Online brokerage services have existed for over 20 years. Trading investments today has never been cheaper. So while the race towards cheap trades (in some cases free) is happening, other functionality is becoming more important when selecting a stock broker.
For this review, I compare Firstrade and SogoTrade. Which one is better depends on your needs? So let's examine the major features first.
We've determined with online brokerages the most critical feature customers care about is the
cost per trade. The second most important feature is the minimum deposit, and the last is if the broker
offers mutual funds. Let's look at how Firstrade and SogoTrade
stack up against each other on these points.
To start, we will consider the minimum investment required for both applications. In
how much does one need to invest to use the service?
Both Firstrade and SogoTrade have the same minimum of $0. So they are equal in this requirement.
Next I'll consider cost per trade for both brokers.
Out of the two, Firstrade is cheaper per trade at $0.00 than SogoTrade at $4.88/trade.
Both Firstrade and SogoTrade offer mutual funds. So this feature isn't a clear difference between the stock brokers.
|Review||Firstrade Review||SogoTrade Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Amount of Deals|
|Promotions||Get a $200 Transfer Rebate From Firstrade||Get 100 Free Trades|
|Stock Trades||Free||$4.88/trade ($2.88/trade with a 50-trades package)|
|Options Trades||Free||$4.88/trade + $0.50/contract|
|Investment Types||Stocks, Penny Stocks, ETFs, Mutual Funds, Bonds||Stocks, Penny Stocks, ETFs, Mutual Funds, Bonds|
|Access||Website, iOS App, Android App||Website, iOS App, Android App|
|Broker Assisted Trade|
|No Fee ETFs|
|Sign Up||Sign Up|
Firstrade was one of the first online stock brokers around, but the company recently kicked things up a notch by offering free trades — even for options. The platform also offers plenty of tools and resources to help you get started if you're a new stock investor. However, unlike other stock broker options, Firstrade doesn't offer a robo advisor.
Active traders are a better fit to SogoTrade's pricing model even if it lacks the features that options traders really need.