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Broker Reviews


ChoiceTrade

Published by
On Tuesday, April 15th, 2014 .

Overview

While ChoiceTrade does offer discounted trades, the broker charges clients for numerous platform features that could otherwise be free and lacks strong research capabilities.

Dislikes

Multiple platforms makes for confusing overall offering; real-time streaming quotes are not free; research tools are very basic; pricey fees for option exercising and assignments.

Our ChoiceTrade review provides trade platform screenshots, detailed commissions information, and online broker ratings.

Please note - ChoiceTrade chose not to be included in our 2014 Online Broker Review and thus does not have any star ratings.


Blain Reinkensmeyer

Reviewed by

Blain has been involved in the markets for over 12 years, heading StockBrokers.com equity broker research and reviews. His personal blog, StockTradingToGo.com, provides to-the-point daily market recaps to over 17,000 subscribers.

Commission Notes

ChoiceTrade offers clients a variety of market data options which change in price depending on which platform or addon is being used. The web based platform (default) is free, with the QuoteStream addon (streaming real-time quotes) available starting at  $9.95 per month. The other two platforms include ChoiceTrade Direct Pro and ChoiceTrader Select with eSignal. Data packages for these two platforms start at $49.95 and $126 per month, respectively. Further additional data feeds can be purchased such as Level 2 quotes and Pink Sheet advanced quotes for additional fees.

Stock Trades - All stock trades are $5 per trade with unlimited shares and no minimums. Any trade made during extended hours add $.005 per share. There is no additional charge for trading penny stocks (stocks under $1 per share) unless order size is more than 500,000 shares then add 1% of order dollar value.

Options Trades - Options trades are $5 per trade + $.15 per contract with no minimums. There is a $5 fee to exercise or assign an option position.

Mutual Funds - All mutual funds cost $25.00 per trade. Additional fees may apply depending on the fund.

Retirement Accounts - ChoiceTrade charges an annual fee of $30 for IRA accounts.

Trade Commissions Breakdown

$5.00 Stock Trade Fee*
$5.00 Options Base Fee*
$0.15 Options Per Contract Fee*
N/A Options Exercise Fee
N/A Options Assignment Fee
$25.00 Mutual Fund Trade Fee
$25.00 Broker Assisted Trades Fee
$0.00 Minimum Deposit

Margin Rates

-1.00% Under $24,999.99
-1.00% $25,000.00 to 49,999.99
-1.00% $50,000.00 to $99,999.99
-1.00% $100,000.00 to $249,999.99
-1.00% $250,000.00 to $499,999.99
-1.00% $500,000.00 to $999,999.99
-1.00% Above $1,000,000.00

Miscellaneous Fees

N/A Bond Trade Fee
N/A Treasury Trade Fee
$0.00 CD Trade Fee
N/A IVR Trade Fee
N/A IRA Annual Fee
N/A IRA Closure FEe
N/A Forced Margin Sellout Fee
N/A Returned ACH Fee
N/A Returned Wire Fee
N/A Stock Certificate Processing Fee
N/A Stock Certificate Delivery Fee
N/A Paper Statement Fee
N/A Paper Confirmation Fee
N/A Domestic Wire Fee
N/A International Wire Fee

Broker Ratings

Commissions & Fees
Ease of Use
Overall
Research
Platforms & Tools
Customer Service
Mobile Trading
Offering of Investments
Education
Overall

Broker Awards

Misc. Account Information

-1 Clearing Firm
-1 Commission Free ETFs
-1 Retail Locations
-1 Mutual Funds (Load)
-1 Mutual Funds (No Load)
-1 3rd Party Research Reports
-1 Complex Options Max Legs

Account Features

Yes Virtual Trading
Yes No Minimum Deposit
Yes No Maintenance Fees
No Fee IRAs
Yes Investor Community
Live Seminars

Mobile Trading

Yes iPhone App
iPad App
Android App
Mobile Site

Customer Service

Yes Phone Support
Yes Email Support
Yes Live Chat
Retail Locations
24/7 Support

Trade Types

Yes Stock Trading
Yes Options Trading
Yes Mutual Funds
Yes Forex Trading
Futures Trading

Recommended For

Best in Class Options Tading
Best in Class Active Trading
Internalizes Trades

Banking Features

Checking Accounts
Savings Accounts
Credit Cards
Debit Cards
Mortgage Loans

Trading Platform Features

Web Platform
Desktop Platform
Mac Platform
Platform Backtesting

Active Trading Features

Direct Routing (Stocks)
Receives Payment for Order Flow
Internalizes Trades
Client Liquidity Rebates

Compare ChoiceTrade:



All pricing data was obtained from a published web site as of 04/07/2014 and is believed to be accurate, but is not guaranteed. The StockBrokers.com staff is constantly working with its online broker representatives to obtain the latest pricing data. If you believe any data listed above is inaccurate, please contact us using the link at the top of this page. * For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.