SogoTrade, Inc.—a US-based online broker dealer—announces that it will now share exchange rebate revenue with its customers through SogoTrade’s new “Get Paid to Trade” program. In addition to $0 commissions, customers in its “Get Paid to Trade” program will actually get paid on qualifying limit orders.*
Exchange rebates in the past have been largely reserved for high frequency trading firms and institutions. SogoTrade is bringing this revenue sharing opportunity to its everyday investors.
Here is how it works: When a customer places a limit order for an equity security, thus creating market liquidity, this order type will now generate revenue for SogoTrade customers who participate in the program. Typically, brokerage firms pocket this extra revenue but with “Get Paid to Trade,” SogoTrade will credit/pay investors for qualified limit orders.
Kris Wallace, Executive Vice-President and head of trading at SogoTrade said, “Our pilot program involving some of our current customers has been exceptional. For the active trader, in some instances, we are paying customers hundreds of dollars simply for placing qualified limit orders at SogoTrade. It is tremendously exciting to see this program help our traders.”
Jonathan Yao, CEO of SogoTrade, stated “We didn’t immediately jump to $0 commissions because we knew our investors deserved better than just Zero. SogoTrade customers participating in the “Get Paid to Trade” program will receive $0 commissions and can actually make money on qualified trades.”
Wallace added, “Our competitors offer $0 commissions but that wasn’t good enough for us. Why would anyone settle for $0 commissions when they can also get paid to trade at SogoTrade?”
Since 1986, SogoTrade has offered an array of products, maintained a high level of quick response to customers, and has a renewed commitment to both foreign and domestic customers with revenue sharing opportunities.
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