Using data from our latest annual broker review which tested more than a dozen different online brokers over six months, we can compare Lightspeed 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 $4.88 per stock trade which is $0.38 more than Lightspeed which charges customers $4.50 per trade. Looking at trading options, Lightspeed's base fee is $0 while SogoTrade's is $4.88. SogoTrade's per contract rate of $0.50 is less than Lightspeed which charges $0.60. 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 Lightspeed provides clients access to Stock Trading, Options Trading and Futures Trading. As far as mutual funds go, Lightspeed trails SogoTrade by 6,602 total mutual funds, with SogoTrade offering 6602 and Lightspeed offering 0.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Both Lightspeed and SogoTrade offer virtual trading. For mobile trading, Lightspeed along with SogoTrade both support the iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Neither Lightspeed nor SogoTrade offers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans.
Overall, between Lightspeed and SogoTrade, SogoTrade is the winner.