Why choose 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 3.8/5 rating based on analyzing 600+ criteria and testing via opening a live account.
- Commission-free stock and ETF trades
- Fast and easy account opening
- User-friendly mobile trading platform
Not sure if this is the right broker for you? See the best ones.
See how the best brokers in the United States compare to ChoiceTrade
Fees
- Low trading fees
- Commission-free stock trading
We compared ChoiceTrade's fees with two similar brokers we selected, tastytrade and SogoTrade. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of ChoiceTrade alternatives.
Commission-free stock and ETFs
It’s extremely great as ChoiceTrade has commission-free US stock trading.
Broker | US stock |
---|---|
ChoiceTrade | $0.0 |
tastytrade | $0.0 |
SogoTrade | $2.9 |
If you trade stocks and ETFs listed on the 5 exchanges made available by the broker, the commission is zero, except for penny stocks.
The broker charges $12 per trade for over-the-counter (OTC) stocks and ETFs, and requires a $100 minimum cash balance at all times for OTC stocks.
Stock trades executed on the tZERO alternative trading system (ATS) carry a commission of 2% of the principal value of the trade, subject to a $25 minimum fee per trade. Also, if you trade premarket and aftermarket, there'll be a $0.005 fee per share.
High margin rates
ChoiceTrade USD margin rate fees are slightly higher than the industry average. USD margin rate fees are calculated as follows: FED Funds + 6%
Broker | USD margin rate |
---|---|
ChoiceTrade | 10.8% |
tastytrade | 11.0% |
SogoTrade | 13.8% |
Low options commission
ChoiceTrade US stock index options fees are slightly lower than the industry average. US stock index options fees are calculated as follows: $0 flat fee plus $1 per contract, max $20 per trade.
Broker | US stock index options |
---|---|
ChoiceTrade | $10.0 |
tastytrade | $5.0 |
SogoTrade | $5.0 |
There is no commission for options per trading transaction, but there is a $0.4 per contract fee. However, there is a maximum of $20 per trade fee cap, so if you trade higher volumes in one trade the fee becomes more favorable.
High inactivity fee, high withdrawal fee
While there is no fee for making deposits, the inactivity fee and the withdrawal fees are rather steep. The broker also charges a one-time fee for setting up non-US individual and corporate accounts. There is a monthly $10 fee for non-US account maintenance.
Broker | Inactivity fee | Withdrawal fee |
---|---|---|
ChoiceTrade | $5 | |
tastytrade | $0 | |
SogoTrade | $0 |
An inactivity fee of $45 per quarter is levied on individual accounts if less than 5 trades were executed in the previous quarter. The inactivity fee for corporate accounts is a hefty $55 per month but the fee is waived if at least 5 trades are performed within the month.
ChoiceTrade charges the following withdrawal fees:
- Domestic outgoing wire fee is $35
- International outgoing wire fee is $60
- Domestic ACH fee is $5 (limit: 3/month)
Check out a detailed analysis of all the fees, commissions, and other charges levied by ChoiceTrade for more information.
Safety
- Majority of clients belong to a top-tier financial authority
- High level of investor protection
- Financial information is publicly available
Deposit and withdrawal
- No deposit fee
Account opening
- Fully digital
- Low minimum deposit
- User-friendly
Mobile app
- User-friendly
- Good search function
- Good variety of order types
Desktop platform
- Clear fee report
- Good variety of order types
- Good search function
Product selection
FAQ
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.