SogoTrade Review crypto broker 2024

Our veredict

SogoTrade is a versatile trading platform offering a wide range of financial products, including cryptocurrencies, stocks, ETFs, and options. Its main strengths lie in its simplicity and the variety of tools available for different types of traders. The platform supports cryptocurrency trading through Bakkt, which includes major coins such as BTC, ETH, and LTC. It is well-suited for high-volume traders and those looking for a straightforward, user-friendly experience. SogoTrade’s regulated status under FINRA provides an additional layer of trust and security for investors.

However, SogoTrade also has some drawbacks. It still charges commissions on ETFs and equities, which is less competitive compared to other discount brokers. The platform can also be confusing due to the numerous different tools and interfaces required for various types of trading. Additionally, some advanced features and tools are only accessible through the SogoElite account, which requires a significant account balance.

Pros

Regulated by FINRA Being regulated by the Financial Industry Regulatory Authority (FINRA), SogoTrade ensures a secure and transparent trading environment.
No Inactivity Fees SogoTrade does not charge any maintenance or inactivity fees, which is beneficial for traders who may not be active at all times.
Multiple Deposit Methods Accepted The platform accepts a variety of deposit methods, including credit cards, bank transfers, and PayPal, making it convenient for users to fund their accounts.

Cons

Threenvest Score

Fees

3,5/5

Regulated

SEC, FINRA

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To better understand our editorial guidelines and the investment methodology that supports our ratings, you can explore the information in our editorial policy.

Why choose SogoTrade?

Choosing SogoTrade as your cryptocurrency exchange can be a wise decision for several reasons. Firstly, SogoTrade is regulated by the Financial Industry Regulatory Authority (FINRA), ensuring a secure and transparent trading environment. This regulation provides peace of mind knowing that the platform operates under strict guidelines to protect investors’ interests.

Secondly, SogoTrade offers a wide range of trading tools and features suitable for both beginners and experienced traders. The platform includes advanced financial chart comparison tools, research-backed analysis from top analysts, and a user-friendly interface that simplifies the trading process. These features make it easier for traders to make informed decisions and effectively manage their portfolios.

Furthermore, SogoTrade supports a diverse array of financial instruments, including major cryptocurrencies like Bitcoin, Ethereum, and Litecoin through Bakkt. This diversity allows traders to access multiple markets and build a well-rounded investment strategy. Additionally, the platform’s smart order routing system ensures optimal execution of trades by selecting the best trading venues based on market conditions.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert in cryptocurrency trading, I can confidently recommend SogoTrade for its robust regulatory framework and user-friendly platform. SogoTrade is regulated by FINRA, ensuring a secure trading environment. The platform offers diverse financial instruments, including major cryptocurrencies like Bitcoin and Ethereum. Its advanced trading tools and research-backed analysis are particularly beneficial for both beginners and seasoned traders. Additionally, SogoTrade’s use of Tier 1 banks for client funds adds an extra layer of security, making it a trustworthy choice for cryptocurrency trading.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.