SogoTrade Alternatives

The best alternatives to SogoTrade are

1. ChoiceTrade - US-based stockbroker
2. Passfolio - Global zero-commission stockbroker
3. TradeStation - US stockbroker
4. tastyworks - US options and stockbroker

Let's see in a bit more detail how the SogoTrade alternatives compare to SogoTrade and each other:

Why are these brokers considered good alternatives to SogoTrade? There are many areas based on which SogoTrade can be compared with others. When we say a given online broker is a good alternative to SogoTrade we mean these brokers are comparable in the following areas:

• The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
• The type of clients they target, i.e. beginners, experienced investors, or day traders.

SogoTrade alternatives recommendations

Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:

• SogoTrade is recommended for stock and options traders with a us focus who value great customer service
• ChoiceTrade is recommended for stock and options traders looking for low trading fees and focusing on the us market
• Passfolio is recommended for beginners and long-term investors focusing on the us stock market
• TradeStation is recommended for traders focusing on us markets and buy-and-hold investing
• tastyworks is recommended for options and futures traders focusing on us markets

Important factors of finding SogoTrade alternatives

So far BrokerChooser has reviewed 94 online brokers in detail, which gives this comparison a solid starting point.

Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we

• open a live account
• check over 100 criteria, with weighting based on readers' preferences
• refresh data regularly

Whether SogoTrade or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:

Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. SogoTrade is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost SogoTrade alternative.

Account opening. To open an account some brokers require at least €50,000 to be invested, while others don't set a minimum first-time deposit. The time it takes to open your account can be very different as well. At SogoTrade this is not a problem as you can have it ready on the same day you registered.

Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you cannot make a deposit with your credit card at SogoTrade, some alternatives might allow you to do that.

Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.

Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given SogoTrade alternative is a must.

Now let's dive into the details of how SogoTrade and its alternatives perform in the most important areas!

ChoiceTrade is a US-based stockbroker founded in 2000. The broker is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) and it is also a member of SIPC. SIPC membership ensures that clients are eligible for the SIPC investor protection scheme, which protects assets up to $500,000 (cash up to $250,000) per account.

ChoiceTrade is considered safe because it has a long track record, it is regulated by top-tier regulators and it discloses its annual financial statements. 

Recommended for stock and options traders looking for low trading fees and focusing on the us market

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Fees

4.3

ChoiceTrade charges low trading fees and you can trade listed stocks and ETFs with no commission. On the flip side, the non-trading fees are high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

4.4

Opening an account at ChoiceTrade is easy, fast and fully digital for both US and international clients.

If you are interested more in ChoiceTrade minimum deposit, this overview will help you.

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Deposit and withdrawal

0.8

The deposit process at ChoiceTrade is smooth, but withdrawing funds is cumbersome. Credit/debit cards are not accepted, there is a high withdrawal fee and the process is not user-friendly.

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Web trading platform

1.5

ChoiceTrade's web trading platform offers a clear fee report and a great variety of order types. On the other hand, the design is outdated, there is no two-step login, and the search functions are poor.

Learn more about ChoiceTrade's web trading platform in the detailed ChoiceTrade review.

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Markets and products

2.1

ChoiceTrade only offers stocks, ETFs and options traded on US and Canadian exchanges.

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Verdict

US and international clients can trade listed stocks and ETFs with no commission at ChoiceTrade. The account opening is easy, fully digital and takes 1-2 days. The broker also offers a great and user-friendly mobile trading platform.

On the negative side, the inactivity fee and withdrawal fees for bank transfers are high. The withdrawal process is not user-friendly and only bank transfer is available. The product portfolio is limited, you can only trade stocks, ETFs, and options.

Given that the account opening is seamless and you can trade stocks and ETFs with zero commission, feel free to try it.

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Passfolio, a global zero-commission stockbroker, is a young and ambitious brokerage founded in 2018. It is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). In addition to the top-tier regulation, clients also enjoy investor protection under the SIPC policy of Passfolio's clearing firm for up to an additional $30 million (with a cash sub-limit of $900,000 per account), subject to an aggregate limit of $150 million.

Although Passfolio is a global broker, there is a distinct focus on Brazilian customers, as evidenced by the fact that a good portion of the content it offers is available in Portuguese. 

Passfolio is considered safe because it is regulated by top-tier authorities and offers extra protection to investors. 

Recommended for beginners and long-term investors focusing on the us stock market

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Fees

4.5

Passfolio has attractive fees, as trading in all assets except for cryptos is free of charge above a trade value of $5. On the other hand, most withdrawal options carry a fee.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

5.0

On mobile, the account opening at Passfolio is super fast and fully digital, with validation in just 15 minutes. On the other hand, there may be some issues when validating via desktop.

If you are interested more in Passfolio minimum deposit, this overview will help you.

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Deposit and withdrawal

2.8

Passfolio's deposit functions are numerous and most of them come free of charge. On the other hand, withdrawal is not free and the process of depositing funds is complicated.

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Web trading platform

3.7

Passfolio's new web trading platform is still in Beta. It is user-friendly and has two-factor SMS verification. However, it is not customizable, has only a few order types and no price alerts.

Learn more about Passfolio's web trading platform in the detailed Passfolio review.

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Markets and products

2.0

Passfolio offers stocks, ETFs, REITs and ADRs traded on US stock exchanges, as well as cryptos. Popular assets such as mutual funds, bonds and options are not available.

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Verdict

As an up-and-coming brokerage, the main attractive feature of Passfolio is its highly competitive fee structure. You can essentially trade free of charge with an amount exceeding $5, depositing funds is free and the broker doesn't charge any account fees either. The mobile app is exceptionally user-friendly and the account opening and validation was extremely fast.

On the negative side, the range of products is rather limited and customers have access solely to US markets (NYSE/NASDAQ). Depositing funds in your Passfolio account can prove to be a cumbersome process and all withdrawals carry a price tag. Educational materials are pretty scarce, albeit some of high quality, and videos are only available in Portuguese.

Passfolio is ideal for non-US investors looking for an easy-to-use platform to trade in US securities.

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TradeStation is a US stockbroker founded in 1982. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Clients are eligible for up to $500,000 investor protection per account (including cash up to $250,000).

TradeStation is considered safe because it has a long track record; discloses its financials; and its parent company, the Monex Group, is listed on the Tokyo Stock Exchange.

Recommended for traders focusing on us markets and buy-and-hold investing

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Fees

4.1

TradeStation has low trading fees, and you can choose from multiple fee structures. On the negative side, withdrawals can be costly.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

5.0

TradeStation account opening is fully digital, user-friendly and fast. On the other hand, USD is the only available base currency (except for futures accounts).

If you are interested more in TradeStation minimum deposit, this overview will help you.

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Deposit and withdrawal

2.3

TradeStation's deposit and withdrawal functions are somewhat limited, as you can use only bank transfer; and the fee for wire transfer withdrawals is high.

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Web trading platform

4.5

TradeStation has a nice-looking, user-friendly web trading platform with a safe login process, but it lacks price alerts.

Learn more about TradeStation's web trading platform in the detailed TradeStation review.

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Markets and products

2.8

TradeStation grants access to a wide variety of US products, but its non-US market coverage is poor. Also, forex and CFDs are not available.

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Verdict

TradeStation is a great US broker.

The web and mobile platforms are very user-friendly with many functions. It also offers low stock and ETF trading fees. On top of that, TradeStation's education materials are well-structured and high quality.

On the other hand, the deposit and withdrawal functions are not user-friendly as you can only use bank transfers. There is no forex trading, and customer service has room for improvement.

Feel free to try TradeStation if you prefer trading on US markets. We recommend it for buy and hold investors with at least some experience.

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tastyworks is a young, up-and-coming US broker focusing on options trading. It is regulated by the top-tier Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Australian Securities and Investments Commission (ASIC) for Australian clients.

The people behind tastyworks are the same experts who built thinkorswim, now operated by TD Ameritrade. tastyworks is privately owned; it was established in 2017 and is headquartered in Chicago.

Recommended for options and futures traders focusing on us markets

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Fees

4.5

tastyworks has low trading fees and there is no inactivity fee. On the other hand, you have to pay a high withdrawal fee for wire transfers.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

5.0

tastyworks account opening is user-friendly, fast, fully digital, and involves no minimum deposit.

If you are interested more in tastyworks minimum deposit, this overview will help you.

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Deposit and withdrawal

1.9

tastyworks's deposit and withdrawal functions are easy to use and there's no deposit fee, but you can use only bank transfer, and withdrawals can be expensive especially for non-US clients.

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Web trading platform

3.4

The tastyworks web platform is great for experienced traders, especially for options trading. However, it takes time to figure out how its functions work, and its customizability is limited.

Learn more about tastyworks's web trading platform in the detailed tastyworks review.

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Markets and products

2.6

At tastyworks, you can trade US stocks, ETFs, options and some futures. Other popular asset classes like mutual funds or bonds are missing, as are international assets.

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Verdict

tastyworks is an excellent broker for options trading, but it is a bit complicated if you want to trade stocks only.  

tastyworks's trading fees are low, with free stock and ETF trading fees. Its trading platform is aimed at experienced options traders and can be intimidating for beginners. However, its educational and research tools are great for learning. Deposit and withdrawal processes could be better, and a demo account would also be great for practice purposes.

As there is no minimum deposit, no inactivity fee, or monthly fee, and the account opening process is seamless, you should feel free to try it.

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SogoTrade is a US stockbroker, which was founded in 1986. The company is regulated by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA).

Although it is not listed on any stock exchanges and does not have a banking background, SogoTrade is considered safe because it has a long track record and it is regulated by top-tier regulators. Clients are eligible for the SIPC investor protection scheme which offers up to $500,000 (cash up to $250,000) per account.

Recommended for stock and options traders with a us focus who value great customer service

Fees

4.2

SogoTrade has low stock, ETF, and options fees. The inactivity fee is also low, charged only after a year, and if your account balance is under $100. On the other hand, the margin rates are high and the fees for wire withdrawals are high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k

Account opening

5.0

Opening an account at SogoTrade is fast and fully digital for both US and international citizens, but it sorely lacks user-friendliness.

Learn more about SogoTrade minimum deposit here.

Deposit and withdrawal

1.8

You can transfer money only by bank transfer and non-US clients are charged $50, while US clients are charged $25 for wire withdrawals. As a plus, the deposit and the ACH withdrawals are free.

Web trading platform

3.0

SogoTrade's web trading platform is user-friendly, has a good search function, and offers a variety of order types. However, it's not customizable, it doesn't look particularly nice, and doesn't have two-step authentication.

Learn more about SogoTrade's web trading platform in the detailed SogoTrade review.

Markets and products

1.7

At SogoTrade, you can trade with US stocks, ETFs, options, and cryptos. However, the offered assets cover only the US market and popular asset classes, such as bonds or mutual funds, are not provided.

Verdict

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

The stock and ETF fees are low. You can use a wide range of research tools, including a wide range of analytical tools. Lastly, it also has great customer support which gives fast and relevant answers.

On the negative side, SogoTrade charges $50 per year inactivity fee and high wire withdrawal fees, $50 for non-US clients and $25 for US clients. The product offer is limited, you can trade only with stock, ETF, and options. The desktop trading platform can be improved as it is not user-friendly-structured and misses essential tools, like price alerts.

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

Based on our analysis, there are several good alternatives to SogoTrade. They all offer similar products and target similar customers. Here's a recap of the results in a table.

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.