Thursday, January 23rd
2025 Online Stock Trading Platform Reviews
Sogo Trade
- Geared towards active stock traders with some level of experience
- Get Paid to Trade program offers small rebates for investors
- Access to a variety of stock market research and trading tools
- Exceptional one-on-one support online via email or by telephone
- Up to $100 in ACAT fee reimbursement when you transfer a qualified account
- Support and technology are available in English and Chinese
Founded in 1986, SogoTrade serves independent, self-directed investors. In the beginning, the company wanted to succeed by offering lower fees than anyone else in the industry. When Robinhood came into the picture and disrupted that model by offering a no-fee service, SogoTrade was left without an edge. They decided to focus more on the customer, and they've done a great job being there for clients through their enhanced customer service offerings. SogoTrade believes that the client truly is their greatest asset. Billed as a "self-directed” platform, if you need extra help, they do have advisors who can assist you through their Power Portfolios or SogoTrade Asset Management program.
Just the facts
- Costs
- $0 on orders of 100 shares or greater ($2.88 commission otherwise)
- Contract fee of $0.50 on options
- $1 cash back per 1,000 shares on qualified limit orders
- $25 broker-assisted commission
- Minimum Deposit
- None on most accounts
Great customer service - and it's bilingual
One standout we noticed right away is that SogoTrade is dedicated to customer service. There are many options to reach them by phone - they have a dedicated New York line, a midwest line, and a nationwide line. They also have a nationwide dedicated Chinese language line. Users report waiting an average of 1-2 minutes before being connected with a customer service representative. This really sets SogoTrade apart from other comparable stock trading platforms. Customer service via phone is not available 24/7, but clients can hit the live chat after hours. The phones are available Monday through Friday from 7 am to 8 pm ET.
Non-integrated platforms
One thing that is difficult to get around is the fact that SogoTrade has five different web-based platforms, including an app and a web browser-based tool. They all have a different function, so at first it's like going on a scavenger hunt to find out which platform should be used for what function. For example, if you want to trade crypto, you have to create a separate bank account from your SogoTrade account, but if you want to find basic options, you need to use SogoOnline. And for certain basic trading, you can use the app. It takes a little effort to get used to the way things work with the different platforms, but once you do, it becomes very intuitive.
SogoTrade Asset Management offers advisory services
While SogoTrade's portfolio analysis tools are limited, you can work with SogoTrade Asset Management if you need advisory services. A SogoTrade Asset Management advisor will help you in setting financial goals, making a plan, and building a portfolio. In keeping with their commitment to the customer, they make a promise not to be intrusive, obnoxious, or sell you something you don't need. They also make a commitment to provide you with personal guidance when it makes sense to do so.
Trading on a mobile device is easy
SogoTrade's mobile app is very simple and straightforward. There are tabs at the bottom of every screen that can easily take you to where you want to go. You can begin trading in two clicks.
SogoTrade gets an "A+” from the BBB
We were pleased to see that SogoTrade has an "A+” rating from the Better Business Bureau and absolutely no complaints there. In the world of stock trading, this is a pretty impressive feat. One review site showed that 85% of reviewers would recommend SogoTrade to a friend, and that's pretty impressive.
Decent choice for active traders
SogoTrade is geared toward the self-directed investor. Five different platforms and a slightly complicated pricing structure might not sit well with newbies who are not well-versed in trading. and we wouldn't recommend it to first-time clients. That being said, SogoTrade's dedication to the customer shows through its great customer service. We are pleased to give SogoTrade a strong rating here.
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The 12 Best Online Stock Trading Platforms
Which Online Stock Trading Platform is the Best?
This can be an overwhelming question for beginning investors - but that's a great place to start. First, ask yourself what level of skills or knowledge you have in investing and what your purposes for investing are. Are you brand new to the financial world of stocks, ETFs, fractional shares, and options? Are you trying to manage a large amount of wealth? Are you looking for a safe place to grow your savings over the next few decades?
Or, are you someone who has had a lot of experience in investing and wants to get back into the game or take your game to the next level? Are you wanting to take high risks, or are you more conservative in your approach? There are plenty of options out there and there are some who focus on everything and some who specialize in one or two niche markets.
Online Stock Trading Platform FAQ
Continued from above...
For beginning traders, there are platforms that have devoted a big part of their online presence into education. Some have partnered with banks so you can do all of your investing along with your banking.
For active traders, the best platforms will have advanced charting capabilities, responsive customer service, robust toolkits, and they will also offer high-quality research resources. We highly recommend those platforms that allow for backtesting - a way to put in a particular strategy simulation and see how it might play out before committing to the trade in real life. Be sure to ask questions and double-check that whatever stock trading platform you use, they will have the tools that fit your particular needs.
For example, if you are going to be trading mostly on your mobile phone, you will want to make sure the stock trading company you choose has a strong mobile platform. Some companies do a bare-bones mobile app, and that would not be a suitable fit. Be sure to check if software platforms have a history of outages or glitches, too.
Are you the kind of investor who doesn't want to actually pull the trigger on choosing which stocks to buy on your own? You might want to look into robo-advisors or a dedicated financial advisor or team of advisors. These accounts usually come with fees as a percentage of the total amount invested, but it can be well worth the cost if you don't want to be involved in the day-to-day management and strategy on your account.
Most advisor accounts (robo or personal) involve you completing a questionnaire and/or a phone call that considers your time frame, financial goals, and risk tolerance. From there, the company will create a portfolio matching the information you gave. This portfolio will be rebalanced automatically, and you don't have to do a thing. On those types of accounts, you can find options with no fees, and the ones that do charge fees are usually much less expensive than working with a human advisor one-on-one.
Keep in mind that most of today's online stock trading platforms very proudly advertise that they charge "$0 fees." That usually just refers to a $0 commission fee. There will definitely be at least one or two fees for most accounts. Whether it's for withdrawal or broker-assisted transactions, there are going to be some extra costs associated with your account.
So, which online stock trading platform is best for you? Here are some of the criteria to keep in mind:
- Intended investment strategy. Are you an active day trader? A buy-and-hold investor? A conservative investor taking the slow and steady way to build a retirement? Are you willing to take risks? Are you a natural researcher or do you want someone else to do that for you?
- Ease of use. Is the website difficult to figure out? Is it easy to open an account, or do you have to go through a lot of extra hoops? Do you prefer to talk to someone on the phone, or is live chat your go-to way to communicate? Are there tutorials and online help for learning how to use the platform?
- Tools. Do you want lots of tools, or do you just want someone else to worry about it? Do you want to have an app that is integrated with your bank? Is there a mobile app? Is it web-based or downloadable? Can you connect with research resources that match your level of expertise?
- Customer service. What do other clients say about their experiences with the company? How are issues handled by customer service? Are the financial advisors helpful?
- Reputation. Is this a service with a long history in the financial industry or a relative newcomer? Is the company insured or backed by government or private agencies? Do they have a history of litigation or being fined by FINRA or other agencies? Are they transparent?
To help you make the most of your investments, Top Consumer Reviews has evaluated and ranked today's most popular online stock trading platforms. We hope this information helps you reach your financial goals!
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