Overall Rating55555

First Trade

First Trade is an online brokerage firm which provides some outstanding products and services for reduced fees. The following will highlight some of the benefits of using First Trade as opposed to other online brokerage firms. The key benefits of opening a First Trade account include expanded investment options, lower commissions and fees, access to The Investor Network, and up to 100 free trades.

The first benefit of opening a First Trade account over opening an account with other online brokerage firms is the amount of investing options. Unlike some other online brokerage accounts, First Trade allows their investors to invest in stocks listed on the NYSE, Nasdaq, AMEX, as well as over the counter markets such as access to Pink Sheet stocks. With First Trade you can also select between over 11,000 mutual funds, Exchange Traded Funds and Options. First Trade’s extended hours also allow you to invest in prior to opening and up to an hour and fifteen minutes following the closing bell.

Low costs are another benefit of opening First Trade online brokerage account. First Trade charges a commission of just $6.95 per market order, compared to other brokerage firms which charge up to $25 per market order. For an investor, the lower commissions can significantly improve their overall return. First Trade also offers low margin rates, no fee IRA accounts, free dividend reinvestment programs, and free stock recommendations. First Trade also boasts a no minimum deposit requirement.

Unlike many other online stock trading companies, First Trade boasts a person to person network, known as The Investor Network. This network allows you to connect with other investors to discuss investment topics, current news, and allows you to share investment suggestions.

The last benefit of opening with First Trade is many investors will benefit from opening their account and receive free trades. Any investor who opens an account with at least $2,000 will receive 100 free trades. If you deposit $25,000, you will also receive a $100 transfer rebate, and those investing over $50,000 will receive a $100 cash bonus.

To summarize, there are many benefits of opening a First Trade online brokerage account. Those benefits include expanded investment options, lower commissions and fees, access to The Investor Network, and up to 100 free trades.

Overall Rating55555


Sogotrade – Low fees aren’t enough

Another player in the online brokerage game is Sogotrade. They may not be as well known as some of the other online brokerage firms, but Sogotrade can definitely hold its own. Sogotrade offers simplicity and very low commission fees to lure investors away from the competition.

I had to make sure that their commission fee was real because I have yet to see a $3 per trade fee before. And when you open up an account they give you 100 free trades. The only catch is you have to use the 100 free trades in the next 30 days of your account’s opening date. The $3 per trade and 100 free trades is extremely inviting, but what about the actual service. Sogotrade’s website isn’t the most visually appealing site out of all of the online brokerage services I’ve seen. To be frank about it, their website is pretty plain. The interface for initiating a trade is straight forward, simple and boring. Sure, investing in stocks isn’t a trip to Disney Land, but the web designers of Sogotrade’s site could have done a better job.

Unfortunately for Sogotrade the internet is a visual medium. If your website isn’t appealing visitors aren’t going to stick around long enough to do any business. But I can say one thing in Sogotrade’s defense. They know how to get a visitor’s attention. The first piece of information you see when visiting their site is $3 per trade for stocks and EFTs, and $5 for options. These are attention grabbers because the fees are so low. Regardless how simple and boring their site is, investors will stick around to find out more about their services.

Sogotrade services are really lacking. They only deal in stocks and options. Although this could be a good thing for investors who are only interested in stocks and options, but as far as competition goes, Sogotrade is far behind. And another issue I have with Sogotrade is the education section of their site. You can learn about what a stock is; do a little research and gain knowledge on where stocks are traded as well as some information on options. But it just seems all too thin. There are other online stock trading companies offering learning tools that blow Sogotrade’s education section out the water. Sorry, I don’t mean to come down hard on Sogotrade, but the truth is the truth.

If you’re seeking a trading service for strictly stocks and options at a super low commission fee, then Sogotrade may be worth looking into. But if you’re new to investing I suggest you look elsewhere.

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