Using data from the StockBrokers.com 2017 Broker Rankings
, 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, with its regular stock trades costing $5.00, is more expensive than Firstrade's rate of $4.95 per trade. For options trading, SogoTrade has a base fee of $5.00, and Firstrade a base fee of $4.95. Option contracts are pricier at Firstrade, 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. Firstrade and SogoTrade provide clients with Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Firstrade trails SogoTrade by 31.00 total mutual funds, with SogoTrade offering 12222 and Firstrade offering 12191. 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, Firstrade supports the iPhone App and Android App while SogoTrade supports the 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, unfortunately, neither Firstrade nor SogoTrade received awards 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.