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 Stockpile 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 Stockpile 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 Stockpile 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, Stockpile is cheaper per trade at $0.99 than SogoTrade at $4.88/trade.
When it comes to having support for mutual funds, there is a clear division between Stockpile and SogoTrade. SogoTrade does have support for mutual funds, while Stockpile does not.
|Review||Stockpile Review||SogoTrade Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Amount of Deals|
|Promotions||None||Get 100 Free Trades|
|Stock Trades||$.99/trade or $2.99/first gift card stock + 0.99/additional stock||$4.88/trade ($2.88/trade with a 50-trades package)|
|Options Trades||N/A||$4.88/trade + $0.50/contract|
|Investment Types||Stocks, ETFs||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|
Stockpile is a unique stock broker that allows users to purchase small amounts of household-name stocks through gift cards. It's a great way to get young people interested in investing, although the costs can add up.
Active traders are a better fit to SogoTrade's pricing model even if it lacks the features that options traders really need.