SogoTrade offers a range of offers for both new and existing customers with a SogoTrade open account.
Our SogoTrade review found that, for a limited time, new customers receive one hundred free trades for 30 days. The promotion begins when their SogoTrade open account has been approved and is ready to place orders, and the free trades only include online equity trades of stock priced at $1 or above as well as online option trades.
It’s worth noting that our SogoTrade review USA also came across two other promotions available, but remember that these things can change from time to time, so be sure to check the website for the latest information.
All customers with a SogoTrade open account get up to $100 back when they transfer their account from another brokerage provider, providing them with a handy sum of extra cash to boost their investment portfolio.
There is a promotion exclusively available to current customers, who get 25 free trades when one of their referrals opens a new qualified SogoTrade open account, which is a generous incentive that encourages you to ask some of your friends or family to sign up.
It’s refreshing to see an online broker offering deals to both new and existing SogoTrade open account holders, as current customers are often excluded from most promotions.
Our SogoTrade opinions are that, while it is not the most attractive or modern website, it is easy to use and accessible for all types of people.
You are able to navigate between each section of the SogoTrade USA website easily using the menu at the top of the website, which includes links to its tools and products.
The terms and conditions, news room, and everything else you may need can also be accessed at the very bottom of the SogoTrade USA homepage, as is the contact information for those looking for more advice.
Our SogoTrade USA review found that SogoTrade is not as well-designed as some of its competitors, as found in our Tradestation review and Tastyworks review.
Overall, our SogoTrade review USA deemed the website’s performance to be sufficient and noticed that all relevant pages loaded quickly across all devices, as you would expect. The website could benefit from some modernization, and a drop-down menu on the homepage wouldn’t go amiss.
Setting up a SogoTrade open account is easily done using the website on either desktop or mobile. All you have to do is tap ‘Open an Account’ or ‘Start Trading’ which stands out on the website in bright orange text boxes.
It isn’t the most user-friendly account, but there is no minimum deposit, the process is straightforward and it can all be done online. You can get a SogoTrade open account in many countries including the USA and UK.
As there is no minimum deposit required, SogoTrade USA may be a good broker for beginners. This means that you can invest small amounts easily, but it’s worth noting that there is an inactivity fee – you can read more about this in our SogoTrade review USA section on fees and payments.
There are seven accounts available at SogoTrade, including the following:
- Individual account
- Joint account
- Business account
- IRA account
- Coverdell Education Saving Account
- UTMA/UGMA Account
- Trust Account
The most popular – and the focus of this SogoTrade review USA – is the individual SogoTrade open account.
There are a range of financial products available at your fingertips, including equities, ETFs, options, margin trading, cryptocurrency, and ‘power portfolios’ (a diverse portfolio option).
Our SogoTrade USA review discovered that the broker prides itself on having powerful and advanced trading technology, similar to our TradingBlock review.
Its online trading platform is easy to use and generally user-friendly due to its search function, but users are not able to customize their dashboard and there is currently no two-step login authentication available, which is relatively archaic.
As you would expect, those with a SogoTrade open account can access the platform using their desktop and mobile.
Our SogoTrade USA review found that there are a number of different web trading platforms on offer, including SogoTrader, SogoOnline, and SogoOptions (which offers stocks as well as options, despite its misleading name).
The SogoOnline trading platform is the most popular option, as it is a useful all-in-one investment vehicle for a range of securities, including stocks, ETFs, and options. Our SogoTrade review deemed that it was a sufficient platform and provides a convenient and straightforward trading platform.
The platform is available in English, simplified Chinese, and traditional Chinese. Our SogoTrade opinions relating to its trading platform are very positive and it’s worth noting that this is one of the key features of the website.
Our SogoTrade review will now discuss some of the fees and payments that you might incur when setting up an account.
There is no minimum deposit when signing up to a SogoTrade open account, which is an impressive feature and one that is relatively sparse in the industry. It’s worth noting, however, that the amount of fees you pay depends on which SogoTrade USA account you choose and the securities you invest in.
There is an inactivity fee for having a balance below $100, but this only comes into play after one year of trading and it is relatively low in comparison to some other competitors.
Its stocks and ETFs trade fees are low, and those who trade less frequently (with larger amounts) will be glad to find out that the commission fee on stock trades is fixed.
There is no commission on limit orders or options, but you may face a fee on other SogoTrade USA securities such as market orders ($2.88) and there is a broker-assisted commission of $25 if you have support when investing.
Our SogoTrade review USA was particularly impressed by the scheme that SogoTrade currently has in place where customers can earn $1 for every 1,000 shares that they trade – going beyond simply offering a commission-free service. Limitations apply and you must keep a minimum account balance of $25,000 or above to be eligible, but it is useful to those who are able to meet those requirements. However, margin rates are relatively high and fees for wire withdrawals are well above average.
Here is how SogoTrade USA stands in terms of its non-trading fees:
This withdrawal fee of $50 is relatively high, especially in comparison to Tradestation, which is just $35.
Our SogoTrade opinions are that it is a low-cost and affordable trading broker, but there are some fees that you will incur when investing in certain securities.
Our SogoTrade review USA found that its customer support is exceptional, and perhaps the most impressive part of the whole user experience. You can reach out to the SogoTrade USA customer service team in many ways and the support given to users is always responsive and relevant.
24/7 support is not available with a SogoTrade open account, but it is on offer from Monday to Friday 7am – 8pm ET – how convenient this is for you depends on your personal and working circumstances.
Our SogoTrade USA opinions were strengthened by the various methods of contacting their customer service team, including live chat, email, and telephone, and there is also a Skype line available for free.
If you need urgent help outside of working hours, you may be left frustrated – which is a downfall that our SogoTrade USA review must make a note of – but you can guarantee that their team will be in touch with you as soon as possible and will be as helpful as they can possibly be.
There are nationwide telephone numbers available. To get in touch with SogoTrade, use 1-888-709-7646 in the US, or 1-646-885-6594 anywhere else.
Our SogoTrade opinions are that it is a safe and secure trading broker to use in the US and beyond. It is authorized and regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulation Authority (FINRA), which are both legitimate organizations that keep consumers’ investments safe.
This SogoTrade review USA found that it is considered a secure website as it has a proven track record, spanning over 34 years as it was founded in 1986. Not only is it regulated by top-tier regulators, but SogoTrade clients are also eligible for the Securities Investor Protection Corporation (SIPC) investor protection scheme, which is a not-for-profit corporation set up under the Securities Investor Protection Act of 1970. The SIPC investor protection scheme offers protection on up to $500,000 per account (up to $250,000 in cash).
It is, however, worth keeping in mind that SogoTrade USA does not hold a banking license and it is not listed on the stock exchange, so it could be argued that there are some trading brokers out there that offer a more secure experience, but SogoTrade is in no way dangerous.
Our SogoTrade USA review found that there are a range of offers available to the website’s users, from a type of ‘cashback’ scheme, to free trades when one of their referrals sets up an account.
While our SogoTrade review has mentioned the website’s lack of high-quality design, some of its offers are very generous, which improved our SogoTrade opinions.
One of the most notable additional offers available at SogoTrade is the aforementioned scheme where customers can earn $1 for every 1,000 shares that they trade. This is highlighted as the main feature of the SogoTrade USA website at the moment, with “GET PAID TO TRADE” boldly exclaimed across the homepage. In order to be eligible, you must maintain a balance of $25,000 or more, but this GP2T (as they refer to it as) provides an attractive incentive to encourage its users to invest in limit orders.
Our SogoTrade review noticed that there are many educational articles available on the site, but they could be improved and are not the easiest to access. It does, however, seem that this is being enhanced on a regular basis, with SogoTrade recently announcing its new newsletter, which has the purpose of helping clients reach their investment potential.
This daily newsletter is called the SogoTrade Morning Call, which is claimed to be ‘institutional grade equity research’ on eight or more featured securities.
You can find more information on the educational resources available with a SogoTrade open account through its ‘Trade Ideas’ section, accessible through the main menu.