SogoTrade reviews, ratings, pros and cons, complaints from brokerage customers

SogoTrade Ratings

SogoTrade average user rating: brokerage firms reviews

SogoTrade BrokerageReviews.org rating: 3-star brokerage firm rating

SogoTrade Review: Stocks, ETFs & Options Trading Commissions

Stocks and ETFs: $3
Options: $5 plus $0.50 per contract
Mutual funds: $15

Minimum To Open SogoTrade Online Brokerage Account

$500

SogoTrade Promotional Code/Offer/Bonus 2012

(no promotional offers at this time)

SogoTrade Reviews


by david, 11/22/2011 Pros: Cons: Been with SOGO for a few years now. It was cheap to start. Their customer service has always been problematic, now it is gone. No one answers the phone- it just rings. It is not toll free any more. never answered any emails. if you use them, BE CARFULL.
by Mark, 6/20/2011 Pros: $3.00 trades Cons: Poor Service, nothing but server problems, no cust service, rude and cant speak english. The list could go on, how they got a barrons 4 star ratting I do not know, today the servers have gone down and then the wait on the phone is like 40 mins. Unreal and total shamm company SPIC should close this down. Real person in the uk.
by trademaster, 5/20/2011 Pros: cheep commissions Cons: Horrible customer service, I have waited a half an hour on the phone to talk to someone many times. They always have some issue that is causing them a big problem. I have have dozens of problems with them over the last couple of years. They can't deliver a list of your trades to you in the order in which they were placed. The customer service guys are very nice but, there hands are tied by the owners and tech's complete incompetence. Never in my life have I done business with a company that is as disorganized and incompetent . They drive me mad. I finally quit using them and switched to another broker.
by anonymous, 4/15/2011 Pros: cost effective for placing more orders Cons: not professional REQUIRED to meet margin calls the same day even without a 24 hour window provision.The reps go into your account and sell your positions even without your permission. Have suffered loss of more than 12k because of their poor service....they don't even update your account even if they have received the money wired to them...and your account would be still restricted to place trades even though they would have had received the funds and you would keep waiting on them to update your acct so that you could place trades.......not for professional traders :(
by anonymous, 4/15/2011 Pros: cost effective for placing more orders Cons: not professional REQUIRED to meet margin calls the same day even without a 24 hour window provision.The reps go into your account and sell your positions even without your permission. Have suffered loss of more than 12k because of their poor service....they don't even update your account even if they have received the money wired to them...and your account would be still restricted to place trades even though they would have had received the funds and you would keep waiting on them to update your acct so that you could place trades.......not for professional traders :(
by Uk Trader, 3/14/2011 Pros: Has none Cons: Poor service, no after market trading, Rude Staff The list could go on, short description. Joined last year in 2010 seemed fairly good until you have to call them 40 mins on phone and they still do not pick up and if they do they are rude and un helpful. Nothing but problems they offer after hours but it is hit and miss if its working or not, they totally &%^ my account up by doubling my shares leading me to owe them $29,000 in margin. My advice is do not even bother with this one and boycott them at all costs as it will give you nothing but problems after problems. They should be voted worst broker of all time.
by S. Lee, 12/15/2010 Pros: Cons: Worst service ever, rude & unprofessional, many technical system problems I was with sogo for 4 years and I am done with it! Pulling out all my fund to this week. Not only they have different technical problems everyday that prevent you from trading, they are rude as hell. These are just short examples of my frustration with SOGO from this week. First, they are slow with updating any new IPO stocks. It lets you to buy but won't let you sell (even you call to place orders, they can't). Second, they added new security feature but failed to tell customers that I could not log in. Third, their system is messed up & any new positions were showing incorrectly for more than 24hours. I coun't place any orders. And guess what?? I was told that they have 40 people working there & average waiting time for someone to pick up is 20 minutes!! Yeah..15-20 min waiting to place order because their system can not take your order. Here are few examples of how ridiculously unprofessional & rude they are. After 20min of waiting, I told representative that I was waiting for 20min. Then he goes, "I picked it up so can we move on now?". Another time, I've called to question because after hour transaction didn't go thru. This one guy with heavy foreign accent picked up and tells me extended hour trading is only until 6pm in USA. Get it? This is how unbelievably ridiculous Sogo is. Their fee is $3 per trade but there are additional fees if you trade stocks under $1 or trades in extended hours. (yeah, they charge 1/2 penny for every share traded in extended hours but they only let you trade until 6pm EST) IT ADDS UP!! So, my conclusion: NOT WORTH IT. I am saving myself from this hell & moving to a reliable & professional brokers this week.
by Trader555, 10/21/2010 Pros: Cons: At $3 a trade, you can't find a better price anywhere else. It does take a few days to add your bank account and transfer funds. Customer service is quick and polite. Order execution is fast. Don't know about after hours trading. I don't do that so it doesn't matter to me although there's room for improvement with the research tools.
by Anonymous, 10/21/2010 Pros: Cons: Lengthy process (8 Business days to finally start trading after opening an account). The free trades clock starts from the day account application is submitted - so it just might be to eat up the"free trade days". Annoying!! Web trading platform is slow and limited (I was not expecting anything more for $3 trades). If you are not the patient kind - you will find Sogotrade very annoying.
by ladiesmanru2, 10/21/2010 Pros: Cons: The prices cannot be beat. The problems I have though include the setting up of the account, which is a lengthy process. Also, they herald the speed of their transactions, but I had cases where I put in orders before open and it took 7 minutes to complete, which lead me to loose money. Which brings me to my next point: no pre-market or post-market trading. Overall though, a great brokerage for those just starting out.
by Qbantek, 4/29/2010 Pros: Cons: My 2 big complains from Sogotrade: - no after hours trade and - no Level 2 access (get it from some other place) You get after hours trade if you upgrade to Sogo-Elite which is a little more expensive but worthy. I have some other complains like: their web interface, no direct access, no complex orders matching pre-entered criterias, no default sizes, etcâ€¦ I can live with all that because I love their commissions and shares availability. Overall is a good broker for a beginner who doesn't want to go crazy spending money on commissions, for the part time trader who doesn't even fully understand all those weird tools other broker have or as a backup in case your regular broker doesn't have shares to borrow. Once you become a more seasoned trader you will want to have all the features they lack and Sogotrade will be no longer an option for you.
by Plsmlll, 3/10/2010 Pros: Cons: Sogotrade seems like a good idea go(ing) bad. The lure of inexpensive commissions overcame my displeasure about their trading platform. It doesn't seem like they have much interest in improving it, either. And - a company that isn't willing to invest in R&D (like: hiring good coders to DEVELOP the trading software) raises a red flag to me. Nonetheless, commission rates of just $3/trade are nice, orders execute quickly, their customer service is friendly, they often have shares to short when TOS doesn't (although their policy of not allowing shorts of stocks of <$3 is frustrating to a poor trader like me,) and the name is really cute.
by sundog, 2/25/2010 Pros: Cons: I chose not to use Sogotrade due to substandard customer service,unreturned emails,non working chat window,below average charts and last minute buyback on short positions held.The trade is cheaper,but you get what you pay for.Execution is quick,but they all are on High volume stocks.The ratings at another site put them at the bottom.
by Havok23, 1/10/2010 Pros: Cons: I've just started up an account with them. The website is very nice and interactive. The only thing so far thats been somewhat of a headache is the application and setup. You have to send in forms with a signature and photo id or passport copy. I think it will be worth it though since I'm currently using sharebuilder which is really nice but the 9.95 trade fees are killing me since I'm just getting started. $20 to buy and sell something really has to be factured in before making trades with the little bit I have in my account.

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SogoTrade reviewed by BrokerageReview.org users. 14 customer reviews. Rating: 2.

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