Using data from the StockBrokers.com 2017 Broker Review which tested 16 different online brokers
over six months, we can compare ChoiceTrade vs Robinhood 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 per stock trade which is $5 more than Robinhood which charges customers $0 per trade. With options, the base fees charged are $5 (ChoiceTrade) and $N/A (Robinhood). Option contracts are pricier at Robinhood, costing $N/A versus $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. Robinhood offers clients Stock Trading while ChoiceTrade offers Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Robinhood trails ChoiceTrade by 500 total mutual funds, with ChoiceTrade offering 500 and Robinhood offering 0. And, commission free ETFs deserve a comparison, which in this case means trading a possible 0 commission free ETFs at both brokers.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. ChoiceTrade offers virtual trading while Robinhood does not. For mobile trading, Robinhood supports the iPhone App, iPad App and Android App while ChoiceTrade supports the none of these. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Neither ChoiceTrade nor Robinhood offers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans. All factors considered, when it comes to platform tools, research, and mobile trading, both ChoiceTrade and Robinhood found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading in 2017.
Overall, Robinhood comes out on top with 2.50 stars over ChoiceTrade's 2.00 stars.