SogoInvest is now SogoTrade
It’s been a while since I’d heard anything from William Yeh of SogoInvest, so I thought I’d drop by the website and snoop around a bit. To my surprise, SogoInvest has changed its name to SogoTrade.
Mr. Yeh, CEO of SogoTrade, states in a letter to clients that the name change is an effort to align the brand identity more effectively with the business focus and core strengths. He goes on to say that:
SogoTrade will afford greater clarity by powerfully expressing our enduring qualities of innovation, service, and value while also expressing our business focus – providing advanced trading technology at low commissions to meet the needs of traders and investors alike. -Source
Along with the name change, the website has been relocated to www.SogoTrade.com and has been given a face lift and features a more sophisticated user interface and more comprehensive trading functionality.
SogoInvest started out as a low-cost competitor in an already over-populated online discount brokerage market. Backed by technology stemming from Genesis Securities, they are bringing professional trading tools to the individual investor.
Since I my last post about SogoInvest, SogoTrade has added no-fee dividend reinvestment plans to the ballot, which was a major sticking point during the last discussion on the brokerage.
SogoTrade is expanding out to offer a platform for just about every level of investor. SogoTrade is the web-based platform featuring the SogoTrade trading center with real time quotes and charts, scheduled investment services, streaming watch lists, free DRIPs, and free ACH deposits and withdrawals.
SogoElite is a downloadable platform powered by Laser, the NASDAQ Platinum rated platform featuring Streaming Level 1 quotes, customizable real-time charts with technical indicators, extended hours trading, a customizable platform interface and real time sales data.
SogoPro is coming soon, but will be a NASDAQ Platinum rated trading application that features Level 2 quotes, direct connections to major ECN’s and market makers, extended hours trading, customizable real-time charts and technical indicators, extended hours trading and time and sales data.
Starting to compete with the major players
It seems that SogoTrade is starting to incorporate many of the features found at it’s competitors like TDAmeritrade and E*Trade. The revamped website helps, and makes it look like a more professional trading interface.
The key to SogoTrade will be longevity. There is some serious consolidation in the online brokerage market right now, which I think is a good thing. If after the dust settles SogoTrade can continue to compete, it will only serve to increase the client base.
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You must have read read my mind Grant.
I’ve tried Scottrade… Suck!
I’ve tried TD Waterhouse… Suck!
I’ve had a VBS account for years.. too expensive.
After closing my brokerage account at Vanguard and paying off my house, I’ve been saving to open another “less costly” brokerage account. SogoTrade sounds great.
Are you an affiliate? If I decide to open an account, I’ll make sure to give you credit.
thanks for the info !
I checked the website and it has given a facelift from the past Sogoinvest and now it seems promising.
Also, you did not mention that Sogotradeis also offering 25 free trades after you open an account with them.
I use sogo elite platform just because of the cheap trading commissions. Usually things go fairly smooth but in today’s afternoon trading…limit orders were not executed fast at all. It could have been because of the huge volume (dow was up over 400) but still, I rarely had problems with Scottrade.
It does seem you pay for what you get. But on every trade I make with sogo relative to scottrade, I make an extra $10 just because of the lower trading fees. So, maybe I’ll call and complain to Sogo, but I probably won’t switch.
Oh, and sogo elite’s trading platform shuts down around 5:30 every afternoon even though they have after hours trading. Another annoyance.
ive been interested with sogotrade, something seems fishy when an online broker offers $3.5 trade. its too good to be true.
I like that sogotrade is one of the only brokarages that allows you to buy partial shares (like share builder). they will go to the 4th decimal point, so you can but 0.4546 shares of Goog, and you can set it up to buy once a week (only on Tuesdays)
Their customer service is great. Every time I have a question someone will answer in under a minute.
Open an account with the referral link or use referral code 452143
https://www.sogotrade.com/accountsetup/default.aspx?rf=452143
Get 100 free trades open sogotrade account with the coupon
Promotion code: 349670
Link: https://www.sogotrade.com/Setup/Default.aspx?rf=349670
Good luck!