Press Releases
July 7, 2008
Online Discount Broker, SogoTrade, Offers Account Holders Up to $5,000,000 Excess SIPC Coverage
Coverage Offers Online Brokerage’s Stock Trading Clients Enhanced Security For Cash Assets
New York – July 7, 2008—SogoTrade, the deep discount online brokerage and home of the $3.00 online trade, has announced the purchase of excess SIPC insurance coverage to provide clients a higher level of account protection. The additional protection, subject to a firm aggregate limit of $25,000,000 will afford each SogoTrade account holder up to a total of $5,000,000 in securities protection including up to $1,000,000 in coverage for cash. The above coverage does not protect against loss of market value of securities.
SogoTrade and Genesis Securities LLC, have teamed up with London Underwriters to provide account protection in excess of the standard SIPC coverage SogoTrade customers already enjoy through Genesis Securities, a member of the Securities Investor Protection Corporation (SIPC), which protects client accounts up to $500,000 including $100,000 for cash claims in the event of a brokerage failure.
“Investing in the market entails risks, choosing a broker shouldn’t. Because of recent headlines, investors are concerned about the strength of their brokers. We recognize this concern and have responded by offering additional securities and cash protection so that our clients can invest with confidence,” says William Yeh, CEO of Genesis Securities.
Excess SIPC coverage is just one of many features SogoTrade has introduced to meet the needs of active traders. Along with low online trade commissions and margin interest rates, SogoTrade offers online and application-based trading platforms that feature real-time market data, stock charts, order status, one-click order entry, real time streaming quotes and ETF and stock research.
About SogoTrade
SogoTrade (http://www.sogotrade.com) is the online retail brokerage division of Genesis Securities LLC. (http://www.gndt.com). SogoTrade offers advanced online trading and research tools, fast trade executions, and superior customer service. With $1.50** - $3.00 online trade commissions and some of the lowest margin interest rates in the industry, SogoTrade empowers self-directed investors to participate in financial markets at the lowest cost.
SogoTrade, division of Genesis Securities LLC. Securities products and services are offered by Genesis Securities, member FINRA/SIPC.
*SIPC coverage does not protect against the loss of the market value of securities. SIPC coverage is not the same as the insurance on bank accounts provided by the Federal Deposit Insurance Corporation.
** $1.50 online trade commissions entails a $10 monthly subscription fee.
<< back to Press Releases