Using data from the StockBrokers.com 2017 Broker Review which tested 16 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 more than SogoTrade for placing regular stock trades ($6.95 and $5.00, respectively). Looking at trading options, SogoTrade's base fee is $5.00 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. Both Merrill Edge and SogoTrade support Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, SogoTrade offers its clients access to 12222 different mutual funds while Merrill Edge has 7649 available funds, a difference of 4,573. And, commission free ETFs deserve a comparison, which for investors means access to 0 commission free ETFs at both brokers.
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, Merrill Edge 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. 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. All factors considered, when it comes to platform tools, research, and mobile trading, Merrill Edge posted awards Best in Class - Research in 2017, while SogoTrade found itself with none of these.
Overall, Merrill Edge boasts 4.00 stars versus SogoTrade's 3.00 stars.