Comparing brokers side by side is no easy task. For our 2017 Broker Review
, we factored in 308 different variables to assess 16 different brokers. So when taking a look at SogoTrade vs Ally Invest, there is a huge database of information available to us.
To start this comparison, first we will take a look at the broker commission rates for placing regular stock and options trades. SogoTrade charges more than Ally Invest for placing regular stock trades ($5.00 and $4.95, respectively). Looking at trading options, Ally Invest's base fee is $4.95 while SogoTrade's is $5.00. Each contract then costs $0.65 at Ally Invest and $0.50 at SogoTrade for a difference in price of $0.15 per contract. Not all brokers charge a flat rate fee per trade though, so it is important to read the full commission notes to know the complete breakdown (go to any online broker review
page, then scroll to the "Commissions Notes" section).
Next to commission rates, being able to trade the instrument you want is important. Ally Invest provides its clients with Stock Trading, Options Trading, Mutual Funds, Forex Trading and Futures Trading while SogoTrade gives clients access to Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, Ally Invest trails SogoTrade by 2,084.00 total funds, with SogoTrade offering 12222 and Ally Invest offering 10138. Commission free ETFs also should not be forgotten, which for investors means access to 0 funds at both brokers.
Lastly, taking a look at popular features and functionality, we can go a bit deeper to really break down the difference of both brokers. SogoTrade and Ally Invest both have virtual trading. Taking a look at mobile trading, Ally Invest gives clients access to an iPhone App and Android App while SogoTrade has 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 Ally Invest while clients at SogoTrade can have none of these. On the whole, when it comes to tools, research, and trading on the go, Neither SogoTrade nor Ally Invest were rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, Ally Invest boasts 4.00 stars versus SogoTrade's 3.00 stars.