SogoTrade withdrawal at a glance

Whether you are using an online broker for short-term trading or for longer-term investments, there will come a point when you may want to enjoy the fruits of your trading activity if you've been making profitable transactions, or you just need access to your funds for any reason. To do that, first you have to withdraw money from your broker account.

That doesn't sound very complicated, but brokers differ considerably in what withdrawal options they offer (such as bank transfer or credit/debit cards), as well as in the speed and convenience of withdrawal. And while withdrawal at many brokers is free in most cases, some brokers and some types of withdrawals may involve a fee.

So how does SogoTrade fare in this regard? Before we dive into the details, let us show you at a glance how you can withdraw money from SogoTrade and how SogoTrade's withdrawal fees and options compare to some of its close competitors.

SogoTrade withdrawal fees and options snapshot
SogoTrade ChoiceTrade Passfolio
Bank transfer Yes Yes Yes
Credit/debit card No No No
Electronic wallets No No No
Withdrawal fee Free ACH transfer, but wire transfers cost $50 for non-US and $25 for US clients $5 for ACH withdrawal, while $60 for non-US and $35 for US wire withdrawal Other than Transferwise or Revolut, all other options have a fee. ACH withdrawal is $0.25, Wire is $25 ($35 if international), TED 1.2% conversion fee + 0.38% IOF + R$2,00

How to withdraw money from SogoTrade
SogoTrade withdrawal options

Withdrawal via bank transfer is by far the most common option. It is available at basically all brokers, and SogoTrade is no exception.

However, bank transfer is the only withdrawal option available at SogoTrade, putting it at a slight disadvantage over brokers that also offer withdrawal to credit/debit cards or electronic wallets.

Speed also matters. Unlike some deposit options, withdrawal is rarely instant. It usually takes at least 1 business day, but often several business days for your money to arrive.

We tested withdrawal at SogoTrade and it took us more than 3 business days - a little bit on the slow side compared with most other brokers.

To withdraw money from SogoTrade, you need to go through the following steps:

  • Log in to your account
  • Select 'Withdrawal' or 'Withdraw funds' from the appropriate menu
  • Select the withdrawal method and/or the account to withdraw to (if more than one option is available)
  • Enter the amount to be withdrawn, and, if prompted, a short reason or description
  • Submit your request

Please note that you may only withdraw money to accounts that are in your name.

How to withdraw money from SogoTrade
SogoTrade withdrawal fees

While depositing money to a brokerage account is free in most cases, this is not necessarily always true for withdrawals. International bank transfers and wire transfers in particular can sometimes incur high fees, so always check carefully if this is something that would apply to your transactions.

We have good news for you: basic withdrawal at SogoTrade is free of charge. See the table below for details and possible exceptions, as well as how SogoTrade compares with some of its immediate competitors.

SogoTrade withdrawal fees
SogoTrade ChoiceTrade Passfolio
Domestic bank withdrawal Free ACH withdrawal, but wire transfers cost $25 $5 for ACH withdrawal and $35 for US wire withdrawal $0.25 fee for domestic withdrawal (USA)
International bank withdrawal $50 per wtihdrawal $60 per withdrawal $35 for international wire transfer (SWIFT)
Credit/debit card withdrawal Not available Not available Not available
Electronic wallets withdrawal Not available Not available Transferwise, Revolut is free, TED is not, it has a 1.2% fee + 0.38% conversion fee

How to withdraw money from SogoTrade
Bottom line

SogoTrade withdrawal is free of charge in most cases. However, you can only do it via bank transfer; other convenient options such as withdrawal to credit/debit cards or electronic wallets are missing.

To see how SogoTrade's withdrawal fees and options stack up against the rest of the brokerage market, check out our broker comparison tool.

Author of this article

Ádám Nasli

Author of this article

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo-trading, programming and trading.

Ádám Nasli

Broker Expert

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo-trading, programming and trading.

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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