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SogoTrade review

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Use SogoTrade to 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.

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.

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.

What research does it provide?

SogoTrade offers various research tools across multiple platforms. The SogoTrader application provides you with real-time streaming quotes and interactive charts displaying market data.

SogoOptions is specifically designed for options traders. It offers real-time options quotes, market data and tools to help you come up with different investment strategies. For instance, you can use charts to view different risk scenarios. You can also integrate this platform with SogoPlay. This digital tool helps you generate daily equity and options trading ideas.

SogoTrade features

You can think of SogoTrade as a suite of different investment platforms, tools and features. Here’s what to expect.

Get paid for limit orders: SogoTrade pays you a credit worth $0.001 per share or $1 per 1,000 shares for qualifying limit orders. A limit order is a command telling your brokerage to buy or sell a share of a stock once it reaches a certain price. For a buy, a qualifying limit order is an order placed at least one penny below the ask price. For a sell, a qualifying limit order is an order placed at least a penny above the bid.

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.

Choose from three trading platforms: SogoOptions is a digital options trading platform. It lets you view real-time options quotes and offers risk-analysis tools. SogoOnline is a desktop platform that lets you invest in stocks, ETFs and options. Meanwhile, SogoMobile is a mobile trading app that lets you invest in stocks and ETFs.

Receive portfolio recommendations: With SogoTrade Asset Management (SAM), you can answer a questionnaire online to receive a recommended portfolio diversified with ETFs. These are automatically rebalanced. You also get your own financial advisor. You need a minimum account size of $1,000 for core portfolios and $25,000 for risk-optimized portfolios. The latter are designed to outperform certain market indices at different risk levels.

Pricing and fees

SogoTrade’s fees vary depending on what you invest in. It has a rather complex fee structure with certain exemptions. You should carefully review it before investing.

Commission on qualified limit orders$0.00
Commission on market orders for stocks and ETFs$2.88
Commission on options$0
Contract fee for options50 cents
Broker-assisted commission on mutual funds$25

As far as fees go, SogoTrade seems to sit at the high end. For instance, competitors like Robinhood and SoFi don’t charge commissions for trading stocks. But SogoTrade charges a $2.88 commission on market orders for stocks and ETFs.

Is SogoTrade legit?

SogoTrade, Inc. is a brokerage firm that’s 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

User reviews on SogoTrade were overwhelmingly negative. Although Trustpilot had published only two user reviews for SogoTrade by November 2020, both were negative. And both dealt with cryptocurrency, particularly about how the users didn’t get the returns they expected.

Keep in mind, investing in cryptocurrency can involve plenty of risks. On its homepage, SogoTrade even mentions, “Cryptocurrency may exhibit higher volatility, inconsistent valuations, lack of regulatory certainty, potential market manipulation and other risks.”

Still, reviews on Reddit weren’t very upbeat either. One user mentioned a terrible trading interface, high fees and bad customer service. Another mentioned frustration with having to fill out a paper form instead of a digital one and the fact that the brokerage had a list of stocks you couldn’t short.

While the Reddit reviews were posted more than a decade ago, you should still carefully review how SogoTrade may work for you. They offer plenty of platforms. You may want to explore how the ones you’re interested in play up against its competitors.

Pros and cons


  • Get paid for qualifying limit orders
  • Platforms and digital tools specifically designed for options traders
  • Access to real financial advisors


  • You can buy bonds only by contacting a live broker
  • Using multiple platforms at once can become confusing
  • Limited cryptocurrency options
  • Complex fee structure

How do I sign up?

You can visit the SogoTrade website to open an account. Follow these steps.

  1. Go to the SogoTrade website.
  2. Click or tap Open an account.
  3. Choose account type.
  4. Provide your name, email, password, answer to security question, pin and personal phrase.
  5. Provide your banking information.

How do I contact SogoTrade support?

  • 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
  • You can’t currently access a live chat feature with SogoTrade, but you can initiate Skype calls with customer service.

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.

Name Product Stock trade fee Asset types Option trade fee Annual fee
Sofi Invest
Stocks, ETFs, Cryptocurrency
A free way to invest in stocks, ETFs and crypto.
Stocks, Options, ETFs, Cryptocurrency
Make unlimited commission-free trades in stocks, funds, and options with Robinhood Financial.
$0 for US stocks
Stocks, Options, ETFs
Trade stocks on the US, Hong Kong, Shanghai and Shenzhen markets.
TD Ameritrade
or $25 broker-assisted
$0 + $0.65/contract,
or $25 broker-assisted
TD Ameritrade features $0 commission for online stock, but watch out for high short-term ETF and broker-assisted trading fees.

Compare up to 4 providers

Bottom line

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.

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