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Anyone Use Sogotrade?



August 10, 2009 – Comments (11) | RELATED TICKERS: SOG , O

I currently use Fidelity, E-trade, and Firstrade.  I like each of them for different reasons, but I know there are much cheaper options out there.  Here's what I want from my next broker:
1. Cheap trading for unlimited shares.  I only intend to buy and sell common stock -- no options or short-selling.
2. I trade many micro caps, including some OTC stocks.  Hopefully the OTC stocks won't be a problem.
3. Nice All-or-None options.  I like all-or-none.  Fidelity lets you use AON for orders of 100+ shares, E-trade lets you use it for orders of 300+ shares, and Firstrade allows it for any number, except that NYSE and AMEX are not allowed.  I want my broker to allow generous use of AON, as with Fidelity and E-trade.

I've been looking around, and I considered Scottrade because it's $7 per trade for unlimited shares.  However, I came across Sogotrade recently and I've seen that it's $3 per trade for unlimited shares.  Both brokers also charge 0.5% of principal for stocks under $1.00, which is acceptable. 

Can someone who uses Sogotrade comment on my points #2 and #3?

11 Comments – Post Your Own

#1) On August 10, 2009 at 9:37 AM, SkepticalOx (98.63) wrote:

You should ask EverydayInvestor... he has his own blogs nowadays at:

I believe one of his brokers is Sogotrade by the screenshots of his trading screen and comments in his blogs. 

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#2) On August 10, 2009 at 10:56 AM, BigFatBEAR (28.41) wrote:

Yeah, I remember Everyday talking about Sogo recently - ask him.

Scottrade has great customer service, but I've found the website a bit bulky at times.

Zecco (who I currently use) lets you use "AON" for every order.

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#3) On August 10, 2009 at 5:13 PM, MattH42004 (28.31) wrote:

Bullish, can you talk a little more about your experience with Fidelity, their customer service, research, ext? I'm trying to decide between them and Schwab right now and I would appreciate any opinion you could offer me.

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#4) On August 10, 2009 at 7:11 PM, rd80 (95.80) wrote:

I had Sogo for awhile, but don't recall making any trades in micro caps.  I was pleased with them, but moved the account to WellsTrade because "free" was cheaper than "cheap."

I don't know if the same deal is in place, but at the time I shifted, if you had $25k of business with Wells, the account got 100 free trades a year.  A mortgage balace counted toward the $25k of business.  The free trades don't include options or shares priced below $1 and I don't know if there's a limit on the number of shares for the free trades.  AON is available on the order screen, but I don't know if there are any limits on it because I've never used it.

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#5) On August 10, 2009 at 8:38 PM, Kierraquick (82.25) wrote:

I use Bank of America Investment Services.

-$7 with all-or-none (min 200 shares) - there's a $5 premier account if you meet their criteria.  They also provide you with a SafePass upon request (essentially a security card that allows you to purchase OTC securities).  Options are available as well depending on the account. 

-Research tools and customer service are excellent.  I have all my accounts setup with them i.e. savings, checking, IRA etc which is convenient.  Only qualm I have with them is their size.  Size = me talking to a recording when I call = me endlessly pressing 0 until I can speak with someone personally or saying NO repeatedly until I reach the same result.  Hope this helps.

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#6) On August 11, 2009 at 2:43 AM, BigFatBEAR (28.41) wrote:

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#7) On August 11, 2009 at 5:26 AM, TMFBabo (100.00) wrote:

Everyday made an important point about slow trade executions.  I've looked at other online reviews for Sogotrade, and I've seen slow trade executions mentioned again.  Looks like I'm not going with Sogotrade.

MattH: I'm only with Fidelity because my 401k is there.  My 401k allows for individual stock trades though, so I use it for a little trading.  However, I'm sorry to say I don't use their research tools and I've only called them once ever, to set up my individual stock trading account for my 401k.  The only thing I don't like about Fidelity is their expensive stock trades.  They have huge commissions for trades, and charge extra beyond 1000 shares.  I do my own research on the free sites such as Yahoo, Reuters, and Morningstar.

Thank you all for the other suggestions such as WellsTrade, Bank of America, and Zecco.  I thought about Zecco a bit, but I've read reviews about website problems.  As of now, Scottrade again leads the race to be my next broker.

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#8) On September 22, 2009 at 1:10 PM, johndubya (< 20) wrote:

I use Sogotrade. Came from Sharebuilder, since they had $4 auto-plan trades. But I didn't find out until after I signed up that their normal real-time trades are $7, which is just as much or more expensive than the competition. So I transferred my portfolio over to Sogotrade and have used them ever since. I've done a few trades through ST now, and I've had a great experience. Only $3 per trade, and the trade is done immediately, right in front of your eyes when you click the Trade button. Their site is easy to use and navigate. I would definitely recommend!

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#9) On October 07, 2009 at 4:48 PM, spundun (26.98) wrote:

What about Interactive Brokers? Everyday Investor is using it as his main account as mentioned in his blog post. Isn't that an option too?

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#10) On November 02, 2009 at 6:49 PM, defridgerator (< 20) wrote:

I've been using sogotrade, great if you like $3 trades. Everything is in house, so when you sell you can immediately use the money in your account for a new buy. It takes about 3 business days to withdraw money/deposit.

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#11) On December 02, 2009 at 1:10 PM, tonybamboni (< 20) wrote:

sogotrade only 3 dollars a trade

just2trade is 2.50

I just started sogotrade and so far so good. customer service is ok. 

Use my referral code for 100 free trades 541429

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