Registration Grade: B
Overview:
The account registration process at SogoTrade is well done. My only complaint is setting up electronic funds transfers is a bit of a pain, with micro deposit verification and a voided check both required. SogoTrade is quick in setting up the basic account and additional features, allowing new customers to be up and running within days of registration.
Details:
Minimum initial account deposit: $500
I opened an individual brokerage account.
The SogoTrade welcome screen (click on images for larger views):
I first entered all the basic customer information forms. I then signed up for margin trading. SogoTrade does not currently offer options trading.
Signing the NYSE and AMEX market data forms is quick and easy:
After only a few minutes the registration process was complete. My account was submitted for approval:
Once my application was submitted, I immediately received an acknowledgment email from SogoTrade. The next day I received an email notifying me that my account was now open.
After logging into my account for the first time, I elected to setup electronic funds transfers from my Bank of America checking account. To do this, I entered my bank information on the SogoTrade website. I then had to fax or physically mail a voided check. Once this was done, I also had to verify micro deposits into my checking account. The next day the trial deposits were sent. I verified the values on the SogoTrade website and I was approved for electronic funds transfer almost immediately. This entire process was a lot more work than setting up electronic funds transfers for other services but the response time from the SogoTrade support staff was very quick so the entire process only took two days.
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