Using data from our latest annual broker review which tested more than a dozen different online brokers
over six months, we can compare Merrill Edge 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. 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. Option contracts are pricier at Merrill Edge, costing $0.75 versus $0.50 at SogoTrade. 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. Merrill Edge and SogoTrade provide clients with Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, SogoTrade boasts an offering of 13360 mutual funds compared to Merrill Edge's 3688 available funds. And, commission free ETFs deserve a comparison, which is a wash in this comparison as both Merrill Edge and SogoTrade offer 0 commission free ETFs.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. SogoTrade offers virtual trading while Merrill Edge does not. For mobile trading, Both Merrill Edge and SogoTrade offer clients access to an iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. 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. All factors considered, when it comes to platform tools, research, and mobile trading, both Merrill Edge and SogoTrade found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, Merrill Edge boasts 4.50 stars versus SogoTrade's 3.50 stars.