Comparing brokers side by side is no easy task. For our 2017 Broker Review
, we factored in 308 different variables to assess 16 different brokers. So when taking a look at ChoiceTrade vs E*TRADE, there is a huge database of information available to us.
To start this comparison, first we will take a look at the broker commission rates for placing regular stock and options trades. E*TRADE charges more than ChoiceTrade for placing regular stock trades ($6.95 and $5.00, respectively). Looking at trading options, ChoiceTrade's base fee is $5.00 while E*TRADE's is $6.95. At a difference of $0.25 per contract, ChoiceTrade's per contract rate of $0.50 is less than E*TRADE which charges $0.75. Not all brokers charge a flat rate fee per trade though, so it is important to read the full commission notes to know the complete breakdown (go to any online broker review
page, then scroll to the "Commissions Notes" section).
Next to commission rates, being able to trade the instrument you want is important. E*TRADE supports Stock Trading, Options Trading, Mutual Funds and Futures Trading while ChoiceTrade supports Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, ChoiceTrade trails E*TRADE by 8,152.00 total funds, with E*TRADE offering 8652 and ChoiceTrade offering 500. Commission free ETFs also should not be forgotten, E*TRADE offers 133 versus ChoiceTrade's total of 0.
Lastly, taking a look at popular features and functionality, we can go a bit deeper to really break down the difference of both brokers. ChoiceTrade offers virtual trading while E*TRADE does not. Taking a look at mobile trading, E*TRADE gives clients access to an iPhone App, iPad App and Android App while ChoiceTrade has an none of these. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Checking Accounts and Debit Cards are offered by E*TRADE while ChoiceTrade offers none of these. On the whole, when it comes to tools, research, and trading on the go, E*TRADE was rated for Best in Class - Research and Best in Class - Mobile Trading in 2014, while ChoiceTrade was rated for none of these.
Overall, E*TRADE comes out on top with 4.00 stars over ChoiceTrade's 2.00 stars.