SogoTrade was first established in 1986 as an online broker with the primary goal of providing discounted commissions for its customers and offering competitive industry trading tools. SogoTrade is based in St. Louis, Missouri. It is one of the few brokerages that offers comprehensive support to Chinese-speaking customers. All of its trading platforms can be switched to display Chinese language prompts and help by clicking a button.
SogoTrade operates under FINRA and SEC regulation. SogoTrade is also a member of Securities Investor Protection Corporation (SIPC), which provides protection for its customers up to $500,000 (including $250,000 for claims for cash). SogoTrade’s clearing firm Apex has also purchased an additional insurance policy with coverage limits that provide protection for securities and cash up to an aggregate of $150 million, subject to maximum limits of $37.5 million for any one customer’s securities and $900,000 for any one customer’s cash.
SogoTrade offers its clients an array of tradable assets including stocks, EFTs, mutual funds, and options. Commissions will vary on assets depending on trade size. Below is a list of instruments available for trading at SogoTrade:
|Asset class||Number of instruments||Commissions/Spreads from (150+ trades/qtr.)||Margin rate from|
|Stocks||US markets||$2.88 Commission||11%|
|ETFs||US markets||$2.88 Commission||11%|
|Mutual Funds||US markets||$25 Commission||11%|
|Options||US markets||$2.88 Commission + .50/contract||11%|
SogoTrade offers different types of online brokerage accounts to fit different types of clients and their different investment objectives. Standard investing, IRA Retirement, and custodial accounts are available for individual traders. International accounts are available for clients outside the US. And business accounts are available for business entities. Below is a list of the types of available accounts:
|Custodian – UTMA/UGMA Account||Yes|
|Education Savings (Coverdell ESA)||Yes|
|IRA (Traditional & Roth)||Yes|
|Corporate & LLC||Yes|
|Partnership & LLP||Yes|
Below is a list of details and features for Individual Trader Accounts.
|Zero spread account||No|
|Trading Platforms||SogoTrader, SogoElite|
SogoTrade charges its customers a $50 annual fee if total account equity drops below $100 and there is no activity for 12 months. This fee is waived if at least 1 trade is executed in previous 12-month period. There is no minimum amount required to open an online trading account. Clients are required to have cleared funds in their account prior to placing a trade. SogoTrade charge its IRA customers an annual fee of $35.00. Miscellaneous option fees include $15 for Options exercise/assignment, and $75 (base rate) plus $.50 per contract for Options Expiration Management. A margin sellout or short force buy results in a $25 fee.
Funding a SogoTrade account can be accomplished via bank transfer, AHC, or check. Bank transfer transactions take up to 2 to 4 business days. There is no minimum deposit for a bank transfer. There is a $25 charge for normal withdrawals and a $50 charge for withdrawals that require international wire transfers.
Opening an account with SogoTrade is usually completed within 2-business days. Documents required are a valid ID (i.e. passport, driver’s license, or national ID), and proof of address (i.e. bank statement, utility bill, or tax invoice dated within the last three months and issued to your name and address).
SogoTrade provides its clients with three trading platform options, and a mobile application. The SogoOnline trading platform is a very easy-to-use online application that provides all the tools a trader needs to make trades in one page. Its designed to give traders a convenient and easy to use application for making trades.
SogoOnline Trading Platform Screen Shot
The SogoTrader trading platform provides a fully customizable platform with advanced technologies including streaming quotes, and tools and controls traders need to do more in-depth analysis of the market.
SogoTrader Trading Platform Screen Shot
The SogoElite trading platform is for the more sophisticated advanced active trader that demands very in-depth analysis and advanced charting and technical analysis. Traders can manage their account and trade from one screen. Quickly place and manage orders, view positions and balances and track the market. Provides real-time streaming account and market data. Dozens of powerful technical studies for traders to analyze and predict stock movement.
SogoElite Trading Platform Screen Shot
Below is a table summarizing the features of the three trading platforms:
|Stop loss Orders||Yes||Yes||Yes|
|Expert advisors (EAs)||No||No||No|
|Virtual private server||No||No||No|
|Direct market access||No||No||Yes|
SogoTrade provides its clients with a mobile application for traders that trade on the go. For options traders, SogoTrade provides an options analysis application. Also available is a powerful Application Programming Interface (API) for traders that prefer to use third party trading platforms.
SogoTrade offers several customer service options, including phone support or live chat with a registered customer service representative Monday through Friday, 7 a.m. to 8 p.m. ET, or via email. Customer support is also available in English, and in Chinese. Email, fax, or mail are also options for client contact in Chinese.
The education section of SogoTrade’s website provides its clients with instruction covering investment products, use of the platform, and basic investing strategies. Also provided detailed information on margin loans, retirement accounts, and tax planning. For beginner traders, there is a detailed investment glossary, including a breakdown of key concepts and phraseology.