(Update 07Sept09) I found a minor problem with Sogotrade. I had this happened to me twice. Basically I changed my mind for existing limited sell order, so I clicked “cancel”. But Sogo works so fast and diligently, partial of my order has already been executed. So basically later on when I want to sell the stock, I need to pay another transaction fee.
(Original) Opened SogoTrade account couple weeks ago because I got a bit tired of Scottrade $7 per trade fee, and the “friendly” reminder email about my trading pattern. The accounting opening preocess is a bit long, although most things are done online (except the VOID check and an eletronic transfer form to send in). Here are the main steps:
1) Fill out appplication form online, including set up a bank account;
2) Sogotrade will make two small electronic transfer (< $1) to your bank account, verify it with Sogo after you see it in your bank account; 3) Important: fill out the eletronic transfer authorization form, send it to Sogo along with a VOID check; 4) Wait a few more days, the bank account is activated, start money transfer (transfer at least $500 because that's the minimum); 5) The money arrived after a few days, start trading. Today, I did my first trade: bought 50 shares of USG (NYSE: USG) at $11.88. I paid attention to USG for a while, today it dropped to my range (under $12). For more information, read a comprehensive Review by SlackerWealth.