Choicetrade.com Review Is Choice Trade Legit Or Scam

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Find the low cost Online Stock Broker

Test drive our online stock trading platform for free. You get $100,000 in virtual funds in your demo account. Not real money. Sorry.

Award Winning

ChoiceTrade has consistently ranked high in the annual Barron’s surveys as one of the best online brokers for stocks and internet options trading.

Power Tools for Active Traders

Beyond our online trading platform, ChoiceTrader Direct Pro offers streaming quotes, dynamic charts and more, in your browser or desktop.

Trade from Anywhere

Can’t get to your computer for online stock and option trading? Use your phone or tablet to trade stocks and options at m.choicetrade.com.

ChoiceTrade is rated

The Online Broker for Stocks and Options

ChoiceTrade has consistently ranked high in the annual Barron’s surveys as one of the best online brokers for stocks and options trading.

Beyond our online trading platform, ChoiceTrader Direct Pro offers streaming quotes, dynamic charts and more, in your browser or desktop.

Can’t get to your computer for online stock and option trading? Use your phone or tablet to trade stocks and options at m.choicetrade.com.

Copyright © 2000-2020 ChoiceTrade. All rights reserved. Member FINRA and SIPC

Accounts

Copyright © 2000- ChoiceTrade. All rights reserved. System response, access times and reporting times may vary due to market conditions, system performance, trading volumes, and other factors. Securities products and services offered through ChoiceTrade, Member SIPC.

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Choicetrade.com Review: Is Choice Trade Legit Or Scam?

Choice Trade Review: this is the name of an option broker whose location is not disclosed on the website. Is choicetrade.com a scam broker or a legit one?

The broker was established in 2000 but we find that despite the fact of its long existence, it is not popular. This is a turn-off as it means they do not have a large customer base that may be because they do not perform well for traders.

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Nothing is said about license and regulation. We find this as a red flag because trading with unlicensed companies is dangerous. They are not under any commission and are therefore not mandated to act in accordance with any trading rules.

It claims to be offering traders a low cost trade that is operated online. Their demo account comes with a virtual fund of $100,000. They claim to be recipients of many awards offering powerful tools to traders.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Choice Trade Trading Platform

What we find is that the Choice Trade broker offers a web-based trading platform. Since this is not the popular MetaTrader platform, we do not find it encouraging. The popular MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are not listed but we found mention of stocks and ETFs. We find that it does not offer crypto option to clients. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverages offered is not mentioned on the page and this is important. Some may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are not mentioned which we find discouraging.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Choice Trade

The means of making payments and withdrawals are not stated also. We find that of e-Wallets are likely to be missing, which is discouraging.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is $10 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Choice Trade Licensed?

We do not find a mention of a license or a regulation. It however claims to be a member of FINRA and SIPC but we do not find a worthy mention of a top Forex commission. Traders are warned to avoid trading with unlicensed brokers.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To make inquiries from the broker call: (787) 773 1848 or send an email to [email protected]

Conclusion

Since we do not find a worthy license for the Choice Trade broker, we find it hard to recommend this broker for traders. What is more, many details are not provided on the page and this is not encouraging.

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ChoiceTrade Review – How Does This Broker Stack Up?

ChoiceTrade Review
  • Commission Structure

Summary

Through our ChoiceTrade review, we’ve determined that although at first glance, the commission sturture seems very attractive, you ultimately pay for it in software fees. The most active traders, however, will still hugely benefit from the commission structure.

About ChoiceTrade

Founded in 2000, ChoiceTrade has been trying to attract frequent traders for several years. Armed with investing software and ultra-low commissions, the brokerage firm is an enticing prospect. Although it isn’t one of the big players in the industry, it’s definitely worth taking a look at. In this ChoiceTrade review, we will attempt to quantify it’s value for various types of traders.

Pricing

Commissions

Pricing is one of the main areas where ChoiceTrade shines.

ChoiceTrade has always had favorable pricing and they improved their rates again in October of 2020.

ChoiceTrade clients have access to zero-commission trading on NYSE, Nasdaq, an AMEX stocks trading over $1 per share. This free trading is available for ETFs as well. Like most brokers who made the shift to free trading, ChoiceTrade has some stipulations, but overall this is a great deal for equities traders. Commission details can be found on ChoiceTrade’s website.

Options

As of October 2020, ChoiceTrade offers options trading at $0.40 per contract. There is no per-trade base fee and options commissions are capped at $50/month. This is particularly enticing for active options trades because it essentially means they can trade as many contracts as they’d like for a flat fee of $50 per month.

The savings on options commissions can quickly add up, especially when compared to popular brokerages like ETrade and TD Ameritrade.

Account Requirements

ChoiceTrade has a $100 account minimum. Foreign accounts are accepted but will incur a $5 monthly maintenance fee.

Software Fees

There are five platforms available at ChoiceTrade, three of which come with fees. The cheapest is $14.95 per month, while the most expensive is $135.

Trading Platforms

Website

I was excited to receive a free trial of ChoiceTrade’s website platform. After getting inside, I was surprised how simple it was. Option chains are not laid out well, for example.

Charting on a stock’s profile page does not offer comparisons, technical studies, company events, or drawing tools. There is a Java version, but I was not able to get it to function in any browser.

After entering a ticker symbol in the ‘Start’ box in the upper-left of the screen, an information section will display a chart icon. Clicking on this does produce a small graph where some technical studies and comparisons can be made.

One feature that I did like was Power Basket. Here I was able to enter orders for multiple stocks, line by line. For example, I could enter ‘Buy 5 GOOG @ Market DAY’ and similar lines of text to create multiple trades for different stocks at the same time. The trades are saved in a different section, and I had to go there to submit the orders, a slight nuisance.

ChoiceTrade Elite

ChoiceTrade Elite is a web-based platform that has some more advanced features you won’t find in ChoiceTrade’s standard web-based platform. The platform has a monthly cost of $29.95, but traders can sign up for a free 14-day trial to test the functionality before committing to the subscription cost.

This platform is certainly an improvement over the standard web platform. You’ll find most basic features you’d expect, such as watch lists, news, and portfolio management. I liked how you could select a “Chart View” on the watch lists to get a snapshot of all the charts.

The platform also has some advanced features that may justify the price tag for some traders. ChoiceTrade Elite has built-in scanners, data visualization tools, and advanced charting options.

The fundamental data visualization tools are a great feature that you won’t find in every platform. This tab makes it easy to get a quick overview of how a company is performing.

The platform also features some advanced tools for options traders.

Overall, ChoiceTrade Elite is a major upgrade to the standard web-based platform. The platform is easy-to-use and packs some powerful features.

Mobile

ChoiceTrade’s mobile app was built for simplicity. You can access most basic features like charts, watch lists, options chains, and account management. The app is useful for monitoring your positions and watch lists on the go, but doesn’t provide a full, standalone trading experience. That said, active traders generally require a more robust desktop app to achieve optimal results so we rarely recommend trading from a mobile app. It appears as if ChoiceTrade is continuing to develop and expand their mobile offerings, and the app has come a long way over the years.

QuoteStream

QuoteStream comes in regular and professional versions. The pro edition has real-time alerts and a mobile app, which the regular platform doesn’t offer. Both platforms come with headline news, advanced charts, heat maps, and streaming quotes from major exchanges. OTC quotes, data from CME, and Level II information all cost extra.

Direct Pro

Traders who need direct-access routing can use Direct Pro, which is available as a desktop program. I thought it was much better than the broker’s website. Direct Pro comes with real-time Level II quotes (at $20 per month) and ECN books. Also useful are time and sales windows. News headlines and real-time alerts are available but news traders may prefer a standalone service like Benzinga Pro or a stock recommendation service like Motley Fool.

The platform can trade option strategies as well.

The worst thing about Direct Pro is the fact that the broker’s $0 commission schedule can’t be used with the platform. Stock trades on Direct Pro cost 0.25¢ per share with a $5 minimum.

A chart can be shown as a small window within the platform, or it can be expanded to fill the monitor. Although there are technical studies, I was dissatisfied with how they could be displayed. For example, indicators that normally are shown below a graph, such as MACD, would display on top of a graph. I could not figure out a solution to this problem. On the flip side, colors are customizable.

Customer Service

ChoiceTrade clients might be able to reach a company associate during the week from 9:00 am to 5:00 pm, EST. The company can also be reached by email for less time-sensitive support issues.

Executions and Routes

It’s possible to select the destination of your order at ChoiceTrade. The broker offers ARCA, TRAC, INET, and several other venues.

Shorting Stocks

ChoiceTrade permits short equity positions in a margin account. Initial margin is the greater of 50% of the sale price or $5. Maintenance margin for securities above $5 is 30% or $5. For stocks below $5, it is 100%. Stocks under $2.50 cannot be shorted at ChoiceTrade.

Type of Trader ChoiceTrade is Best For

Because ChoiceTrade charges a monthly fee for some accounts, the broker isn’t ideal for inactive buy-and-hold investors. On the other hand, the broker’s $0 stock commission is ideal for traders who place a lot of trades every month using market or limit day orders.

  • Very appealing commission schedule.
  • A wide selection of trading software.
  • ChoiceTrade allows free trials of some of its platforms, so you can take them for a test drive before committing any money.

…and Cons

  • Using a live broker over the phone to complete a trade is an extra $30.
  • The broker’s best platform right now, Direct Pro, can’t be used with the $0 commission schedule.

Judgment

ChoiceTrade offers bargain-basement trading with low monthly account fees that will rival low-cost firms like Robinhood and Firstrade. Its trading tools may not be ideal for highly active traders, but the company seems to be dedicating time and resources to improving these offerings.

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