Comparing brokers side by side is no easy task. For our 2017 Broker Review
, we factored in 308 different variables to assess 16 different brokers. So when taking a look at Lightspeed Trading vs SogoTrade, there is a huge database of information available to us.
To start this comparison, first we will take a look at the broker commission rates for placing regular stock and options trades. SogoTrade, with its regular stock trades costing $5.00, is more expensive than Lightspeed Trading's rate of $4.50 per trade. Looking at trading options, Lightspeed Trading's base fee is $0 while SogoTrade's is $5. Each contract then costs $0.60 at Lightspeed Trading and $0.50 at SogoTrade for a difference in price of $0.10 per contract. Not all brokers charge a flat rate fee per trade though, so it is important to read the full commission notes to know the complete breakdown (go to any online broker review
page, then scroll to the "Commissions Notes" section).
Next to commission rates, being able to trade the instrument you want is important. SogoTrade provides its clients with Stock Trading, Options Trading and Mutual Funds while Lightspeed Trading gives clients access to Stock Trading, Options Trading and Futures Trading. Looking at mutual funds, SogoTrade boasts an offering of 12222 compared to Lightspeed Trading's 0 available funds. Commission free ETFs also should not be forgotten, which is a wash in this comparison as both Lightspeed Trading and SogoTrade offer 0 funds.
Lastly, taking a look at popular features and functionality, we can go a bit deeper to really break down the difference of both brokers. Both Lightspeed Trading and SogoTrade have virtual trading. Taking a look at mobile trading, SogoTrade supports the iPhone App, iPad App and Android App while Lightspeed Trading supports the none of these. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Neither Lightspeed Trading nor SogoTrade offers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans. On the whole, when it comes to tools, research, and trading on the go, Unfortunately, neither Lightspeed Trading nor SogoTrade received awards for Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, SogoTrade comes out on top with 3.00 stars over Lightspeed Trading's 2.50 stars.