Get paid to trade and access multiple digital platforms, but the service could use more integration.
SogoTrade is a multi-platform investment offering designed for the active trader. It lets you trade options, cryptocurrency and more. It also pays you for qualifying limit orders. But SogoTrade may not be the best bet for newbies. And its user friendliness can use some lightening up.
- Consider if you’re a sophisticated and risk-tolerant investor.
- Look elsewhere if you’re a beginner or solely interested in fixed-income investments.
What investments does SogoTrade offer?
SogoTrade’s asset lineup is limited, only offering access to the following four securities:
Who is SogoTrade best for?
- Active traders. If you like market timing and stock picking, SogoTrade may be right for you. The brokerage pays you a credit for certain limit orders and provides an options trading platform with multiple research tools.
- Investors who want the help of an advisor. SogoTrade Asset Management provides managed account services along with access to your personalized financial advisor. If your finances are complex, you can upgrade to the SAM Enhanced Services program. This involves a comprehensive financial plan that can touch on matters like retirement planning, tax advice and savings.
Fees and costs
SogoTrade’s fee structure is rather unique — and far from competitive. It doesn’t charge for limit orders, but market orders for stocks and ETFs are subject to a $2.88 fee. Most of its competitors, including Robinhood and SoFi, don’t charge any commissions at all. If limit orders are your thing, you may not mind. But a $2.88 commission on stock and ETF market orders could be a sizable turnoff for active traders.
|Commission on qualified limit orders||$0.00|
|Commission on market orders for stocks and ETFs||$2.88|
|Commission on options||$0.50 per contract|
|Broker-assisted commission on mutual funds||$25|
How do I sign up?
You can visit the SogoTrade website to open an account. Follow these steps.
- Select Open an account.
- Choose what type of account you’d like to open.
- Provide your name, email, password, answer to security question, pin and personal phrase.
- Fill out your banking information.
Whichever account you choose to open, you’ll need to meet a few eligibility requirements:
- At least 18 years old
- Valid residential address
- Valid government-issued ID
- Valid Social Security number or tax identification number
- Foreign tax ID, passport or visa number if you are not a US citizen or permanent resident
- Valid address
- Employer’s name, address and phone number
SogoTrade offers various research tools across multiple platforms:
- Screener. Narrow down your investment options by applying various filters to find stocks and funds that meet your criteria.
- Fundamental data. Review company valuations, financial statements, earnings-per-share and more.
- Watchlists. Assemble personalized watchlists of stocks to keep an eye on.
- Options quotes. Inform your trades with real-time and interactive market data.
- Newsfeed. Stay up to date on recent market news with Comtex-powered reports.
- Charting tools. Wield interactive charts with over 50 technical indicators to take a closer look at a stock’s performance.
Pros and cons
- Get paid for qualifying limit orders. SogoTrade pays you a credit worth $0.001 per share or $1 per 1,000 shares for qualifying limit orders.
- Mutliple platforms. SogoTrading offers no fewer than five trading platforms: SogoOnline, SogoTrader, SogoOptions, SogoElite and SogoMobile.
- Trade cryptocurrency. Invest in Bitcoin, Bitcoin Cash, Ethereum and Litecoin through Sogotrade’s partner, Apex Crypto. But the feature isn’t available to users in New York or Alabama.
- SogoTrade Asset Management. Answer an online questionnaire to receive a recommended portfolio of diversified ETFs. These are automatically rebalanced with the help of your own financial advisor. You need a minimum account size of $1,000 for core portfolios and $25,000 for risk-optimized portfolios.
- Trading fees. Stock and ETF market orders are subject to a $2.88 fee.
- Limited security lineup. You can only trade stocks, ETFs and cryptocurrencies with this broker.
- Unfavorable app reviews. SogoTrade’s mobile app isn’t well-received by Android or Apple users.
How do I contact SogoTrade support?
Reach out to SogoTrade support by:
- Phone. You can reach SogoTrade over the phone by dialing 1-888-709-7646 weekdays between 7 a.m. and 8 p.m. ET.
- Email. You can email SogoTrade at firstname.lastname@example.org.
How easy is it to use?
The usability of SogoTrade largely depends on which of its platforms you are using. But you can visit the SogoTrade website and click on Tools and Platforms to learn more about how to use each one.
Using each platform such as SogoOnline and SogoMobile individually is fairly simple. For example, SogoOnline is an intuitive, single-page platform that lets you purchase stocks and options with just a few clicks and data entry.
But moving across platforms can be challenging. For instance, you need to access a separate program to research stocks and then make actual trades on a different platform. This may take more time and clicks than the modern-day investor is accustomed to. Overall, SogoTrade could benefit from a seamless integration of platforms.
Is SogoTrade legit?
SogoTrade, Inc. is a member of FINRA and the SIPC. Although it’s not accredited by the Better Business Bureau (BBB), the organization gave it an A+ rating for having no submitted complaints.
However, it’s not listed on the database of the Consumer Financial Protection Bureau (CFPB). But this doesn’t mean that SogoTrade isn’t legit. As a member of FINRA, it’s a licensed broker regulated by this governmental body. But its quality of services may tell another story.
SogoTrade reviews and complaints
SogoTrade feedback is scarce — but what is available is largely negative. As of August 2021, SogoTrade isn’t an accredited business with the Better Business Bureau (BBB) and there are no customer complaints or reviews of the platform on the BBB. On Trustpilot, SogoTrade has a TrustScore of 3.3 out of 5 based on the feedback of three investors.
The platform’s mobile app reputation doesn’t fare much better. Traders say the app is convenient for checking positions throughout the day but errors during the order placement process aren’t uncommon.
|BBB customer rating||N/A|
|Trustpilot score||3.3/5 out of 3 customer reviews|
|Google Play app||2.5/5 stars based on 64 reviews|
|Apple app store||3.4/5 stars based on 94 reviews|
|Customer reviews verified as of||August 2021|
Redditors also don’t seem to be impressed by SogoTrade’s offerings. The general sentiment is fairly negative, with traders complaining about trading fees, unpleasant encounters with customer support and an outdated, ineffective trading interface.
Compare other stock trading platforms
Before you decide to open an account with SogoTrade, be sure to explore all your options. You may find a brokerage that better suits you.
*Signup bonus information updated weekly.
SogoTrade can be a good option for active traders or those interested in options and limit orders. But its array of platforms and tools may get overwhelming for beginners. It also has a complex fee structure that many of its competitors have done away with. You may want to compare trading platforms before opening an account.