According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1
- SogoOnline
- SogoTrader
- SogoOptions
- SogoElite
- SogoMobile
- SogoApp
- Floating
- Low contract fees
Our Evaluation of SogoTrade
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
SogoTrade is a moderate-risk broker with the TU Overall Score of 5.14 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by SogoTrade clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
The SogoTrade broker aims to cooperate with experienced traders and investors who are willing to pay higher trading commissions than competitors.
How we tested SogoTrade
Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
Brief Look at SogoTrade
SogoTrade is a US registered broker that has been operating since 1986. It offers a wide range of stock market assets, proprietary trading platforms with built-in analytics, and forecasting tools. The broker is a member of FINRA (CRD#: 17912/SEC#: 8-35930) and SIPC, and has offices in New York and Chesterfield (Missouri). The company's regional service center also serves customers from China, Taiwan, and Hong Kong. In 2020, the financial portal GOBankingRates named SogoTrade as the best online broker for day trading and for novice traders.
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- FINRA and SIPC membership.
- A variety of investment products for generating passive income, including diversified portfolios of securities with different levels of risk and reward.
- The minimum deposit for the Cash Account starts at $0.
- A wide range of analytical tools such as stocks and options, screeners, P&L calculators, daily newsletters, third-party analyst ratings, reviews, and more.
- The existence of a proprietary platform for online options trading.
- The broker withholds $2.88 for market trades in stocks, as well as a commission for each contract when trading options.
- There are no cash bonuses for opening an account or making a deposit.
- The minimum investment for working with investment portfolios is $25,000.
TU Expert Verdict
Chief Analytics Officer
SogoTrade is a U.S. registered broker that provides access to trading stocks, ETFs, options, mutual funds, fixed income products, and cryptocurrency via Apex Crypto. Clients can choose between cash, margin, and a range of savings and investment accounts, including IRAs and business accounts. SogoTrade operates proprietary trading platforms with built-in analytics, forecasting tools, and specialized functionality for options trading. The minimum deposit is $0 for cash accounts and $2,000 for margin accounts, and clients benefit from FINRA regulation, SIPC membership, and additional private insurance up to USD 150 million.
Notable drawbacks include relatively high commissions on market trades in stocks at $2.88, a $25 fee for some assets, contract fees for options, and the lack of demo accounts. Payments via cards and e-wallets are unsupported, research tools are not unified across platforms, and a $25,000 minimum applies for investment portfolios. SogoTrade may not be suitable for traders who emphasize low fees or require seamless research access, but investors seeking U.S. regulatory protection and diverse account options may consider it.
SogoTrade Summary
| 💻 Trading platform: | SogoOnline, SogoTrader, SogoOptions, SogoElite, SogoMobile, SogoApp |
|---|---|
| 📊 Accounts: | Margin Account, Cash Account, Individual Account, Joint Account, Business Account, IRA (Traditional IRA, Roth IRA, SEP IRA), Coverdell Education, UTMA/UGMA, and Trust Account |
| 💰 Account currency: | USD |
| 💵 Deposit / Withdrawal: | Wire Transfer, Checks, ACH, Funds or Assets from Another Brokerage (ACAT) |
| 🚀 Minimum deposit: | From $1 (Cash Account) From USD 2,000 (Margin Account) |
| ⚖️ Leverage: | Floating |
| 💼 Copy Trading: | No |
| 📈️ Min Order: | No data |
| 💱 EUR/USD spread: | No |
| 🔧 Instruments: | Stocks, ETFs, Options, Mutual Funds, Fixed Income, Cryptocurrency (via Apex Crypto), Power Portfolios |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No data |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | No |
| ⭐ Trading features: | Low contract fees |
| 🎁 Contests and bonuses: | Yes |
The SogoTrade broker offers cash, margin, and investment accounts. The broker has not established the minimum deposit on cash accounts. However, when purchasing an asset at a price below $1 per share, the initial investment amount cannot be less than $100. Investing in prefabricated portfolios of securities is possible if the account balance is at least $25,000. The amount of available margin depends on the account balance. Minimum margin requirements for deposits from $2,000.
SogoTrade Key Parameters Evaluation
Video Review of SogoTrade
Trading Account Opening
A quick guide to getting started with SogoTrade follows:
First, you need to register. To do this, go to the broker's website, open its main page, and then click the Open Account button.
After that, fill out the form for opening an account. Select Individual, enter your first name, last name, phone number, and email. Create a password, a security question and answer, a personal phrase, and a 4-6-digit PIN. Then select an image from those suggested by the system. To open an account, a US citizen, permanent resident (green card holder) or E, F, H, L, TN and O visa holder must provide a valid Social Security Number (SSN) and an Individual Taxpayer Identification Number (ITIN). Residents of other countries and holders of A, B, F, G, J, O, P, or R visas will need a copy of a valid photo ID and proof of address for the last three months (e.g., utility bills). To enter your personal account, enter your PIN, image and personal phrase (this will need to be done with each authorization).
The following functions are available in the SogoTrade personal account:
Also in the personal account, there are the following sections:
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Trading platforms. Here you can download desktop terminals or go to the web version for trading through a browser.
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Trade ideas. A section with research, forecasts, and ratings from the company's experts and third-party specialists Barchart Market Data Solutions, Morningstar, and Zacks Investment Research.
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Asset Management. Connect to accounts managed by SogoTrade financial advisors and receive reports on the performance of your chosen investment strategy.
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Help. Allows you to quickly contact technical support specialists.
Is SogoTrade Safe?
The broker is registered under the trademark SogoTrade, Inc. Its activities are regulated by the Financial Industry Regulatory Authority (FINRA). SogoTrade is also a member of the Securities Investor Protection Corporation (SIPC), which has a compensation fund.
SIPC pays each client with securities accounts up to $500,000 (including $250,000 in case of cash claims) in the event of the broker's financial insolvency. Also, its own clearing company SogoTrade, Inc., acquired an additional insurance policy to protect the assets and funds of traders for a total amount of up to USD 150 million.
Advantages
- The company has its own insurance policy
- Any trader who opens an account can file a complaint with FINRA
- Clients are protected from SIPC
Disadvantages
- SIPC does not protect against loss of market value of securities
- You cannot open an account without identity verification
- Payments via cards and e-wallets are not supported
Commissions and Fees
The Traders Union analysts have examined the trading conditions of SogoTrade for explicit and implicit fees. Fees for shares and ETFs: for limit orders and qualified limit orders for an odd lot is $0; and for market orders and unqualified orders for odd lots, it is $2.88. Options commission: $0, contract fee - 50 cents. Brokerage commission: for stocks, ETFs and mutual funds - $25; and finally, for options - $25 + $0.5 for each contract. SogoTrade does not charge a fee for opening an account and making a deposit but withholds a fee for withdrawing funds by bank transfer and cheque by mail.
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Cash Account | From $25 | Yes |
| Margin Account | From $25 | Yes |
Account verification will cost $10. There is no commission for maintenance and account closure. Also, the Traders Union specialists compared the average commissions of SogoTrade and other stock brokers. In the table below you will find a comparison of companies by this indicator.
| Broker | Average commission | Level |
|---|---|---|
|
$25 | |
|
$4 | |
|
$ |
Account Types
SogoTrade offers accounts for trading and investing, as well as a line of savings accounts. Clients can open individual, joint, and business accounts.
Account types:
The SogoTrade brokerage company does not provide demo accounts through any of the trading platforms.
SogoTrade cooperates with both private traders and investors, as well as with companies and financial corporations. The broker offers a wide range of trading, investment and savings accounts that meet the needs of clients with a wide variety of strategies.
Deposit and Withdrawal
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Withdrawal requests sent before 2:00 pm CST will be processed on the same business day. Those that are sent later will arrive on the next business day. Only verified clients can apply for a withdrawal.
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The broker withdraws funds by check, mail, bank transfer, or payment via ACH.
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There are no fees for transfers via ACH. For outgoing bank transfers within the United States, the broker withholds a commission of $25. Outgoing international transfers cost $50. The cost of mailing a check on weekdays is $5, and on weekends the commission is $25. The overnight fee is $50.
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If a customer has made a deposit via ACH within the last 60 days, he can withdraw funds in the same way (requests for a check or bank transfer are not accepted).
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If, when withdrawing funds, the client specifies a different bank account (and not the one from which the deposit was made), the broker can set a 60-day limit on payment processing.
Investment Options
SogoTrade offers clients a wide range of investment products and solutions. Here you can open trust accounts, invest in asset portfolios or order the development of a financial investment plan from the experts of SogoTrade Asset Management.
Power Portfolios: Investment Asset Management Solution from SogoTrade
For clients looking to invest, SogoTrade offers diversified portfolios with varying levels of risk, income, and asset percentage. The minimum investment is $25,000 to take advantage of SogoTrade Power Portfolios:
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High Growth and Aggressive Growth are portfolios with an aggressive focus on the highest growth stocks. It’s ideal for investors over twenty years of age who do not feel uncomfortable with significant market fluctuations.
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Moderate Growth is a portfolio mostly made up of stocks. Brings moderate annual dividend income and is not prone to market ups and downs. It’s designed for investors over 30 years old.
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Balanced Growth. Balanced and Balanced Income are equities and bonds-balanced portfolios for those looking for low, but stable income and do not want to depend on market fluctuations. The broker has been recommending such solutions to clients aged 40 to 60.
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Moderate Income is a bond-focused product that can generate moderate, stable dividend income. It’s suitable for clients over the age of 60 years.
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Diversified Income and High Income are aggressive bond-focused portfolios that will experience slight ups and downs as the market moves. It’s recommended for investors over 60-70 years old and for those who need high income as soon as possible.
Expenses on underlying ETF assets range from 0.10% to 0.14% depending on the portfolio chosen. In addition to the commission for the underlying ETF assets, the investor pays extra for portfolio management consulting services. The financial advisor reports the exact amount of the fee during the discussion of the strategy over the phone.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
SogoTrade’s affiliate program
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Refer a friend. A trader who connects a new client receives 25 free trades with stocks or options which is compensation for the basic commission fee. To accrue an affiliate reward, a referral must open an account, make a deposit of $500 or more and make at least one trade with stocks or options.
A partner can trade commission-free for 90 days after the grant of benefits. Referral rewards only apply to promotions that are worth $1 or more. The company does not set limits on the number of friends referred by the partner.
Customer Support
Support Hours: Monday through Friday, 7:00 am to 8:00 pm (ET).
Advantages
- Wide range of communication methods
- Unregistered users can contact technical support specialists
Disadvantages
- No 24/7 online chat
- There are only 2 support languages available: English and Chinese
Available communication channels with customer service staff:
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online chat;
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telephones;
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email
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fax;
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regular mail;
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messengers using Facebook, Twitter;
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Skype;
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feedback form.
Online chat is available on the website and in the user's personal account.
Contacts
| Foundation date | 1998 |
|---|---|
| Registration address | 1 McBride and Son Center Dr. Suite 288 Chesterfield, MO 63005 |
| Regulation | FINRA, SIPC |
| Official site | sogotrade.com |
| Contacts |
Education
Training materials on investing in the stock market are available in the Education Center section. All information provided is intended for novice traders who do not even have basic knowledge of the securities market.
The information is written in simple language and divided into blocks for quick and convenient search.
Detailed Review of SogoTrade
The SogoTrade broker offers clients a wide range of trading assets and investment products, as well as proprietary online trading platforms with powerful market research tools. The company operates in compliance with the requirements of the FINRA regulator, uses advanced data transmission technologies to ensure the fastest possible execution of trades, and provides qualified support to its clients.
About SogoTrade broker in figures:
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Has been working in the securities market for over 35 years.
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Has its own insurance policy in the amount of USD 150 million.
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Offers 6 proprietary trading platforms.
SogoTrade is an American broker for trading, investing, and accumulating funds
SogoTrade is a platform through which traders around the world can trade stocks and options, invest in ETFs, mutual funds, and fixed income instruments. A client who opens an account with this broker can trade on his own or receive passive profit by involving the company's financial experts. SogoTrade offers a wide range of savings accounts, so US citizens have the opportunity to combine investment and trading activities with financial planning.
The SogoTrade broker offers a wide range of proprietary trading platforms, including for mobile devices such as SogoMobile, SogoApp. Each terminal has its characteristics and is fully customizable according to the needs of individual investors and traders. So, SogoOnline is a simple and powerful web-based platform for trading stocks, exchange-traded funds (ETFs), and options. SogoOptions is for trades with options. SogoElite and SogoTrader are universal terminals with streaming quotes, interactive charts, with fast and quality execution.
Useful services of SogoTrade investment:
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Morning Call. Daily research on eight stocks and ETFs, which the company sends by email before the market opens. Time-tested indicators, dozens of charts, and mathematical approaches are used to obtain up-to-date data appropriate for different investing styles.
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SogoPlay. A service that provides professional analytics and a list of effective strategies. Traders also get access to trading ideas for various classes of securities with risk and reward assessments, and tools to quickly find the most promising assets.
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ValuEngine. Proprietary forecasting model for stocks, including ADR, which uses advanced quantitative methods, technical analysis tools, and historical data.
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Research Center. A resource designed for a detailed analysis of the financial performance of global companies whose shares are quoted on the stock market. It also contains the latest news, screeners, and leaderboards for asset growth.
Advantages:
Broker accounts can be opened by non-US traders. The company currently serves clients from 149 countries.
A wide range of trading instruments is available - more than 2,000 types (including penny stocks), 3,400 commission-free mutual funds.
Clients can place different types of orders - market, limit, stop limit, trailing stops, trailing stop limit.
For shares under $1, the minimum investment is $100.
The SogoTrader platform supports the Extended Hours Trading option.
The user's personal account is reliably protected from unauthorized entry by third parties. To enter the system, you must enter a unique phrase, mark the image selected during registration and enter a 4-6-digit PIN using the encrypted on-screen keyboard.
The company does not charge fees for opening, maintaining or closing accounts, nor for providing terminals.
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