ChoiceTrade review

What investments does ChoiceTrade offer?

Though ChoiceTrade targets professional and active traders, it doesn’t offer a high variety of financial instruments to invest in. More experienced traders may be turned off by the lack of mutual funds, bonds, cryptocurrencies and futures on the app.

Who is ChoiceTrade best for?

ChoiceTrade is best for active and professional traders — preferably investors with accounts of $30,000 or more. With an account of $30,000 or more, you get the $29.95 monthly fee waived for the ChoiceTrade Elite platform.

Pros and cons

ChoiceTrade can be a valuable broker for the right trader, but paying the platform fees may not be worth it for everyone.

Fees and costs

Brokers that offer fast execution for professional traders are often more expensive than platforms like Robinhood that are designed for beginners. That’s because exchanges charge fees to brokers, which are then passed on to traders. Platforms like SoFi and Robinhood sell clients’ orders in bulk to market makers and offset these fees, which is why these platforms are often cheaper for their clients. But the trade-off is, your orders will often be executed at a poor price.

Similar to SoFi and Robinhood, ChoiceTrade offers $0 commissions for most stocks and ETFs. But unlike the first two, ChoiceTrade charges fees for its platforms to offset the exchange costs and earn a profit.

Service	Fees
Stocks and ETFs executed on the NYSE, NYSE American and Nasdaq exchanges	$0 commission per trade with $100 minimum account balance for stocks and ETFs priced at $1 or more per share $0.005 per share for pre-market and after-hours trades Stocks and ETFs trading below $1 cost $12 plus applicable surcharges
Stocks traded through tZERO ATS	2% of trade value or $25 minimum
Other US stocks up to 10,000 shares per trade	$0.0007 per share over 10,000 $100 minimum balance required for OTC stocks
Options	$0 per trade + $2 per contract with maximum $25 per trade: Maximum 250 contracts per leg Maximum 4 legs per trade $5 exercise and assignment fee
Monthly platform fees	Quotestream — $14.95 a month Pro — $24.95 a month ChoiceTrade Elite — $29.95 a month Waived for accounts of $30,000+ Direct Pro — $135 a month
Nasdaq Level 2	$15 or $25 a month — depends on platform
Monthly maintenance fee	$0 for US accounts $10 for non-US accounts
Wire transfer fees	$0 incoming domestic and foreign $35 outgoing domestic $60 outgoing foreign
Outgoing ACH fee	$5 domestic only — limit 3 per month
Broker-assist surcharge	$30 per trade
Automated Customer Account Transfer Service — transferring stocks and other securities from one account to another	$0 incoming ACAT $75 outgoing ACAT ($35 if rejected by receiving broker) $35 partial ACAT
Monthly Statement	$10 paper statement $0 electronic statement
Archived statement fee	$10
Confirmation	$1 per trade Minimum $5 fee monthly for paper confirmation $0 electronic confirmation
Individual foreign account setup fee	$25 — one-time fee
Entity foreign account setup fee	$100 — one-time fee
Forced margin/other sellout	$55 other relevant fees still apply
Mandatory corporate action	$35
Voluntary corporate action	$50
Accounts that close without trading	$25
Account reactivation	$25
Inactivity fee Individual and joint accounts	$40 quarterly Fee is waived if you make 5 or more trades within the calendar quarter
Inactivity fee Entity accounts	$50 monthly Fee is waived if you make 5 or more trades within the month
Returned mail	$10
Returned funding (wires, ACH’s, etc.)	$40
Foreign entity annual review fee	$200
Worthless security write-off fee	$12 per stock
OTC stock carrying fee	$50 per stock monthly Applies to OTC stock positions of 100,000 shares or more. $10 per stock monthly Applies to OTC stock positions of less than 100,000 shares.

How do I sign up?

Sign up for ChoiceTrade in five steps:

1. Go to ChoiceTrade’s site and select Open Account at the top right.
2. Select your account type — individual, joint, custodial, IRA or speciality account.
3. Enter your email address and password.
4. Complete the steps with your personal information, financial details and trading experience.
5. Review and submit your application.

Research tools

All ChoiceTrade platforms come with advanced charting tools to help you predict prices, with additional analysis options depending on the features you subscribe to:

• Level 2 market data. See where the bulk of orders are positioned for an indication of where the price may go next.
• Insider activity insights. Learn who’s buying or selling stock within a company you choose.

Is ChoiceTrade legit?

Yes. ChoiceTrade is an online broker and dealer with the US Securities and Exchange Commission (SEC) and is a member of the Securities Investor Protection Corporation (SIPC) and the Financial Industry Regulatory Authority (FINRA) under the CRD No. 104021.

ChoiceTrade was founded in 2000 and is headquartered in New Jersey.

ChoiceTrade reviews and complaints

ChoiceTrade isn’t as popular as Webull or Robinhood, which might explain the limited customer reviews online. Customers on Trustpilot tend to praise ChoiceTrade’s customer service, but some complain about hidden fees, including the $40 inactivity fee charged each quarter and the OTC monthly carrying fee.

ChoiceTrade isn’t accredited by the Better Business Bureau (BBB) as of February 2022, and no customers have registered complaints through the site. It earns an A+ based on the BBB’s internal criteria designed to indicate how a company is likely to interact with its customers.

BBB rating	A+
BBB accredited	No
BBB customer rating	N/A
Trustpilot score	4.6/5 out of 57 customer reviews
Google Play app	3.8/5 stars based on 6 reviews
Apple app store	5/5 stars based on 2 reviews
Customer reviews verified as of	February 2022

ChoiceTrade customer support

Get help from a representative in three ways:

• Phone. Call 787-773-1848 on weekdays from 9 a.m. to 5 p.m. ET.
• Email. Send a message to service@choicetrade.com.
• Secure online form. Reach out through the site’s Contact Us page.

Compare Choicetrade to other platforms

Bottom line

ChoiceTrade is a decent broker with low commissions on US-based stocks, ETFs and options. It is worth considering for the advanced trader who knows technical analysis. If you’re a beginner or want to trade cryptocurrencies, compare other brokers with lower fees and more.

ChoiceTrade is not currently available on Finder

Have you considered Tastytrade?

Competitive, capped options commissions, with a reliable trading platform designed for serious traders.

• Trade options, futures, options on futures, stocks, ETFs
• $0 commission to close options
• Pro-grade platform and risk analysis tools

Learn more

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