Comparing brokers side by side is no easy task. For our annual broker review, we assess over a dozen brokers on hundreds of different variables to find the best online broker
. Yielding a database of over 5,000 data points, let's compare Firstrade 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 charges $4.88 per stock trade which is $4.88 more than Firstrade which charges customers $0 per trade. Looking at trading options, Firstrade's base fee is $0 while SogoTrade's is $4.88. Option contracts are pricier at SogoTrade, costing $0.50 versus $0 at Firstrade. 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. Firstrade and SogoTrade provide clients with Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, Firstrade trails SogoTrade by 757 total mutual funds, with SogoTrade offering 13360 and Firstrade offering 12603. Commission free ETFs can also be valuable for customers, with SogoTrade falling behind Firstrade, offering 0 commission free ETFs compared to Firstrade's 703.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. SogoTrade makes virtual trading available to clients, while Firstrade does not. Taking a look at mobile trading, Firstrade and SogoTrade both have a 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 and Debit Cards are available to clients of Firstrade while SogoTrade offers customers none of these. On the whole, when it comes to 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 takes the upper hand with 4.00 stars over SogoTrade's 3.50 stars.