Melissamac rates this 4.5/5
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SogoTrade Review From: SogoTrade

Low trade rates Min. $500 to initiate account No inactivity fees Online form Leading technology

Varied customer service Deposits might be held or charged an additional fee Complaints on application process

In offering low trade costs and commissions, SogoTrade proves beneficial to both beginner and advanced traders.

SogoTrade Trading Platform Review - How does it stack up to the "big boys"?

At seven years old we traded our peanut butter and jelly sandwiches for ham and cheese. At 14 we traded our Wayne Gretzky hockey cards for Mario Lemieux. And, at 21 we traded our rusted-out hatchbacks for something shiny and new. Trading began early on for all of us and has since become a way of life.

SogoTrade, born in 2006 as a retail brokerage division of Wang Investments, quickly attracted trade enthusiasts with promise and deliverance of low investment costs (90 days of trading at only $1), fractioned trades and incentives (referral program). Wrapped up into a neat little package, SogoTrade wins out with a $3 online trade commission, 4-star trade rating from SmartMoney, security provisions and a Forbes notation as the “Deepest Discount Brokerage.”

With an edge on technology and a user-friendly site, complete with extensive dropdown menus and an application tutorial, SogoTrade enables both new and advanced traders to maximize capability and long-term portfolios within the market. Newbies are able to sleep at night knowing that their account can be initiated with a reasonable investment of $500. Deposits can be made via cheque, bank or wire transfer.

Something to consider: Account deposits through cheque and wire transfer may include a persistent headache; cheques require a ten day holding period while wired funds incur an additional fee of approximately $25 per deposit.

On the upside: SogoTrade doesn’t require a monthly subscription and is free from inactivity fees.

Broken into three levels of trading – Individual, joint and business – SogoTrade has harnessed the overall output of exchange by lending itself to its full potential with enticing stock options and methods of how the market is viewed. Individual and joint account holdings are processed efficiently with the application form found online.

As with any service, corporate and personal reviews are mixed and SogoTrade isn’t free from debate. The trade process itself is fairly easy to manoeuvre and the account activation appears to be straightforward. In fact, as stated on the company website “The online application takes less than 5 minutes to complete.” While this claim is backed by several key market players, the same can’t be said for select traders themselves.

Customer service is another area where the scale is unbalanced and diversified. On one side, SogoTrade has been met with  comments of impressive online features, timely email responses and polite telephone inquiries, while the opposition slightly tarnishes the company’s reputation with complaints of ‘unresponsive customer service’ and being ‘hard to reach’.

When push comes to shove, Nasdaq elevates the identity of this division of Wang Investments with positive feedback. “SogoTrade offers advanced online trading and research tools… SogoTrade empowers investors to participate in financial markets at a low cost."

Even at the tender age of seven when we traded the contents of our lunchbox for that of one of our classmates, we weren’t guaranteed our return was that which we expected. SogoTrade, dependent on how we utilize it, can not only land us that desired ham and cheese sandwich but a sack of chocolate chip cookies as well.

Date Reviewed: October 27, 2011, 5:13 am
Reviewed by melissamac
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