SogoTrade Review 2025

SogoTrade review
SogoTrade Awards

SogoTrade have won numerious industry awards over the 16 years they have been operating as a financial broker. We have listed the most notable awards and mentions for SogoTrade below.

• Best Online Brokerages 2021 GoBankingRates

SogoTrade review
SogoTrade Fees Explained

• SogoTrade doesn't charge withdrawal fees.
• SogoTrade does charge a fee for inactive accounts.
• SogoTrade doesn't charge deposit fees. A currency conversion fee may be applied as withdrawals and deposits from SogoTrade are conducted in USD. Any other currency will have to be converted to your local currency by your 3rd party payment provider.

SogoTrade Costs To Check

Modern brokers like SogoTrade provide advanced online trading platforms, mobile apps, financial analysis tools and educational resources. These services require significant investment, and in turn, SogoTrade may charge clients various fees for trading activities. Be mindful of these charges, impacting your overall SogoTrade trading profitability.

How SogoTrade Fees Compare Against Other Brokers

SogoTrade Minimum Deposit

SogoTrade requires a minimum deposit of 100 GBP/USD/EUR when opening an SogoTrade trading account.

A minimum deposit is the minimum amount of money required by SogoTrade to open a new online brokerage account with them.

Don't be scared off by brokers like SogoTrade charging a minimum deposit to open a trading account. Brokers charging higher minimum deposits may offer additional premium services on their platforms that are not free on other platforms.

In the trading world, brokers like SogoTrade, have different minimum deposit requirements based on the target audience they are trying to attract. Brokers with lower minimum deposit requirements typically cater to a more mainstream audience who don't require advanced research tools or features. On the other hand, brokers that require a larger minimum deposit often provide a greater range of trading features, more in-depth technical analysis, research tools, and better risk management features.

Some brokers may waive the minimum deposit requirement to attract new customers but may compensate for it by charging higher transaction commissions and trading fees. As the online trading market becomes more competitive, brokers have reduced their minimum deposit requirements to attract new clients.

However, it's important to note that depending on your trading account type, some brokers may require a higher minimum deposit of up to 10,000 GBP/USD. Therefore, it's essential to research and compares different brokers to determine which best suits your trading needs and budget.

SogoTrade Withdrawal Fees

SogoTrade doesn't charge withdrawal fees.

SogoTrade Withdrawal rules may vary across different brokers when it comes to transferring funds from your SogoTrade or other broker trading account. Each brokerage firm has its specific withdrawal methods. The payment provider associated with SogoTrade may have different transfer processing fees and processing times, affecting how long it takes to receive your funds.

In addition, currency conversion fees may apply if the SogoTrade withdrawal and receiving currencies differ, adding to the overall transaction costs. The currency conversion fee depends on your base currency, receiving currency, and the 3rd party payment provider that is separate from SogoTrade. Researching and comparing SogoTrade withdrawal policies and fees across different brokers is essential before choosing one, especially if you are withdrawing SogoTrade funds frequently or dealing with large sums of money. Awareness of these SogoTrade fees and policies can help you plan and budget accordingly and avoid any unpleasant surprises when transferring your SogoTrade funds.

For example, SogoTrade allows you to withdraw your funds to Debit Cards, Bank Transfer, Wire Transfer, Electronic Transfer (ACH), Check Deposit.

SogoTrade Inactivity Fees

SogoTrade does charge a fee for inactive accounts.

When a trading account goes unused for a certain period, brokerage clients may be charged an account inactivity fee. To avoid such fees, clients may need to fulfill specific trading activity requirements outlined by SogoTrade terms and conditions. It's important to note that inactivity fees are not unique to online trading accounts, as many financial service companies may also charge them.

Make sure you're fully aware of all SogoTrade fees and services. It's recommended that you check the SogoTrade website before signing up. If you decide to close your SogoTrade account, it's important to do so with the SogoTrade broker customer support and obtain confirmation that no remaining SogoTrade fees are due.

Brokers like SogoTrade must disclose any inactivity fees as part of their regulations. The type of account and broker you sign up for, will determine whether or not you can be charged an inactivity fee under certain circumstances.

Certain brokers may levy inactivity fees to recoup the expenses associated with sustaining your account on their trading platforms when there is a shortage of commission fees earned from your trading activities.

SogoTrade Deposit Fees

SogoTrade does not charge deposit fees. Although bank / 3rd party merchant fees may apply.

Reviewing deposit fees before initiating a transaction is imperative, as certain brokers might impose a charge for depositing funds from your payment method to your trading account. The payment method employed for funding your account might also incur a fee.

Depositing funds into your trading account may incur a fee, which could vary depending on the fiat currency used. For instance, depositing funds from a credit card can attract high fees. Additionally, not all brokers accept credit card payments for account funding. It's crucial to review the funding options and associated fees the broker provides before depositing any funds.

SogoTrade Commission Fees

SogoTrade does charge commission on CFD instruments.

Brokerage firms like SogoTrade may charge commission fees as compensation for executing trades on behalf of traders on their trading platforms. Commission fees can vary depending on the type of financial asset being traded and the SogoTrade trading account level held by the trader.

SogoTrade may charge commission fees for fulfilling, modifying, or canceling an order on behalf of its clients. However, if a market order is not fulfilled, no commission fee is usually charged. Reviewing SogoTrade terms and conditions to understand the commission fees and any other charges that may apply is essential.

SogoTrade review
Trading on SogoTrade web platforms and other applications

SogoTrade provides traders with a modern custom platform that can be accessed through a browser-based web application. If you would rather see a MT4 brokers, or MT5 brokers you can do so here.

SogoTrade also offer mobile apps for Android and iOS trading apps help you stay on top of your trades and execute them on the go.

See SogoTrade's platforms

Is the SogoTrade Trading Platform Secure?

You should take the security of your personal information seriously and check SSL encryption is enabled on the SogoTrade trading platform to protect you on PC and mobile SogoTrade platforms. To further enhance security, we encourage traders to always look for the lock sign on their browser when using SogoTrade web trading platforms.

SogoTrade Trading Platform Options

SogoTrade does not offer the MetaTrader 4 (MT4), MetaTrader 5 (MT5) or cTrader trading platforms.

SogoTrade offers its custom trading platform developed and tested in-house. The SogoTrade trading platform allows traders to track their portfolios and the current markets, locate trade ideas and place trades.

The SogoTrade platform allows traders to filter the financial marketplace for trade opportunities that match criteria.

With SogoTrade, you can examine opportunities with actionable research and stock evaluations. Get streaming real-time information on the SogoTrade platform, including news and quotes. Discover possible trades with the strong charting tools found with SogoTrade. SogoTrade is available as downloadable applications or online through the cloud. Monitor your orders with SogoTrade and receive breaking news in your positions.

SogoTrade Trading benefits

• SogoTrade Low min deposit

SogoTrade Trading Accounts Offered

Below we give an overview of the account types that SogoTrade offer. Whatever you are looking to trade, the varying SogoTrade account types will be able to provide you with what you need.

• SogoTrade Demo account
• SogoTrade Mini account
• SogoTrade Standard account
• SogoTrade Islamic account

Can I try SogoTrade?

SogoTrade provides a demo account that enables individuals to explore trading before investing their funds. By creating a SogoTrade practice account, users can gain experience and knowledge of how to trade effectively. Demo trading accounts like the SogoTrade demo account can help individuals to make informed decisions before investing their money.

Open a demo SogoTrade account to practice and trade.

Your capital is at risk

SogoTrade withdrawal and funding methods

It's essential to remember that the payment methods provided by SogoTrade vary based on the SogoTrade entity and the SogoTrade client's country of residence. To view the SogoTrade payment options available, you can log into your SogoTrade member's area.

SogoTrade offers various funding payment methods listed in your SogoTrade dashboard if available in your region. To learn more about the SogoTrade funding and withdrawal options available in your area, you can explore the SogoTrade website.

SogoTrade provides several payment methods for funding your SogoTrade account. You may utilize any of these deposit options if they are available in your region. SogoTrade ensures that users have multiple payment methods to choose from, making it more convenient for verified SogoTrade account holders to add funds to their accounts. However, it's important to note that the availability of payment methods may vary depending on the SogoTrade user's location. learn more about SogoTrade funding and withdrawal methods.

SogoTrade Payment Methods

Some SogoTrade payment methods are local and are available only to specific regions. SogoTrade account holders should check which payment methods are provided in your region.

• SogoTrade accepts Debit Cards
• SogoTrade accepts Bank Transfer
• SogoTrade accepts Wire Transfer
• SogoTrade accepts Electronic Transfer (ACH)
• SogoTrade accepts Check Deposit

How can I start trading with SogoTrade?

To open a trading account with SogoTrade, individuals can sign up on the SogoTrade website. Upon completing the signup process, users will receive login details via email, which they can use to access their accounts.

The next step involves submitting identification documents for SogoTrade account validation and making a deposit. Once completed, SogoTrade users can download the trading platform of their choice.

It's important to note that SogoTrade requires users to provide essential documentation to verify their identity during onboarding and routine KYC identity checks. These checks are a standard practice that helps SogoTrade maintain a trustworthy financial environment for its 17,000 users. Detailed information on the SogoTrade trading platforms is available on their website.

Your capital is at risk

Performing trades with SogoTrade

When using SogoTrade, the minimum trade size is typically $4.88 units of the base currency of the instrument being traded. However, this amount may vary based on the specific account a user has opened. SogoTrade have a max trade of varies.

SogoTrade, as a market maker, may have more lenient entry requirements than ECN brokers, who typically benefit from higher trading volumes and may have larger capital and minimum trade requirements. Market makers usually offer a lower minimum deposit and smaller minimum trade requirements and do not charge commissions on trades. Market makers like SogoTrade can be useful for traders starting or with limited capital.

Like other brokers, SogoTrade margin requirements can differ depending on the traded instrument.

CFD Trading on SogoTrade

We will show you an example of the basics of using SogoTrade leverage.

CFD trading on SogoTrade allows traders to speculate on the price movements of various financial instruments against the broker SogoTrade, without actually owning real assets. With CFDs, SogoTrade traders can profit from upward and downward price movements by going long (buying) or short (selling) on an asset.

SogoTrade provides CFDs which are leveraged products. For this example, let's assume a ten times leverage. So, if you have a $10,000 position, you only need to tie up $1,000 or a tenth of the value in your account. With high-risk leverage, a small sum controls a much bigger financial position.

The effect of leverage on profits and losses magnifies them in both directions. In other words, SogoTrade leverage profits and losses are magnified when trading. For instance, using CFDs, you use the SogoTrade trading platform to buy/sell $10,000 worth of Apple Computer Inc. If the stock rises by 10% due to positive results, your position is now worth $11,000, representing a $1,000 or 10% increase in value. This CFD trade has a 100% increase in the funds initially committed.

On the other hand, if Apple Computer Inc falls by 10%, your position worth $10,000 is now worth only $9,000, representing a $1,000 decrease. Therefore, SogoTrade leverage magnifies both profits and losses in trading.

Trading CFD trades on the SogoTrade platform can provide more flexibility than traditional market trades, allowing access to CFD fractional shares, international markets, and short selling. They are commonly used for short to medium-term trades, such as intraday CFD trading, but are high-risk due to their separation from the financial markets.

Experienced SogoTrade traders can trade high risk CFD trades to hedge items in their portfolio.

Always be aware that CFDs are complex instruments with a high risk of losing money rapidly due to leverage. Your capital is at risk

Education Resources at SogoTrade

SogoTrade offer educational resources which include Video Tutorials. Please bear in mind that these resources provided by SogoTrade do not guarantee any results when trading. When we checked on the SogoTrade website, these educational resources were not available in every language. Also some financial instruments mentioned in any SogoTrade educational resources may not be available in your region.

To trade effectively with SogoTrade, it's important to have a good understanding of the SogoTrade trading tools and the markets. Make sure you make full use of all education tools. Including educational tools with SogoTrade and externally.

SogoTrade . It's essential to take the time to learn about the financial markets and understand how they move before diving into trading with SogoTrade. Familiarizing yourself with the SogoTrade trading platform is crucial to use it effectively.

While learning, you can also use global trading times to practice making live buy or sell trades using SogoTrade. This hands-on experience can help you gain confidence and become more comfortable with trading.

Furthermore, learning how to mitigate and manage investment risk is crucial. Trading with SogoTrade involves developing a strategy considering risk management techniques such as stop-loss orders, diversification, and position sizing. By effectively managing risk, you can increase your chances of success in the markets.

Learning about the financial markets, trading platforms like SogoTrade, and risk management techniques can help you become a more confident and successful trader.

Take an analytical approach to trading with SogoTrade. Explore the SogoTrade platform and train yourself to think systematically and logically about the markets.

While it may be a new skill set for some, it is what the market requires for success. Developing your trading skills with SogoTrade, before live trading.

Customer Support at SogoTrade

As part of our SogoTrade review, we review customer service options, response times and problem resolution effectiveness on the SogoTrade trading platform. The SogoTrade trading platform supports multiple languages, which includes English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian.

SogoTrade Available Support Types

Based on our experience, we have given SogoTrade a D grade for customer support. We encountered some slow response times or SogoTrade queries that were left unanswered.

Compared to other brokers, SogoTrade offers fewer customer support features. They do not provide live chat support, and their phone and email support can also be slow.

email support and supports a limited amount of Languages. Phone support supports a limited amount of Languages.

Livechat Support at SogoTrade

SogoTrade does not offer LiveChat Support.

Email Support at SogoTrade

We tested the email support of SogoTrade by sending 25 emails simultaneously, and our experience was mixed. While the answer times were generally excellent, with the fastest response being 3 hours, the slowest response was 6 days. We also encountered some instances where we did not receive any SogoTrade response.

The SogoTrade team did resolve and answer our queries, but the email support from SogoTrade was overall average compared to other brokers we have tested.

Phone Support at SogoTrade

We contacted SogoTrade via phone and received quick assistance within 10 minutes of our call.

The SogoTrade phone support team proved to be helpful and able to resolve our queries and issues over the phone. We also tested the multilingual support provided by SogoTrade and found that they could assist us in various languages.

While we found the SogoTrade phone support satisfactory, there is room for improvement in response time.

See how SogoTrade Support Compares Against Other Brokers

What you will need to open an account with SogoTrade

As SogoTrade is regulated by Financial Industry Regulatory Authority (FINRA).

As a new client of SogoTrade, you will be required to pass a few basic compliance checks to ensure that you fully understand the risks involved in trading and are permitted to trade with SogoTrade in your region. During the SogoTrade account opening process, you will be asked to provide SogoTrade with certain documents, including a scanned copy of your passport, driving license or national ID, as well as a utility bill or bank statement from the past three months to verify your address.

When registering with SogoTrade have the following documents available.

• SogoTrade require a scanned colour copy of your passport, driver's license or national ID card.
• A recent utility bill or bank statement that confirms your residential address for SogoTrade compliance. This must be dated within the last six months.
• If you plan to fund your SogoTrade account using a credit or debit card, you will need to provide a scanned copy of the front and back of your card. You can mask any sensitive information like the CVV code on the SogoTrade platform.

It's worth noting that the expiration date of the proof of address document may differ for different entities under SogoTrade Brand. Additionally, you will need to answer some basic compliance questions to confirm your level of trading experience. This process usually takes around 5 minutes, and once you've passed compliance, you can start exploring SogoTrade's platform.

However, remember that you won't be able to make trades on SogoTrade until you have passed compliance, which may take several days, depending on your circumstances. It's essential to complete the SogoTrade KYC compliance process as soon as possible to avoid any delays in accessing the SogoTrade platform's features.

It is important to note that SogoTrade may request additional documents or information to verify your identity or comply with regulations. The account opening process usually takes a few minutes to complete, and you can start exploring the SogoTrade platform and features immediately. However, you must pass the verification process to start live trading with SogoTrade, which can take up to a few business days.

To start the process of opening an account with SogoTrade you can visit the SogoTrade trading platform here.
Your capital is at risk
You should consider whether you can afford to take the high risk of losing your money.

CFDs are leveraged products and can result in significant losses, excess of your invested capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered investment advice. All information collected from https://www.sogotrade.com/ on November 18, 2024.

Watch this SogoTrade Explainer Video

SogoTrade review written by Andrew Blumer and Mark Hansen