I have written many posts on Sogoinvest (you can search for them under this category, the latest of which was Positive steps taken by Sogoinvest). This is yet another post on Sogoinvest; this time I have two positive things to say about them.
The first is related to the margin charges that were levied on my account in August when they were changing and finalizing their ACH timeline. I wrote them a polite secure mail, pointing out that I had relied on their customer service’s reply to time my transfer of funds into Sogoinvest in order to avoid margin interest. In the mail, I asked that they waive the margin interest charged.
I received a prompt reply about half an hour later: they were unable to waive the charges but they will credit me with free trades to compensate me. The number of free trades (based on $1 per trade) happens to be the amount of margin interest charged. I think this is a reasonable resolution.
The second issue is related to the trading fill of one of the trades I made. I submitted a limit order to purchase 50 shares of VWO this afternoon at $66.30 and it was filled at $66.26 around 12.57pm PDT. This was a good fill as the lowest transacted price at that time was $66.31 and the bid and asking prices at that time were $66.26 and $66.37, respectively. No transaction was reported on level I at $66.26, so I felt like I had bought below the “market” price. 😉
The level I quotes are shown below:
Overall, I am happy to continue my ETF investments with Sogoinvest.