SogoTrade is a U.S. online discount stock brokerage firm offering financial products including stocks, options, ETFs and Education Savings Accounts. The firm offers five online trading platforms and provides market research tools to its customers. SogoTrade has offices in New York, St. Louis and Los Angeles with bilingual customer services. They maintain a mail center in Shanghai, China to accommodate their international customers and provide 24-hour customer service, Monday through Friday.
SogoTrade is regulated and licensed in the US by the Financial Industry Regulatory Authority (FINRA) and insured by Securities Investor Protection Corporation (SIPC).
The firm was founded in March 1986 as Coastal Investments Associates, LTD in the State of South Carolina. The name was changed to Wang Investment Associates, Inc. in 1992. The firm for many years operated as a traditional brokerage firm providing investment recommendations to its clients.
In June 2006, SogoTrade, then a division of Genesis Securities, was launched as a discount online stock brokerage firm with commissions of only $1.50 per trade. By November 2006, SogoTrade was listed by Forbes as “The Deepest Discount Broker." In 2008, SogoTrade increased its trade commissions to $3, which was still among the lowest in the industry. The Chinese version of the SogoTrade website was also launched in 2008.
In 2010, Wang Investment Associates, Inc. became incorporated in the State of Delaware and purchased the SogoTrade name and retail accounts from Genesis Securities.
In 2013, Jonathan Yao, former President of Scottrade Hong Kong LTD, led a group that acquired Wang Investment Associates, Inc. and purchased the SogoTrade online trading platforms. In January, 2014, Mr. Yao was named the CEO of the company and changed the name of the corporation to SogoTrade, Inc.
Trading tools and software
SogoTrade maintains a range of trading platforms (both web-based and mobile) including:
|Trading Platforms||SogoOnline, SogoTrader, SogoElite, SogoMobile, SogoApp|
|Address||50 Broad St, New York, NY 10004, USA|
5 thousand dollars dissapeared from my account after a few months of inactivity, I logged back in and it was gone. Support is not answering either, emails are bouncing because my email is "blocked".
friend used to work at this place, he constantly complained about the job, management, salary, technology, new account process all under acceptable standards. Especially the new owner fired a lot of real experience people. The truth abt their customer service, my friend actually told me, in reality only few reps actually working and within those few reps, only 1 or 2 actually answering phone calls. My friend when he was working there, he rather working on the emails, chat or anything else than answering calls. This is why other forms of communications are faster responses.
At the age of 23 I started with SOGOtrade. The low commission was great and I got my start trading options. Now I've see the platform and their service just decay. Execution for options is terrible, although their "options bootcamp" podcast is ok the don't really tell you about some of the hidden costs in dealing with SOGOtrade. On top of that, I figured I could use SOGO as a good place to hold dividend ETFs and socks, but it appears that they will keep adding monthly fees and other costs. So that $3 trade is not really $3. At Scottrade I never get hit with these fees, I just pay everything upfront, $7. Now that I am 28 years old I am pretty sure I need to step up to a better broker. Aside from SOGO's platform and their strange/hidden fees, I can see a general decay in every aspect of the brokerage. I will be transferring my account very soon.
I have been with SogoTrade again (I was with them a few years back for a while also) for six months so far this time around. I have had no problems with them, whereas Customer Service and some other areas used to be lacking, they are clearly working on getting their act together (although I don't know about that Clearing Firm of theirs). Phone calls get through when I call and emails get answered in very short order. For $3 a trade, I think I have found my brokerage.
I opened an account with Sogotrade 4 months now, has not run into any issue and the customer service is very helpful.
There is no gains keeper. At tax time, this is a nightmare if you are an active trader. Their customer service is often rude and confrontational .
I've been using SOGOTRADE for three years and have had no problems with them. Yes, some limitations, but there are a lot of web sites to obtain information on a stock for free. No delays in executions! They are great if you do you home work and know you are doing, it's that simply , $3.00 a trade can't be beat! If you don't know what you are doing, pay more and get the help you need!!
DO NOT ------I REPEAT DO NOT do business with these jackasses. They supposedely forwarded my funds ( almost $30,000 ) to the IRS because of some mishap with improper or incomplete documents. I am being told I will have to wait until tax time to reclaim it on my taxes. I cant even get them to give me a clear expanation as to what happend. I requested an explanation in form of an e-mail two different times and both times I was told they would e-mail me a detailed explanation and have yet to recieve any sort of an e-mail. Who really knows where my money is, other than out there in cyberspace somewhere. Probably gonna have to hire a lawyer and spend a but load of money and just hope they can resolve this for me, but who really knows.
Left sogo a few years ago for vanguard. Best decision ever! I'll take 7-dollar trades, excellent account features, and great customer service over sogo's non-sense. Those 3-dollar trades aren't worth the serious problems that come with them.
Worst Customer Service. These guys are very incompetent. Agree they have the low rates but that stops there. Their system is down on a week day today and i can;t even place the order all day today. I'm having Nightmare with their service.
Sogotrade's system calculated my available funds incorrectly and I ended up with a margin call. Also, I had to spend a lot of time clearing up an issue with the IRS because Sogotrade only reported the proceeds of my trades.
Biggest advantage is the very low commissions. What's a nightmare for me is that they haven't helped me keep track of my cost basis. There's no tax help. This year the IRS rules that they have to report cost basis will be kicking in, but for the past few years I've been trading, the paperwork is a nightmare. If you don't report your cost basis to the IRS, they will count all of your sales as 100% pure profit and say that you owe tens/hundreds of thousands of dollars. And cost basis can get a little complicated and tedious when you're buying some at one level, buying more lower, selling some of the position, etc. Sogotrade is no help with this. I don't know if other brokers are.
This is the worst broker out there. 3 stars? You are kidding me. I`d give them -5 starts. No customers service. Stone age execution speed. Platform is teeeeeeeeeeerrible. So slow it's nuts!!! Don't even consider Sogo!!!
I was thinking of opening account due to cheap comission fees...But after reading all these comments, I will not consider it anymore....I don't want to save comission but ends up with SO MANY troubles. Thanks for all those who comments..
Sogotrade has gone down the toilet ever since some Chinese firm Wang took over. First they sent wrong tax info and it was not available until after I was done with taxes. They also wanted to re-certify customers because they changed clearing firms. It was a pain to get that done. They want you to send a clear copy of your license and it has to be perfect. They want you to take it from a camera phone and scan it to them. Why can't they check license info with DMV database?
Anyway I have run in to issue after issue with them. I closed my account with them. I would not recommend this broker.
I'm happy with them because of their $6 round-trip, but then I only buy 20-30 stocks once a year, and then flip them a year later. I don't use their research tools. If you're a buy-and-hold (1 year+) investor, the cost savings are worth it, and keeping up with your own trades is trivial. Also, I'm betting the customer service will get better, because many of the mishaps stem from the one-time Genesis to Wang transfer.
No good customer service, i have to wait 1 hr on call to get hold of a customer service and also i faced issue of losing my orders which i had placed and updates to my personal mailing address. They displayed my newaddress for some time , all of studden they reverted back those changes and keept my oldest address and some one else contact number. so as per my experience it is not good.
Sogotrade is also skim cash ($50,$ 156, $75, $68) overnhight from your cash balance if your are day trader.
Do yourself a favor, DO NOT OPEN ACCOUNT WITH THEM !!!
I have been its customer for past 2 yrs and have been attracted by their low pricing, but infact you are loosing multiples cuz of incorrectly prices positions instead of what you think you are saving on pricing. Some issues with Sogotrade:
1)WRONG PRICES on trades - you can't rely on what their screen shows & will have to keep a track of every trade you do. Imagine your PF showing you a profit of $1000 when actually you are at a loss of $1800.
2)CUSTOMER SERVICE SUCKS - I have timed their response time, the WORST was 1 hour 10 minutes and BEST was 20 mins. Imagine loosing $500 just cuz noone picked up your call on time. PLUS these guys will simply hang-up your call if they can't find answer to your question, without even listening to your point. One of the cust.service guys told me "It is your responsibility to track your position prices & P/L, I was SHOCKED to hear that.
I moved my account to another cheap broker and would encourage you to do the same.
Love those low commissions but sogotrade is a nightmare come tax time. Sogotrade reported only my sales to the govt aNd I hD to go back and reconstruct the rest. Pie charts of holding performance have been mia for maybe a year now. Thinking of switching to scottrade.
I have to agree their customer service is very weak. I called to find out why my stop order was never filled. I had placed a stop order the day before an earnings report from amzn and the next day it had sold way below my stop order. I lost a substantial amount whereas I would have only lost a fraction had my order been placed. It took 2 days before it registered on my order history and when I called in for an explanation, the customer service rep left me on hold for 25 mins before I finally hung up and called back. The next person simply stated since I had placed the stop order at 2:15 the system may have not had enough time to actually register. WTF? The market doesn't close till 4:30! How long does it take? So, of course the following day at the open it sells and I lose. Their system is glitchy and in the markets favor for some reason!
Yeah their customer service sucks, but for $6 round trip trade, you can buy and sell sooner to lock in a profit instead of waiting a day or week (or possibly a pull-back in the market) to realize a similar profit from higher commissioned brokers. You can always open up an account with another brokerage firm and use their research and trading tools while buying stocks with SogoTrade.
I recently lost a descent amount of money due to SOGO trades incompetence! Apparently SOGO trade switched to a new security format and lost peoples paperwork. Unfortunately I was one of them and I was unable to sell my stock. My stock took a hard hit and all I could do was watch my money go down the toilet! I called SOGO trade and explained what was going on and all they said was sorry! Understand that I tried to fix this situation for a month prior to my stock going down. Someone finally let me sell my stock after being on hold for an hour but the damage was done!
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.
They are just a bunch of incompetents. Trades are $3 but that's exactly what you pay for. If you run into a problem - good luck contacting and fixing the problem. There seems to be one person that deals with all of those. You can't even talk to his supervisor. Avoid!!! There are better options out there now.
Not sure why you delited my original msg for ? Sogo trade is the worst broker I have ever used, I suggest you do some research on them before you open a account. Their service is discusting and they should be closed down, I am happy for you to post my email as I am a real person unlike most who post to hype this crap company.
Mark in UK
I just don't like. It's difficult to explain why. Sometimes you don't need a special reason to say, whether we like somebody or not. The same thing is with this broker.
I have used SogoTrade for two years. At first, it was the low commission fee attracted me most. As I used it more, I notice Sogotrade is really a great choice. The customer service is helpful and the trading platform helped a lot. Their website is clearly and also provide education and guideline, which is a great tool for starters. Really like it!