ChoiceTrade Alternatives

The best alternatives to ChoiceTrade are

1. Tradestation - US stockbroker
2. Interactive Brokers - US discount broker
3. SogoTrade - US-based stockbroker
4. E-Trade - US stockbroker

Let's see in a bit more detail how the ChoiceTrade alternatives compare to ChoiceTrade and each other:

Why are these brokers considered good alternatives to ChoiceTrade? There are many areas based on which ChoiceTrade can be compared with others. When we say a given online broker is a good alternative to ChoiceTrade we mean these brokers are comparable in the following areas:

• The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
• The type of clients they target, i.e. beginners, experienced investors, or day traders.

ChoiceTrade alternatives recommendations

Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:

• ChoiceTrade is recommended for stock and options traders looking for low trading fees and focusing on the us market
• Tradestation is recommended for traders focusing on us markets and buy-and-hold investing
• Interactive Brokers is recommended for traders looking for low fees and a professional trading environment
• SogoTrade is recommended for stock and options traders with a us focus who value great customer service
• E-Trade is recommended for investors and traders looking for solid research and a great mobile trading platform

Important factors of finding ChoiceTrade alternatives

So far BrokerChooser has reviewed 63 online brokers in detail, which gives this comparison a solid starting point.

Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we

• open a live account
• check over 100 criteria, with weighting based on readers' preferences
• refresh data regularly

Whether ChoiceTrade or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:

Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. ChoiceTrade is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost ChoiceTrade alternative.

Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you cannot make a deposit with your credit card at ChoiceTrade, some alternatives might allow you to do that.

Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.

Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given ChoiceTrade alternative is a must.

Now let's dive into the details of how ChoiceTrade and its alternatives perform in the most important areas!

ChoiceTrade is a US-based stockbroker founded in 2000. It is regulated by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA). It is also a member of SIPC. SIPC membership means that clients are eligible for the SIPC investor protection scheme which offers up to $500,000 (cash up to $250,000) per account.

ChoiceTrade is considered safe because it has a long track record, it is regulated by top-tier regulators, and it discloses annual financial statements. 

Recommended for stock and options traders looking for low trading fees and focusing on the us market

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Fees

4.1

ChoiceTrade has low trading fees and you can trade stocks and ETFs with no commission. On the flip side, the non-trading fees are high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k

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Account opening

4.9

Opening an account at ChoiceTrade is easy, fast and fully digital for both US and international clients.

Learn more about ChoiceTrade minimum deposit here.

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Deposit and withdrawal

0.8

ChoiceTrade deposit is ok, but withdrawal is very inconvenient. The credit/debit cards are not accepted, there is a high withdrawal fee and the withdrawal process is not user-friendly.

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Web trading platform

1.5

ChoiceTrade 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.

Learn more about ChoiceTrade's web trading platform in the detailed ChoiceTrade review.

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Markets and products

2.1

At ChoiceTrade you can trade only with stocks, ETFs, and options available on US exchanges.

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Verdict

ChoiceTrade offers commission-free stock trading. The account opening is easy, fully digital, and takes 1-2 days. It also offers a great and user-friendly mobile trading platform.

On the negative side, ChoiceTrade charges a high inactivity fee and withdrawal fee for bank transfers. The withdrawal is not user-friendly and you can use only bank transfer. The product offer is limited, you can trade only with stocks, ETF, and options.

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

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Tradestation is a US stockbroker founded in 1982. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Clients are eligible for up to $500,000 (cash up to $250,000) investor protection per account.

Tradestation is considered safe because it has a long track record, discloses its financials, and its parent company, the Monex Group is listed on the Tokyo stock exchange.

Recommended for traders focusing on us markets and buy-and-hold investing

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Fees

4.3

Tradestation has low trading fees and high non-trading fees. You can choose from multiple fee structures, but you still have to pay withdrawal.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

5.0

Tradestation account opening is fully digital, user-friendly, and fast. On the other hand, the minimum deposit is $500 and multiple base currencies are only available for futures accounts.

If you are interested more in Tradestation minimum deposit, this overview will help you.

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Deposit and withdrawal

1.8

Tradestation's deposit and withdrawal could be better. For example, you can only use bank transfer and there is a high withdrawal fee. On the upside, the deposit is free and withdrawal through wire transfer is fast.

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Web trading platform

4.5

Tradestation has a good web trading platform. It is user-friendly and it looks nice, and it provides a two-step verification. On the flip side, it lacks price alerts.

Learn more about Tradestation's web trading platform in the detailed Tradestation review.

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Markets and products

2.5

Tradestation gives you access to a wide variety of US products, but its non-US market coverage is not competitive. Forex, CFDs and cryptos are missing.

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Verdict

Tradestation is a great US broker.

The web and mobile platforms are very user-friendly with many functions. It also offers low stock and ETF trading fees. Lastly, education is well-structured and high-quality. 

On the other hand, the deposit and withdrawal are not user-friendly and you can use only bank transfer. There is no forex trading, and the customer service is of poor quality.

Feel free to try Tradestation if you prefer trading on US markets. We recommend it for buy and hold investors with some experience.

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Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

As it has licenses from multiple top-tier regulators, the broker is considered safe. Also, having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.

Recommended for traders looking for low fees and a professional trading environment

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Fees

4.3

Interactive Brokers has low trading fees and for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

3.4

IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the online registration is complicated and account verification takes around 2 business days.

If you are interested more in Interactive Brokers minimum deposit, this overview will help you.

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Deposit and withdrawal

2.5

Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer and the process is not user-friendly.

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Web trading platform

4.3

Interactive Brokers's web platform is simple and easy to use even for beginners. On the negative side, it is not customizable.

Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.

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Markets and products

5.0

Through Interactive Brokers you can access an extremely wide range of markets, with every product type available.

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Verdict

Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker for advanced traders.

On the plus side, IB has a vast range of markets and products available, with diverse research tools and low costs. 

There are some drawbacks though: there is a high inactivity fee and the account opening process is complicated. The desktop platform is complex and hard-to-understand, especially for beginners.

If you have experience navigating complex platforms and you like transparent low-cost trading, Interactive Brokers could be a great fit for you.

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SogoTrade is a US stockbroker, which was founded in 1986. The company is regulated by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA).

Although it is not listed on any stock exchanges and does not have a banking background, SogoTrade is considered safe because it has a long track record and it is regulated by top-tier regulators. Clients are eligible for the SIPC investor protection scheme which offers up to $500,000 (cash up to $250,000) per account.

Recommended for stock and options traders with a us focus who value great customer service

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Fees

3.5

SogoTrade has low stock and ETF fees. The inactivity fee is also low, charged only after a year and if your account balance is under $100. On the other hand, the margin rates are high and the fees for wire withdrawals are high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

5.0

Opening an account at SogoTrade is fast and fully digital for both US and international citizens, but it sorely lacks user-friendliness.

If you are interested more in SogoTrade minimum deposit, this overview will help you.

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Deposit and withdrawal

1.8

You can transfer money only by bank transfer and non-US clients are charged $50, while US clients are charged $25 for wire withdrawals. As a plus, the deposit and the ACH withdrawals are free.

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Web trading platform

3.0

SogoTrade's web trading platform is user-friendly, has a good search function, and offers a variety of order types. However, it's not customizable, it doesn't look particularly nice, and doesn't have two-step authentication.

Learn more about SogoTrade's web trading platform in the detailed SogoTrade review.

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Markets and products

1.7

At SogoTrade, you can trade with US stocks, ETFs, options, and cryptos. However, the offered assets cover only the US market and popular asset classes, such as bonds or mutual funds, are not provided.

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Verdict

SogoTrade is a great broker for US stock and options trading.

The stock and ETF fees are low. You can use a wide range of research tools, including a wide range of analytical tools. Lastly, it also has great customer support which gives fast and relevant answers.

On the negative side, SogoTrade charges $50 per year inactivity fee and high wire withdrawal fees, $50 for non-US clients and $25 for US clients. The product offer is limited, you can trade only with stock, ETF, and options. The desktop trading platform can be improved as it is not user-friendly-structured and misses essential tools, like price alerts.

As the account opening is seamless, and the trading fees are low, feel free to try it.

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E-Trade is a US-based stockbroker founded in 1982. It is regulated by top-tier regulators like the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

E-Trade is considered safe because it has a long track record, is listed on a stock exchange, has a banking background, discloses its financials and is regulated by top-tier, US regulators.

In February 2020, E-trade was acquired by Morgan Stanley. In case you are curious, we have written an article about this in which you can find the reasons behind the acquisition.

Recommended for investors and traders looking for solid research and a great mobile trading platform

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Fees

4.4

E-Trade offers free stock, ETF trading. Some mutual funds and bonds are also free. The non-trading fees are low. On the negative side, the fees for non-free mutual funds are high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

3.8

The account opening is fully digital and user-friendly for US clients. On the flip side, the account verification process was slow.

If you are interested more in E-Trade minimum deposit, this overview will help you.

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Deposit and withdrawal

2.2

E-Trade charges no deposit fees and transferring money is user-friendly. On the flip side, you can only use bank transfer and a high fee is charged for wire transfer withdrawals.

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Web trading platform

4.0

E-Trade has a great web-based user-friendly trading platform with a clear fee report. On the negative side, there is no two-step login and cannot be customized.

Learn more about E-Trade's web trading platform in the detailed E-Trade review.

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Markets and products

3.0

At E-Trade, you can trade with a lot of asset classes, from stocks to futures. On the other hand, there is US market only and you can't trade with forex.

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Verdict

E-Trade is one of the biggest US stockbrokers regulated by top-tier regulators. 

At the end of 2019, riding the commission-free trading trend in the USA E-Trade introduced zero commission on stock and ETF trades. E-Trade's research functions are high-quality and channel a lot of tools, including trading ideas, and strategy builders as well. We liked the easy handling and the personalizable features of the mobile trading platform. 

It has some drawbacks though. E-Trade doesn't provide credit/debit cards and electronic wallets for money transfers and the product portfolio covers only US markets. In addition, the account verification process is slow. 

As the trading fees are generally low, the research tools are great and no inactivity fee is charged, feel free to try E-Trade.

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Based on our analysis, there are several good alternatives to ChoiceTrade. They all offer similar products and target similar customers. Here's a recap of the results in a table.

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.