Getting started with ChoiceTrade
Are you a new investor considering opening a brokerage account at ChoiceTrade but don't know how to do it? Are you wondering how long the process takes and how difficult it is?
Opening a brokerage account can seem daunting, but we'll show you it's often easier than you think. Account opening at ChoiceTrade is in fact a great experience that needs no prior knowledge.
Together with my brokerage analyst colleagues, I have thoroughly tested the services of ChoiceTrade by opening a real-money account. Here’s what you need to know about account opening if you want to start investing with ChoiceTrade:
-
Account opening at ChoiceTrade is fully online and takes 1-3 days.
-
You will need to prove your identity and residency with documents.
-
Choose an account type that suits your needs.
-
The only available base currency is USD.
-
The minimum deposit at ChoiceTrade is $100.
-
Browse the best brokers for beginners for some great alternatives.
Before we start, let's check if ChoiceTrade is available in your country:
Account opening at ChoiceTrade vs other competitors
Account opening at ChoiceTrade is fully online, meaning you can do it from the comfort of your chair. In fact, you don't even need a chair: you can simply do it on the go on your mobile phone.
See how we rated the account opening experience and how long it takes to get started at ChoiceTrade compared with its main competitors:
Account opening score
|
4.4 stars | 5.0 stars | 5.0 stars |
---|---|---|---|
Account opening fully online
|
Yes | Yes | Yes |
Time to open account
|
1-3 days | 1 day | 1 day |
Opening an account is always free of charge, but the time it takes differs from broker to broker. At some brokers, it's as quick as signing up for a new Gmail account. At others, it might take a couple of days as they run a background check on your data. At ChoiceTrade, it usually takes 1-3 days to have your account up and running.
Navigating the complexities of trading can be challenging. If you're a new investor, you'll need a broker with a user-friendly trading interface and robust educational materials. So where to find such brokers? Start with our toplist of brokers we rated as good for beginners.
How to get a verified trading account at ChoiceTrade?
First, you need to go to ChoiceTrade's website and fill a registration form to apply for an account. It takes the broker a bit of time to review and verify your application - usually 1-3 days - after which you can make your first deposit and start trading.
Opening a brokerage account is not unlike opening a bank account. As you go through the steps, you’ll find that it is a simple and familiar process. Once your brokerage account is set up, you’ll find that the experience is similar to what you get with a bank account that you use for savings and transactions. See, it’s just another way of managing your money!
The sign-up procedure is usually self-evident; just follow the instructions carefully. Here's what awaits you at ChoiceTrade:
The account opening is user-friendly, fully digital and fast. The first time it took us only 2 days to open an account. The second time we ran into a minor issue as we uploaded wrong documents. Customer support was helpful and resolved the issue in a few days. This seamless and quick account opening is not typical of US brokers.
Registration takes roughly 20 minutes, during which you are asked to entersome personal information and answer a few questions related to your trading experience.
At the end of the registration process, you have to confirm your identity and residency by uploading a scan of the following documents:
- ID, passport or driver's license for identity check
- Bank statement or utility bill for proof of residency
The following steps are typical toward the end of the application process or after verifying your identity:
-
You'll have to fill out a trading experience survey. It might seem scary at first, but it is nothing to worry about. This is standard procedure, as brokers need to make sure that you have some basic financial knowledge and are aware of the risks of trading.
-
Next, you'll have to choose an account type and a base currency.
-
As a final step, you'll need to fund your account before you can start trading.
Which ChoiceTrade account to choose?
Brokers usually provide multiple account types. When choosing an account, consider how experienced you are in trading, and pick an account that suits your needs. Some factors to take into account: your investment goals, risk tolerance, trading frequency, and any associated fees or account balance minimums.
If you're a beginner, we recommend selecting the most basic account offered by the broker, which is the standard account.
The above apply to retail accounts opened by private individuals. If you're looking to open a brokerage account for your company, see our overview of whether you can open a business investment account at ChoiceTrade and under what conditions.
Alternatively, find out more about ChoiceTrade's specific account types in our comprehensive ChoiceTrade review for 2024.
Which base currency should you choose?
At ChoiceTrade, the only available currency is USD. If possible, try to deposit money to your brokerage account in USD.
Why is all this important? If you fund your trading account in the same currency as your bank account, you won't have to pay a conversion fee. Conversion fees apply if:
-
You make a deposit in a different currency than the currency of your brokerage account.
-
You trade assets denominated in a different currency than your brokerage account's base currency.
A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank.
Fund your account and start trading at ChoiceTrade
Once you have filled out the registration form, uploaded your documents, finished the trading survey and selected your account type and base currency, ChoiceTrade will verify your account shortly. After successful verification, you need to fund your account to be able to begin trading.
-
Choose your funding method.
-
Enter the amount to be deposited and other necessary details for the transaction.
-
Double-check if payment details are correct.
-
If all looks OK, click to submit your deposit request.
At ChoiceTrade, the required minimum deposit is $100. This means that you have to put at least $100 in your broker account to be able to start trading.
Is that more than you're willing to commit at this point? See if you can start trading with less at other brokers.
At ChoiceTrade, the only available option to deposit money to your account is via bank transfer.
Broker | Minimum deposit | Bank transfer |
---|---|---|
ChoiceTrade | $100 | |
tastytrade | $0 | |
SogoTrade | $0 |
After successfully funding your account, you're all set to start trading.
To explore ChoiceTrade’s top competitors, head over to our top list of the best brokers for beginners, whose low fees and user-friendly features benefit new investors like you.
Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.
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.