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 Firstrade, 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. ChoiceTrade charges more than Firstrade for placing regular stock trades ($5.00 and $4.95, respectively). For options trading, ChoiceTrade has a base fee of $5.00, and Firstrade a base fee of $4.95. Each contract then costs $0.65 at Firstrade and $0.50 at ChoiceTrade for a difference in price of $0.15 per contract. 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. ChoiceTrade and Firstrade provide clients with Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, Firstrade offers its clients access to 12191 different mutual funds while ChoiceTrade has 500 available funds, a difference of 11,691.00. Commission free ETFs also should not be forgotten, Firstrade offers 12 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 makes virtual trading available to clients, while Firstrade does not. Taking a look at mobile trading, Firstrade offers the iPhone App and Android App while ChoiceTrade offers the 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 Firstrade while ChoiceTrade offers none of these. On the whole, when it comes to tools, research, and trading on the go, Neither ChoiceTrade nor Firstrade were rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, Firstrade comes out on top with 3.50 stars over ChoiceTrade's 2.00 stars.