SogoElite is my first choice in brokers. For starters, they're cheap. They're real cheap. They're $2 dollar roundtrip cheap if you trade less than 200 shares at a time. Anything over 200 shares and its $.004 per share to get in and to get out. There's a $10 monthly data charge but you really can't beat this deal if you are a frequent trader. To get a better understanding, the commission schedule is proudly displayed on their home page:
elite.sogoinvest.com.
Additionally, it has an easy-to-use platform that you download to your desktop, rather than the online interface most brokers use. I can short sell, buy to cover, buy, sell and execute after hours trades if I feel so inclined. I was a bit leary of the platform at first, but after getting started, I truly can't imagine how I'd operate with out it. Everything I need is there. The way I have it set up I can see monthly charts, daily charts, my watch list, and my currently owned securities all in one neatly organized window with to-the-minute stock quotes. I buy and sell on the spot through the
SogoElite platform. I can see when my order was executed and watch its progress as soon as I've purchased it. The only regret is that I cannot see a percentage return on the securities I own - I have to crunch the numbers on my own to see if it's ripe for selling. But that's a minor complaint for sure.
One less-than-minor complaint is that the platform doesn't communicate immediately with the online SogoElite site. My trading activity isn't reflected on the online account history or the account activity panels for 24 hours. Considering I keep a meticulous journal of all my trades this grates on my nerves if I forgot to write down my purchase and sell prices. I have to wait until the next day to journal my wins/losses. Again, there's always a work around - write it down or wait a day. Nevertheless, it is a strange delay.
SogoElite has a number of customer support methods; video tutorials for every facet of the platform, a toll free number, and 4 separate e-mail support accounts. I find the e-mail support a bit cumbersome as it takes a few hours for a response. That's understandable considering the nature of e-mail, but nevertheless I prefer the toll free number as I rarely have to wait for a customer service representative. Despite it being a discount brokerage firm, I haven't received "discount" service at all. You won't have to worry about getting help after you've signed up for an account. All around, I've been very satisfied with
SogoElite and would recommend it to any trader who has at least $2,500 to play with. (If your funds are a bit more limited, try its sister company:
sogotrade.com. It has an online interface and a lower minimum.)
FOR MAC USERS:
One caveat which I've found a way around is that the platform is not compatible with Macintosh computers. However, I simply downloaded the Apple Bootcamp which allows me to run a PC on my Mac - at start up you just pick PC or Mac (easy!). If you call and ask customer support, they will tell you that the platform does not work on BootCamp...but it does. They're simply not able to guarantee that it will work but mine has been operating fine for over a year.
Last Updated 12/8/08
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