ChoiceTrade Review – The Right Option Broker

By | June 23, 2021

About ChoiceTrade Review: In this review, we have provided some detailed information about Choice Trade stockbroker. How to open an account, fees charged, product availability, and many more related topics are covered under this review.

What is Choice Trade?

ChoiceTrade Review

ChoiceTrade is a US-based stockbroker founded back in 2000. The broker is regulated by FINRA & SEC. It is also a member of the SIPC protection scheme.

Country of regulationUSA
Trading fees classLow
Inactivity fee chargedYes
Withdrawal fee amount$5
Minimum deposit$100
Time to open an account1-3 days
Deposit with bank cardNot available
Depositing with an electronic walletNot available
Number of base currencies supported1
Demo account providedYes
Products offeredStock, ETF, Options

Account Opening

The account opening process of ChoiceTrade is quite simple. It has a user-friendly interface. 

What is the minimum deposit at ChoiceTrade?

The required minimum deposit is $100 for a cash account & $2,000 for marginal accounts.

Choice Trade Account Types

Account TypeDescription
Individual AccountThe account is owned and used by a single individual.
Joint AccountThe account is owned and used by two or more individuals.
Custodial AccountAccount for minor clients. Only available to US clients.
IRA AccountIndividual retirement account. Only available to US clients.
Specialty/Corporate AccountAccount is owned and used by a legal entity.

ChoiceTrade Fees

It charges low trading fees, whereas you can trade stocks and ETFs with zero commission. On the negative side, it charges high nontrading fees.  

ChoiceTrade fee snapshot

US stockStocks above $1 have no commission, US stocks below $1 cost $12 per trade, foreign stocks cost $25 per trade.
EURUSDNot available
Mutual fundNot 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 transfers. At the same time, US clients can also use check and account transfers for fund deposits.

On the other hand, withdrawal at ChoiceTrade is quite complicated, and they charge a high fee on withdrawal. The withdrawal fee is somewhat like this:

  • The domestic outgoing wire fee is $35
  • The international outgoing wire fee is $60
  • The 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. 

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ChoiceTrade Trading Platform:

ChoiceTrade Trading Platform

ChoiceTrade offers 3 types of trading platforms: web trading, mobile trading, and desktop trading. It provides a good charting tool and fee report. But it lacks modern design and has a poor search function. 

ChoiceTrade trading platform

Web platform Elite TraderDirect Pro TraderQuoteStream Trader
Monthly priceFree$29.95$135$14.95 for the standard version
Web tradingYesYesYYes
Mobile tradingYesYYesOnly in the pro version
Desktop tradingNoYesYesY

ChoiceTrade’s mobile trading platform is better than the web platform. All the platforms provide one-step login, and you also can’t set the alert notification on 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


ChoiceTrade Review

 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 important to note that SIPC does not protect all investments. Usually, its covers bonds, certificates, mutual funds, stocks & registered securities.

Customer Service 

ChoiceTrade Customer Service

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. They are open Monday to Friday from 9 A.M to 5 P.M


The ChoiceTrade customer service is available from 9 am to 5 pm Monday to FridayHigh non-trading fees
User-friendly mobile trading platformNot user-friendly withdrawal
No deposit feeWithdrawal is excessively complicated
Good variety of order typesDesign is very outdated
Demo accountNo live chat

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The Verdict 

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. It has a limited product portfolio covered US stocks, CFDs a7 cryptocurrency. Also, tools are for beginners only.

As the account opening process is seamless and ChoiceTrade offers commission-free stock and ETF trades, you should feel free to try it.


What is ChoiceTrade?

ChoiceTrade is a US-based stockbroker founded back in 2000. The broker is regulated by FINRA & SEC. It is also a member of the SIPC protection scheme.

What is the minimum deposit at ChoiceTrade?

The required minimum deposit is $100 for a cash account & $2,000 for marginal accounts.

What is the difference between Rates and % Change in the Values menu option?

The Values menu option allows you to see exchange rate trends, either as absolute exchange rates or relative change over time.

  • The Rates option displays the actual exchange rate for a particular date.
  • The % Change option displays the percent gain or loss in the currency value you want (the quote currency) against the cash you have (the base currency) since starting the date range you are viewing.

ChoiceTrade Review




Account Types


Trading Platform



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