Comparing brokers side by side is no easy task. For our 2017 Broker Review
, we assessed 16 brokers on 308 different variables. Yielding a database of over 5,000 data points, let's compare ChoiceTrade vs Lightspeed Trading.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. ChoiceTrade charges $5.00 per stock trade which is $0.50 more than Lightspeed Trading which charges customers $4.50 per trade. Looking at trading options, Lightspeed Trading's base fee is $0 while ChoiceTrade's is $5. Each option contract then costs $0.60 at Lightspeed Trading and $0.50 at ChoiceTrade. 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. Lightspeed Trading supports Stock Trading, Options Trading and Futures Trading while ChoiceTrade supports Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, ChoiceTrade boasts an offering of 500 mutual funds compared to Lightspeed Trading's 0 available funds. Commission free ETFs can also be valuable for customers, which for investors means access to 0 commission free ETFs at both brokers.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Both ChoiceTrade and Lightspeed Trading offer virtual trading. Taking a look at mobile trading, ChoiceTrade and Lightspeed Trading both do not offer the 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. Banking is not popular with ChoiceTrade and Lightspeed Trading as Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are all unavailable. On the whole, when it comes to tools, research, and mobile trading, unfortunately, neither ChoiceTrade nor Lightspeed Trading received awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, Lightspeed Trading comes out on top with 2.50 stars over ChoiceTrade's 2.00 stars.