MultiBank vs SogoTrade compared

Online brokers compared for fees, trading platforms, safety and more. See how MultiBank stacks up against SogoTrade!

MultiBank
SogoTrade
74-89% of retail CFD accounts lose money

Last update of dataNov 2022

MultiBank

MultiBank is an international CFD and forex broker, regulated by several financial authorities such as the top-tier ASIC of Australia.

Recommended for forex and CFD traders familiar with the MetaTrader trading platform.

SogoTrade

SogoTrade is a US-based stockbroker, regulated by top-tier US authorities like the SEC and FINRA. It is not listed on a stock exchange and does not have a banking background.

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

MultiBank's service is on par with SogoTrade's and a comparison of their fees shows that MultiBank's fees are slightly higher than SogoTrade's.

Account opening takes about the same effort at MultiBank compared to SogoTrade, deposit and withdrawal processes are much more seamless at MultiBank, while customer service quality is similar to SogoTrade's.

Our experts rated the trading platform of MultiBank as somewhat better than the platform of SogoTrade, found that clients have access to about the same number of markets and products with MultiBank, while SogoTrade provides just about the same quality of research and education.

*Data marked with an asterisk contain additional info, expand the relevant sections below to see details.

Basic data of broker

Overall Score
4.3

Recommended for Forex and CFD traders familiar with the MetaTrader trading platform

Overall Score
4.2

Recommended for Stock and options traders with a US focus who value great customer service

Country of origin

USA

Country of origin

USA

Fees

Fees score
3.3
Fees score
3.8
Fees summary

Low trading and non-trading fees, no withdrawal fee

Fees summary

Low trading fees, average non-trading fees, low stock and ETF fees

Stock and ETF fees

Forex fees

Fund fees

Bond fees

Options fees

Futures fees

CFD fees

Non-trading fees

Deposit and withdrawal

Deposit and withdrawal score
4.5
Deposit and withdrawal score
1.8
Number of base currencies

7

Number of base currencies

1

Deposit type

Withdrawal type

Account opening

Account opening score
5.0
Account opening score
5.0
Account opening fully online
Account opening fully online
Minimum deposit
*

$50

*
Minimum deposit
*

$0

*
Time to open account

1 day

Time to open account

1 day

Required documents

Proof of identity: passport / driver's license Proof of residency: bank statement / utility bill

Required documents

Proof of identity: passport Proof of residency: bank statement / utility bill

Trading platform

Web platform score
3.8
Web platform score
3.0
Mobile platform score
3.8
Mobile platform score
3.5
Desktop platform score
3.4
Desktop platform score
0.9

Markets and products

Markets and products score
2.1
Markets and products score
2.2
Stocks
*
*
Stocks
Fractional shares
Fractional shares
ETFs
ETFs
Forex
Forex
Funds
Funds
Bonds
Bonds
Options
Options
Futures
Futures
Crypto
*
*
Crypto
CFDs
CFDs
CFD disclaimer

Disclaimer: 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

Research, education

Research score
3.5
Research score
3.5
Charting quality

Mid-range

Charting quality

Poor

Education score
1.5
Education score
0.5
Demo account
Demo account

Customer service

Customer service score
5.0
Customer service score
5.0
Phone
Phone
Live chat
Live chat
Email
Email
24/7 availability
24/7 availability

Security

Investor protection amount

USD 1 million

Investor protection amount

$500,000 (securities up to $500,000, cash up to $250,000)

Banking background
Banking background
Listed on stock exchange
Listed on stock exchange
Foundation date

2005

Foundation date

1986

Country of regulation

Australia, UAE, British Virgin Islands

Country of regulation

USA

MultiBank

For detailed information and hands-on experience, read our review of this broker.

SogoTrade

For detailed information and hands-on experience, read our review of this broker.

*Data marked with an asterisk contain additional info, expand the relevant sections below to see details.

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.

Brokers displayed might not be available in United States.

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