Using data from our latest annual broker review which tested more than a dozen different online brokers
over six months, we can compare Ally Invest vs SogoTrade to determine which broker is best. Let's dive in.
First, we will break down the commission charges of both brokers for placing stock and options trades. Ally Invest charges more than SogoTrade for placing regular stock trades ($4.95 and $4.88, respectively). Looking at trading options, SogoTrade's base fee is $4.88 while Ally Invest's is $4.95. Each option contract then costs $0.65 at Ally Invest and $0.50 at SogoTrade. Instead of flat rate fees, several brokers charge a per-share fee instead. For a complete review of trading charges, read our full online broker reviews
Next, investors want to make sure they can trade the investment vehicle they want. SogoTrade provides its clients with Stock Trading, Options Trading and Mutual Funds while Ally Invest provides clients access to Stock Trading, Options Trading, Mutual Funds and Forex Trading. As far as mutual funds go, Ally Invest offers its clients access to 14000 different mutual funds while SogoTrade has 11784 available funds, a difference of 2,216. And, commission free ETFs deserve a comparison, with SogoTrade falling behind Ally Invest, offering 0 commission free ETFs compared to Ally Invest's 116.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. SogoTrade makes virtual trading available to clients, while Ally Invest does not. For mobile trading, Both Ally Invest and SogoTrade offer clients access to an iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are available to clients of Ally Invest while SogoTrade offers customers none of these. All factors considered, when it comes to platform tools, research, and mobile trading, neither Ally Invest nor SogoTrade were rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, both Ally Invest and SogoTrade share a rating of 3.50 stars.