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SogoTrade Review
SogoTrade is a small US discount broker for stocks, options, and ETFs. FINRA fined it in 2023 for misleading customers about a share lending program.
Min Deposit
$10
Spreads From
Not applicable, SogoTrade charges per trade commissions rather than a spread
Max Leverage
Standard US margin rules apply, no forex style leverage is offered
Platforms
2
Pros
- SEC and FINRA registered broker dealer with a record back to 1986
- No set minimum deposit is needed to open a trading account
- Options trades carry no base commission, only a small per contract fee
- Clears trades through Apex Clearing Corp, a large third party custodian
Cons
- FINRA fined it $100,000 in December 2023 over a share lending program
- Told 17,000 plus customers they would be paid, then paid them nothing
- FINRA ordered $104,767 in customer restitution for the same conduct
- FINRA's own record lists several other regulatory events on file too
SogoTrade, Inc. has been registered with the SEC and FINRA since 1986, and reorganized into its current Delaware form in 2010. It is a small introducing broker that clears trades through Apex Clearing Corp, offering commission free options and low cost stock trades through its website, mobile app, and an API.
FINRA's own filings list SogoTrade's main office in Chesterfield, Missouri, though the firm describes itself as headquartered in New York. Stock market orders cost $2.88 each, options carry no base commission plus a 50 cent contract fee, and an account can be opened with no set minimum deposit.
In December 2023, FINRA fined SogoTrade $100,000 and ordered $104,767 in customer restitution. From 2019 to 2023, SogoTrade told over 17,000 customers in a share lending program that they would be paid a fee, but paid them nothing while it collected over $2 million from that program. FINRA's record lists several other regulatory events too.
Min. Deposit
USD 10
Max Leverage
Standard US margin rules apply, no forex style leverage is offered
Spreads From
Not applicable, SogoTrade charges per trade commissions rather than a spread
Platforms
Regulators
Platforms
- FINRA (USA)
- SEC (USA)
- SIPC
