ChoiceTrade - New Account Offer

ChoiceTrade

ChoiceTrade Review

  • 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.

  • Bottom Line

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

  • Ideal Client

    Investors looking to sacrifice a quality user experience in exchange for discounted trades.

Overall N/A
Commissions & Fees N/A
Customer Service N/A
Platform & Tools N/A
Research N/A
Ease of Use N/A
Investment Offering N/A
Education N/A
Mobile Trading N/A

2013 Review Star Ratings
N/A - Not Applicable

Compare ChoiceTrade to Key Competitors

OptionsHouse
Zecco
MB Trading
TradeKing
Lightspeed Trading
Interactive Brokers
Blain Reinkensmeyer

Reviewed by Blain Reinkensmeyer

Blain has been involved in the markets for over 10 years, heading StockBrokers.com equity broker research and reviews. His personal blog, StockTradingToGo.com, provides to-the-point daily market recaps to over 15,000 subscribers.

Trade Commissions Breakdown

$5.00 Flat-Fee Trade Plan*
N/A Per-Share Trade Plan
$5.00 Options Base Trade Fee*
$0.15 Options Contract*
N/A Options Exercise Fee
N/A Options Assignment Fee
$25.00 Mutual Fund Trade Fee
$25.00 Broker Assisted Trade Fee
$0.00 Minimum Deposit

Miscellaneous Fees

N/A Bond Trade Fee
N/A Treasury Trade Fee
N/A Certificate of Deposit (CD) Trade Fee
N/A Interactive Voice Response (IVR) Phone 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 Transfer 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 Outgoing Domestic Wire Transfer Fee
N/A Outgoing International Wire Transfer Fee

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.

ChoiceTrade was reviewed by Blain Reinkensmeyer on 2013-02-19.

Misc. Account Information

Clearing Firm
N/A No. of Commission-Free ETFs
N/A No. of Retail Locations
N/A No. of Mutual Funds (w/ Load)
N/A No. of Mutual Funds (No Load)
N/A No. of 3rd Party Research Report Providers
N/A Max. No. of Legs (Complex Options)

Account Features

Check Virtual Trading
Check No Minimum Deposit
Check No Maintenance Fees
No-Fee IRAs
Check Online Trader Community
Check Investment Education
Live Seminars

Mobile Trading

Check iPhone App
iPad App
Check BlackBerry App
Android App
Mobile Site

Customer Service

Check Phone Support
Check Email Support
Check Live Chat Support
Retail Locations
24/7 Customer Support

Trade Types

Check Stock Trading
Check Options Trading
Check Mutual Funds
Check FOREX Trading
Futures Trading

Recommended For

Discounted Trading
Long Term Trading
Check Options Trading
Active Trading
International Trading

Banking Features

Checking Accounts
Savings Accounts
Credit Card Accounts
Debit Card Accounts
Mortgage Loans

Trading Platform Features

Web Browser Platform
Windows Desktop Platform
Mac Desktop Platform
Platform Backtesting

Active Trading Features

Direct routing offered to clients
Broker receives payments for order flow
Broker internalizes trades
Clients receive rebates for adding liquidity

reviewpage-asterik-ps.gif