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. Looking at trading options, SogoTrade's base fee is $4.88 while Ally Invest's is $4.95. Each option contract then costs $0.65 at Ally Invest and $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. Ally Invest provides its clients with Stock Trading, Options Trading, Mutual Funds, Forex Trading and Futures Trading while SogoTrade provides clients access to Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Ally Invest trails SogoTrade by 3,096 total mutual funds, with SogoTrade offering 13360 and Ally Invest offering 10264. 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 makes virtual trading available to clients, 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 available to clients of Ally Invest while SogoTrade offers customers none of these. All factors considered, when it comes to platform tools, research, and mobile trading, both SogoTrade and Ally Invest found themselves without awards for 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.