SogoTrade Review 2019
SogoTrade is an online deep discount brokerage firm offering low commissions brokerage accounts to retail traders, allowing for higher profits in the long run, as SogoTrade has gone out of its way to drive down total costs.
Ultimately, this is crucial for the retail trader, as well as the institutional one. By saving on costs, you can focus on your trading, and not making up exorbitant fees, significantly increasing the likelihood that you will become profitable. This is one of the least understood. Continue reading the SogoTrade review.
Trading Platforms and Tools
SogoTrade has a handful platforms that you can use, including SogoOnline, which is fast, simple, and powerful. It allows for trading of stocks, ETF markets, and options. Think of this as an online trading platform for quality execution at a deeply discounted price.
This is going to be a straightforward platform, for those who are looking to trade longer-term positions, it will have all of the bells and whistles necessary to do so.
However, SogoTrade also offers SogoTrader, a bit more advanced platform that provides flexible order entry, interactive charts, real-time streaming quotes, extended hours trading, and blazing fast speed.
This helps with shorter-term trading, but for day trading, there is another platform named SogoElite that allows time in sales dynamic charting, streaming charts and quotes, options chains, top movers list, and so much more.
For those who prefer to trade options full-time, there is a specially designed platform known as SogoOptions, which has advanced features specifically for options trades.
You will find some excellent charting and analysis packages available inside the platform, which makes visualizing the risk and reward of a trade much simpler.
However, it would be best if you kept in mind that it is solely for options and does not allow the trading of ETF markets or stocks. It should be noted that there are also mobile apps designed to place trades and monitor positions available as well.
SogoTrade allows the trading of US stock markets, ETF markets, and options on those stocks and ETFs.
Unfortunately, they do not offer access to foreign markets but should be thought of as a solely American brokerage that offers excellent execution at a low cost, but if you are looking to diversify globally, you may need to look elsewhere.
However, it should be remembered that there are plenty of ETF instruments out there that offer access to other markets peripherally, so that could be one way to dance around that issue.
For example, you could trade the Turkish ETF to get exposure to companies in that market. There are also ADR listings for some foreign companies available on the New York Stock Exchange.
Commissions and Fees
Commissions at SogoTrade are incredibly cheap. It is probably the biggest attraction to trading at this brokerage.
There is a base rate of $4.88 per trade if you make less than 150 trades in the quarter, but you can prepay your commissions to knock that rate down to as little as $2.88 per trade.
However, if you make more than 150 trades, you will automatically see the $2.88 rate applied to your account.
Options trades are also charged at the same price, plus $0.50 per contract. Just as with stock markets, the more you trade, the more you say.
You do have the ability to trade mutual funds, but they are broker assisted only, costing $25. By far, the most exciting aspect of this brokerage is that you can prepay, that allows the smaller trader to benefit from the type of pricing that some of the professionals enjoy.
Education and Research
SogoTrade offers “Morning Call” which is institutional grade equity research and trade ideas for free for all of its customers.
Some of the things that it will include are eight spotlights stocks and ETFs to consider before the markets open. It’s so good that over 100 global financial institutions subscribe to it every day.
It includes both the upside and downside price targets and has won multiple awards.
There is also ValuEngine, which is an award-winning stock valuation and forecasting service for free as well.
This gives you the opportunity to run an analysis on approximately 5300 stocks, including ADRs. While there isn’t much in the way of education, there certainly is a ton of free research there for their clients.
While SogoTrade is based in the United States, they have clients from around the world. They have multiple phone numbers that you can call in the United States and even a couple of numbers in Asia for Chinese speakers.
You can reach them during most hours, with perhaps the exception of holidays. You can also fax, email, and send regular mail to their office in Chesterfield, Missouri.
This gives the client quick access to customer care representatives that are very knowledgeable have won several awards.
You will find the ability to reach out to several different numbers convenient.
SogoTrade Review Summary
Platforms & Tools
Commissions & Fees
Education & Research
SogoTrade has been helping clients since 1986 trade the US markets. Their execution is ultrafast, and perhaps even more importantly: ultracheap for highly active investors.
They give you the ability to pay for your trades ahead of time, saving vast amounts of money in commissions.
Commissions are by far one of the most expensive parts of trading and something that you should look to minimize whenever you can. Because of this, buying packages of trades ahead of time makes the most sense.
They offer many platforms to trade the markets, all of which have varying degrees of professionalism. They also can connect you with mobile apps, giving you the ability to monitor positions and even open and close them on the go.
If you are looking for education, you can find plenty of it online, so you don’t necessarily need to find it here. Even the YouTube channel is kind of inactive with only 14 videos and 147 subscribers to their channel.
My personal favorite is still Interactive Brokers. They have even lower commissions for any trade independently from their activity and are listed on a stock exchange.
However, they do have award-winning research that is trusted by professionals around the world and won an StockBrokers.com "Best in class" Award two years in a row.
Free newsletter: You can expect to wake up every morning with trade ideas in your email box before the markets open, giving you an opportunity to benefit from quantitative analysis, professional technical analysis, and of course fundamental analysis.
SogoTrade Review - By saving on costs, you can focus on your trading. | via @daytradingz.com