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SogoTrade Review 2024

Written by
Adam N.
Fact checked by
Gyula L.
Updated
2d ago
Trusted by BrokerChooser
  • Regulated by the top-tier SEC and FINRA in the US
  • Founded in 1986
  • Investor protection is $500k (securities up to $500k, cash up to $250k)
  • Clean track record: no major regulatory incidents or fines
1,309 people picked this broker at BrokerChooser in the last 6 months

Our take on SogoTrade

SogoTrade is a US-based stockbroker, regulated by top-tier US authorities like the SEC and FINRA.

SogoTrade charges low fees and its account opening process is user-friendly. Customer service is great, providing relevant and quick answers. It is a good choice for beginner investors.

On the negative side, its charting tools are inadequate, and the product portfolio is focused heavily on US-listed assets. Also, non-US clients must pay a $50 fee for wire payouts.

BrokerChooser gave SogoTrade a 4.0/5 rating based on analyzing 600+ criteria and testing via opening a live account.

BrokerChooser score
4.0 4.0 /5
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SogoTrade is available in the United States
Pros
  • Low trading fees
  • Quick and easy account opening
  • Great customer service
Cons
  • Poor charting tools
  • US-focused product portfolio
  • $50 fee for non-US payouts
“I recommend SogoTrade for stock and options traders with a US focus who value great customer service.”

SogoTrade summary

Snapshot of key data
🗺 Country of regulationUSA
💰 US stock fee $2.88 flat fee per trade for market orders, $0 for limit orders
💰 Inactivity fee chargedNo
💰 Withdrawal fee$0
💰 Minimum deposit$0
💵 Available base currenciesUSD
💵 Conversion fee of deposits in non-base currencyOnly USD-denominated assets are available
💳 Deposit with bank cardNot available
🕖 Time to open an account1 day
🎮 Demo account providedNo
🛍️ Products offeredStock, ETF, Options, Crypto
Fees
Account opening
Deposit and withdrawal
Desktop platform

For a more comprehensive, in-depth look at the broker's services and features, simply expand on the sections below.

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Fees

Score: 3.6/5
SogoTrade has overall low trading fees, and deposit/withdrawal transactions using ACH are free. On the other hand, margin rates and wire withdrawal fees for non-US customers are high.
Pros
  • Low trading fees
  • No commission if you use limit orders
Cons
  • High margin rates for stock trading
  • High fee for wire withdrawal
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Account opening

Score: 5/5
Opening an account at SogoTrade is fast and fully digital for both US and international citizens. There is a $25 annual fee for IRA accounts.
Pros
  • Fast
  • Fully digital
  • No minimum deposit
Cons
  • IRA accounts cost $25/year
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Deposit and withdrawal

Score: 1.2/5
There is no deposit fee, and if you live in the US, transactions are free via ACH. However, transfer options are limited, and non-US clients are charged a high wire withdrawal fee.
Pros
  • No deposit fee
  • Free ACH withdrawal
Cons
  • Credit/Debit card not available
  • Slow withdrawal
  • High fee for wire withdrawal (non-US)
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Web trading platform

Score: 3/5
SogoTrade's web trading platform is user-friendly, with a good search function and many order types. However, it's not customizable, has a clunky look, and lacks two-step authentication.
Pros
  • User-friendly
  • Good search function
  • Good variety of order types
Cons
  • No clear fee report available
  • No two-step (safer) login
  • Limited customizability (for charts, workspace)
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Mobile trading platform

Score: 3.5/5
The SogoApp is usable but has a dated design. It offers a variety of order types and price alerts, but lacks a secure two-step login. Charting options are also very basic.
Pros
  • User-friendly
  • Good search function
  • Good variety of order types
Cons
  • No two-step (safer) login
  • Very basic charting tool
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Desktop trading platform

Score: 0.9/5
The SogoTrade desktop trading platform has a lot to improve. The platform is not user-friendly, has a poor search function, and lacks a clear fee report.
Pros
  • Good customizability (for charts, workspace)
Cons
  • Not user-friendly
  • No clear fee report available
  • No two-step (safer) login
  • Available only for Windows
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Markets and products

Score: 2.2/5
At SogoTrade, you can trade US stocks, ETFs, options and cryptos, but the offered assets cover only US markets. Some popular asset types, like futures, are not available.
Read more

Research

Score: 3.5/5
SogoTrade's research tools are OK. The wide offering includes detailed fundamental data and some trading ideas. However, the charting tools are inadequate and not user-friendly.
Pros
  • Trading ideas
  • Data on asset fundamentals
  • Great SogoPlay tool for options strategies
Cons
  • Extremely basic charting tools
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Customer service

Score: 4.5/5
SogoTrade has great customer support. You can reach out to them in many ways and customer service gives fast and relevant answers. However, support is not available 24/7.
Pros
  • Phone support
  • Live chat
  • Fast response time
Cons
  • No 24/7 support
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Education

Score: 0/5
SogoTrade's education section could use a lot of improvement. There is no demo account and the educational content is limited and hard to navigate, featuring only articles. As a plus, a wide range of topics is covered.
Pros
  • Educational articles on many topics
Cons
  • No demo account
  • No educational videos
  • Hard to navigate
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Safety

SogoTrade is regulated by top-tier US regulators like the SEC and FINRA. There is also a high amount of investor protection for up to $500,000, including $250,000 for cash.
Pros
  • High level of investor protection
  • Financial information is publicly available
Cons
  • Does not hold a banking license
  • Not listed on stock exchange
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Bottom line

SogoTrade is a great broker for US stock and options trading.

Stock and ETF trading fees are average or zero if you use limit orders. Options fees are low. Account opening is user-friendly and swift, and customer support is great, providing fast and relevant answers.

On the negative side, charting tools are extremely basic on all trading platforms. The product offering is limited, e.g. you can't trade futures or non-US markets. SogoTrade also charges high wire withdrawal fees for non-US payouts ($50).

As the account opening is seamless and trading fees are low, feel free to try SogoTrade.

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FAQ

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Author of this review

Adam Nasli

Financial Wizard | Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

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