SogoTrade Review 2022: Leading Equity Broker

SogoTrade is an online brokerage firm that provides online trading services, such as ETFs, Equities, Options, cryptocurrency, and stocks. The broker is regulated by The Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA). The company was founded in 1986. However, it is not listed on any stock exchange and does not consist of a banking background. The broker is considered safe and secure due to its long track record, and it is regulated by top-tier regulators. 

The broker offers seven types of accounts to their clients as Individual account, Joint account, business account, IRA account, Coverdell Education Saving account, UTMA/UGMA account and Trust Account. The broker offers trading services commission-free. The minimum deposit is zero. So traders can start trading at low funding on the SogoTrade online portal. For further information, read the article below carefully. 

SogoTrade Review Pros and Cons

Pros 

  • Low stocks and ETF fees
  • Efficient research tools
  • User-Friendly Customer Services
  • MT 4 and MT 5 trading platform

Cons

  • High inactivity fees
  • Limited Product portfolio

Is SogoTrade Review Scam: Regulations

SogoTrade is the trading name of SogoTrade Inc. The company is a member of the Financial Industry Regulatory Authority (FINRA). The broker is regulated by The Securities and Exchange Commission (SEC). The company was founded in 1986. The broker is considered safe and secured due to its long past record. The broker offers security to the client’s funds through advanced software and by keeping clients money in segregated bank accounts. 

SogoTrade Review Trading Account Types

The broker offers several types of accounts like Individual account, Joint account, Business account, IRA account, Coverdell Education Saving account, UTMA/UGMA account and trust account. All these accounts are fully customizable. Traders can add features as per their requirements. The minimum deposit for opening an account is zero. Collect brief details about all seven accounts from here. 

  • Individual Account: This account is owned and used by a single person.
  • Joint Account: This account is used and owned by two or more people.
  • Business Account: This account is only for business purposes. This account is owned and operated by a legal entity.
  • IRA Account: This account is only accessible to the U.S. clients 
  • Coverdell Education Saving Account: This account is a Tax-Advantaged individual account for future educational expenses. This account is also only accessible to U.S. clients. 
  • UTMA/UGMA Account: This account is only for minor traders. Only US residents can access this account. 
  • Trust Account: This account is held by a Trustee for clients benefits. 

SogoTrade Review Account Opening

You need to click on the “Open an account” button available on the broker’s website Homepage for opening an account. After clicking this, a new page will open on your device screen. Traders need not pay any minimum deposit for opening an account on the SogoTrade platform. Instead, follow the steps given below for the account opening process.

  1. On the first page, you need to pick any one account opening from individual and joint. After doing this, a new page will open on your device screen.
  2. The account opening process consists of five steps. In the first step, you need to confirm whether you are a resident of the U.S. or not. After doing this, a new page will appear on your screen. 
  3. On this page, you need to fill in the account information and assets details. After completing this, a new page will open.
  4. You need to fill in your personal information on that page, such as first name, last name, country code, phone number, and other details. 
  5. On the next page, you need to upload your identity verification as per the broker’s guidelines.
  6. In the last step, the broker will ask you to review your details and provide you with the option to add a deposit as per your capacity. Now you are all ready to trade online. 

SogoTrade Review Trading Platform

SogoTrade online trading platform will enhance your trading experience by making your buying and selling process easy. The broker trading platform is a fully customizable platform that consists of advanced technologies such as streaming quotes, Flexible order entry, Interactive chart, Real-time streaming Quotes, Extended Hours trading, and Fast & Quality Execution. 

SogoOnline 

SogoOnline is an all in one trading platform which provides you with a fast, simple, and powerful trading experience. On this platform, you can trade stocks, ETFs and options very smoothly. Some features of this trading platform are quick execution and intuitive design. 

SogoElite

SogoElite trading platform provides you ultra-low latency real-time market information for U.S. options and stocks. Few features of SogoElite are integrated trading, time & sale dynamic charting, Streaming charts, streaming quotes, option chains, and other features.

SogoTrade Review Mobile Application

SogoMoblie application is a browser-based mobile trading application. Through this application, you can access trading on your mobile phones, tablet and from any device that has the internet. SogoApp is fully customizable, which you can access through Android and iOS devices. You can download this application from the Play store as well as from the Apple store. Key features of SogoApp are mentioned below. 

Key features of SogoApp are: 

  • Stock and options trading
  • Streaming quotes and watch lists
  • Customizable account settings
  • Simple site navigation
  • Streaming charts
  • Real-time news feed
  • Stop and Stop-Limit orders

SogoTrade Review Trading Instruments

  • Equities : The broker provides stocks and equities of top companies for trading.
  • ETFs : ETFs baskets are available, which consist of stocks, commodities, bonds. 
  • Options : Here, you can experience options trading.
  • Cryptocurrency : Here, you can trade four cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. 

SogoTrade Review Commission & Spreads

The broker offers commission-free trading on its portal. The broker does not charge any fees for buying and selling securities on its website. The broker offers negligible spreads to their clients. Enjoy commission-free trading at SogoTrade. The broker sets a limit of 100 shares till that you may not be required to pay commission, but after buying more than 100 shares, the broker will charge fees from you.

SogoTrade Review Leverage

The broker’s website does not consist of leverage details. Traders must use leverage properly because high leverage leads to a high risk of losing money. So must use leverage as per your capacity to bear losses.  

SogoTrade Review Deposit and Withdrawal

The minimum deposit is zero for opening an account on SogoTrade brokerage. The brokers do not charge any deposition and withdrawal free from their clients. But the broker charges high inactivity fees from the traders. Traders can deposit and withdraw funds through only bank transfer mode. No other modes are accepted at the broker’s portal. 

SogoTrade Review Educational and Research Support

The broker has its own separate research centre where you can check track records of leading companies’ stocks. Collect complete details about your stocks and share them through the SogoTrade Research centre. The broker’s website consists of finance articles related to trending topics of the market. Read those articles to enhance your knowledge and trading skills.  

SogoTrade Review Customer Support

SogoTrade Customer Support is available Monday to Friday for clients’ help. Traders can contact them through phone calls, live chats, or emails. You can also follow them on social media sites. The broker customer support term revert in zero seconds. The Customer supports various languages for making clients comfortable. 

Final Verdict:

SogoTrade brokerage offers its trading services over a wide range of ETFs, Equities, Options, cryptocurrency, and stocks. The broker is regulated under The Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA). Traders can pick any one account from the seven given options by the broker. The account opening process is quick and smooth. Customer Support term is available 24.5 for clients’ help. Collect complete details about brokers from the above article. 

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