http://elite.sogoinvest.com/ They are now offering a Software platform based solution with CHEAP rates. .004/share $1.00 minimum or $1.50 flat Rate (w/ $15.00 /month participation Fee) $5.00 Real Time Data fee (waived with 10 or more trades per month) Basically it's a streamlined version of Genesis' Laser And of course you get to tap into the Genesis' Short List, Though not as extensive as IB's, they had quite a few instruments not seen on IB's short list.
They just do it. LOL. Their focus is on straightforward trading. no frills, no fuss no muss. $1.50 for 5000 shares is totally cool to me. I havnt purchased a lot that size, I have only done as large as 2000 shares at a time. When closing the position, at most I have paid $1.50 + a few pennies for the SEC fee. I just recently joined IB, but I keep Sogo. Personally I think their execution speeds are a touch faster. All the initial issues they had with funding, etc.. have been worked out. I ACH in on Monday and trade with the funds on Tuesday. ACH out, though slightly cumbersome is quick as well. ACH OUT Monday have funds by Wednesday. The move to the software platform makes a good thing even better IMO. Margin Interest is T+3. No Hassles there either. I am not a super heavy trader, I average about 60 trades (open/close) per month and my commissions for stock trading have been around $110 / month.
giles117, do they allow "stop-buy" to open a position? Do they allow "stop-sell" to open a position? Or, are those orders at Sogoinvest just for closing a position?
This platform is so new, I dont have those answers yet. I'll know in 2 days or so after they finish transferring my invest account over to elite. What I listed is what I found out in my convo with CS. They say it will go live on Thursday. My experience has been the regular web based (SLOW) trading which is why I went to IB. I loved the commission rates which is what made me leave Etrade... I missed the shorting at etrade, but I hated the wack commission reats. who wants to spend $300 to get to the next lowest rate level. I didnt think I would be such a busy trader (though 60 trades / month isnt that busy based on what I have learned from you guys) but dang $500 to 600 in commissions per month... Thats a lot of lunch money to give away.
I don't like posting in forums, but I had such a bad experience with SogoInvest today that I registered just so I could let anyone who is contemplating opening an account with Sogo to beware. Today, I tried to cancel a limit order and the cancelation "hung" for over 90 minutes all while I am frantic on the phone with the mostly useless customer service people. In the meantime I was completely locked out my position.
Never had that experience. I do a ton of limit orders and found myself canceling some of them at times. They typically are canceled as soon as Hit the submit button. Proven by me viewing my order status.... Must've been a glitch. Customer service leaves a little to be desired at times, though I have spoken with 4 people and have their direct extensions and they typically (90%) handle me with speed and efficiency. It's good however to hear alternative experiences. Just because my experience with them has been 90% great doesn't mean others do or don't have problems. They have been pretty quiet on the front for me today....
Being locked out of my position for over 90 minutes because of an order canceling "glitch" is just unacceptable. I did not get hurt, but I could have been hit very badly if the position I was trying to exit had gone into free fall. One of the people I talked to from Sogo accidently let me know that my situation was not unique, so BEWARE!