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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.