Using data from the StockBrokers.com 2017 Broker Review which tested 16 different online brokers
over six months, we can compare ChoiceTrade vs Firstrade to determine which broker is best. Let's dive in.
First, we will break down the commission charges of both brokers for placing stock and options trades. ChoiceTrade charges $5.00 per stock trade which is $0.05 more than Firstrade which charges customers $4.95 per trade. For options trading, ChoiceTrade has a base fee of $5.00, and Firstrade a base fee of $4.95. Each option contract then costs $0.65 at Firstrade and $0.50 at ChoiceTrade. Instead of flat rate fees, several brokers charge a per-share fee instead. For a complete review of trading charges, read our full online broker reviews
Next, investors want to make sure they can trade the investment vehicle they want. Both ChoiceTrade and Firstrade support Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Firstrade boasts an offering of 12191 mutual funds compared to ChoiceTrade's 500 available funds. And, commission free ETFs deserve a comparison, Firstrade offers 12 commission free ETFs versus ChoiceTrade's total of 0.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. ChoiceTrade has virtual trading, Firstrade doesn't. For mobile trading, Firstrade offer clients access to an iPhone App and Android App while ChoiceTrade has an none of these. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Checking Accounts and Debit Cards are available to clients of Firstrade while ChoiceTrade offers customers none of these. All factors considered, when it comes to platform tools, research, and mobile trading, both ChoiceTrade and Firstrade found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading in 2017.
Overall, Firstrade comes out on top with 3.50 stars over ChoiceTrade's 2.00 stars.