SogoTrade Review

! Important: Investing in cryptocurrencies and Decentralized Finance (DeFi) and other Initial Coin Offerings is highly risky. The markets can also be volatile. Before making any financial decisions, consult a qualified professional. This article does not recommend that you invest in cryptocurrency by Broker Review or the writer. It also cannot be guaranteed as to the timeliness or accuracy of the information.

Useability

SogoTrade offers four web-based trading platforms as well as a mobile browser and apps for Android or iOS. Each platform offers different functionality and access to different products. SogoTrade allows you to trade stocks, but SogoOnline offers basic options and stocks. You will need an Apex Crypto account to trade crypto.

Although it is easy to fund and open an online account, it can be confusing to find the right platform and where to find the tools. It might take you a while to find the information you need. If you do, you may be logged out. Any platform allows you to quickly view your balances or open positions. Although all platforms offer real-time data and few customization options, they are limited in their functionality.

You can log in to the mobile app using your fingerprint, facial recognition, and password. Quotes is the first screen. This screen contains pricing information and basic charts for each stock in your watchlist. All platforms have the same watchlists, so if one is set up on SogoTrade it will also appear in the app. Although SogoTrade does not offer advanced order types, it allows you to use the same order types across all platforms.

Trade Experience

It is difficult to assess SogoTrade's trading experience. Although there are tools that can help you move from research to trading, it is difficult to find the right platform for you. You may not be happy with the platform layout, colors, default trade settings, hotkeys and other customizations.

You will still find real-time data on all platforms and can see real-time quotes across multiple platforms simultaneously. This is an important feature that isn't available from every broker. Unfortunately, most brokers don't offer chart trading or price ladders. The order entry process is simple and intuitive. However, it can be slow for limit orders, as you have to manually enter the price (which makes it easier to make mistakes).

Trailing stops can be used on all platforms. However, SogoTrade does not allow you to place orders for later entry or multiple orders at once.

Mobile Trade Experience

The mobile app for SogoTrade is simple but very intuitive. You can easily access quotes, positions and orders, price alerts, account screens, and other information by clicking on the appropriate tab at any screen's bottom. Click on any symbol from your watchlist to place an order. Then, tap the Trade button at top of screen.

A wide range of offerings

SogoTrade offers a limited selection of stocks, ETFs and options. You can also choose complex options. To trade fractional shares, commodities or futures, you must call a broker.

• Stocks short and long

• OTCBB (penny stock)

• Mutual funds (broker-assisted only)

• Bonds (broker-assisted only)

• Multi-leg and simple options

• Robo-advisory via SogoTrade Asset Management

• Apex Crypto offers cryptocurrency (25 coins, including BTC and BCH, ETH as well LTC, DOGE and SHIB)

Types of Order

SogoTrade customers are able to place limit, limit, stop and stop orders. They can also trailing stop and trailing limit orders. On any of its platforms, the broker does not support advanced orders (i.e. order-sends order (OSO), one-cancels -other (OCO), orders). Although it is easy to close a trade, you cannot select a tax lot in order to calculate your cost basis. All trades default to the average cost.

Trade Technology

SogoTrade orders are routed using a smart routing system. This system selects trading venues based upon order details. It also avoids venues that do not trade the specific security type, instrument type, order type or special handling code. Smart order routers are designed to adapt to market conditions and will redirect orders to alternative venues if necessary.

SogoTrade's routing system doesn't use dark pools to break up orders. The order router works in a sequential fashion and balances price improvement and speed. However, execution quality statistics are not provided by the broker.

SogoTrade does not support automated trading or backtesting.

Prices

Many brokers are now offering commission-free stock and ETF trading. SogoTrade is also doing this. You can trade on most limit orders for free, but you will be charged $2.88 per order for market or odd lot orders. No matter how many legs your trades, options trades are free of commission and cost $0.50 per contract. Margin fees are higher than the industry average.

• Limit orders for stock and ETF orders cost $0 and market orders $2.88 respectively. For listed stocks, there is a limit of 250,000 shares per trade online. For larger orders, you must use the Trade Desk to place them. This incurs a $25 surcharge.

• OTCBB commissions can also be paid at $0 for limit orders or $2.88 per trade if you place market orders. Stocks priced below $1 require a minimum $100 investment. Otherwise, a surcharge is applied.

• Option base commission is $0

• Optional contract fees are $0.50

• Trades in cryptocurrency are either $1 or 1% of the trade value, depending on which is greater.

• Broker-assisted option trades cost $25.00 + $0.50 each contract

• Broker-assisted commissions of $25.00 are charged for mutual fund trades

• Margin interest is 10.50% for a $10,000 balance, and 8.25% for a $100,000 balance

• Account closing fee: $0

• 75 USD account transfer fee

• The fee for assignment and exercise is $15

• Voluntary reorganization costs $50

• For domestic wires, it costs $30 and $50 respectively.

• Withdrawal of paper checks is $5 domestically and $10 internationally

• Each trade confirmation is $5.

• Monthly paper statements cost $10

• $25 fee for live broker and online commissions

Account and Research Amenities

SogoTrade offers research tools such as calculators, screeners, and newsletters. They also offer stock valuation and forecasting services.

Screener for ETFs and Stocks

SogoTrade provides a basic screener of stocks and ETFs that you can access from its website. Filters that include fundamentals, technical, opinion, profile (e.g. sector), and quote data can be used to screen stocks. However, you cannot turn the results into watchlists. You can save the screener to return to it later.

Option Screener

There is no options screener on the SogoOptions platform. Customers have access to the SogoPlay application. This is basically the OptionsPlay toolset, but with a SogoTrade wrapper. This tool provides valuable information and strategies for options traders and can be used to highlight potential trade ideas.

Mutual Fund Screener

SogoTrade doesn't offer a mutual funds screener.

Fixed Income Screener

SogoTrade doesn't offer a fixed income screener.

Calculators and Tools

There are a few options-specific calculators on the SogoOptions platform, such as the probability calculator, P/L calculator and option pricing calculator. A risk charting tool is also available. It lacks the basics tools, such as portfolio management tools and retirement calculators, that casual investors might expect from an brokerage.

Trade Idea Generators

The SogoOptions platform has a section dedicated to strategies. It contains strategy descriptions, a graphic display and an order entry. You can also view the market price for a particular option strategy on the "Chain” page. SogoPlay provides fundamental and technical analysis to generate options trade scores.

News

All platforms support streaming news. SogoTrade also offers the SogoTrade Morning Callnewsletter which provides institutional-grade equity research for eight selected securities.

Research by a Third Party

Customers of SogoTrade have access to ValuEngine for free. This advanced analysis and quantitative technique allows customers to receive 5,300 U.S. stock ratings and forecasts (including ADRs), 140 sector reports, and 16 sector reports.

Charting

SogoTrade's charting system is very basic in comparison to other platforms. There are very few customization options. Only two types of charts are available (line and candlestick) and there are no tick- or other data-based charts. Even then, some popular timeframes are not available on the platform. For example, SogoTrade doesn't provide a five-minute chart. Except for SogoOptions the platforms lack technical indicators and drawing tools. These limitations will make SogoTrade less useful for investors and traders.

Fractional Dividend Reinvestment Program (DRIP)

Customers of SogoTrade can request dividend reinvestment in dividend-paying stocks or fractional shares.

Cash Management

SogoTrade does not offer a cash sweep program, and no interest is paid on cash balances that aren't in use.

SRI/ESG Research Amenities

SogoTrade does not offer socially responsible investing (SRI), or any research capabilities in the areas of environmental, social and governance (ESG).

Portfolio Analysis

The portfolio analysis tools offered by SogoTrade are very limited. Although reports are available in real time, the company does not offer any calculators or tools to assist you with making decisions about asset allocation and long-term goals. SogoTrade Asset Management still offers financial advisory services that can help you set goals, create a financial plan and build a portfolio. The platform does not have a trading journal.

SogoTrade reports your account balances, purchasing power, margin and buying power in real time. Your internal rate of return, IRR and time-weighted ROR are not reported. SogoTrade also has limited tax management capabilities. Future trades cannot be calculated to determine the tax impact. SogoTrade's Account Portal allows you to access capital gains tax reports immediately. TurboTax can be used to import a consolidated 1099.

Education

SogoTrade's education content is limited, particularly when compared with larger competitors. The education center of the company provides basic information about investing in stocks, ETFs and options. It also includes a glossary. SogoTrade does not offer webinars or live events. However, it does post educational videos to its YouTube channel. You can find a lot of information on options strategies on the SogoPlay platform, including how to analyze and use them. SogoTrade doesn't offer demo accounts, or any type (simulated) paper trading.

Customer Service

• Telephone support is available Monday through Friday, from 7:00 a.m. Eastern Time to 8:00 pm Eastern Time (exempted stock exchange holidays). A separate telephone line is available for Chinese-speaking customers.

• Current and potential clients can chat live on the website.

• Live brokers are available during the market hours.

• Customers from non-restricted nations that are not U.S. citizens can open accounts.

Security and reliability

• Two-factor authentication cannot be used.

• Users can log in to mobile apps using biometric (face, fingerprint) recognition.

• SogoTrade cannot offer any security guarantee.

• To protect themselves against keyloggers, customers can create a pin. It is entered via an encrypted keypad on the screen.

• Apex Clearing is SogoTrade’s clearing company. It provides excess Securities Investor Protection Corporation coverage up to $150 million. There are limits on $37.5 million for one customer’s securities and $900,000. for one customer’s cash.

• SogoTrade didn't report any platform outages or data breaches in the past four years.

Transparency

Although SogoTrade's pricing structure may be a little complicated, you can find all the details on the pricing, margin and fees webpage. (Click "Commission and Fees", from the footer menu, to locate it). This page contains pricing information for stocks/ETFs and options, mutual funds, fixed income trades, and miscellaneous fees. The page also includes information on margin terms and rates, as well as descriptions of margin calls.

There are many account types available

SogoTrade offers all standard account types including:

• Taxable for both individuals and jointly

• Corporate accounts

• LLC accounts

• Traditional individual retirement accounts (IRAs)

• Roth IRA

• Simplified employee pension (SEP) IRA

• Custodial accounts

• Coverdell Education Savings Accounts

• Trust accounts

• Estate accounts

Final Verdict

SogoTrade customers might have once willingly overlook its flaws in return for low costs. The company does not have a pricing advantage, so this may not be true anymore. The company launched the Get Paid to Trade Program to attract more customers. However, the small rebates may not be enough to convince traders or investors unless you are a very active trader.

SogoTrade must make its platforms more user-friendly (with less scavenger hunt) and more robust in order to improve. This means adding functionality to many platforms, such as chart trading, price ladders and data-based charts intervals. Advanced order types can also be added. SogoTrade also has the best security practices such as biometric logins to mobile apps and two-factor authentication for logging in via a new browser.

SogoTrade is a great option for investors and traders who prefer to trade and communicate in Chinese. Some traders may also find SogoOptions or SogoPlay more than sufficient. Investors and traders may be able to find better pricing and better features and a more organized trading environment elsewhere.