Sogotrade

Great broker for penny stocks!

Sogotrade offer low commissions and has lots of shares to short!

4210timmy

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Great Value

I tried SogoTrade for the low prices a few years ago, but the Customer Service was pretty lax and they had other issues. However, I was recently on the lookout for a new brokerage to try (about 3-4 months ago) and read some very mixed review of them still, but decided to give them another shot. I couldn't be more happy with them this time around. Customer Service is very responsive, when I have any issues (and I've not had many), they rectify them in very short order. I have been in contact with them via email, chat online, and on the phone; with each of these methods of contact, the customer service representatives were very responsive and there was no wait time (if there was, it was very minimal). While other people may have problems with SogoTrade, I have not... at least not this time around. It seems that they are for real when they tell me they have been making an effort to make customer service a high priority (when it clearly wasn't in the past). The website is still the same mostly and the platform is one that I like a lot. Executions have always been fine for me and I remember the education section (although it seems basic now) really helped me a lot when I wanted to start trading a few years back. Outside of the research (which is rather minimal in some spots), they seem great for stock or options trades these days.

Thanks,

Bill

BrickMason

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cheep. ZERO customer service.

Been with SOGO for a few years now. It was cheap to start. Their customer service has always been problematic, now it is gone. No one answers the phone- it just rings. It is not toll free any more.

if you use them, BE CARFULL.

my latest experience-

-my latest issue with them involes them selling over $11000 of stock to cover a 3k margin call they didnt notify me about/was do. When I did get a "live chat" person, this is what I got:

"[sogo2]: Being notified of margin calls, is not required. That is a service we provide to you. "

ok fine, lets go with that. The call was for ~$3k, they sold OVER $11,000 in stock. When I asked why, here is what they said-

"[Me]:so why did you sell over $11,000 of stock for a $3k margin call?

[sogo2]: I was informed by our margin department that we sold 3 to 4 times that amount because of the requirements of that stock.

[Me]:and as I asked- what REQUIRMENTS. there are none for ARCC

[sogo2]: The requirements for ARCC is 25 Which is why we sold 3 to 4 times that amount

[Me]:what does "25" mean? as in, they must be sold in blocks of 25? if so, no problem. why did you sell ALL 864 shows, or better yet, HOW since 864 is not devisable by 25.

[sogo2]: 25requirement means that when we sell the positions to cover the call it only covers 25of the margin call.

[sogo2]: So because of the 25requirements on that stock, it was $2924, which was used to cover the margin call. "

They signed off after that and would not explain what "25" was. I am looking into how I file a complaint with the FTC. Not sure what else to do.

Ssnsltd

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Love the rates and customer Service

I started with Sogotrade a few years ago. I really like their rates,customer service, and their trading platform. I do not currently have them as a broker because they do not trade pink sheets, which it was the only downside that I can find for this broker. Other than that I was very pleased with the service provided.

IgnacioLucero

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Pretty solid Discount broker

Sogotrade has a good online platform. the excutions are good. Unfortunately customer service kind of sucks. No good system for handling the calls and you wait to get a rep for FOREVER.

Squicker

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My experience thus far

I got on board with Sogotrade when they were under Gen. Everything was pretty good, and great commission rates. Then came the merger. At first a notice was sent to my email stating alittle bit of down time. No big deal as the down time was only like a week. Well, it turns out that the downtime is going on almost 6 weeks. Thats right 6 freaking weeks and still unable to trade! I have missed countless oppertunities-this merger has really really really sucked! Last week they told me I needed to send some documents and I would be ready the very next day. WRONG. I had to call them again today and got the same line. However, the rep I spoke with is the very first guy I talked with when I first opened my account. This rep seems to be the type to get things done, so I am going to give SogoTrade one more week max. If I can't trade within ONE week, I will pull my account and go elsewhere. I have been more than patient, and more than understanding with this broker, and one more week is where I am drawing the line. Period. If they continue to suck under wang then I will not give them one more chance. I have gave them about 15 too many chances for them to get thier crap straight-if they fail me once more then bye bye sogo, hello TOS. I will keep ya posted how they are under wang-if I make it that far.

Phocker

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Great starting broker

This is my first trading account. Sogotrade is nice for the new (broke) trader because it gets you in the game with very little money ($500). Trades are very affordable too. It seems as though the tools that are available on most other broker sites are much more advanced. The news items on Sogotrade don't keep up with other sites and the execution can sometimes be scary when things get moving on you. I am pleased so far with Sogotrade, but I'm assuming that as my skills/money advance that I will be using the trading platforms of those suggested by people way more successful than me.

H2Oinspector

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great rates and customer service

tools & software aren't that great but for a swing account, sogotrade is great. $3 a trade can't be beat.

ANOTHONYPROMISE

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you get what you pay for

they are cheap. thats why you use them. dont expect great everything. its 3.00 a trade. for a trader with small account you need cheap trades. Thats what you will get. Everything else will suck.

Kenly3

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Bunch of incompetent idiots

I was attracted to SogoTrade by the fact they charge only $3 per trade and have no fees for inactivity (I did not plan to buy or sell all that frequently), but after WEEKS of trying, they STILL do not have my account set up to allow me to actually fund my account and start trading! I sent in all the required docs (copies of my ID, canceled checks with bank routing number etc.) to set up my account to be funded by electronic transfers, but after almost 2 weeks, it was still not set up. When I called the service line the automatic answering service immediately put me on hold where I waited for 40 minutes before anyone picked up the line. When a human finally answered, they looked up my account and confirmed that all the documents had been received and the bank account link was being set up and should be completed by the next day but he would send an email to confirm when it was set up. Well, no email came and after 4 more business days went by I called again (another 40 minutes on hold before anyone picked up the line) and this time was told that there was some problem with the routing number I had given. As I was on the phone I sent a copy of a voided check by email confirming the routing number, and he said that it all looked good and they would get the bank account added to my SogoTrading account right away and I should be able to see it by the next day. Now ANOTHER week has gone by and STILL the account is not set up. Meanwhile, buying opportunities have come and gone and I am loath to try calling again and endure another 40 minutes on hold to find out what the heck is going on. I have tried sending emails thinking that would get a quicker response, but I have not had a single email reply from anyone at SogoTrade. You would think they would want to get me set up so I could start trading and using their service (that's their whole business model, isn't it?), but they can't even manage to do that. Unbelievable! What a bunch of incompetent fools. Stay away! Do NOT try using this company. It ain't worth it!

Tsunamilightwave

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