SogoTrade offers deep discounted trades, but is this broker worth using?
Sogotrade is a no frills online broker and trading firm. This low cost service trading provider is a subsidiary of Wang Investment Associate. As a member of the SIPC (Securities Investor Protection Corporation), the firm’s client accounts are protected up to $500,000.
SogoTrade is currently offering 100 free trades – good for 30 days (new accounts only). This promotion is for a limited time only and new members have to meet SogoTrade's $500 account minimum, in order to qualify.
- Low cost discount broker
- Offers one of the cheapest costs per trade in the brokerage industry
- $3 per trade for stocks
- $5 a trade for options plus 50¢ per contract
- No hidden account inactivity or account minimum fees
- Enhanced trading tools
- SogoTrade has worked to improve its trading platform since launching in 2010
- Do a simple Google search and see the mixed reviews the firm has received since inception
- Today, however, they seem to have improved their customer service support
- They now offer mobile trading capabilities
- SogoTrade has a basic education section that provides investing knowledge
- Firm still does not have 24/7 customer support
- SogoTrade is great if all you need is a basic stock and options trading / investing platform
- However, there are limitations to SogoTrade’s investing / trading platform. For example, it currently does not allow you to trade pink sheet stocks or other investment choices
- Not the best choice for new investors