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ChoiceTrade Review 2024

Written by
Adam N.
Fact checked by
Gyula L.
Updated
2d ago
Trusted by BrokerChooser
  • Regulated by the top-tier SEC and FINRA in the US
  • Founded in 2000
  • Investor protection is $500k (securities up to $500k, cash up to $250k)
  • Clean track record: no major regulatory incidents or fines
2,061 people picked this broker at BrokerChooser in the last 6 months

Our take on ChoiceTrade

ChoiceTrade is a US stockbroker, regulated by top-tier US authorities the SEC and FINRA.

ChoiceTrade charges no commission on stock and ETF trades. The mobile trading platform is user-friendly. The account opening is fully digital and fast, which is rare among US brokers.

On the negative sie, ChoiceTrade's withdrawal fees - at $60 for non-US citizens and $35 for US residents - are high. The $35 quarterly inactivity fee is also pricey. Withdrawal is not user-friendly as you need to contact customer support to initiate it and only bank transfer is available. You can only trade stocks, ETFs and options.

BrokerChooser gave ChoiceTrade a 3.9/5 rating based on analyzing 600+ criteria and testing via opening a live account.

BrokerChooser score
3.9 3.9 /5
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ChoiceTrade is available in the United States
Pros
  • Commission-free stock and ETF trades
  • Fast and easy account opening
  • User-friendly mobile trading platform
Cons
  • High non-trading fees
  • Not user-friendly withdrawal
  • Limited product portfolio
“I recommend ChoiceTrade for stock and options traders looking for low trading fees and focusing on the US market.”

ChoiceTrade summary

Snapshot of key data
🗺 Country of regulationUSA
💰 US stock feeStocks above $1 have no commission. US stocks below $1 cost $12 per trade, foreign stocks cost $25 per trade.
💰 Inactivity fee chargedYes
💰 Withdrawal fee$5
💰 Minimum deposit$100
💵 Available base currenciesUSD
💵 Conversion fee of deposits in non-base currencyOnly USD-denominated assets are available
💳 Deposit with bank cardNot available
🕖 Time to open an account1-3 days
🎮 Demo account providedYes
🛍️ Products offeredStock, ETF, Options
Fees
Account opening
Deposit and withdrawal
Desktop platform

For a more comprehensive, in-depth look at the broker's services and features, simply expand on the sections below.

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Fees

Score: 4/5
ChoiceTrade charges low trading fees and you can trade listed stocks and ETFs with no commission. On the negative side, non-trading fees are high.
Pros
  • Low trading fees
  • Commission-free stock trading
Cons
  • Withdrawal fee
  • Inactivity fee
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Account opening

Score: 4.4/5
Opening an account at ChoiceTrade is easy, fast and fully digital for both US and international clients.
Pros
  • Fully digital
  • Low minimum deposit
  • User-friendly
Cons
None
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Deposit and withdrawal

Score: 0.3/5
Although the deposit process at ChoiceTrade is smooth and free, withdrawing funds is very cumbersome. Additionally, credit/debit cards are not accepted, there is a high withdrawal fee and the process is not user-friendly.
Pros
  • No deposit fee
Cons
  • Credit/Debit card not available
  • High withdrawal fee
  • Withdrawal is excessively complicated
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Web trading platform

Score: 1.5/5
ChoiceTrade's web trading platform offers a clear fee report and a great variety of order types. On the other hand, the design is outdated, there is no two-step login, and the search functions are poor.
Pros
  • Clear fee report
  • Good variety of order types
  • Order confirmation
Cons
  • No two-step (safer) login
  • Poor search function
  • Design is very outdated
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Mobile trading platform

Score: 3.5/5
The ChoiceTrade mobile trading platform is of better quality than the web trading platform. It is user-friendly and offers a lot of order types. On the negative side, it lacks the two-step login, there are no price alerts, and the search function doesn't work well.
Pros
  • User-friendly
  • Good search function
  • Good variety of order types
Cons
  • No two-step (safer) login
  • Poor search function
  • No price alerts
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Desktop trading platform

Score: 2.8/5
The ChoiceTrade Elite Trader desktop trading platform meets general expectations. It has a neat look, a clear fee report and offers a wide range of order types. However, it lacks customizability, a two-step login and price alerts.
Pros
  • Clear fee report
  • Good variety of order types
  • Good search function
Cons
  • Limited customizability (for charts, workspace)
  • No two-step (safer) login
  • No price alerts
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Markets and products

Score: 2.2/5
ChoiceTrade only offers stocks, ETFs and options traded on US and Canadian exchanges.
Read more

Research

Score: 3.3/5
ChoiceTrade's research tools are fine. You can analyze fundamental data. On the negative side, the charting tools are poor and the research tools are not user-friendly.
Pros
  • Trading ideas
  • Data on asset fundamentals
  • Quality news flow
Cons
  • Limited interactive charting
  • Not user-friendly
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Customer service

Score: 2.2/5
ChoiceTrade's customer service is easy to reach and answers were relevant. On the other hand, there is no live chat and support is not available outside business hours.
Pros
  • Phone support
  • Fast response time
  • Professional tone
Cons
  • No live chat
  • No 24/7 support
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Education

Score: 3/5
ChoiceTrade's education tools are mediocre. The amount and quality of education material on the Elite platform is good, but the interface is hard to navigate, the content is not up-to-date and the production quality is poor.
Pros
  • Demo account
  • Trading platform tutorial
Cons
  • Hard to navigate
  • Poor production quality
  • Not updated for a long time
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Safety

ChoiceTrade is regulated by the SEC and FINRA, which are top-tier US regulators. High investor protection is also a plus for clients. On the negative side, the broker doesn't hold a banking license.
Pros
  • Majority of clients belong to a top-tier financial authority
  • High level of investor protection
  • Financial information is publicly available
Cons
  • Does not hold a banking license
  • Not listed on stock exchange
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Bottom line

US and international clients can trade listed stocks and ETFs with no commission at ChoiceTrade. The account opening is easy, fully digital and takes 1-2 days. The broker also offers a great and user-friendly mobile trading platform.

On the negative side, the inactivity fee and withdrawal fees for bank transfers are high. The withdrawal process is not user-friendly and only bank transfer is available. The product portfolio is limited, as you can only trade stocks, ETFs, and options.

Given that the account opening is seamless and you can trade stocks and ETFs with zero commission, feel free to try it.

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FAQ

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Author of this review

Adam Nasli

Financial Wizard | Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

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