Sogo Trade, A Smart Way To Invest For Experienced Traders

December 15, 2020
" class="img-responsive wp-image-731235 wp-post-image" alt="" />
At Yore Oyster, we strive to help you make wise financial decisions. We're committed to giving you the most relevant, actionable advice anywhere.

Conceived in 1986, Sogo Trade has carved its own niche in the market for being a trusted name for offering stocks, futures, ETFs and crypto. The sign-up procedure is instant and takes 5-10 minutes, meaning that anyone can sign up in no time. There are no initial deposit requirements, which means that you can test the platform with as little as you want to risk. The broker is regulated by the SEC and offers some decent customer service across platforms. Moreover, Sogo Trade offers a referral program that is really helpful and gives you 25 commission-free trades for referring a friend. So what are you waiting for sign up now and enjoy trading stock, ETF and crypto.

Do also check out, our highest ranked broker that offers hundreds of stocks, bonds, stocks ETFs, commodities and crypto at some of the most affordable prices in the market. Moreover, with your dedicated account manager and a wealth of educational resources, will walk besides you as you learn on your trading journey.

We analyzed hundreds of data points relevant to the costs, benefits and features of trading with SogoTrade and scored our findings on a 10-point scale across 10 distinct categories.
Fees 6
Signup Process 9
Minimum Deposit 10
Ease of Use 5
Deposit & Withdrawal Options 3
Customer Support 7
Asset Classes 3
Referral Program 8
Demo Account & Educational Resources 2
Safety & Regulation 10
Total 63


Sogo Trade is a broker that is headquartered in the USA. The broker is headquartered in Saint Louis, Missouri and came into inception in 1986. The broker has gained a lot of positive reviews for its fair practices over the years. You can open an account with Sogo Trade if you belong to the following countries.

American SamoaAndorraAntiguaAruba
BeninBermudaBouvet IslandBrazil
British Virgin IslandsBulgariaCayman IslandsChina
Cook IslandsCosta RicaCzech RepublicDenmark 
DominicaEl SalvadorFalkland IslandsFaroe Islands
FinlandFranceFrench GuineaPolynesia
GabonGermany GibraltarGreece
GreenlandGuamHondurasHong Kong
India IsraelJamaicaJordan
 Serbia SloveniaSwedenSwitzerland
South Korea Tanzania Thailand Togo
UAEUKUSAVirgin Islands
Wallis & FutunaWestern Sahara  

Pros & Cons


  • Good Referral Program
  • Decent Customer Service
  • Regulated By SEC
  • Decent Prices For Stock Commission


  • High Inactivity Fees
  • High Withdrawal Fees
  • Lack of Deposit & Withdrawal Options
  • No Demo Account

Account Types

There are several account categories that you can choose from like Brokerage, IRA, Retirement, Power Portfolio & Cryptocurrency accounts.

Brokerage Account

A brokerage account helps you in investing in different asset classes and developing your portfolios. You can open an individual account if you would like to trade individually, or you could also open a joint account to trade with a friend, associate, family member or someone else with whom you would like to trade.

Cryptocurrency Account

A crypto account as the name suggests is designed for you to trade in and save your funds in cryptocurrencies. This provides a good opportunity for crypto traders that would like to trade in this asset class.

Retirement Accounts

A retirement account is meant for you to save funds and make them grow for the future, that way when you retire, you’ll have a good chunk of money saved up which you can withdraw or with which you can get a steady income. You can enter a goal of funds that you want to save in a particular amount of time. You can build a portfolio based on your investment horizon or risk propensity. There are several types of retirement accounts you can open:

Individual Retirement Account or IRA

This is a traditional retirement account similar to the one you can open on other banks. It is meant for individuals looking to save for their retirement without paying capital gains tax or dividend taxes until you actually make a withdrawal after you retire. In other words, your money grows tax-deferred.

Roth IRA

This is the opposite to the previous account, in the sense that with this type of account you pay your taxes on the money you deposit today so that you don’t have to pay those taxes upon retirement.

Rollover Retirement Account

The rollover retirement account allows you to switch your 401k plan from a previous employer into a retirement account where you can start saving by yourself. It is a good way for you to avoid capital gains and dividend based taxes.

Power Portfolio

This is an AI managed portfolio account or a robo-advisor account. With this account, you make a deposit, answer a short questionnaire about your risk averseness, your investment preferences and you goals, and the AI builds a portfolio for you.

Other Account Types

There are other account types you can open with Sogo Trade like Business Accounts, Education Savings Accounta and a Trust Account. The details of these accounts are illustrated in the table below.

Account TypeDescription
Business AccountAccount is owned and used by a corporation.
Coverdell Education Saving AccountTax-advantaged individual account for future educational expenses. Only available for US clients.
UTMA/UGMA AccountAccount for saving funds for children education/marriage or any other goal. Only available for US clients as well.
Trust AccountAccount is held by a Trustee (separate legal entity) that manages your account. For instance, someone you know manages your account

There are even more types of accounts custom-tailored for other kinds of clients and for other uses. As you can see, Sogo Trade gives you plenty of options to choose from when it comes to accounts. So whether you’re planning on saving for your retirement or for your children’s future educational expenses, you’ll find one well suited to your needs.

Here’s a breakdown of our 10 scoring categories, each scored out of 10 for a total of 100 points.

#1 Fees

Financing Rates For Stocks & Futures

A financing rate is applied when you borrow money to trade stocks and futures. The financing rate is basically a borrowing fee that you need to pay for using the funds. The financing rate is 9.8% for trading with Sogo Trade. Just to put it in context, the financing rate for Tradestation is 9.5% and the rate is 2.6% for Interactive Brokers. Hence, we can conclude that the financing rates are a bit expensive compared to similar brokers.

Deposit & Withdrawal Fees

There are no deposit fees for trading with your Sogo Trade account. However, there is a $25 withdrawal fee associated with your withdrawals if you are using an American bank. However, if you are withdrawing money from abroad the USA, the withdrawal fees of $50, which can be a bit much for small-time traders.

Stock Commissions

Sogo Trade has a tiered commission structure that rewards you for being a regular customer.

  • The stock commission is $4.88 if you trade between 0-149 trades per quarter.
  • However, if you trade more than 150 trades per quarter, you’ll only pay $2.88.

The broker offers some really good value here but only if you trade in bulk.

Inactivity Fees

The inactivity fees are applicable after a year of inactivity of your account and only if you have a balance below $100, otherwise you do not have to pay any inactivity fee even if your account has been inactive for more than 12 months.

The inactivity fees, coupled with the withdrawal fees and expensive financing rates mean that Sogo Trade loses several points in this category.

SogoTrade Fees Score: 6/10

#2 Signup Process

The signup process for Sogo Trade is very easy and you can instantaneously signup for an account in 5 minutes. You need to upload documents such as proof of identification like a document containing your social security number and passport.

Documents For Opening An International Account

If you are not a US Citizen and looking to open an account with Sogo Trade, you need to open an International Trading Account. To do this, you should have the following documents on hand:

  1. A valid government-issued national ID or passport
  2. A working computer or smartphone with a camera to take your picture once you have submitted the required documents.
  3. Proof of home address dated within 3 months like driver’s license, bank statement, utility bill, rental contract/lease

The verification process of your account can take up to a day or more meaning that the broker scores a decent 9 according to our scoring guidelines.

SogoTrade Signup Process Score: 9/10

#3 Sogo Trade Minimum Initial Deposit

There is no minimum initial deposit requirement to open your Sogo Trade account, meaning that you can start small and test out the platform before becoming a regular and investing more funds. If you want to have a look at other brokers that do not have a minimum initial deposit requirement you can also have a look at Webull, IronFX & Qtrade as these brokers have no minimum initial deposit requirements either but offer other benefits Sogo Trade does not. The score for this category is a perfect 10 because you can start with the initial deposit that suits your needs the best.

SogoTrade Minimum Initial Deposit Score: 10/10

#4 Sogo Trade Ease of Use

Sogo Trade offers its platform via Mobile, Web & Desktop platforms, let’s try and decouple the strengths of each platform to see which platform suits your needs the best.

Sogo Trade Mobile Platform

The mobile platform is very useful for Sogo Trade because it allows you to have a lot of fruitful usability features such as setting pricing alerts for any changes in the value of your assets. Moreover, the platform is also pretty intuitive and easy to use.

Sogo Trade

Sogo Trade Desktop & Web Platforms

The desktop platform has a few issues because the platform lacks an intuitive interface. For instance, you need to go into charting features and click on an asset symbol that you want to be displayed, this can be a bit bothersome, especially for beginners.

The Web platform is more intuitive than the desktop platform. However, it is not customizable. As you can see in the sample below, the dashboard is pretty self-explanatory and you can easily see your assets and the price trend associated with your assets.

Sogo Trade

Sogo Trade Research Tools

Let’s examine the research tools to see how you can benefit from them.

Sogo Trade Charting Tools

The charting tools offered by Sogo Trade are slightly simple but give you a basic idea of trends and variations associated with your assets. However, with so much technological progress nowadays, Sogo should probably upgrade their graphics to ensure that their charts do not look like something from a 90’s Sega Game.

Sogo Trade

Sogo Trade Fundamental Data

The fundamental data offers you detailed trends of various key performance indicators such as earnings per share (EPS) over a period of 4 years. This is a good feature because you have the option to look at complete historic trends of your assets to make detailed decisions.

The outdated interface coupled with the limited useability of the different platforms means that the broker scores a 5 rather than a higher score because there are several brokers like that offer much more powerful tools with a user-friendly interface.

SogoTrade Ease of Use Score: 5/10

#5 Sogo Trade Deposit & Withdrawal Options

The only way that you can deposit and withdraw your funds is through ACH deposits & wire transfers. This is really difficult for users who are used to trading with debit cards or online wallets like Skrill & Paypal, in particular for non-US citizens. This is a major downfall of Sogo Trade, especially considering that international traders can choose from a wide list of brokers like easyMarkets and many others that offer plenty of withdrawal and deposit options across credit/debit cards, online banks, e-Wallets and even cryptocurrencies, which is why Sogo Trade scores poorly in this category.

SogoTrade Deposit & Withdrawal Options Score: 3/10

#6 Sogo Trade Customer Support

Customer support at Sogo is decent and provides some decent value for users. Having good customer service is essential for users in case of emergencies and it is a data point that you should be very critical of when considering to join a broker. The modes offered as customer support include by Sogo include:

The response via live chat and telephone is prompt and quick however, the email response can be a bit slow at times and considering that there are a lot of brokers with some really quick email response means that the broker loses a few points here. However, you should also consider if you want a broker with really good customer service.

SogoTrade Customer Support Score: 7/10

#7 Sogo Trade Asset Classes

Sogo trade does not have a very long list of asset classes like some of the other brokers like the only assets offered by the broker include

  • Stocks
  • ETFs
  • Futures
  • Crypto

Sogo Trade offers plenty of options for stocks, ETFs, Futures & a few important options for crypto like Bitcoin. I personally feel that the asset portfolio lacks assets such as bonds, mutual funds, stock indices & commodities. This deprives you of the chance to build truly diversified portfolios that have hedged against risk. If you are looking for a broker with hundreds of stocks, plenty of commodities, crypto, mutual funds and ETFs, click the link below to sign up for

SogoTrade Asset Classes Score: 3/10

#8 Referral Program

Sogo Trade has a decent referral program. You get 25 free trades once your referral signs up with the platform. This is a good feature because it can help you get accustomed to the platform before you decide to become a regular with the platform. However, you should ensure that you use your free trades within 90 days of your referral joins Sogo Trade because the referral rewards expire after that period of time.

SogoTrade Referral Program Score: 8/10

#9 Demo Account & Educational Resources

Sogo Trade Demo Account

A demo account consists of a dummy account where you can trade assets with fake money and learn how to trade. Sadly, Sogo Trade does not offer a demo trading account which means that the platform is not very welcoming of newcomers.

Sogo Trade Educational Resources

The only educational resource available is in the form of articles with respect to how to trade different assets and how different types of assets are performing in the market. This can help you stay up to date with respect to potential market information that can affect your asset portfolios.

However, the educational material could include resources such as training guides on using different assets, the platform and how to act in different market situations. Moreover, training courses and instructional videos could be inculcated in the platform to make the platform more welcoming towards beginners. The lack of a variety of educational resources and the absence of a demo account means that the broker only scores a 2 here.

SogoTrade Demo Account & Educational Resources Score: 2/10

#10 Sogo Trade Safety & Regulation

Sogo Trade is regulated by the esteemed Securities & Exchange Commission (SEC) from the USA moreover, it is also regulated by Securities & Investors Protection Corporation (SIPC) which gives the investors insurance for funds lost due to potential market irregularities of the broker however, do keep in mind that the SIPC does not protect against loses made with bad trades or volatile market conditions associated with your asset portfolio. The broker is regulated by a strong regulator which means that the broker scores a perfect 10.

SogoTrade Safety & Regulation Score: 10/10

While researching 100+ of the world’s top brokers, we’ve noticed what works and what doesn’t from the customer’s point of view. That’s why our final test for any broker is to compare it to, which scores 91/100 points across the 10 categories mentioned in this review.

SogoTrade vs.

There are quite a few dimensions where Sogo Trade can learn from to improve their service for their customers.

Better Interface & Usability has a really good interface across its web, desktop & mobile platforms. The charting tools and statistical tools have much more detail and clarity than other brokers like Sogo Trade. The interface is also intuitive across platforms something that Sogo lacks especially in its desktop application.

Customer Support has one of the most proactive customer support services in the industry. It gives you a dedicated account manager who keeps a record of your transactions, so you do not get lost in a customer support cycle. As you may know, often availing customer service can be a problem because lots of brokers are slow in providing customer service and you have to explain your problem to different representatives every time to solve it.

More Asset Types also offers bonds, stock indices, forex and crypto giving you a complete range of assets that you can trade-in, something that Sogo Trade lacks and does not provide.

Comprehensive Educational Resources has really good educational resources to turn any trader into a trading ninja. Some of the resources offered are as below:

  • Educational videos on trading different assets
  • Webinars
  • Educational articles
  • Tutorial videos on using the platform

The resources offered to teach you everything from learning how the platform works to educational videos and webinars. also offers asset trading training guides.

Training Guides

  • Trading psychology guides
  • Shares trading guides
  • Forex trading guides
  • CFD training guides
  • Commodities training guides
  • Indices trading guides has you covered if you are a novice trader. They offer you 5 courses that are aimed at training beginners and refreshing the knowledge of experienced traders. Online Courses

  • Financial instruments
  • Derivatives and risks of trading
  • What are leverage and margin
  • Introduction to financial markets
  • ABC of derivatives

The online courses are designed for beginners but anyone can benefit from them in learning the basics and good practices and knowledge of the industry.

So what are you waiting for signup today for the best broker in town

Related: If you want to learn more about this broker, you can read this excellent review of

Sogo Trade In Summary

Sogo Trade has all the basic features required for traders who trade in bulk and are experienced traders. The platform offers all the functionalities such as charting tools & fundamental data to ensure that you can effectively manage a portfolio. The platform also has some good deals for low stock commissions in case you are a regular trader. This combined with the fact that the broker does not have any minimum initial deposit fees and has a good referral program means that you should definitely signup and give it a go.

However, if you’re a beginner trader or even an experienced one in search of a better broker, we strongly recommend you try The wealth of knowledge that the platform provides it really is an institution in itself for teaching you how to trade. Moreover, with some of the most affordable fee structures and diverse portfolios, promises to be a really good platform to fulfill your needs and requirements.

Get More Of Our Best

2021's Financial & Travel Essentials

Get our special report highlighting the 4 tools you need to build wealth and protect your assets in 2021.