This post is part of our series on IRA & Brokerage bonuses. Every Tuesday we share another bonus with you.
The Offer
SogoTrade, Inc is offering a limited-time bonus of 100 commission-free trades for new customers who open and fund a brokerage account with at least $500. The trades are good for 30 days from the time the account is approved.
Standard trades at SogoTrade are $3 for online trades for active traders (150+ trades/quarter) or $5 for less active traders (0-149 trades/quarter).
100 Commission-Free Trades
To receive the 100 free trades offer, you must do the following:
- Open a new SogoTrade brokerage account online.
- Fund the account with SogoTrade’s $500 account minimum.
- Receive 100 free trades good for 30 days.
Rules:
- A specific expiration date for this limited-time offer is not cited.
- The 100 commission-free trades for stock or options must be executed within 30 days of new account approval.
- Free trades are applicable to online trades of stock priced at $1 or higher and to the base commission of online options trades (per contract fees would still apply). Broker-assisted trades or stock trades priced at less than $1 per share are not eligible.
- Investing involves risk.
The Verdict
For those unfamiliar with the discount broker SogoTrade, it was launched in 2006, and in the same year, was named by Forbes as “The Deepest Discount Broker.” SogoTrade does indeed have one of the lowest fee structures of the brokers we have covered, and in the industry in general, but one would have to be a fairly active trader to capitalize on the $3 trade fee offer as opposed to the higher $5 trade fee price. These discounted models alone shouldn’t sway investors. While SogoTrade offers stocks, options, and ETFs, critics cite the lack of diversity in its product offering when compared with its competitors; for example, SogoTrade does not offer mutual funds. Whether you are inclined to choose them would depend much on your investment preferences and your confidence in the platform.
SogoTrade also offers up to $100 in transfer fee reimbursement if you transfer at least $10,000 to them from another broker. Recall that you can get a similar transfer fee reimbursement from TradeKing simply by transferring $2,500 or more.
If you are seeking to invest $5,000 or less and receive a cash bonus rather than a trade bonus, see the TradeKing, optionsXpress, Motif Investing, and Capital One Sharebuilder offers for other alternatives that may suit your goals and requirements.
Do you have experience with SogoTrade? Let us know in the comments below!
