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 4,000 data points, let's compare Merrill Edge 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. Merrill Edge charges $6.95 per stock trade which is $2.07 more than SogoTrade which charges customers $4.88 per trade. Looking at trading options, SogoTrade's base fee is $4.88 while Merrill Edge's is $6.95. Each option contract then costs $0.75 at Merrill Edge and $0.50 at SogoTrade. 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. Merrill Edge and SogoTrade provide clients with Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, SogoTrade offers its clients access to 11784 different mutual funds while Merrill Edge has 3709 available funds, a difference of 8,075.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. SogoTrade has virtual trading, Merrill Edge doesn't. Taking a look at mobile trading, Merrill Edge 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, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are available to clients of Merrill Edge while SogoTrade offers customers none of these.
Overall, between Merrill Edge and SogoTrade, Merrill Edge is the winner
Merrill Edge Review