Penny stock traders, kiss sogoTrade and sogoElite goodbye

Beginning April 1st, sogoTrade and sogoElite are again saying "screw you" to their small cap and microcap investors and traders. After April 1st, the current sogoElite plans are changing to a per share fee ($.004). This is great if you are only buying 100 to 1000 shares, but terrible for penny stocks. Nobody likes paying a $200 commission for 50,000 shares of a penny stock. To add insult to injury, sogoElite is also increasing the real time data fee to $10 per month from $7, which used to be waived if you made 10 or more trades per month, but now is mandatory.

SogoElite's previous plans included a flat fee per trade (from $1 to $3 depending on your subscription level) for shares under 5000, and a $.05 per share fee above 5000 shares. While the share limitation was an annoyance, I could still purchase 15-20,000 shares without enduring too much pain. As long as I stayed under 15,000 shares I was still doing as well as the other brokers such as TD Ameritrade, at $9.99 per trade.

SogoTrade, SogoElite's younger brother, still features the $1-$3 flat fee commissions; however, not having a platform, streaming quotes, or charts is a major drawback to active traders.