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SogoElite

https://Elite.SogoIn..
Category: Brokers

Sophisticated traders and investors know that lower commissions and superior trading technology may result in greater returns. SogoElite brokerage accounts give you the edge by combining a suite of advanced trading tools and superior execution. SogoElite Offers Real-time Trading Application-Based Trading Platform Pre-market/After Hours Trading* Streaming Level 1 Quotes OTCBB Trading Online Reporting

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Bad Chart tools
A monkey flinging poo could do better.... Speed seems to be very good but the charting tools itself will make you pull your hair out. Alpha 7 uses this for their 2 week simulation, that's the only reason I used the product. Would not use ever again

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You can't have both SogoTrade and SogoElite to shot
- Not bad: The tools are not that bad, I mean, is simple and usable.

- Good: If stock value is more than $3 is easy to find shares to short.

- Worst: You can't have both margin accounts in SogoTrade and SogoElite.

The worst part about this service is that you can't have two margin accounts in Genesis SogoTrade, one in regular SogoTrade and another in SogoElite. That's why I opened a SogoElite margin account and it worked nice to borrow shares to short. Other people in Tim's chatroom with regular SogoTrade accounts didn't had shares to short but SogoElite had and I'd been profitable with that trades. You still have the "you can't short a stock at less than $3" rule by Genesis.

Finally, I moved to Interactive Brokers and converted my regular SogoTrade cash account into a margin account but, If I had enough money to maintain the SogoElite and IB accounts I will do it, only because the borrows.

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
1 of 1 people have found this review helpful.
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BCNTrader Barcelona

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Excellent short list but thats it.
I was disgusted right off the bat with sogo elite. The customer service team told me they wont be doing anymore updates to the software and eventually it will be phased out completely. So right off the bat I wasnt impressed. Then i attempted to set up a ACH transfer but they dont accept them. So i was forced to wire the money which took 5 business days to get put into my account. I had multiple issues with the platform and customer service was horrible. I ended up closing my account after 2 trades and it took exactly 24 days for me to get a check. The software they used was real weak as well. No level 2 and the charts were horrible. Its too bad cause they have a excellent list of shares to short.

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2 of 2 people have found this review helpful.
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Red99vr4 hartford, ct

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Getting worse
I just had an e-mail exchange with a SogoElite support representative. He informed me that SogoElite set a new policy in place that only allows short sales of stocks above $3 and that the policy would take effect today. So that's another reason not to use SogoElite. Now the only advantage SogoElite has over normal SogoTrade is the after hours trading ability.

Normal SogoTrade starts looking better than SogoElite since you supposedly can reserve shares to short and you can trade via browser which is important if you are behind a restrictive network (SogoElite does only allow trading via the Laser platform and does not offer a web interface). If I should keep the account at SogoTrade open after this unfortunate turn of events I will consider switching to normal SogoTrade.

For the rest of my experience with SogoElite I totally agree with Reaper's review. I've made the same experience regarding [email protected] and being referred to the SogoTrade Trade Desk. The customer service is OK if you happen get a good representative but taking the stock loan debacle into account it's only 3 out of 5 check marks.

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2 of 2 people have found this review helpful.
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A great example of how to screw your customers
SogoElite is an "elite" platform offered by Sogotrade for the more demanding traders who want something better than the standard SogoTrade web platform. Unlike almost every other "elite" platform by every other broker, SogoElite does not offer level 2 data, just level 1, charts, and time and sales. Furthermore, the level 1 data is slower than any other broker I have. This is probably explained by the "L1 server buffering" feature not having an off setting (hint: medium will get you the fastest quotes). There is no information in the help files about that "feature". I have lost money because I thought the data were real time and they were slightly delayed (by a few tenths of a second to a second or so depending on the server buffering setting).

Fills are generally poor compared to direct access brokers and Interactive Brokers but have improved greatly and they are good enough now.

The lack of thought that went into designing and maintaining the SogoElite platform is evidenced by an attempt to short something that is not shortable; this will result in a notification: "Not in short-list. Please email [email protected]" Genesis Securities is Sogo's parent company and clearing firm. When I tried following the directions and using that email they told me to call Sogo instead. One would think they could change one simple little message to be less confusing.

As to customer service, SogoElite/Sogotrade is the rare broker that is worse than Interactive Brokers. When I tried to contact their trade desk to borrow a short (following the Genesis representative's advice from above) the person at the trade desk first told me that since I was a SogoElite customer I should be able to short anything. Then they said they couldn't get me shares. Later, other SogoElite customers told me that as a SogoElite customer I cannot borrow hard to borrow shares to short (even if they are available), even though regular SogoTrade customers can do that. That doesn't sound very elite to me.

Probably the worst thing about SogoElite is that I had to close my SogoTrade account and open a new account to get it. Almost every other broker with multiple platforms allows them from the same account. If I switch back to SogoTrade I'll have to do that again, which is just a huge hassle.

So why do I still have a SogoElite account? They have a great short list (see http://www.gndt.com/support/shortlist.htm). And compared to regular Sogo, being able to trade in pre-market or after-hours is nice. I still hate it though.

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
5 of 5 people have found this review helpful.
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Reaper Grand Rapids, MI

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Great for Borrows
I have both a Sogotrade and SogoElite account. Sogotrade doesn't let you short stocks under $3, but SogoElite does. Their parent, Genesis Securities, has excellent availability of borrows, often better than Interactive Brokers (who aren't nearly as good as they used to be in the borrow department).

Commissions are .005 per share which is the same as IB, so that's pretty good. The only advantage IB has is that IB has a maximum commission of 0.05% of trade value which SogoElite doesn't.

Execution speed has been fine for me thus far.

The SogoElite platform is based off of Genesis Securities's Laser platform. It's basically fine for order entry and setting stops. There's really not much else to it though. Laser sucks for charting and I don't even remember if the SogoElite platform has charting or not....it's irrelevant to me as I use Thinkorswim for my charting.

The SogoElite platform won't work behind a firewall, so you won't be able to trade from work, and there is no web platform.

You also can't trade pink sheets with SogoElite, but you can trade OTCBB's.

If shorting is a big part of your trading strategy (like it is mine), then SogoElite is a must-have.

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
3 of 3 people have found this review helpful.
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Yngvai Redmond, WA

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Displaying 1-6 of 6 Total Reviews
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