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?
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?
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.
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.
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