Important note: My impression of Sogoinvest has gone downhill since writing this post. Do remember to also read this post.
Recently, I wrote about the new Sogoinvest brokerage. I decided to pull the trigger and apply for the Sogoinvest account today. The application is pretty standard among brokerage accounts. You need to key in your personal information, home information, employment information, etc. It took me about 10 minutes from start to finish to apply for a joint account. This included the time taken to print to PDF a copy of every page of the online application for my own safekeeping.On the night before my application, I shoot an email to Sogoinvest with some questions. I received a reply the next morning. Here are the questions and replies:
- Qn: Are there any charges for incoming DTC stock transfers? Ans: No.
- Qn: Do you support specific tax-lot sale? Ans: No, we will not accept request for specific tax-lot sale.
- Qn: Do you do a hard credit check for a margin account application? Ans: No, but we do an identity verification check and a check against the OFAC list.
- Qn: According to the FAQ, it seems like the only way to withdraw money is waiting for a check or by wire. Is there a possibility of a withdrawal by ACH to the original funding bank account? Ans: The FAQ should be updated soon, currently you can withdraw back to original account via ACH, given some paperwork to verify the bank account as yours.
- Qn: Do you offer streaming quotes? Ans: We do offer streaming L1 quotes, not L2.
After the application was submitted, it “could take up to one business day for the account to be activated”. An activation email will be sent when the account is ready.
Start 2006-08-03 : Application submitted online in the morning (PDT).
Update 2006-08-04 : Morning (PDT), received activation email in ~23 hours. Added ACH bank accounts and submitted transfer requests.
Update 2006-08-07 : Morning (PDT), ACH transfers debited from bank. Night (PDT), money posted into Sogoinvest and available for investing.
Update 2006-08-08 : Trading enabled. Fills seemed OK but the trading screen is very basic — no before/after market trading, no AON or AOK, no shorting. And to change the price of an already submitted limit order, you cannot just change the price and click submit (as in Izone). Instead, you need to cancel the entire order and re-submit a new one.