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 Lightspeed Trading, 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 Lightspeed Trading for placing regular stock trades ($5.00 and $4.50, respectively). With options, the base fees charged are $5 (ChoiceTrade) and $0 (Lightspeed Trading). Each contract then costs $0.60 at Lightspeed Trading and $0.50 at ChoiceTrade for a difference in price of $0.10 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. 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 offers its clients access to 500 different mutual funds while Lightspeed Trading has 0 available funds, a difference of 500.00. Commission free ETFs also should not be forgotten, which in this case means trading a possible 0 funds at both brokers.
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 alongside Lightspeed Trading have virtual trading. Taking a look at mobile trading, Neither ChoiceTrade nor Lightspeed Trading supports 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 trading on the go, Both ChoiceTrade and Lightspeed Trading found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading in 2014.
Overall, Lightspeed Trading takes the upper hand with 2.50 stars over ChoiceTrade's 2.00 stars.