Liberty minded politics, Ron Paul news, sound money | toastyaroma | politics and news for the liberty minded

sogoinvest.com broker review

Mar 7, 2007 investing

I recently signed up for an account with sogoinvest.com, a deep-discount broker boasting one dollar trades for the first 90 days. I admit, while I was very new at investing, this is what lured me in, without doing extensive research, due to my inexperience. A few of my grievances are:

• The worst stock screener on the entire internet. You can get the 15 “top requests” which I assume are the most requested quotes on the site, and the 15 stocks with the highest trading volume. Whooptee-friggin-doo.
• No OTCBB or pink sheet trading. This really bites when you are day trading with a small amount of money, or are trying to capture stocks that move more than a couple percent a day (yes that’s exaggerating but still). I have been emailing the support team, and supposedly they are supposed to offer OTCBB trading very soon. The estimated time was around the first quarter of the year. We’re there already, and no OTCBB yet…
• A $.005 charge for orders of more than 5000 stocks. This isn’t so bad for investors who are trading GOOG, but for penny stock investors this isn’t so good. I really hope they get rid of this when they open up trading on the OTCBB.
• No advanced orders. I’m not experienced enough to utilize them yet anyway, but it would be nice to have the option to place stop loss, stop limit, buy stop orders, etc.
• No real time charting options. Real time quotes are offered, however. I suppose this is to be expected from such a discounted broker.
• I’m sure there’s more but I’m done complaining. I’m still relatively satisfied with my overall experience with sogoinvest.

After my sogoinvest account goes to the bronze plan, which is $3 a trade, I might consider going to either tradeking or zecco if things don’t improve at sogoinvest.

Currently, I use sogoinvest for trading, and scottrade for real time charts. It seems to be working pretty well for the moment.