Using data from our latest annual broker review which tested more than a dozen different online brokers
over six months, we can compare SogoTrade vs Ally Invest 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. Ally Invest, with its regular stock trades costing $4.95, is more expensive than SogoTrade's rate of $4.88 per trade. For options trading, Ally Invest has a base fee of $4.95, and SogoTrade a base fee of $4.88. SogoTrade's per contract rate of $0.50 is less than Ally Invest which charges $0.65. 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. Ally Invest supports Stock Trading, Options Trading, Mutual Funds, Forex Trading and Futures Trading while SogoTrade supports Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, SogoTrade boasts an offering of 13360 mutual funds compared to Ally Invest's 10264 available funds. And, commission free ETFs deserve a comparison, which is a wash in this comparison as both SogoTrade and Ally Invest 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 Ally Invest does not. For mobile trading, SogoTrade along with Ally Invest 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 offered by Ally Invest while SogoTrade offers none of these. All factors considered, when it comes to platform tools, research, and mobile trading, unfortunately, neither SogoTrade nor Ally Invest received awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, both SogoTrade and Ally Invest hold a 3.50 star rating.