Using data from our latest annual broker review which tested more than a dozen different online brokers
over six months, we can compare Firstrade 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. SogoTrade charges more than Firstrade for placing regular stock trades ($4.88 and $2.95, respectively). For options trading, SogoTrade has a base fee of $4.88, and Firstrade a base fee of $2.95. Option contracts cost $0.50 each at both brokerages. 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. Both Firstrade and SogoTrade support Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, SogoTrade offers its clients access to 13360 different mutual funds while Firstrade has 12603 available funds, a difference of 757. And, commission free ETFs deserve a comparison, with Firstrade having the upper hand thanks to its 12 available commission free ETFs compared to SogoTrade's offering of 0.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. SogoTrade has virtual trading, Firstrade doesn't. For mobile trading, Both Firstrade 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 and Debit Cards at Firstrade while customers at SogoTrade can have none of these. All factors considered, when it comes to platform tools, research, and mobile trading, neither Firstrade nor SogoTrade were rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, Firstrade comes out on top with 3.50 stars over SogoTrade's 3.00 stars.