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SogoTrade Review & Rating USA 2024

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SogoTrade is a USA stockbroker, providing exceptional customer service and powerful trading platforms to allow traders to invest in a variety of securities, including stocks, ETFs, options, and crypto.

SogoTrade USA is regulated by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA). According to our SogoTrade review, it is known for its useful trading tools and helpful investing advice, so it could be considered a broker for both beginners and more experienced investors.

It is easy to get a SogoTrade open account and it is relatively low-cost, but there are some things that you should know about before signing up.

In our SogoTrade review USA, we assess the broker’s customer service, fees, products, trading platform, and whether or not you should get a SogoTrade open account.

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SogoTrade Pro and Con
  • Its customer service is second-to-none
  • Fees on stocks and ETFs are low-cost
  • Various investment and research tools are available
  • Trading platforms are powerful and useful for active traders
  • Mutual funds, offered by competitors such as Stash and TD Ameritrade, aren’t available.
FINRA - U.S. Financial Industry Regulatory Authority
Accepts Customers from
Overall Rating
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  • New Customer Offers
  • Usability
  • Available Account Types
  • Trading Platforms
  • Payments
  • Customer Service
  • Regulation & Deposit Insurance
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Last Updated on 17/05/2024

SogoTrade New Customer Offers

SogoTrade offers a range of offers for both new and existing customers with a SogoTrade open account.

Our SogoTrade review found that, for a limited time, new customers receive one hundred free trades for 30 days. The promotion begins when their SogoTrade open account has been approved and is ready to place orders, and the free trades only include online equity trades of stock priced at $1 or above as well as online option trades.

It’s worth noting that our SogoTrade review USA also came across two other promotions available, but remember that these things can change from time to time, so be sure to check the website for the latest information.

All customers with a SogoTrade open account get up to $100 back when they transfer their account from another brokerage provider, providing them with a handy sum of extra cash to boost their investment portfolio.

There is a promotion exclusively available to current customers, who get 25 free trades when one of their referrals opens a new qualified SogoTrade open account, which is a generous incentive that encourages you to ask some of your friends or family to sign up.

It’s refreshing to see an online broker offering deals to both new and existing SogoTrade open account holders, as current customers are often excluded from most promotions.

Usability, Look & Feel

Our SogoTrade opinions are that, while it is not the most attractive or modern website, it is easy to use and accessible for all types of people.

You are able to navigate between each section of the SogoTrade USA website easily using the menu at the top of the website, which includes links to its tools and products.

The terms and conditions, news room, and everything else you may need can also be accessed at the very bottom of the SogoTrade USA homepage, as is the contact information for those looking for more advice.

Our SogoTrade USA review found that SogoTrade is not as well-designed as some of its competitors, as found in our Tradestation review and Tastyworks review.

Overall, our SogoTrade review USA deemed the website’s performance to be sufficient and noticed that all relevant pages loaded quickly across all devices, as you would expect. The website could benefit from some modernization, and a drop-down menu on the homepage wouldn’t go amiss.

SogoTrade Open Accounts

Setting up a SogoTrade open account is easily done using the website on either desktop or mobile. All you have to do is tap ‘Open an Account’ or ‘Start Trading’ which stands out on the website in bright orange text boxes.

It isn’t the most user-friendly account, but there is no minimum deposit, the process is straightforward and it can all be done online. You can get a SogoTrade open account in many countries including the USA and UK.

As there is no minimum deposit required, SogoTrade USA may be a good broker for beginners. This means that you can invest small amounts easily, but it’s worth noting that there is an inactivity fee – you can read more about this in our SogoTrade review USA section on fees and payments.

There are seven accounts available at SogoTrade, including the following:

  • Individual account
  • Joint account
  • Business account
  • IRA account
  • Coverdell Education Saving Account
  • UTMA/UGMA Account
  • Trust Account

The most popular – and the focus of this SogoTrade review USA – is the individual SogoTrade open account.

There are a range of financial products available at your fingertips, including equities, ETFs, options, margin trading, cryptocurrency, and ‘power portfolios’ (a diverse portfolio option).

SogoTrade Trading Platforms

Our SogoTrade USA review discovered that the broker prides itself on having powerful and advanced trading technology, similar to our TradingBlock review.

Its online trading platform is easy to use and generally user-friendly due to its search function, but users are not able to customize their dashboard and there is currently no two-step login authentication available, which is relatively archaic.

As you would expect, those with a SogoTrade open account can access the platform using their desktop and mobile.

Our SogoTrade USA review found that there are a number of different web trading platforms on offer, including SogoTrader, SogoOnline, and SogoOptions (which offers stocks as well as options, despite its misleading name).

The SogoOnline trading platform is the most popular option, as it is a useful all-in-one investment vehicle for a range of securities, including stocks, ETFs, and options. Our SogoTrade review deemed that it was a sufficient platform and provides a convenient and straightforward trading platform.

The platform is available in English, simplified Chinese, and traditional Chinese. Our SogoTrade opinions relating to its trading platform are very positive and it’s worth noting that this is one of the key features of the website.

SogoTrade Payments

Our SogoTrade review will now discuss some of the fees and payments that you might incur when setting up an account.

There is no minimum deposit when signing up to a SogoTrade open account, which is an impressive feature and one that is relatively sparse in the industry. It’s worth noting, however, that the amount of fees you pay depends on which SogoTrade USA account you choose and the securities you invest in.

There is an inactivity fee for having a balance below $100, but this only comes into play after one year of trading and it is relatively low in comparison to some other competitors.

Its stocks and ETFs trade fees are low, and those who trade less frequently (with larger amounts) will be glad to find out that the commission fee on stock trades is fixed.

There is no commission on limit orders or options, but you may face a fee on other SogoTrade USA securities such as market orders ($2.88) and there is a broker-assisted commission of $25 if you have support when investing.

Our SogoTrade review USA was particularly impressed by the scheme that SogoTrade currently has in place where customers can earn $1 for every 1,000 shares that they trade – going beyond simply offering a commission-free service. Limitations apply and you must keep a minimum account balance of $25,000 or above to be eligible, but it is useful to those who are able to meet those requirements. However, margin rates are relatively high and fees for wire withdrawals are well above average.

Here is how SogoTrade USA stands in terms of its non-trading fees:

  • Account fee: No
  • Inactivity fee: Yes
  • Deposit fee: No
  • Withdrawal fee: $50

This withdrawal fee of $50 is relatively high, especially in comparison to Tradestation, which is just $35.

Our SogoTrade opinions are that it is a low-cost and affordable trading broker, but there are some fees that you will incur when investing in certain securities.

SogoTrade Customer Service

Our SogoTrade review USA found that its customer support is exceptional, and perhaps the most impressive part of the whole user experience. You can reach out to the SogoTrade USA customer service team in many ways and the support given to users is always responsive and relevant.

24/7 support is not available with a SogoTrade open account, but it is on offer from Monday to Friday 7am – 8pm ET – how convenient this is for you depends on your personal and working circumstances.

Our SogoTrade USA opinions were strengthened by the various methods of contacting their customer service team, including live chat, email, and telephone, and there is also a Skype line available for free.

If you need urgent help outside of working hours, you may be left frustrated – which is a downfall that our SogoTrade USA review must make a note of – but you can guarantee that their team will be in touch with you as soon as possible and will be as helpful as they can possibly be.

There are nationwide telephone numbers available. To get in touch with SogoTrade, use 1-888-709-7646 in the US, or 1-646-885-6594 anywhere else.

Regulation and Deposit Protection

Our SogoTrade opinions are that it is a safe and secure trading broker to use in the US and beyond. It is authorized and regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulation Authority (FINRA), which are both legitimate organizations that keep consumers’ investments safe.

This SogoTrade review USA found that it is considered a secure website as it has a proven track record, spanning over 34 years as it was founded in 1986. Not only is it regulated by top-tier regulators, but SogoTrade clients are also eligible for the Securities Investor Protection Corporation (SIPC) investor protection scheme, which is a not-for-profit corporation set up under the Securities Investor Protection Act of 1970. The SIPC investor protection scheme offers protection on up to $500,000 per account (up to $250,000 in cash).

It is, however, worth keeping in mind that SogoTrade USA does not hold a banking license and it is not listed on the stock exchange, so it could be argued that there are some trading brokers out there that offer a more secure experience, but SogoTrade is in no way dangerous.

Additional Offers

Our SogoTrade USA review found that there are a range of offers available to the website’s users, from a type of ‘cashback’ scheme, to free trades when one of their referrals sets up an account.

While our SogoTrade review has mentioned the website’s lack of high-quality design, some of its offers are very generous, which improved our SogoTrade opinions.

One of the most notable additional offers available at SogoTrade is the aforementioned scheme where customers can earn $1 for every 1,000 shares that they trade. This is highlighted as the main feature of the SogoTrade USA website at the moment, with “GET PAID TO TRADE” boldly exclaimed across the homepage. In order to be eligible, you must maintain a balance of $25,000 or more, but this GP2T (as they refer to it as) provides an attractive incentive to encourage its users to invest in limit orders.

Our SogoTrade review noticed that there are many educational articles available on the site, but they could be improved and are not the easiest to access. It does, however, seem that this is being enhanced on a regular basis, with SogoTrade recently announcing its new newsletter, which has the purpose of helping clients reach their investment potential.

This daily newsletter is called the SogoTrade Morning Call, which is claimed to be ‘institutional grade equity research’ on eight or more featured securities.

You can find more information on the educational resources available with a SogoTrade open account through its ‘Trade Ideas’ section, accessible through the main menu.

SogoTrade Crypto

SogoTrade Crypto

Our SogoTrade review USA found that it offers cryptocurrency trading through its partner Apex Crypto. While cryptocurrency is a relatively new type of investment, it is legitimate and, with the right guidance and advice, it could be worth your time.

There are four types of cryptos available to choose from if you have a SogoTrade open account, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC), with more apparently in the works. Bitcoin may be the most mainstream and popular form of crypto, but more advanced cryptocurrency traders may want to explore the other options available at SogoTrade USA.

Cryptos are offered to those residing in 45 of the 50 US states, so those who are ineligible for an account will need to explore alternative platforms.

At the time of writing, Apex Crypto – which SogoTrade uses to offer cryptocurrency trading to its users – is not yet available in Alabama, Hawaii, New York, North Carolina, and Vermont. SogoTrade does, however, urge people within these excluded states to sign up to their newsletter to receive information about when Apex Crypto will become available.

SogoTrade Crypto Trading Conditions

How much does it cost to trade crypto with SogoTrade or Apex Crypto? Trading fees are either $1 or 1% of each trade value – depending on which one is greater – but there is no minimum equity required.

In order to start trading cryptocurrencies with Apex Crypto, you will need a SogoTrade open account and therefore other account fees may apply, so be sure to read the terms and conditions of your account and any products you purchase before going ahead.

Apex Crypto itself claims to be serving the next generation of crypto traders, providing a seamless platform, and giving its users a streamlined experience. Their website places a high significance on rigorous compliance and using clever technology to minimize the risk of cryptocurrency investments.

There is no charge to open and maintain an Apex Crypto account, though you will be charged usual SogoTrade fees if you do so through your SogoTrade account.

SogoTrade Crypto Conclusion

Overall, our SogoTrade opinions are that the crypto investing options available are legitimate and safe to use. However, our SogoTrade USA review advice is that using Apex Crypto via SogoTrade is a relatively limited service and there are more established crypto traders available on the market, so be sure to shop around before committing to any given trader.

SogoTrade Stocks

SogoTrade Stocks

Is Sogotrade the best stock broker? Sogotrade has a powerful online trading platform with access to a multitude of stocks across stock exchanges. The combination of low fees and a functioning platform has created a conducive environment for active trading without traders facing barriers to entry. The customizable nature of the SogoTrade platform enables each trader to personalize certain features. Trading in stocks with SogoTrade allows for much more control over which markets they invest in.

Stock Trading Costs

When it comes to fees,  SogoTrade is highly competitive. As is the nature of the online brokerage world, each broker continues to reduce additional fees on accounts. Although it might seem like there are 0% commission fees across the board, this is not entirely true. For limit orders, there is no commission fee. Market orders will incur a $2.88 commission fee. A credit fee will be levied on qualified limit orders. This is set at $1 per 1,000 shares. Penny-stocks (less than $1.00) will incur a commission fee of $2.88 plus a principal fee. The fee is no less than $0.0003 and will not exceed 5% of the principal amount.

Stock Markets & Trading Places

Sogotrade provides access to secondary markets such as the NYSE, NASDAQ, and AMEX. These exchanges provide investors with a plethora of different stocks. It is also possible to buy and sell penny stocks on the OTCBB.

These virtual exchanges, tied in with the effective SogoTrade trading platform, provide in-depth access to domestic markets. The introduction of the mobile trading platform allows traders to buy and sell stocks on a constant basis.

Product Summary & Conclusion

Sogotrade offers an excellent stock trading service. The low-cost nature of the platform is ideal for those looking for a new online brokerage. There is a wide range of markets available, with enough choices to suit both novice and seasoned investors.

SogoTrade Options

SogoTrade Options

Our SogoTrade review found that SogoTrade offered options trading through its unique SogoOptions platform, which is dedicated to providing a customizable options trading experience to its customers.

Our SogoTrade opinions were strengthened by this powerful platform, which provides streaming quotes, powerful data analysis, and risk management through its personalized trading vehicle. With SogoOptions, you are able to view and assess market data and options quotes, and you can also set up your own strategies as a way of executing your custom trading plan.

SogoOptions is an advanced multi-leg trading platform, built for those who specialize in options trading specifically. It may not be the ideal product for those who are relatively new to trading, as the platform is relatively complex and the data can seem overwhelming to beginners, but it offers everything a relatively experienced options trader would want.

There is also a new trading tool available with a SogoTrade open account called SogoPlay. It is a useful research tool for options trading, where you can assess and evaluate a range of potential scenarios before investing. You are required to choose a specific option and then add trading scenarios (such as your trading preferences and the market going up or down). Once you have done this, the SogoPlay will display the profit or loss that you could expect, how much it would cost you in trading fees, and so on.

SogoTrade Review - Conclusions

With a SogoTrade open account, you have access to a wide range of investment options that suit both experienced investors and beginners. It is not the most well-designed, flashy, or attractive website, but our SogoTrade opinions were improved by its powerful trading platform – particularly when it came to its options trading.

Our SogoTrade USA review was impressed with the reliability, availability, and efficiency of its customer support, which is certainly better than some of its competitors.

One stand-out downfall is that there are certain states that do not have access to some SogoTrade USA products. It is, however, a high-tech and helpful trading broker for those who are eligible for a SogoTrade open account.

Our SogoTrade review is positive overall, largely due to its commendable customer service and high-quality platform. If you’re looking for a platform that is easier on the eye, however, you may want to consider an alternative option – such as our Stash review or TD Ameritrade review. We can also help you find the best broker for forex.

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  • Crypto trading available in 45 US states
  • $1 trading fees
  • Trade BTC, BCH, ETH & LTC
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  • Competitive fees
  • Wide range of markets available
  • Easy to use trading platform
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  • Customizable trading options
  • Useful SogoPlay demo account available
  • Data analysis and risk management tools
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Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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