Comparing brokers side by side is no easy task. For our 2017 Broker Review
, we assessed 16 brokers on 308 different variables. Yielding a database of over 5,000 data points, let's compare Charles Schwab vs SogoTrade.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. SogoTrade, with its regular stock trades costing $5.00, is more expensive than Charles Schwab's rate of $4.95 per trade. Looking at trading options, Charles Schwab's base fee is $4.95 while SogoTrade's is $5.00. SogoTrade's per contract rate of $0.50 is less than Charles Schwab which charges $0.65. It's important to note that not all brokers charge a flat fee per trade. Thus, it is important to read the full commission notes for each broker, which we include with each online broker review
Next to commission rates, being able to trade what you want is important. SogoTrade offers clients Stock Trading, Options Trading and Mutual Funds while Charles Schwab offers Stock Trading, Options Trading, Mutual Funds and Futures Trading. Looking at mutual funds, SogoTrade offers its clients access to 12222 different mutual funds while Charles Schwab has 5165 available funds, a difference of 7,057.00. Commission free ETFs can also be valuable for customers, with SogoTrade falling behind Charles Schwab, offering 0 commission free ETFs compared to Charles Schwab's 229.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between 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. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are offered by Charles Schwab while SogoTrade offers none of these. On the whole, when it comes to tools, research, and mobile trading, Charles Schwab was rated Best in Class - Platforms & Tools and Best in Class - Research in 2017, while SogoTrade was rated none of these.
Overall, Charles Schwab boasts 4.50 stars versus SogoTrade's 3.00 stars.