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SogoTrade is an extremely cheap and cheerful online trading platform that caters for investors looking to minimize the costs of their trades. However, cheap fees aren't everything in an online trading platform and SogoTrade cuts out any extra features you might take for granted on a more expensive platform. Notably the lack of decent trading tools and the zero interest paid on account balances. There's plenty more too which stack up to make SogoTrade much less attractive than the initial fees might suggest.
If you are a new investor a good first stop on SogoTrade would be the educational section of the web site. This is actually one of the best things about the site and provides an excellent introduction into the world of investments explaining jargon and busting myths along the way. Once you have some idea of what you are doing you will probably want to head to the research section to check out potential investments and analyze how the market is behaving. SogoTrade offers a range of different research tools and some company analysis from independent sources, but nothing compared to what you could expect from better quality trading platforms.
However, not everyone wants to research and with fees as low as this many people will just want to jump right into executing trades. This is possible using either the web based tools or the downloadable desktop application, but we couldn't possibly recommend either because both are packed with bugs. It is possible to place trades using either tool, and even execute options strategies, but even during our short tests we came across a multitude of bugs in the applications. We have heard that many people have experienced similar problems with the software and in many situations the missed investment opportunity just isn't worth the low fees.
We might have been tempted to overlook some of the bugs had SogoTrade's customer service been up to scratch, but when we phoned for help the representative really didn't seem to know what was going on. As you might expect from a bottom end broker there is no real financial advice on offer either so you should really know what you are doing if you go for a SogoTrade account. To top it all off there is no interest paid on account balances so you have no incentive to leave money sitting in your account. Higher end services usually pay a token amount at least.
SogoTrade is a poor online trading platform and, in our opinion, it's not worth going for it even though it does offer some of the lowest fees on the market. Just one missed trade due to the bugs in the software might cost you a whole year's worth of fees. For some far better options for new investors or professional traders alike check out our top ten list of the best online trading platforms we have found.
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