Published by Blain Reinkensmeyer
On Thursday, December 31st, 2015
While ChoiceTrade does offer discounted trades, the broker charges clients for numerous platform features that could otherwise be free and lacks strong research capabilities.
No surcharges for trading penny stocks; comprehensive trade ticket is site-wide for easy order entry.
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 includes a variety of information for researching and finding a brokerage to suit your needs. We have detailed commissions & fees data, an extensive features checklist, and other important broker information available. Our team encourages all investors to compare ChoiceTrade with their competitors to find out how they stack up.
Please Note: Our annual review requires the online brokers to actively participate due to the extensive amount of testing, data, and research that takes place over the course of six months. Since ChoiceTrade elected not to be included in our 2015 Online Broker Review, ChoiceTrade does not have star ratings or rankings.
Blain has been involved in the markets for over 13 years, heading StockBrokers.com equity broker research and reviews. His personal blog, StockTrader.com, provides to-the-point daily market recaps to over 17,000 subscribers.
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.
All pricing data was obtained from a published web site as of 5/01/2015 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.