sogo elite puts the last nail in their coffin
Sep 21, 2007 trading
As far as i’m concerned, after using Sogo Elite for a while now, and becoming familiar with their platform and practices, they have always had one foot in the grave - at least for traders who aren’t only interested in big board stocks. With 5000 share minimum trades, and $.005 per share fee on top of that, it makes it very hard to buy penny and sub-penny stocks. Simply going 1000 shares over will cost you another $5, so imagine what buying 50,000 shares would cost! With no level 2 quotes, it makes it very hard to see market depth, and therefore know where market maker support and resistance lies - something that is essential for the penny stock trader. Their platform is flaky and unreliable at best, and their charting is substandard, offering only a few indicators. Last but not least, pink sheet stocks were never available for trading. This limited me severely as a good number of the stocks that run on momentum created by rumor or news, are pink sheet stocks. However, OTCBB stocks were available, UNTIL two weeks ago. Yes, that is right, Sogo Elite has now removed all OTCBB trading. For me, and many other traders I’m sure, that decision was the last nail in their coffin.
So there I was, trying to sell a stock in my portfolio, and the “limit sell” button does nothing. I email support and tell them about the issue and the response I got was:
“I apologize but this is the management’s decision not to offer OTCBB stock/ Pink Sheet Trading at this moment for both SogoInvest and SogoElite account. This is the decision made 2 weeks ago and I do apologize for any inconvenience this has caused. If you’d like to sell your OB stock, please contact Trade Desk at 1888-818-7646 and press 2 to speak to a broker.”
That would have been great to know two weeks ago, so that I could have prepared for it. Instead, I lost money because of sogo “elite”.