Sogo Invest, - New King of Brokers - $1.5 for 5000 shares

[mejensen1]

Quote from Marc to Market:

Does the $1 promotion still carry the 5,000 share limit per order?

Unfortunately, I don't know. I usally trade less than 200.

-M

 

[trtrkk]

I tried to open account.
Do I need to send application form to open account which is filled in and signatured?
or just send only W8BEN and passport copy?
If so , why dont they need signatured application papper?

 

[trtrkk]

I cannot find maintanance fee or inactivity fee in website.
So after open account, if I dont trade more than 1 year,
they will not charge me any?

 

[trtrkk]

Can I trade OTCC and pink sheet stock with margin buying power here?

 

[realstockaddict]

wait no 4:1 if you put more than 25K?

 

[ByLoSellHi]

Okay, I just got off the phone with Sogo.

The rep was pretty helpful.

At any rate, I will NOT open an account there for the following reasons:

1) They charge margin interest beginning on T+1, which really is a massive hidden fee compared to other brokerage firms (as others here have mentioned).

This fact, alone, negates much if not all of the benefit of their lower cost non-margin trades AFAIC.

2) They do NOT have the ability to allow you to trade put/call options.

This is a huge bummer for me, even if I keep my other account open (Scottrade).


Sogo isn't ready for primetime, IMO.

They need to revise their disastrous margin interest rate accrual system and allow option trading.

If/when they do, I will sign up.

 

[ElectricSavant]

You didn't happen to ask them if you can go short?

Quote from ByLoSellHi:

Okay, I just got off the phone with Sogo.

The rep was pretty helpful.

At any rate, I will NOT open an account there for the following reasons:

1) They charge margin interest beginning on T+1, which really is a massive hidden fee compared to other brokerage firms (as others here have mentioned).

This fact, alone, negates much if not all of the benefit of their lower cost non-margin trades AFAIC.

2) They do NOT have the ability to allow you to trade put/call options.

This is a huge bummer for me, even if I keep my other account open (Scottrade).


Sogo isn't ready for primetime, IMO.

They need to revise their disastrous margin interest rate accrual system and allow option trading.

If/when they do, I will sign up.

 

[marketwhizz]

i think in this case it's you get what you pay for....

 

[ByLoSellHi]

Quote from ElectricSavant:

You didn't happen to ask them if you can go short?

ES,

No.

I didn't ask them that because I thought someone had said earlier it was a no-go on naked or covered short selling?

I don't know though.

 

[birdman]

Quote from trtrkk:



What do you mean the overnight holds ?
Is it the stocks holded from yesterday?

most retail brokerages work like this ...
your buying power on a margin enabled account will be 2 times

if you have $25k in your account they can allow your margin enabled account to having buying power of 4 times on positions opened and closed during that day ... this means if you want to hold the position overnight (longer than the market day) your buying power is 2 times for overnight holds