SogoTrade is based in South Carolina, US. And it has been in operation since 1986. Having an old brand name helps them in attracting customers but they are one of the worst brokers in the market. Their shady tendencies indicate that they are scammers who are trying to steal other people’s funds. I hope my SogoTrade review 2020 will help you realize why they are a band of thieves and why you should stay away from them.
No Information on the Team
SogoTrade Incorporation, which operates SogoTrade, does not provide any details about the team responsible for the operations of the broker. Unlike most regulated brokers, there is no outline of the senior management of the firm and its board members. There is doubt if there is any senior finance professional in the team of SogoTrade.
Knowing who is behind the company creates a sense of faith and security among traders as they are aware of the career graph and the skill set of the management. Regulations and standard operating procedures are best followed by professionals hailing from the same field. Likewise, there is no benefit of being a regulated broker if it does not adhere to the standard guidelines of the regulatory body. My SogoTrade review advises traders to thoroughly check the background of the firm before investing.
No Options in Live Trading Accounts
To the shock of traders, there are no options in live trading accounts of SogoTrade. The broker does not have any dedicated section on the website which provides details about its different types of live trading accounts. It is not appreciable because it leads to confusion. SogoTrade should provide the details about its trading accounts so that there is full transparency at the time of the selection of the same.
The absence of various options in trading accounts creates an awkward situation for traders. The beginners cannot choose the basic services account of the broker as their live trading account while the professional traders cannot use the high-end services accounts with competitive leverage and spread so that they can earn high using their experience in trading.
Lack of MetaTrader
The MetaTrader platform is popular due to the performance and security it provides to traders. This trading platform is best in services and at the same time, is compatible with desktop and mobile applications. Since its introduction in the year 2005, there has been no alternative for MetaTrader. The security of placing trades with no delayed execution is the key to the popularity of MetaTrader.
SogoTrade misses providing its trading services on the trusted Meta Trader trading platform. The broker uses its customized trading platform. It is hard to establish the level of service and quality of the platform. The high claims of SogoTrade are no match against the high-quality deliverability of the services by the Meta Trader.
SogoTrade doesn’t offer MT5 or MT4. And it provides very little information on its website about the trading platform it uses. So there’s no information on whether they have a good platform or not. But seeing their dodgy behaviour we can assume that SogoTrade lacks a good trading platform.
SogoTrade Payment Partners
This broker fails to provide transparency on their payment methods. Every regulated broker provides a detailed list of its authorized payment partners. The list encompasses the necessary details about the minimum limits, the charges for the processes, and the region-wide availability of the channels. Here, bank wire transfer looks like the only option for the trading accounts which is not sufficient.
Unknown SogoTrade Fees
SogoTrade fails to provide any details about the fee related to their deposit and withdrawal processes. Essential details like the processing fee, maintenance fee, and dormant fees are missing. Traders can’t figure out the exact details of profits and the costs involved in trading as there is no clarity on the fees. The terms of business of SogoTrade present on the website fail to provide any details about their fees. It adds to the gripe of traders as a lack of information is a significant hint of their fraudulent tendencies.
The educational material available on the education corner of SogoTrade is incomplete. The information looks as if it is a part of a book on trading with very less practical applications. The step by step guide to the fresher brokers could have been the best gift in their education corner. It makes new traders aware of different basics they should know.
SogoTrade once again fails in understanding the importance of providing good educational support to its traders. It indicates that the broker is not serious about the trading know-how of the investors and has selfish interests only. There is a high scope of improvement in the education corner of SogoTrade. Educational videos or blogs could be very useful for traders. Sadly, there is no such provision with SogoTrade.
SogoTrade Customer Service
This broker fails to provide efficient technical support to its traders. There is no facility of 24*7 customer support and a dedicated email id to help them. The waiting time on the phone is more than the usual, which is another prominent issue.
Keeping in mind that their trading platform is in-house, the absence of round the clock customer support yields high losses to traders. The quality of customer services is the barometer of the professionalism of brokers. SogoTrade is in urgent need of a dedicated, quick, and reliable technical support cell which can help traders in times of need.
SogoTrade and its Website
The website of SogoTrade is sogotrade.com/
The webpage of this broker is full of scattered information. The visitor faces a bundle of information without being interconnected to each other. The basic icons for the contact and disclaimer are not at expected positions and are placed randomly. The visitor needs to scroll through the entire page to search basic information as well.
SogoTrade can make the online experience better for its visitors. There is an urgent need to classify the data and to place them under suitable titles.
They need to provide clear details about their trading services on the website so traders can reach the exact information without wasting any time. They have kept the website difficult to navigate and filled with spam messages so the visitor doesn’t think before signing up. It’s done in bad faith.
SogoTrade and its Social Media Presence
The social media accounts of SogoTrade wear a deserted look. Their Twitter account received its last update 3 months before. SogoTrade doesn’t update its social media accounts regularly and the quality of the content on their Twitter account is below average. The screenshot of the twitter account of SogoTrade is as below.
The Facebook account of the broker has the same different story. The company rarely tries to keep in touch with traders using its social media accounts.
The lackadaisical approach towards the maintenance of social media accounts hints at their level of unprofessionalism. The broker firm fails to understand the benefits of social media in building a brand. The existing traders can share their experiences by including the page of SogoTrade.
The social media accounts of SogoTrade need replenishment. Social media accounts perform best when they represent the professionalism of the broker. The abandoned accounts are an indicator of the weak policies of the broker. I believe SogoTrade has stayed distant from social media because it fears it’ll have to interact directly with its numerous victims.
Is SogoTrade worth it?
The weakly maintained website and the social media accounts narrate a sad story of SogoTrade. The lethargic customer support to traders along with the absent help from their education corner is a nightmare for traders. There are no details about the live trading account services and the team of the broker. This SogoTrade review and experts advise traders to stay away from such brokers which fail to maintain transparency and hides information from their investors. They are scammers posing as brokers.This review (SogoTrade) was originally published at The Skeptic Tank. To read the full review, go to – www.skeptictank.org/sogotrade-review/