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      June 2, 2020

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Speedtrader vs Sogo Trade

Best Online Stock Brokers

To help you find the Best Online Stock Brokers, TopConsumerReviews.com provides you with an in-depth comparison of Speedtrader and Sogo Trade.

To see ALL of our reviews for the Best Online Stock Brokers, please Click Here

Who is the Best Online Stock Broker? 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.

Continue reading below reviews

Best Reviews

2020

Online Stock Broker Reviews

3 stars
Speedtrader

SPEEDTRADER

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Cost:

$4.99/trade

$0.0044/share

$0.40/contract on options

Monthly software fees based on platform chosen

Minimum Deposit:

$30,000

SpeedTrader is a division of Mint Global Markets, Inc. and has been serving active day traders since 1999. They give their traders direct market access, allowing for better fills and faster executions through 25+ routing options.

SpeedTrader focuses on two-day trading platforms: Pro and Elite. We strongly recommend that you take advantage of their free platform demo before making your decision. You can also use ActiveWeb and Mobile Trading; those demos are also available under the Platforms tab. Expect monthly fees ranging from $25 to $120 month, depending on which platform you choose; these fees are often waived for clients who generate at least $199 in monthly commissions.

When buying or selling, pricing choices include per-trade, per-share, and per-contract for options.

We also really like that SpeedTrader offers a free, virtual practice account. You'll have to email or call them to set it up, but once you've been given the green light you can download their online trading software and use your "virtual buying power" to make sure you understand how both their platform and active trading work.

What SpeedTrader does - active day trading - it does very well, with numerous options for platforms and pricing. However, for the average investor looking to manage a retirement account or invest in the market for personal reasons, SpeedTrader will not be an appropriate choice.

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2.5 stars
Sogo Trade

SOGO TRADE

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Cost:

$4.88/trade on stocks

$2.88/trade on stocks with 150+ trades each quarter

Minimum Deposit:

None

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

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Continued from above

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:

  • Information. From beginners to experts, having up-to-date information on the stock market is critical. What resources does the online stock broker have available to guide you in your decision-making?
  • Fees. When purchasing your stocks, will you be charged a percentage of your total buy or a flat fee? When the time comes to sell, what will you pay?
  • Reputation. What do other investors say about their experience buying and selling with the online stock broker? Have they had positive interactions with the broker when they've needed help? How many investors have chosen this particular broker's services?

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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