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Friday, July 30th
SogoTrade has been serving investors since 1986, aiming to provide the best value for your investment dollars. They tell you upfront that they serve "independent, self-directed" investors - in other words, you'll need to use their educational/research tools to make the most informed decisions about your stock trades. A separate service, Sogo MarketRiders, is available if you prefer more personalized guidance from your online stock broker.
SogoTrade is, at its heart, a discount online stock broker. Although they have tools for the average investor, their best fit is probably for active traders - definitely not those who want to put their money in the market and forget about it.
The SogoTrade platform reflects that "bargain brokerage" mentality: no fancy graphics, no cutting-edge tech, just spreadsheets, tickers, and so on.
You'll also see that in their pricing. While they advertise a low $2.88/trade, you'll need to be making at least 150 trades each quarter to get that price. Otherwise, expect to pay a base rate of $4.88/trade. SogoTrade also offers "prepaid trades" in quantities of 20 or 50, which can bring your rate down to that same $2.88 price without the 150+ trades requirement.
SogoTrade used to be the lowest-priced online stock broker on the market, but as the industry has changed and many brokerages are offering lower-cost (and even no-cost) trades, SogoTrade seems to leave investors with the lower-quality platform without delivering any added value in exchange. We recommend you choose another online stock broker in our review
Whether you consider yourself an avid investor or a beginner just starting to look into the stock market, it's easy to get overwhelmed by all of the stock trading options. Although some people still use traditional stock brokers, many people have found they can save a lot of money by trading stocks themselves.
Besides significant cost savings, another great advantage to executing your own transactions is that you can avoid the time and energy necessary to deal with "professional" stock brokers. Many of these individuals try to convince you to buy or sell stocks, because they earn a commission every time you make a transaction. With online stock brokers, you never have to talk to any salesmen.
And, of course, with fluctuations in the economy, and subsequent rises and falls in stock prices, some people panic and pull out significant investments - leaving the door wide open for others to take advantage of big opportunities to buy low and hopefully sell high later.
Of course, the best online stock brokers do have the option to work with a consultant if you choose. Especially if you're just starting to learn about investments, you may feel more comfortable knowing you can access an expert if the need arises. These services may be included, or you may have to pay for them a la carte.
So, when choosing the right online stock broker for your needs, how do you know which one is best? Before you jump in and start buying up your shares in Apple or Coca-Cola, here are some factors to keep in mind:
TopConsumerReviews.com has reviewed and ranked the best online stock brokers available today. We hope this information helps you choose the right broker for your stock buying and trading needs!
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