SogoTrade is not a scam
Signing up with a fraudulent broker can easily result in you losing your money. The monetary loss can set back your investment plans by years.
You can rest assured, SogoTrade is considered reliable as it is regulated by the top-tier SEC and FINRA in the US.
I have personally tested dozens of brokers and helped people who have fallen victim to fraudulent brokers. Our team tracks 30,000+ brokers globally with a special focus on their safety profile. Here are the key reasons I consider SogoTrade a safe option:
- SogoTrade is regulated by at least one top-tier regulator.
- We thoroughly tested the services of SogoTrade.
- SogoTrade’s clients most likely have access to investor protection.
- SogoTrade has a strong track record in the industry.
SogoTrade is regulated by at least one top-tier regulator
Brokers overseen by top-tier regulators are legally required to meet very strict rules designed to protect their clients’ money. Non-compliance with these rules typically results in the loss of their license to operate. Brokers overseen by top-tier regulators are seldom - if ever - scams.
They must keep clients’ money segregated from their operational funds, offer fair fees and prices as well as provide transparent trade execution. Top-tier oversight curbs fraud and manipulation through regular audits, licensing requirements, and steep penalties for violations.
We compiled a list of all the regulators that supervise SogoTrade:
- All clients - Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA)
We thoroughly tested the services of SogoTrade
We tested every aspect of SogoTrade’s services using a combination of automated analysis and manual verification with real money. We conducted real trades on the broker’s trading platforms, deposited and withdrew money, and contacted customer service through all available channels. Check out our findings and assessments in the full review of SogoTrade.
We put special emphasis on the safety profile of the brokers we evaluate and analyze 33 safety related data points at each. Our team maintains a comprehensive database with over 32,000 brokers and collects detailed information on each to identify legitimate businesses versus fraudulent operations.
This database powers our unique Scam Broker Shield tool that allows users to instantly verify a broker's trustworthiness. Simply enter the broker's name into the search bar to check their legitimacy.
We regularly investigate user reports of scam brokers and if we confirm the broker is fraudulent, we update our records.
SogoTrade’s clients most likely have access to investor protection
As a client of SogoTrade you will have access to the investor protection program provided in the country where the broker operates.
These programs provide compensation to clients in the event a broker becomes insolvent and is unable to return investments. Check out the following table to see the investor protection amounts that you have access if you sign up with SogoTrade.
|SogoTrade investor protection|
|Investor protection amount:||$500k (securities up to $500k, cash up to $250k)|
SogoTrade has a strong track record in the industry
In addition to regulatory oversight and investor protection, the length and spotlessness of a broker’s track record are also key indicators as to its safety.
SogoTrade is a reliable industry player that has not been involved in any major scandals.
Having been on the market for a long time or being listed on an exchange are also signs that the broker is a legit entity.
Check out some additional safety features of SogoTrade in the table below:
|🌎 Country of origin||USA|
|📅 Foundation date||1,986|
|🏛 Banking background||No|
|📈 Listed on exchange||No|
|🗺️ Broker ownership is transparent||Yes|
|👔 Broker management is transparent||Yes|
|📋 Read more||Check out the SogoTrade review for 2023|
Data updated on November 15, 2023
Warning: Be alert to cloned websites impersonating trusted brokers such as SogoTrade. These fraudulent sites bear a strong resemblance to the legitimate broker's web page but they are scams. Avoid using links from forums or unverified sources and double-check the URL before making any deposits. To be on the safe side, use this link to SogoTrade, which was tested and verified by BrokerChooser.
Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.