About ChoiceTrade Review: In this review we have provided some detailed information about Choice Trade stock broker. How to open an account, fees charged, product availability and many more related topics are covered under this review.
What is Choice Trade?
ChoiceTrade is a US based stock broker, founded back in 2000. The broker is regulated by FINRA & SEC. It is also a member of the SIPC protection scheme.
|🗺️ Country of regulation||USA|
|💰 Trading fees class||Low|
|💰 Inactivity fee charged||Yes|
|💰 Withdrawal fee amount||$5|
|💰 Minimum deposit||$100|
|🕖 Time to open an account||1-3 days|
|💳 Deposit with bank card||Not available|
|👛 Depositing with electronic wallet||Not available|
|💱 Number of base currencies supported||1|
|🎮 Demo account provided||Yes|
|🛍️ Products offered||Stock, ETF, Options|
Account opening process of ChoiceTrade is quite simple and straightforward. It has a user friendly interface.
What is the minimum deposit at ChoiceTrade?
The required minimum deposit for cash accounts is low, $100. The broker requires a minimum deposit of $2,000 for margin accounts.
Choice Trade Account Types
|Individual Account||Account is owned and used by a single individual.|
|Joint Account||Account is owned and used by two or more individuals.|
|Custodial Account||Account for minor clients. Only available to US clients.|
|IRA Account||Individual retirement account. Only available to US clients.|
|Specialty/Corporate Account||Account is owned and used by a legal entity.|
It charges low trading fees, whereas you can trade stocks and ETFs with zero commission. On the negative side, it charges high non trading fees.
ChoiceTrade fee snapshot
|US stock||Stocks above $1 have no commission, US stocks below $1 cost $12 per trade, foreign stocks cost $25 per trade|
|Mutual fund||Not available|
|Inactivity fee||$40 per quarter if less than 5 trades in the previous quarter for individual accounts, $50 per month for corporate accounts if less than 5 trades|
- ChoiceTrade charges 6.3% of margin rates for stocks.
- An inactivity fee of $40 per quarter is levied on individual accounts if less than 5 trades are executed in the previous quarter.
- The inactivity fee for corporate accounts is a hefty $50 per month but the fee is waived if at least 5 trades are performed within the month.
Deposit and Withdrawal
Deposit at ChoiceTrade is trouble free. It charges no deposit fees. International clients can only use bank transfer. Whereas, US clients can also use check and account transfer for fund deposit.
On the other hand, withdrawal at ChoiceTrade is quite complicated and they charge a high fee on withdrawal. Withdrawal fee is somewhat like this:
- Domestic outgoing wire fee is $35
- International outgoing wire fee is $60
- Domestic ACH fee is $5 (limit: 3/month)
Apart from high fees, the withdrawal process is not so fully digital. You have to contact customer support to initiate the withdrawal process. Again non-US clients can use only bank transfer, while US users can use check and account transfer.
ChoiceTrade Trading Platform:
ChoiceTrade offers 3 types of trading platform: web trading, mobile trading and desktop trading. It provides a good charting tool and fee report. But it lacks modern design and has poor search function.
ChoiceTrade trading platform
|Web platform||Elite Trader||Direct Pro Trader||QuoteStream Trader|
|Monthly price||Free||$29.95||$135||$14.95 for the standard version|
|Mobile trading||Yes||Y||Yes||Only in the pro version|
ChoiceTrade’s mobile trading platform is better than the web platform. All the platforms provide one step login and you also can’t set alert notification in all the platforms.
Products offered by ChoiceTrade
ChoiceTrade only offers trade in stocks and ETFs. It allows only US and Canadian users to trade in options. ChoiceTrade provides access to US and Canadian markets only. You can trade on the following exchanges: NYSE, NYSE American (AMEX) and NASDAQ in the US, as well as TSX and TSX Venture in Canada.
ChoiceTrades’ education tools are average. The content is not updated and is of poor quality. Educational content at elite platforms is of good quality.
At ChoiceTrade you can learn in the following ways:
- Demo account
- Platform tutorial videos
- Quality educational articles
The broker is regulated by FINRA & SEC. It is also a member of the SIPC protection scheme, which protects assets up to $500,000 (cash up to $250,000) per account.
It is worth bearing in mind that not all investments are protected by SIPC. In general, SIPC covers stocks, bonds, Treasury securities, certificates of deposit, mutual funds, money market mutual funds and certain other investments registered as securities.
Choices’ customer service is OK! There is no live chat there. You can only contact them via phone or email which is not available after business hours. The ChoiceTrade customer service is available from 9 am to 5 pm Monday to Friday.
|The ChoiceTrade customer service is available from 9 am to 5 pm Monday to Friday||High non-trading fees|
|User-friendly mobile trading platform||Not user-friendly withdrawal|
|No deposit fee||Withdrawal is excessively complicated|
|Good variety of order types||Design is very outdated|
|Demo account||No live chat|
ChoiceTrade fees are great. You can trade stocks and ETFs listed on major US markets for free. Account opening is easy, fully digital and fast. Customer service responds quickly and gives relevant answers.
ChoiceTrade has some drawbacks though. It is available only for US clients. Its product portfolio is fairly limited, covering only US stocks, ETFs, and a few cryptocurrencies. Lastly, research tools are very basic.
As the account opening process is seamless and ChoiceTrade offers commission-free stock and ETF trades, you should feel free to try it.
How do I open an account with ChoiceTrade?
The fastest and easiest way to open an account with ChoiceTrade is to apply online. You may also request a new account packet by mail or download the forms you need right from our website.
Is my ChoiceTrade account insured?
As a member of the Securities Investor Protection Corporation (SIPC), funds are available to meet customer claims up to a ceiling of $500,000, including a maximum of $250,000 for cash claims. For additional information regarding SIPC coverage, including a brochure, please contact SIPC at (202) 371-8300 or visit www.sipc.org. SIPC insurance does not protect or insure against market loss.
Do you pay interest on credit balances in my account?
Yes. The credit interest rate can change due to market conditions. To get the most up-to-date rate, view our commission schedule or contact them.
Can I trade outside of normal market hours?
Orders sent to EXTENDED HOURS from 8 am to 9:30 am ET and from 4 pm to 8 pm ET will go to an ECN.