SogoTrade account opening

Are you a new investor considering opening a brokerage account at SogoTrade but don't know how to do it? Are you wondering how long the process takes and how difficult it is?

Opening a brokerage account can seem daunting, but we'll show you it's often easier than you think. Account opening at SogoTrade is in fact a great experience that needs no prior knowledge.

Opening an account at SogoTrade is easy and intuitive

Opening an account at [Broker name] is easy and intuitive

András Régely

Investments • Stock Market • Market Analysis

As a Broker Analyst at BrokerChooser, I'm dedicated to providing data-driven insights that simplify the world of investments. With a solid academic background, including an MSc in Accounting and Finance from LSE, I bring a deep understanding of financial markets to my role. My mission is to assist retail investors in finding the perfect broker fit by leveraging my trading experience and analytical skills. At BrokerChooser, I merge my passion for trading with a keen eye for market trends, helping clients navigate online brokers confidently and effectively.

Learn about our methodology

András Régely

Investments • Stock Market • Market Analysis

Together with my brokerage analyst colleagues, I have thoroughly tested the services of SogoTrade by opening a real-money account. Here’s what you need to know about account opening if you want to start investing with SogoTrade:

• Account opening at SogoTrade is fully online and takes 1 day.

• You will need to prove your identity and residency with documents.

• Choose an account type that suits your needs.

• The only available base currency is USD.

• The minimum deposit at SogoTrade is $0.

• Browse the best brokers for beginners for some great alternatives.

Before we start, let's check if SogoTrade is available in your country:

Account opening at SogoTrade is fully online, meaning you can do it from the comfort of your chair. In fact, you don't even need a chair: you can simply do it on the go on your mobile phone.

See how we rated the account opening experience and how long it takes to get started at SogoTrade compared with its main competitors:

Opening an account is always free of charge, but the time it takes differs from broker to broker. At some brokers, it's as quick as signing up for a new Gmail account. At others, it might take a couple of days as they run a background check on your data. At SogoTrade, it usually takes 1 day to have your account up and running.

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Navigating the complexities of trading can be challenging. If you're a new investor, you'll need a broker with a user-friendly trading interface and robust educational materials. So where to find such brokers? Start with our toplist of brokers we rated as good for beginners.

First, you need to go to SogoTrade's website and fill a registration form to apply for an account. It takes the broker a bit of time to review and verify your application - usually 1 day - after which you can make your first deposit and start trading.

Opening a brokerage account is not unlike opening a bank account. As you go through the steps, you’ll find that it is a simple and familiar process. Once your brokerage account is set up, you’ll find that the experience is similar to what you get with a bank account that you use for savings and transactions. See, it’s just another way of managing your money!

The sign-up procedure is usually self-evident; just follow the instructions carefully. Here's what awaits you at SogoTrade:

The account opening process is fully digital and fast. It took just one day for us, which is not usual for US brokers: for example, the account opening at Interactive Brokers can take much longer. However, the process was not as user-friendly as at some other brokers.
First you have to go through a 5-step registration process that takes roughly 20 minutes. Here you have to provide some personal information and there are also questions about your trading experience.
At the end of this process, you have to verify your identity and residency by uploading scans of the following documents:

• ID or passport for identity check
• Bank statement or utility bill for proof of residency

The following steps are typical toward the end of the application process or after verifying your identity:

1. You'll have to fill out a trading experience survey. It might seem scary at first, but it is nothing to worry about. This is standard procedure, as brokers need to make sure that you have some basic financial knowledge and are aware of the risks of trading.

2. Next, you'll have to choose an account type and a base currency.

3. As a final step, you'll need to fund your account before you can start trading.

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Brokers usually provide multiple account types. When choosing an account, consider how experienced you are in trading, and pick an account that suits your needs. Some factors to take into account: your investment goals, risk tolerance, trading frequency, and any associated fees or account balance minimums.

If you're a beginner, we recommend selecting the most basic account offered by the broker, which is the standard account.

The above apply to retail accounts opened by private individuals. If you're looking to open a brokerage account for your company, see our overview of whether you can open a business investment account at SogoTrade and under what conditions.

Alternatively, find out more about SogoTrade's specific account types in our comprehensive SogoTrade review for 2024.

At SogoTrade, the only available currency is USD. If possible, try to deposit money to your brokerage account in USD.

Why is all this important? If you fund your trading account in the same currency as your bank account, you won't have to pay a conversion fee. Conversion fees apply if:

• You make a deposit in a different currency than the currency of your brokerage account.

• You trade assets denominated in a different currency than your brokerage account's base currency.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank.

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Once you have filled out the registration form, uploaded your documents, finished the trading survey and selected your account type and base currency, SogoTrade will verify your account shortly. After successful verification, you need to fund your account to be able to begin trading.

• Choose your funding method.

• Enter the amount to be deposited and other necessary details for the transaction.

• Double-check if payment details are correct.

• If all looks OK, click to submit your deposit request.

At SogoTrade, the minimum deposit is $0. This means that you can deposit as little money as you wish.

Brokers that don't require a minimum deposit do so to encourage people to try their services without requiring a large initial commitment. Many brokers no longer require a minimum deposit nowadays; so if you want to compare SogoTrade and its rivals along other criteria, you can do so using our broker comparison tool.

At SogoTrade, the only available option to deposit money to your account is via bank transfer.

After successfully funding your account, you're all set to start trading.

To explore SogoTrade’s top competitors, head over to our top list of the best brokers for beginners, whose low fees and user-friendly features benefit new investors like you.

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