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.