Using data from our latest annual broker review which tested more than a dozen different online brokers
over six months, we can compare Charles Schwab 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. Charles Schwab, with its regular stock trades costing $4.95, is more expensive than SogoTrade's rate of $4.88 per trade. Looking at trading options, SogoTrade's base fee is $4.88 while Charles Schwab's is $4.95. Option contracts are pricier at Charles Schwab, costing $0.65 versus $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 Charles Schwab provides clients access to Stock Trading, Options Trading, Mutual Funds and Futures Trading. As far as mutual funds go, Charles Schwab trails SogoTrade by 7,851 total mutual funds, with SogoTrade offering 13360 and Charles Schwab offering 5509. And, commission free ETFs deserve a comparison, with SogoTrade falling behind Charles Schwab, offering 0 commission free ETFs compared to Charles Schwab's 244.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. SogoTrade has virtual trading, Charles Schwab doesn't. For mobile trading, Both Charles Schwab 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. Clients can have Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans at Charles Schwab while customers at SogoTrade can have none of these. All factors considered, when it comes to platform tools, research, and mobile trading, Charles Schwab was rated Best in Class - Platforms & Tools and Best in Class - Research, while SogoTrade was rated none of these.
Overall, Charles Schwab comes out on top with 4.50 stars over SogoTrade's 3.50 stars.