The StockBrokers.com annual broker review assesses more than a dozen different brokers over six months, surfacing the best online stock brokers. This review compares Ally Invest vs SogoTrade. Is Ally Invest or SogoTrade a better online broker?
First, we will make a comparison of the stock and option trading fees for trading with both brokers. SogoTrade charges more than Ally Invest for placing regular stock trades ($4.88 and $0, respectively). Looking at trading options, Ally Invest's base fee is $0 while SogoTrade's is $4.88. Option contracts run $0.50 a piece at both brokerages. Note that some brokers charge a per-share fee instead of a flat-fee commission. For a full breakdown of commissions, read our online broker reviews.
For our next comparison of these two brokers, being able to trade the way you want is a must. SogoTrade supports Stock Trading, Options Trading and Mutual Funds while Ally Invest supports Stock Trading, Options Trading, Mutual Funds and Forex Trading. When it comes to mutual funds, Ally Invest offers its clients access to 14000 different mutual funds while SogoTrade has 11784 available funds, a difference of 2,216.
Last but not least, by breaking down important features, tools, etc that each broker offers, we can really help to separate the two. SogoTrade has virtual trading, Ally Invest doesn't. For mobile trading, Ally Invest along with SogoTrade both support the iPhone App, iPad App and Android App. Furthermore, some investors like to bank online, and multiple brokerages provide these services to clients. 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.
Overall, between Ally Invest and SogoTrade, Ally Invest is the winner.
Ally Invest Review