Comparing brokers side by side is no easy task. For our annual broker review, we assess over a dozen brokers on hundreds of different variables to find the best online broker. Yielding a database of over 4,000 data points, let's compare ChoiceTrade vs Firstrade.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. ChoiceTrade and Firstrade both cost $0 per trade. For options trading, both ChoiceTrade and Firstrade charge the same base fee of $0. Option contracts are pricier at ChoiceTrade, costing $0.40 versus $0 at Firstrade. It's important to note that not all brokers charge a flat fee per trade. Thus, it is important to read the full commission notes for each broker, which we include with each online broker review.
Next to commission rates, being able to trade what you want is important. ChoiceTrade provides its clients with Stock Trading and Options Trading while Firstrade provides clients access to Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, Firstrade offers its clients access to 12603 different mutual funds while ChoiceTrade has 0 available funds, a difference of 12,603.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. ChoiceTrade offers virtual trading while Firstrade does not. Taking a look at mobile trading, ChoiceTrade offer clients access to an iPhone App and Android App while Firstrade has an iPhone App, iPad App and Android App. 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 available to clients of Firstrade while ChoiceTrade offers customers none of these.
Overall, between ChoiceTrade and Firstrade, Firstrade is the winner.