can help customers a lot in investing and trading. Also, the website provide great guideline and education of how to trade in market, which is a great assist for customers, especially when you just start to trade. Also, I have no problem with the customer service! They answered phone quickly and really helpful. SogoTrade is a good choice!

Pete

Started my investing with Sogotrade (been with them since 2009).
At the time, it was the cheapest of the block. As they say, you get what you pay for; the customer service was horrendous to say the least. It was very common to have a wait time for 30 minutes if you wanted to speak with a customer representative.
Having said that, the customer service and other aspects have considerably improved over the last year or so. Emails are typically answered within a couple of hours, customer service is also easy to reach (~2-5 minutes depending on the time of day).
One gripe with them is the time they take to put out the tax documents (it was almost mid of March the last 2 years); they can surely send them earlier.
Also, they don’t offer cost basis (and if you buy their prepaid package, they don’t include the prepaid commission in the sale. It is your responsibility to keep a track of the cost and commissions).
Still, the low cost kinda justifies the hassles. Recommended if you are not a heavy trader.

anonymous

I was a new starter of trading stock two years ago, so I used the education and guideline on SogoTrade website, which really helped me a lot. The information on the website is clearly and abundant. Also the low commission fee made SogoTrade a special and attractive online broker. At the same time, I had no problem with their customer service and online trading platform! Highly recommend SogoTrade!