SogoTrade – review of an innovative broker
SogoTrade is an American broker that has gained a reputation thanks to its competitive price offer, modern technologies and high-quality customer service. In the review, we will take a close look at SogoTrade’s offering, discussing its key features, pros and cons to help investors make an informed decision about choosing a broker.
A quick overview of the most important features of the SOGOtrade broker:
- Licenses and regulations: FINRA, SIPC
- Platforms: SogoOnline, SogoMobile, SogoElite
- Instruments: Stocks, Options, Investment Funds, ETFs
- Minimum Deposit: None
- Customer support: 24/7 by phone, email, live chat
Overview of trading platforms
SogoTrade offers three different trading platforms to meet the diverse needs of traders:
SogoOnline
SogoOnline is an intuitive and easy-to-use trading platform that allows you to browse the markets, manage your investments and place orders. Designed with beginner traders in mind, SogoOnline offers basic analytical tools such as charts and technical analysis to help you track the markets.
SogoMobile
SogoTrade’s mobile application, SogoMobile, allows you to access the markets and manage your investments from anywhere. The application is compatible with iOS and Android, offering quick access to information about the markets, orders and investment portfolio.
SogoElite
For more advanced investors, SogoTrade offers SogoElite – a professional trading platform that provides advanced trading features such as extensive analytical tools, access to Level II, market scanners and the ability to create your own indicators. SogoElite also allows the use of API services, which allows you to create and use your own trading algorithms.
Financial instruments
SogoTrade allows you to invest in a variety of financial instruments, such as:
- Stocks: Access thousands of stocks on major stock exchanges such as NYSE, NASDAQ and AMEX.
- Options: Trade options on a variety of underlying instruments including stocks, indices and ETFs.
- Mutual Funds: A wide selection of mutual funds available to investors.
- ETFs: Trading ETFs on different exchanges, offering access to different market sectors.
Transaction costs
SogoTrade has made a name for itself thanks to its competitive transaction costs. The broker offers:
- Low commissions: $0 for stocks and ETFs and $0.50 for options contract.
- Mutual funds: $15 per buy or sell order.
- No account maintenance fees: SogoTrade does not charge account maintenance or inactivity fees.
Customer service
SogoTrade is famous for its high-quality customer service. The broker offers 24/7 support via phone, email and live chat. Their customer support team is skilled, helpful and always ready to answer any questions you may have about your account or trading platform.
Security and regulations
SogoTrade is a member of SIPC, which protects securities customers of its members up to $500,000 ($250,000 for cash). For more details, please see www.sipc.org. Our clearing firm, Apex Clearing, has purchased an additional insurance policy, which provides protection for securities and cash up to an aggregate of $150 million, subject to maximum limits of $37.5 million for any one customer’s securities and $900,000 for any one customer’s cash. The SIPC protection and this additional insurance do not protect against a loss in the market value of securities, and do not apply to cryptocurrency transactions.
Portfolio management and advisory services are provided by MarketRiders, Inc. (doing business as SogoTrade Asset Management (“SAM”)), a registered investment advisor. Brokerage services are provided by SogoTrade, Inc. SAM provides discretionary advisory services for a fee. SAM and SogoTrade, Inc. are separate entities under common ownership.
Source: https://www.sogotrade.com/
Education and training
SogoTrade offers educational resources to help traders understand and take advantage of a variety of financial instruments and investment strategies. These resources include articles, webinars, videos, and manuals for trading platforms.
Summary
SogoTrade is a solid choice for investors, especially for those who value competitive transaction costs, a variety of financial instruments and modern trading platforms. Over the years, the broker has built a reputation as a trustworthy and innovative financial services provider, and its high-quality customer service further attracts investors.
Pros:
- Limited financial instruments compared to some competitors
- No trade on international markets
Cons:
- Competitive transaction costs
- Three different trading platforms to suit the needs of different traders
- High standards of safety and regulation
- 24/7 customer support
- Good educational resources
To sum up, SogoTrade is an excellent choice for beginners and advanced investors who are looking for competitive costs, modern technologies and support in managing their investments. While the broker has a few limitations, its advantages outweigh the disadvantages, making it worthy of consideration for any investor.
It is important to remember that each investor has their own individual needs and financial goals, so it is worth carefully analyzing the SogoTrade offer before making the final decision. When choosing a broker, it is always worth considering several options to find the one that best suits your personal preferences and investment goals.
Opening an account and login
Opening an account with SogoTrade is a straightforward process. To get started, visit the SogoTrade website and click the “Open an Account” button. You will be prompted to provide personal information, including your name, address, Social Security number (or Tax ID for non-US residents), and employment details. Upon submitting the required information, your account will be verified, which typically takes a few minutes. Once your account is verified, you will receive your login credentials via email, and you can then access your account through the SogoTrade website or their trading platforms.
Does the broker offer a demo account?
SogoTrade does not currently offer a dedicated demo account for new users. However, their user-friendly trading platforms, educational resources, and responsive customer support make it easy for novice investors to learn about investing and navigate their platform with ease.
Deposit and withdrawal
SogoTrade offers various methods for depositing and withdrawing funds, including bank wire transfer, money order, and personal check. You can deposit funds into your SogoTrade account by logging in to your account and selecting the “Deposit Funds” option. Withdrawals can be made through the same methods, and typically take between 3-5 business days to process. Note that some withdrawal methods may be subject to additional fees.
Available countries
SogoTrade is primarily focused on serving clients in the United States. However, they do accept clients from some other countries, including Canada, Mexico, and a few other countries in Latin America. It is always recommended to check with SogoTrade directly to confirm whether they accept clients from your country of residence.
Is there an mobile app? Android and iphone.
Yes, SogoTrade offers a mobile app for both Android and iPhone devices. The SogoMobile app provides investors with access to their trading account, market news, real-time quotes, charts, and more. The app is user-friendly and offers a streamlined interface for quick and easy trading on the go. Investors can download the app for free from the App Store or Google Play Store.
FAQ – Frequently asked questions about Sogotrade broker:
Does SogoTrade offer trading on international markets?
No, SogoTrade does not offer trading in international markets. Their offering is mainly focused on US markets.
What are the minimum deposit requirements at SogoTrade?
SogoTrade does not require a minimum deposit when opening an account. You can start trading with any amount you deem appropriate.
Does SogoTrade offer Forex trading?
No, SogoTrade does not currently offer forex trading. They focus on stocks, options, mutual funds and ETFs.
Does SogoTrade offer IRA accounts?
Yes, SogoTrade offers both traditional and Roth IRAs, allowing investors to save for retirement with tax benefits.
Does SogoTrade offer education for beginning investors?
Yes, SogoTrade offers educational resources such as articles, webinars, videos and trading platform manuals to help investors understand and utilise a variety of financial instruments and investment strategies.
Does SogoTrade offer free securities?
No, but SogoTrade offers low commissions and does not charge fees for trading stocks and ETFs. The cost per options contract is $0.50.
What trading platforms does SogoTrade offer?
SogoTrade offers three trading platforms: SogoOnline (for novice traders), SogoMobile (mobile app) and SogoElite (for advanced traders).
Does SogoTrade offer API services?
Yes, SogoTrade offers API services on its advanced SogoElite platform, allowing you to create and apply your own trading algorithms.
How soon can I start trading after opening an account with SogoTrade?
Once your account has been opened and your identity verified, you can usually start trading as soon as you deposit funds into your account. The turnaround time for deposits can vary depending on the payment method, but usually takes between a few hours and a few business days.
What are the deposit and withdrawal methods at SogoTrade?
SogoTrade accepts various deposit methods such as bank transfer, money order and cheque. Withdrawals are mostly made via bank transfer. Please note that some methods may incur additional fees.
Does SogoTrade offer support for non-US investors?
SogoTrade supports clients from many countries, however, it is worth checking on their website whether they accept clients from your country before opening an account.
