Comparing brokers side by side is no easy task. For our 2017 Broker Review
, we factored in 308 different variables to assess 16 different brokers. So when taking a look at Charles Schwab vs SogoTrade, there is a huge database of information available to us.
To start this comparison, first we will take a look at the broker commission rates for placing regular stock and options trades. SogoTrade charges $5.00 per stock trade which is $0.05 more than Charles Schwab which charges clients $4.95 per trade. Looking at trading options, Charles Schwab's base fee is $4.95 while SogoTrade's is $5.00. Each contract then costs $0.65 at Charles Schwab and $0.50 at SogoTrade for a difference in price of $0.15 per contract. Not all brokers charge a flat rate fee per trade though, so it is important to read the full commission notes to know the complete breakdown (go to any online broker review
page, then scroll to the "Commissions Notes" section).
Next to commission rates, being able to trade the instrument you want is important. SogoTrade provides its clients with Stock Trading, Options Trading and Mutual Funds while Charles Schwab gives clients access to Stock Trading, Options Trading, Mutual Funds and Futures Trading. Looking at mutual funds, SogoTrade boasts an offering of 12222 compared to Charles Schwab's 5165 available funds. Commission free ETFs also should not be forgotten, with SogoTrade falling behind Charles Schwab, offering 0 commission free etfs compared to Charles Schwab's 229.
Lastly, taking a look at popular features and functionality, we can go a bit deeper to really break down the difference of both brokers. SogoTrade offers virtual trading while Charles Schwab does not. Taking a look at mobile trading, Both Charles Schwab and SogoTrade offer clients access to an iPhone App, iPad App and Android App. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Clients can have Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans at Charles Schwab while clients at SogoTrade can have none of these. On the whole, when it comes to tools, research, and trading on the go, Charles Schwab was rated for Best in Class - Platforms & Tools and Best in Class - Research in 2014, while SogoTrade was rated for none of these.
Overall, Charles Schwab takes the upper hand with 4.50 stars over SogoTrade's 3.00 stars.