Comparing brokers side by side is no easy task. For our 2017 Broker Review
, we assessed 16 brokers on 308 different variables. Yielding a database of over 5,000 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, with its regular stock trades costing $6.95, is more expensive than SogoTrade's rate of $5.00 per trade. For options trading, Merrill Edge has a base fee of $6.95, and SogoTrade a base fee of $5.00. SogoTrade's per contract rate of $0.50 is less than Merrill Edge which charges $0.75. 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. Both Merrill Edge and SogoTrade support Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, SogoTrade boasts an offering of 12222 mutual funds compared to Merrill Edge's 7649 available funds. Commission free ETFs can also be valuable for customers, which in this case means trading a possible 0 commission free ETFs at both brokers.
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, Both Merrill Edge and SogoTrade offer clients access to an 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. Clients can have Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans at Merrill Edge while customers at SogoTrade can have none of these. On the whole, when it comes to tools, research, and mobile trading, Merrill Edge finished with awards Best in Class - Research in 2017, while SogoTrade came up with none of these.
Overall, Merrill Edge takes the upper hand with 4.00 stars over SogoTrade's 3.00 stars.