is committed to the highest ethical standards and reviews services independently. Advertiser Disclosure

ChoiceTrade Review

The best online brokers 2019 review (9th annual) took six months to complete and produced over 30,000 words of research. Here's how we tested.

Although founded in 2000, ChoiceTrade is a brand few traders have heard of. After examining the web-based offering, it’s clear why the broker has not become a household name.

I first headed to ChoiceTrade’s “About Us” page and was greeted with bland, broad, templated text describing how the broker focuses on technology and powerful solutions for traders. There was no information about the founder or the company itself. Instead, the content includes a stock photo image of a Wall Street sign.

This was just the start, as the deeper I explored ChoiceTrade’s website, the more questions I had.

Review Summary

Rank: 16th (of 16)

Founded in 2000, ChoiceTrade is an online broker that advertises unlimited free stock trades for $5 per month. Unfortunately, numerous restrictions apply and, overall, ChoiceTrade provides customers a terrible all-around online investing experience not worth the hassle.


  • Customers can place unlimited free stock trades for $5 per month (restrictions apply, see below “Commissions & Fees”).


  • Web-based ChoiceTrader is the worst brokerage trading platform I have ever tested.
  • The research offered is barebones compared to competitors such as Fidelity

Commissions & Fees

Rank: 7th (of 16)

ChoiceTrade offers $0 stock trades and $10 capped options trades with numerous catches that require reading the fine print.


  • Unlimited free stock trades for $5 per month if the stock is over $1 per share, traded on the NASDAQ or NYSE, a market or limit order is used, and you are not trading after hours.
  • Options trades for $5 + $.15 per contract.


  • After-hours trades cost an additional $.005 per share.
  • While ChoiceTrade advertises $10 capped options trades, it is actually a separate pricing plan that effects all options trades made. Orders are not simply $5 + $.15 per contract with a $10 cap.
  • Miscellaneous account fees are far higher than the industry average.

Further Reading

Fees Comparison

Minimum Deposit$0.00
Stock Trade Fee (per trade)$0.00
ETF Trade Fee$0.00
Options Base Fee$5.00
Options Per Contract Fee$0.15
Mutual Fund Trade FeeN/A
Broker Assisted Trades Fee$30.00
Commission-Free ETFs0
View all 23 data points

Platforms & Tools

Rank: 15th (of 16)

ChoiceTrade’s default web-based platform, ChoiceTrader, is extremely difficult to use, outdated, and is worth avoiding at all costs. While our testing focused on ChoiceTrader, if I were to use ChoiceTrade, I would pay the additional monthly fee to use one of three third-party platforms offered (prices start at $14.95/mo).


  • Basic automated technical analysis offered for stock charts (RoboAnalyst tool).


  • Watch lists only include four viewable fields, and the main watch list is buggy.
  • No drawing tools available for stock charts.
  • ChoiceTrader is a poorly designed platform that is extremely difficult to navigate and use.


Further Reading

Tools Comparison

Web Platform Yes
Desktop Platform (Windows) Yes
Watch Lists - Total Fields4
Charting - Drawing Tools0
Charting - Indicators / Studies20
Option Chains - Total Columns11
Streaming TV No
Paper Trading Yes
Platforms & Tools 2 Stars
View all 59 data points


Rank: 11th (of 16)

Beyond pulling basic stock quotes and conducting elementary research such as viewing a balance sheet or income statement, Choicetrade has little to offer.


  • None.


  • No ETFs research offered beyond basic quotes.
  • No mutual funds research offered.
  • No screeners offered.


Research Comparison

Research - Stocks Yes
Stock Research - Reports0
Research - ETFs Yes
Research - Mutual Funds No
Research - Pink Sheets / OTCBB Yes
Research - Fixed Income Yes
Research - Futures No
Research - Forex No
Research 1.5 Stars
View all 60 data points

Customer Service

Rank: 15th (of 16)

To score Customer Service, partners with customer experience research group Confero to conduct phone tests from locations throughout the United States. For our 2019 Broker Review, 300 customer service tests were conducted over ten weeks.


  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 6.5 / 10
  • Average Professionalism Score: 5.6 / 10
  • Overall Score: 6.7 / 10
  • Ranking: 15 th (16 brokers)
  • View Infographic

Mobile Trading

Rank: 15th (of 16)

ChoiceTrade offers a mobile app for its customers that supports only the bare-bones basics for investing on the go.


  • Both iOS and Android apps offered.


  • Core basic trading for stocks and options only.
  • No alerts.
  • No real-time streaming data.


Further Reading:

Mobile Apps Comparison

iPhone App Yes
Android App Yes
Apple Watch App No
Watch List Syncing Yes
Stock Alerts - Basic Fields No
Charting - After Hours Yes
Mobile Trading 2 Stars
View all 52 data points

Offering of Investments

Rank: 15th (of 16)

Beyond providing a platform on which to trade stocks and options online, ChoiceTrade has little to offer.


  • Stock and options trading offered.


  • No mutual funds trading offered.
  • No bonds trading offered.
  • No two-factor authentication login option (secure logins).

Further Reading

Offering Comparison

Stock Trading Yes
OTCBB / Pink Sheets Yes
Options Trading Yes
Complex Options Max Legs4
Options Exercising (Web) No
Options Exercising (Phone) Yes
Bonds (US Treasury) No
Bonds (Corporate) No
Bonds (Municipal) No
Futures Trading No
Forex Trading No
Mutual Funds (No Load)0
Mutual Funds (Total)0
Advisor Services No
Offering of Investments 2 Stars
View all 40 data points

Final Thoughts

Rank: 16th (of 16)

Because ChoiceTrade has been in operation since 2000 and because of its focus on discounted stocks as well as options trades, I was optimistic my testing would uncover a winner.

Unfortunately, what I found were dozens of reasons explaining why the broker has had little success and remains elusive to the online investor world.

Instead of ChoiceTrade, investors seeking $0 stock trades should consider Firstrade, Robinhood, or Merrill Edge.

2019 Review Methodology

For the ninth annual best online brokers review published in February 2019, a total of 4,544 data points were collected over six months and used to score brokers. This makes home to the largest independent database on the web covering the online broker industry.

Participation is required to be included. Each broker completed an in-depth data profile and provided executive time (live in person or over the web) for an annual update meeting. Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors quality data they can trust. Learn more about how we test.

Blain Reinkensmeyer

About the author: Blain Reinkensmeyer As Head of Research at, Blain Reinkensmeyer has 18 years of trading experience with over 1,000 trades placed during that time. Referenced as a leading expert on the US online brokerage industry, Blain has been quoted in The New York Times, Forbes, and the Chicago Tribune, among others.

All pricing data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.

arrow_drop_upBack to top