FAQ

Wang Investment Associates Inc is your broker dealer. SogoTrade, the online retail brokerage division of Wang Investments was founded 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.

 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.

Wang investments' is a member of the Securities Investor Protection Corporation (SIPC). Funds are available to meet customer claims up to a ceiling of $500,000, including a maximum of $250,000 for cash claims. For additional information regarding SIPC coverage, including a brochure, please contact SIPC at (202) 371-8300 or visit www.sipc.org

Our clearing firm has purchased an additional insurance policy through a group of London Underwriters (with Lloyd's of London Syndicates as the Lead Underwriter) to supplement SIPC protection. This additional insurance policy becomes available to customers in the event that SIPC limits are exhausted and provides protection for securities and cash up to an aggregate of $600 million. This is provided to pay amounts in addition to those returned in a SIPC liquidation. This additional insurance policy is limited to a combined return to any customer from a Trustee, SIPC and London Underwriters of $150 million, including cash of up to $2.15 million. Similar to SIPC protection, this additional insurance does not protect against a loss in the market value of securities.

Online stock and ETF trades for as low as $3.00*. Online option trades for $5.00 plus 50¢ per contract.
SogoTrade’s goal is to combine low commissions, fast execution, friendly service and advanced technology to create the best value for our customers. Paying low commissions is essential for both active traders and long-term investors. SogoTrade’s pricing not only allows you to save in costs, it also allows you to take advantage of smaller market movements. With online stock trades as low as $3.00 and no hidden account inactivity or account minimum fees, it’s easy to see why Forbes magazine calls SogoTrade "The Deepest Discount Broker."
*For more detail, please visit Commission, Rate and Fees page.

Free electronic (ACH) deposits and withdrawals
Deposits and withdrawals to and from your SogoTrade account are free and easy. Simply link an external checking account and you are ready to initiate transfers online.

* For stocks priced under $1.00, add ½% of the principal value.
** Online trades are limited to 100,000 shares. Please contact the Trade Desk to place larger orders.
Free reward trades do not apply to any broker-assisted trades.
Penny Stocks: OTCBB and Pink Sheets may incur additional transaction fees based on DTC charges. These charges can be substantial, so they may be blocked from online trading. In this case, please contact the Trade Desk for more information.

SogoTrade offers many convenient funding options including ACH electronic transfers, check deposits, and wire transfers.

The following account types are offered:

• Individual Account - An investment account opened for one person.
• Joint Account - An investment account opened for two people.
• Business Account - an account for a corporation or LLC.

It’s easy to start. Just open an account, fund your account and start trading.

Open an Account
SogoTrade offers margin and option accounts for individuals, joint account holders and businesses. Complete an individual or joint account application online. The online application takes less than 5 minutes to complete. To open a business account, complete a business account application form

Fund Your Account
Once your account is activated, you can fund your account by wire transfer,Visit our Fund page for instructions on each method.

Start Trading
Learn about stock, ETF and option trading through articles on SogoTrade’s Knowledge Center .Research stock ideas on our stock research center, powered by Dow Jones, Place a stock trade on our stock trading center or an option trade on our options trading center.

Funding Electronically
The account funding process is very simple. For electronic funding, the only thing you need to know is the bank account information, which is 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. Please note only one bank account may be linked to your account at any one time. Electronic funding is free and convenient. .

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.

There are several ways to deposit funds from your SogoTrade account

• Wire Deposit
• Electronic Transfer (ACH)
• Check Deposit

Click here for a detailed list of check funding options

Note: SogoTrade does not accept money order deposits

Wire Deposit

Wires are a fast an easy way to fund your account. SogoTrade provides this service free of charge, although you financial institution may have wire transfer fees.

Funds are credited to your account within 1 business day.

To initiate a wire deposit, please contact your financial institution and provide them with the information found on our Wire Transfer page.

Note:

• In order to credit your account, please have the bank include the sender name on the wire. A rejected wire may incur a bank fee.
• SogoTrade will not accept third-party wires.
• One or both signers on a joint account may deposit a wire from a joint account to an individual SogoTrade account.
• A wire from an individual account may be deposited to a joint account if that person is one of the account holders.

Electronic Transfer (ACH)

ACH electronic transfers are a convenient way to fund your SogoTrade account. To proceed, you will need to complete the following:

1. Link a new bank account on the Link Bank Account page. You will be prompted to enter the bank account number and bank routing number. Only one bank account may be linked to your SogoTrade account at any one time.
2. Verify the bank account:
   A newly linked bank account needs need to be verified before transfers can be initiated. As part of the verification process, SogoTrade will make two micro-deposits which will post to your bank account the day after your account is linked. Find the amount of each deposit from your bank’s online statement. Go to the Bank Account page, click the "Verify" link located under the account. Enter the amounts of the two micro-deposits made to your account in any order and submit.

Once the micro-deposits are verified, the account linkage will be complete and funds can be transferred electronically online.

Electronic Transfer Timeline

Business Day 1: Setup an ACH transfer, recurring or one-time, online. If you submit your transfer request before 1:00 PM, the first available initiation date will be the next day. If you submit your transfer request after 1:00 PM, the first available transfer initiation date will be 2 days later.

Business Day 2: On the electronic transfer initiation day, funds will be withdrawn from your outside checking/savings account and transferred to SogoTrade. At midnight, the transferred funds will post to your individual SogoTrade account.

Business Day 3: Funds remain on hold during clearing period. (Under certain circumstance you may get access to your new deposit by contacting our customer service support center)

Business Day 4: Prior to market open, your transferred funds will be made available to use for trading. Your cash balance and buying power will have increased.

Mail a Check

You can fund your SogoTrade account with a variety of check types. Checks can take up to ten business days to process once SogoTrade receives them.

Checks can be mailed to:

SogoTrade - Division of Wang Investments
1 McBride and Son Center Drive, Suite 288
Chesterfield, MO 63005

Remember:

• Make checks payable to "Apex Clearing Corporation".
• Include your SogoTrade account number on all the checks.
• SogoTrade cannot accept third-party checks.
• SogoTrade cannot accept money order deposits.

*Note: Accounts that are activated but not fully approved will not earn interest on deposited funds. Interest on deposited funds will accrue once an account is fully approved.

Electronic Deposit Status

There are three different statuses for Electronic Transfers:

• Pending
• Processing
• Completed

Transfers can be viewed on the Pending Transfers Page or the Funds Transfer History Page depending its status.

Only electronic deposits designated "pending" can be cancelled or modified. "Processing" and "completed" electronic transfers cannot be cancelled. To view processing and completed electronic deposits, please check the transfer history page. Funds that are being held for verification can be viewed on the account overview page under the unsettled funds category.

To find out the status of an electronic withdrawal, check or wire transfer, please contact SogoTrade customer support at 1-646-885-6486.

Only electronic deposits that are in "pending" status can be cancelled.

To view pending transfers please go to the Pending Transfers Page to check if your transfer is still pending.

"Processing" and "completed" electronic transfers cannot be cancelled. To view processing and completed electronic transfers please check the transfer history page.

For all other cancellations (e.g. electronic withdrawal, wire, and check transactions), please contact SogoTrade customer support at 1-646-885-6486.

There are several ways to withdraw funds from your SogoTrade account.

• Electronic Withdrawal (ACH)
• Request a Check
• Request a Wire

Request a Check

To request a check drawn on funds in your SogoTrade account, please follow these instructions:

Request by Telephone:

1) Note SogoTrade’s check withdrawal policies below and verify the amount available for withdrawal in your account. This amount is displayed on the account overview page.

2) Contact SogoTrade customer support at 1-646-885-6486.

3) Provide your support representative with the amount you would like to withdraw and your delivery method (regular mail, 2nd day, overnight). Your check will be made out only to the account holder(s) on file and mailed to the address on file.

Important policies:

Checks withdrawals may only be requested over the telephone by contacting SogoTrade customer support at 1-646-885-6486.

Withdrawal checks are only made out to the account holder(s) on file and are mailed to the mailing address on file. Your primary address (cannot be a P.O. box) and mailing address can both be changed by visiting the account settings page.

Check withdrawal requests received before 1 PM ET will be processed the same day. Allow 5 business days to receive your check.

There is no charge for checks delivered via regular mail. Overnight fee is $20 and weekend deliver fee is $25.

Funds deposited via ACH transfer within the last 60 days must be withdrawn via ACH transfer (no check or wire payout requests will be accepted). If you are withdrawing funds deposited from one bank account to a different bank account, your funds may be subject to a 60 day restriction before the withdrawal can be processed.

Stock transactions take 3 business days to settle. Proceeds from a recent transaction may not be available until settlement day.

Request a Wire

To request a wire, please complete the wire request form (PDF) .

Timing: If your wire request arrives at SogoTrade before 1 PM EST, it will be sent the same business day. If your request arrives after 1 PM EST, the wire will be sent the following business day.

Fees: There is a $25 fee per transaction for outgoing domestic wires and a $50 fee per transaction for outgoing international wires. Please keep these fees in mind when calculating the total amount of your wire request. SogoTrade will deduct the fees from the total amount you request.

Funds Availability for Withdrawal:

The following are withholding period for funds that are deposited in your SogoTrade Account:

*A withdrawal restriction may be imposed for a period up to 60 days - Electronic funds that are deposited from one bank account and withdrawn to an account another financial institution, or withdrawn through a different means than the funds were deposited, such as check, or wire may be restricted to 60 days holding period.

Trade Transactions: All trade transactions settled in 3 business days. If you are withdrawing funds from a recent trade, the funds may not be available until the 3rd business day. Please call us if you need further assistance.

If you have are considering transferring a Sharebuilder account, click here for instructions

To transfer your account from another brokerage:

1. Complete our ACAT form (PDF) .
2. Include a copy of your most recent brokerage statement.

Before sending us your ACAT (Automated Customer Account Transfer Service) form please ensure the following:

• Your outside brokerage account and your SogoTrade account types (e.g. individual or joint, cash or margin) are identical.
• The account holder(s) names of the two accounts are the same.

Please note: If you are transferring assets from an outside joint brokerage to an individual SogoTrade account or if you are transferring from an outside individual brokerage into a joint SogoTrade account, please be aware that a letter of authorization from one or both account holders might be requested in order to process the transfer.

Fax or mail the ACAT form and statement to

SogoTrade - Division of Wang Investments
1 McBride and Son Center Drive, Suite 288
Chesterfield, MO 63005
Fax:
888-710-7646 (Domestic)
646-459-2749 (International)

• Most account transfers are sent via ACAT and take approximately seven (7) to ten (10) business days.
• Residual balances with the delivering brokerage firm after the transfer is completed will follow in approximately ten (10) to thirty (30) business days.
• For questions regarding residual sweeps, please contact the transferor firm directly.
• Transfers that cannot be accomplished via ACATS generally take approximately three (3) to six (6) weeks to complete. However, this time frame is dependant upon the transfer and may take longer.
• Some financial institutions charge a fee for ACAT transfers. This fee might be deducted from the account you are transferring automatically.

Types of securities that you can transfer from an outside brokerage account:

Foreign Stocks: Yes, Please contact customer support at 1646-885-6486 for more information

Over the Counter Bulletin Board Stocks (OTCBB): Yes, OTC bulletin board stocks can be transferred to your SogoTrade account.

Pink Sheet Stocks: Yes, While SogoTrade does not offer Pink Sheet stock trading, Pink sheet stocks can be transferred to your SogoTrade account and positions can be liquidated through broker-assisted trades. The minimum commission charge is $27 dollars. Prior to transferring this type of stock, please contact us regarding stock eligibility and details. Keep in mind, for broker assisted orders of stocks traded at less than $1.00 per share, the commission is ½% of the principal value subject to a $27 minimum.

Bonds: No, Please provide SogoTrade with the bond CUSIP number prior to sending an ACAT form.

Mutual Funds: No, SogoTrade currently does not support the transfer of Mutual Funds

Stock Certificates: Yes, Stock certificates can be transferred to SogoTrade. Please contact customer support at 1646-885-6486 for more details.

Money Market Funds: No, SogoTrade currently does not support the transfer of Money Market Funds.

Options: Yes, SogoTrade support the trading of Options.

Full brokerage transfers are typically completed in 10 business days, with other types of transfers generally taking three to six weeks, depending on how quickly the delivering institution is able to process your transfer request.

To check the status of your account transfer, please email customer support at services@sogotrade.com or call 1646-885-6486.

Share builder has requested that all SogoTrade account holders submit a medallion signature guaranteed ACAT form in order to process a transfer request from Sharebuilder.
(Medallion Signature Guarantees protects you by making it harder for others to defraud you by forging your signature on your financial documents and certificates.) Please follow these steps:

1. Download and complete (but do not sign) SogoTrade´s account transfer form (PDF) .
2. Please take your unsigned ACAT form to your bank and request a medallion signature guarantee.
3. Please mail your original guaranteed ACAT form and most recent Sharebuilder statement to SogoTrade.com. We will take care of the rest.

To deliver physical securities:

• All registered parties must endorse the back of the stock certificates. The signature's) must correspond with the names(s) upon the face of the stock certificate.
• Include your account number on the front of the stock certificate(s).
• Indicate Apex Clearing Corporation as your Attorney To Transfer on the appropriate line on the back of the certificate(s), which means the securities are only negotiable
  by Apex Clearing Corporation
• Mail to:
  
  SogoTrade - Division of Wang Investments
  1 McBride and Son Center Drive, Suite 288
  Chesterfield, MO 63005
•    Irrevocable Stock Power

SogoTrade accepts the following forms of deposits

• Personal checks

SogoTrade cannot accept the following forms of deposits:

• Cash
• Cashier's checks
• Certified Checks
• Money Orders
• Traveler's checks
• Corporate checks
• Temporary checks
• Credit card checks
• Debit card checks
• Checks not payable to Apex Clearing Corporation
• Unsigned checks
• Incomplete checks
• Foreign currency checks
• Checks from foreign banks
• Third-party checks

SogoTrade charges only one ticket charge ($5) + .50 per contract on legitimate spread orders.
This is in contrast to many of our peer platforms that charge multiple ticket charges for spread orders.

If you didn't apply for options trading when you first opened your account, you can do so now.

In order to upgrade your account to options trading, you must fill out, sign and send in the Customer Options Agreement.
For your convenience we have provided the required disclosure for your easy access in the following link:
http://content.sogotrade.com/pdf/sogotrade_opt_agreement.pdf
Please complete and sign this agreement. You can email the signed agreement to Services@SogoTrade.com or fax to (646)-459-2749.
You'll receive a notification email, typically within 1 business day, once your upgrade application is approved. Please contact us if you have any additional questions. You can email us at Services@SogoTrade.com .

For information on options fundamentals and options trading, please visit our options education center.

Level 1 Covered calls, including:
Covered calls sold against stocks held long in your brokerage account

*Minimum Equity/Margin Requirement:
A margin or cash account is required to place Level 1 trades. No additional margin requirements.

Level 2- All Level 1 strategies, plus:
Married puts
Long calls
Long puts
Long straddles
Long strangles
Covered puts (short stock and short put position)

*Minimum Equity/Margin Requirement:
A margin or cash account is required to place Level 2 trades. No additional margin requirements

Level 3- All Level 1 and 2 strategies, plus:
Equity debit spreads-
Equity credit spreads

*Minimum Equity/Margin Requirement:
A margin account is required to place Level 3 trades . No additional margin requirements

Level 4 -All Level 1, 2, and 3 strategies, plus:
Naked equity puts

*Minimum Equity/Margin Requirement:
A margin account is required to place Level 4 trades. There is a $2000 initial equity requirement to place level 4 options trades.

Level 5- All Level 1, 2, 3, and 4 strategies, plus:
Naked equity calls

*Minimum Equity/Margin Requirement:
A margin account is required to place Level 5 trades. There is a $2000 initial equity requirement to place level 5 options.

Level 6- All Level 1, 2, 3, 4 and 5 strategies, plus:
Naked index calls
Naked index puts

*Minimum Equity/Margin Requirement:
A margin account is required to place Level 6 trades. There is a $2000 initial equity requirement to place level 6 options trades.

Options Strategies Available:

Level 1 Covered calls
Level 2 Level 1 strategies plus long option positions

The determination of which options level is suitable for you is based on the financial and personal information provided on your options account application or options upgrade application.
Please make sure to update accurately the Primary User Investment Information/Options Experience.
There are six options levels—1 through 6.
Level 1 is suitable for the conservative options investors while level 4-6 is reserved for the most aggressive / risk tolerant option investors. There is a $5,000 minimum equity requirement necessary for SogoTrade customers to receive level 4 or higher options level approval.
Approval is based on our review and discretion and may be different from the option trading level requested.

Funds availability depends on the method of funds transfer.

Funds availability depends on the method of funds transfer.

Customers that exercise a long option contract will pay the full aggregate exercise price provided for by the option contract. We will accept exercise instructions for same-day execution on business days prior to 4:30 p.m. EST for index option contracts, and prior to 4:30 p.m. EST for equity option contracts. On the business day preceding the expiration date for any particular option contract, we'll accept exercise instructions until 5:00 p.m. EST.

To exercise an option, please contact customer support at (646) 885-6486 with your instructions.
There is a $15.00 charge for exercises and assignments.

Automatic Exercises:

All expiring equity and index options that are at least $0.01 In the Money (ITM) will be eligible for automatic exercises at expiration—after market close on the expiration day — however, SogoTrade may or may not exercise your option automatically. We may need to contact you for further instructions. If we are unable to reach you, we may not be able to proceed with the exercise. In some instances, there may not be enough equity in the account to make full settlement on the terms of the option. In others, not all ITM options have economic value and their exercise would not be in your best financial interest.

Please see the OCC's expiration calendar at:
http://www.optionsclearing.com/publications/xcal/xcal.jsp
There is a $15.00 charge for automatic exercises and assignments.

Do Not Exercise (Contrary Exercise) Instructions:

In order to prevent the exercise of an automatic option on expiration, please contact customer support at (646) 885-6486 and provide your instructions.
Please note that Do Not Exercise instruction can only be accepted on expiration date.

Exercise (Contrary Exercise) Instructions:
In order to prevent the expiry of a non-automatic option on expiration, please contact customer support at (646) 885-6486 and provide your instructions.

SogoTrade allocates the assignment of exercise notices among short positions according to an automated procedure. This procedure randomly selects from among all short option positions (including positions established on the date of assignment) those contracts that are subject to exercise.
All American-style short option positions are liable for assignment at any time. The assignment process may result in multiple partial assignment and/or multiple transactions to fulfill a single assignment, and a separate commission charge will apply to each partial assignment or transaction needed to complete an assignment.

There is a $15.00 charge for exercises and assignments.

Options normally trade in increments of 5 or 10 cents depending on the value of the underlying.

However, The SEC has requested that the options exchanges commence a pilot to trade options in one cent increments. This program will continue to expand through out the year.

Here is the list of eligible underlyings:

https://www.cboe.org/publish/PennyPilot/PennyPilotClasses.csv

The pilot allows for trading increments of one cent for bids/offers up to $3 and 5 cents for bids/offers above $3, for each of the symbols in the pilot except for QQQQ. The symbol QQQQ will trade in one-cent increments for all prices.

Each exchange either has filed or will file rules that describe the trading increments for the pilot stocks, changes that result from one-cent increments, various reports to measure the impact of the pilot, and plans for quote mitigation.

For long option positions, automatic exercise will occur for all equity options in the money by $0.01 or more.
For short option positions, you have no control over assignment. The only way to avoid assignment is to trade out of the position before the expiration of that contract.

It is very important if you have positions that are ITM that you keep a close eye on these positions and understand what your choices are for these options on Expiration Day:

Choices:
• You can proactively close the option position. In order to avoid a possible margin call for an exercised or assigned position(s) that would exceed your buying power after expiration, you should take market action by Expiration Day 3PM ET to close out that position.
• You can decide to keep the position open if you have adequate buying power available to take possession of the resultant long or short underlying position.
• You also can submit a Do Not Exercise (DNE) instruction on any of your in-the- money options. Do Not Exercise Instructions: In order to prevent the automatic exercise of an option that is In-the-Money, please contact customer support at (646) 885- 6486 and provide your instructions. Please note that Do Not Exercise instruction can only be accepted on expiration date.

During expiration days, SogoTrade closely monitors all expiring option positions. If you do not manage the expiration risk in your account prior to 3 PM ET, SogoTrade reserves the right to buy, sell, or otherwise close positions to manage the risk in your account.

Actions Include:
-SogoTrade may close out the position on your behalf
- SogoTrade may enter a Do Not Exercise (DNE) instruction.
- SogoTrade may initiate closing stock trades in the after-hours market to cover any resultant position.

Usually we will allow a client to take action in their own account by 3:00 PM ET if we are alerted in a timely fashion.
If SogoTrade has to take action above the normal course of action, we will charge a $75 options management mitigation fee.