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SogoTrade, Inc SogoTrade, Inc. is a U.S. online discount stock brokerage firm
offering a wide range of investment products including stocks, options, ETFs and
educational savings accounts. The firm offers five online trading platforms to
its customers and provides extensive market research tools. SogoTrade offers
discounted online trades for as low as $3 for stocks and ETFs, and $5 for
Options (plus 50¡é per contract). SogoTrade has offices in New York, St. Louis
and Los Angeles with bilingual customer services. They maintain a mail center in
Shanghai, China to accommodate their international customers and provide 24-hour
customer service, Monday through Friday.
SogoTrade is regulated and licensed
by the Financial Industry Regulatory Authority (FINRA) and insured by Securities
Investor Protection Corporation (SIPC).
The firm was founded in March of 1986
as Coastal Investments Associates, LTD in the State of South Carolina. The name
was changed to Wang Investment Associates, Inc. in 1992. The firm for many years
operated as a traditional brokerage firm providing investment recommendations to
its clients.
In 2010, Wang Investment Associates, Inc. became incorporated in
the State of Delaware and purchased the SogoTrade name and retail accounts from
Genesis Securities. In June of 2006, SogoTrade, then a division of Genesis
Securities, was launched as a discount online stock brokerage firm with
commissions of only $1.50 per trade. By November of 2006, SogoTrade was listed
by Forbes as ¡°The Deepest Discount Broker." In 2008, SogoTrade increased its
trade commissions to $3, which was still among the lowest in the industry. The
Chinese version of the SogoTrade website was also launched in 2008.
In 2013,
Jonathan Yao, former President of Scottrade Hong Kong LTD, led a group that
acquired Wang Investment Associates, Inc. and purchased the SogoTrade online
trading platforms. In January, 2014, Mr. Yao was named the CEO of the company
and changed the name of the corporation to SogoTrade, Inc.
In 2006, Forbes
Magazine named SogoTrade (then called SogoInvest) the ¡°Deepest Discount Broker.¡±
In March of 2014, SogoTrade was named among the ¡°Best Online Stock Brokers¡± by
Top Consumer Reviews, which noted the firm offers commissions that are ¡°the
cheapest in the industry of any online broker.¡± In March of 2014, SogoTrade
received a three star rating from Barron¡¯s in its list of Best Online Brokers.
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