ChoiceTrade Review
3-star brokerage firm rating

ChoiceTrade Review

ChoiceTrade Review: Commissions, Fees, and Minimum Deposit

Stocks and ETFs $5
Stocks and ETFs (direct access) $0.0025 per share, $5 minimum per trade, Direct Pro platform is required with $125 per month fee
F Stocks (Foreign stocks trading in the U.S with five letter symbol ending in F)$25
Foreign stocks on foreign exchanges$75
Bulletin Board & Pink Sheet (Penny Stocks) $7
Options $5 + $0.15 per contract ($0.15 applies to trades on the online platform. $0.55 per contract for options transacted on Direct Pro platform)
Mutual funds $25

Investmentsstocks, options, bonds, mutual funds, futures, treasury issues, CD’s, insurance, ETFs, annuities, WEBs, Canadian foreign orders and non-US securities
Choicetrade minimum deposit to open account $0 for cash account, 2,000 for margin account
FeesChoicetrade fees

ChoiceTrade New Account Setup

It takes 10 minutes to complete a new account registration at ChoiceTrade -- the forms are short and very well designed. The firm found an ingenious way to get the customer's signature -- they provide a little box where you can draw your signature with a mouse!

The application was approved in 15 minutes (during work hours, but possibly longer on weekends and evenings), after which the company emailed us our user name and password (both can be changed in Account Settings). At this point we were ready to use all the features and fund the account, although we opened the account with no minimum deposit. Website/Trading Platform/Tools Review

ChoiseTrade review

ChoiceTrade provides two choices for trading: web-based and stand-alone, professional, advanced trading platforms developed primarily for day-traders. Both options are well-designed and provide just about everything the average investor needs as well as lots of advanced features most investors will never use. Web-based trading does not require plug-ins and can run on any device, including smart-phones and tablet devices like the iPad.

ChoiceTrade Community

The firm created an Investor Community where users connect with like-minded traders and investors, share portfolios, and participate in ChoiceTrade-sponsored events. The Investor Community allows customers to create a personal profile, meet and communicate with other members, form investment clubs, read and create blogs, and more. Users get access to mailbox, chat and instant messaging features.

ChoiceTrade Pros

  • Low commissions
  • Powerful trading platforms (albeit for a steep fee)
  • Free virtual trading

ChoiceTrade Cons

  • While the web-based trading platform with delayed quotes is free, more advanced platforms and streaming quotes are not: web-based Choicestreamer is $14.95 per month, ChoiceTrader Direct Pro is $125 per month
  • Extended hours stock trades carry a $0.005 per share surcharge
  • $20 quarterly fee if customer makes less than five trades in a calendar quarter and account equity less than $50,000
  • $2 surcharge on bulletin board and pink sheet stock trades (penny stocks). For OTC orders over 500,000 shares, add 1% of the total dollar value of the order to the base commission of $7 per trade
  • $50 annual IRA fee, $25 IRA setup fee
  • Very little research is offered
  • Steep $15 assignment and exercise fee

ChoiceTrade Review Summary

ChoiceTrade offers pretty good commission plan, with a $5 per trade rate for stocks and ETFs. The options pricing is $5 plus $0.15 per contract. There is an additional $0.005 per share surcharge on extended hours stock and ETF trades, a $2 surcharge on bulletin board and pink sheet stocks, and a 1% surcharge on penny stock trades with over 500,000 shares. The company is also charging a $20 quarterly fee for clients with accounts under $50,000 making less than five trades in a calendar quarter.

We don't recommend opening account with ChoiceTrade for mutual fund investors - the company has a steep $25 fee for mutual fund transactions. There are better-priced online brokerages for mutual funds such as TradeKing (TradeKing review), that charges just $10 per transaction.

Since there is a $50 IRA annual fee and a $25 IRA setup fee, which most online brokers don't charge, ChoiceTrade is not a good option for a brokerage retirement account.

The company is not very friendly to beginner investors, even though it offers a helpful online trader community - most of its customers are experienced traders. For anyone new to investing, we recommend checking our Best Brokerages For Beginners list.

The firm has low commissions but to get streaming quotes you'll have to pay at least $15 per month. To get more advanced trading tools, you'll pay $125 per month (while the best trading platform in the industry - Thinkorswim - is free at TD Ameritrade). This means that unless you are a professional trader, it makes no sense to open account at ChoiceTrade.

In conclusion, unless you are an active stock or options trader, we don't see any compelling reasons to become a ChoiceTrade customer. Anyone who is not in that category we encourage to research companies in our Best Brokerages list.

ChoiceTrade Website

Open Choicetrade account

ChoiceTrade Reviewed by Brokerage Review on . Reviewed by Editor and 10+ ChoiceTrade customers. Rating: 3

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The stock brokerage firm you select is solely responsible for its services to you, the user. shall not be liable for any damages or costs of any type arising out of or in any way connected with your use of a brokerage house's services. has partner relationships with other companies. As a partner, we often provide reviews of products and services based on our personal opinions. We are not compensated for positive reviews. While we strive to make sure that the information we present here is true and accurate upon publication, the rates and offers that we share with you may change without notice, so please visit the sites we reference for more up to date information.