|
|
|
Q:
|
|
What is SogoTrade?
|
A:
|
|
SogoTrade, the online retail brokerage division of Genesis Securities LLC, was founded as SogoTrade in 2006. SogoTrade's goal is to offer the lowest commission prices, the fastest executions, the friendliest customer service, and the most advanced trading technology in order to create the most value for its clients.
Whether long-term investor or active trader, SogoTrade has the features that will help you reach your financial goals. With our Scheduled Investment Service, long-term investors can take advantage of dollar based investing with the ability to buy a fraction of a share on a recurring or one-time basis. With our proprietary trading center, active traders benefit from our rapid and easy-to-use order entry center which will allow you to place, track, cancel, and adjust orders all with just one click.
|
|
|
|
|
|
|
|
*$1.50 per trade is based on the premium trade package with $10.00 subscription fee per month. See Rates & Fees for complete details.
|
|
|
|
Q:
|
|
Is my account protected against fraud?
|
A:
|
|
SogoTrade provides investors SIPC coverage through its' parent company, Genesis Securities, which is a member of SIPC. The SIPC (Securities Investor Protection Corporation) is a private, government sponsored agency that provides insurance to protect your assets at a brokerage firm in the event the brokerage fails. Coverage is up to $500,000 per account, out of which a maximum of $100,000 protects cash and the remaining $400,000 protects securities. The insurance does not protect against trading losses.
|
|
|
|
|
|
|
|
|
|
|
|
Q:
|
|
What advantages does SogoTrade offer?
|
A:
|
|
Online Equity Trade Commissions as low as $1.50
SogoTrade's goal is to combine the lowest commissions, the fastest execution, the friendliest service and the most advanced technology to create the best value for our customers. Low commission trading is an essential feature for active traders and long-term investors alike. SogoTrade's pricing not only allows you to save a lot in trading commissions, it also allows you to take advantage of smaller market opportunities that would have otherwise not been profitable when the higher commissions charged by some other brokers was taken into account. With trades as low as $1.50* for online market and limit equity orders, no hidden account inactivity or account minimum fees, its easy to see why Forbes magazine calls SogoTrade "The Deepest Discount Broker."
* $1.50 per trade is based on the Premium package with $10.00 subscription fee per month. $3.00 per trade for Standard package. See Rates & Fees for complete details.
$1.50 per trade is based on the Premium package with $10.00 subscription fee per month. $3.00 per trade for Standard package. Trades above 5000 shares carry an additional fee of $0.004 per share. View examples. View Examples.
For SogoTrade trades of stocks priced less than $1.00, an additional fee of ?of 1% of principal value applies. View Examples.
Scheduled Investments
Scheduled Investments, one of SogoTrade's distinguishing features, is a customizable tool that allows you to easily build a portfolio over time and save for the future. With scheduled investments you can create a custom portfolio of stocks, specify an investment amount, and schedule your account to automatically purchase these stocks on an one-time or recurring basis, whether daily, weekly, or monthly. Scheduled Investments can be easily combined with SogoTrade's scheduled electronic transfers to make saving and investing nearly automatic.
Funds necessary to purchase stock through scheduled investment trades must be available in your account by 1:00 PM EST the trading day prior to the scheduled investment day. If funds are not available by this time, your scheduled investment trade will not execute. SogoTrade offers many convenient funding options to meet this cutoff time including one-time and recurring ACH electronic transfers, check deposits, and wire transfers.
Invest Fractionally
SogoTrade's Scheduled Investment service allows you to purchase fractional share positions so you can own stocks regardless of the amount you have to invest. Fractional shares can be sold through real-time market and limit orders for the low commissions of just $3.00 a trade.
Free Electronic (ACH) Deposits and Withdrawals
Depositing and withdrawing funds from your SogoTrade account is free and easy. SogoTrade accounts feature one-time, scheduled, or recurring online electronic ACH transfers to and from your external checking or savings account.
|
|
|
|
|
|
|
|
|
|
|
|
Q:
|
|
How much does it cost?
|
A:
|
|
|
|
Premium Commission Plan
|
Standard Commission Plan
|
|
Real-time Trades* (Market or Limit)
|
$1.50
|
$3.00
|
|
Scheduled Investments**
|
$1.50
|
$3.00
|
|
Monthly Fee
|
$10 per month
|
$0
|
|
Account minimums
|
$500
|
$500
|
|
Electronically Transfer Funds
|
$0
|
$0
|
|
Inactivity Fees
|
$0
|
$0
|
|
|
|
|
|
|
|
|
|
* For trades above 5000 shares, the commission cost is the regular commission plus $0.004 for each share above 5000. View Examples.
For SogoTrade trades of stocks priced less than $1.00, an additional fee of ?of 1% of principal value applies. View Examples.
** Scheduled investments are recurring or one-time purchases of stock. All sales of stock are made real-time and are subject to real-time commissions.
Funds necessary to purchase stock through scheduled investment trades must be available in your account by 1:00 PM the trading day prior to the scheduled investment day. If funds are not available by this time, your scheduled investment trade will not execute. SogoTrade offers many convenient funding options to meet this cutoff time including one-time and recurring ACH electronic transfers, check deposits, and wire transfers.
|
|
|
|
|
|
|
|
Q:
|
|
What types of accounts can I open with SogoTrade?
|
A:
|
|
Whatever investment goal you have in mind, SogoTrade will help accomplish with a compatible account type. Whether your goals include retirement, a college education, or even a down payment on your new home, you can open an account that suits your objectives.
We currently offer the following account choices:
-
Individual Account - An investment account opened for one person.
-
Joint Account - An investment account opened for two people.
We will be offering the following accounts very soon:
-
Education Savings Account (Coverdell ESA) - An educational trust established for the purposes of paying the educational expenses of a designated beneficiary.
-
Traditional IRA - An Individual Retirement Account (IRA) is a retirement account that allows you to pay taxes on your earnings when you withdraw them. Deposits are tax-deductible.
-
Roth IRA - A Roth IRA is a retirement account where you pay taxes on the funds you deposit, while withdrawals are tax-free.
-
Rollover IRA - A Rollover IRA is a holding account. If you are moving your funds from one IRA account to another, they are parked in the Rollover IRA account until the transfer is complete, up to 60 days.
For more details on these account types, please visit our
Education Section.
|
|
|
|
|
|
|
|
|
|
|
|
Q:
|
|
How do I get started?
|
A:
|
|
It's easy to start. Just open an account, set up funding, and start investing!
Understand Investing
In order to start investing with SogoTrade, we strongly suggest that you first read through the Education Section.This will give you a general overview of the things you need to know prior to setting up your account. This includes understanding of the stock market, investment strategies,and the investing process.
Open an Account
The account opening process is very simple, and takes about 5 minutes to complete. The New Account Application section contains a help section, so all your account opening questions are answered immediately. It only takes a few minutes to open a SogoTrade account. Click here to watch a demonstration video.
Fund Your Account
The account funding process is also very simple. For electronic funding, the only thing you need to know is the bank account information, which is basically the account number and routing number. Take a look at a check from your checkbook to find the routing and account numbers for your bank account. Electronic funding is free.
Once you have set up a bank account to fund your investments, you can set up scheduled electronic funding from that account. You can select how often you would like to fund your account, whether one time, daily, weekly, or monthly, as well as choose what account to use if you have multiple bank accounts listed with SogoTrade. You can also select a starting date for your fund transfers.
Your account can also be funded with a wire transfer or by mailing a check. Wire transfers are usually quick, but cost around $25. Mailing a check is free, except for postage of course, but will take at least 10 business days to process once we receive it.
Set up an Scheduled Investment Plan
The Scheduled Investment Plan you select will be funded from your SogoTrade account. Please make sure that you have funded your account before your Investment Plan starts.
Setting up an Scheduled Investment Plan is easy. Select a plan name, how often to invest, as well as the starting and ending dates for your plan. You can select what amount to invest, and how to break it up between different investments. Investments are broken up by either the dollar amount or the percentage of the total amount invested.
Scheduled Investment Plans can be set to operate on any day of the week, and invest either daily, weekly, or monthly. You can modify, remove, or add any Scheduled Investment Plan, anytime.
Funds necessary to purchase stock through scheduled investment trades must be available in your account by 1:00 PM the trading day prior to the scheduled investment day.If funds are not available by this time, your scheduled investment trade will not execute. SogoTrade offers many convenient funding options to meet this cutoff time including one-time and recurring
ACH electronic transfers, check deposits, and wire transfers.
|
|
|
|
|
|
|
|
|
|
|
|
Q:
|
|
How do I fund my account to buy stock?
|
A:
|
|
Funding Electronically
The account funding process is also very simple. For electronic funding, the only thing you need to know is the bank account information, which is basically the account number and routing number. Take a look at a check from your checkbook to find the routing and account numbers for your bank account. Electronic funding is free.
Once you have set up a bank account to fund your investments, you can set up scheduled electronic funding from that account. You can select how often you would like to fund your account, whether one time, daily, weekly, or monthly, as well as choose what account to use if you have multiple bank accounts listed with SogoTrade. You can also select a starting date for your fund transfers.
Funding via Wire Transfer
A wire transfer is almost immediate, with the money appearing in your account on the next business day. However, the cost is typically $25, and since the funding is not recurring, you will have to keep making wire transfers if your investments are being done automatically.
Funding with a Check
You can mail us a check, but just like with a Wire Transfer, the funding is not recurring; you will have to keep sending us checks if your investments are being done automatically. It will take at least 10 business days to process your check once we receive it.
|
|
|
|
|
|
|
|
|
|
|
|
Q:
|
|
Why does SogoTrade require a photocopy of my photo ID and signature?
|
A:
|
|
In order to guard against identity theft, SogoTrade requires that you fax or mail us a copy of a valid driver's license and signature prior to any fund transfers. An email request will be sent to you upon account opening.
We do not require this documentation to open the account, but only to transfer funds out of the account.
|
|
|
|
|
|
|
|
|
|