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ChoiceTrade Alternatives

May 2019
Our top picks for ChoiceTrade alternatives
Tradestation
Interactive Brokers

The best alternatives to ChoiceTrade are

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

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

ChoiceTrade alternatives comparison
ChoiceTrade Tradestation Interactive Brokers SogoTrade
Overall score 4.1 4.4 4.8 4.2
Fees score 4 stars 4 stars 4 stars 4 stars
Account opening score 5 stars 4 stars 3 stars 5 stars
Deposit and withdrawal score 1 stars 2 stars 2 stars 2 stars
Web platform score 2 stars 4 stars 4 stars 3 stars
Markets and products score 1 stars 2 stars 5 stars 1 stars
Visit broker Visit broker Visit broker Visit broker

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 aiming for low trading fees and focusing on the us market
  • Tradestation is recommended for traders wanting great research tools and preferring the us markets
  • Interactive Brokers is recommended for traders who prefer low fees and a professional trading environment
  • SogoTrade is recommended for stock and options traders aiming for a us-based stockbroker with great customer service

Important factors of finding ChoiceTrade alternatives

So far Brokerchooser has reviewed 56 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 alternatives
ChoiceTrade

4.1 4 stars

ChoiceTrade logo

ChoiceTrade is a US-based stock broker founded in 2000. ChoiceTrade 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.

While it is not listed on any stock exchanges and it doesn't have a bank background ChoiceTrade is considered safe because it has a long track record, is regulated by top-tier regulators, and discloses annual financial statements.

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

Pros
  • Commission-free stock trading
  • Fast and easy account opening
  • User-friendly mobile trading platform
Cons
  • High non-trading fees
  • Not user-friendly deposit and withdrawal
  • Limited product portfolio

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Fees 4 stars

ChoiceTrade has low trading fees, you can even trade commission-free stocks. On the flip side, the non-trading fees are high.
Pros
  • Low trading fees
  • Commission-free stock trading
Cons
  • High non-trading fees
ChoiceTrade alternatives trading fees
ChoiceTrade Tradestation Interactive Brokers SogoTrade
Apple benchmark fee $0.0 $2.2 $2.2 $9.9
Vodafone benchmark fee - - $17.9 -
EURUSD benchmark fee - - $23.0 -

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

More Visit broker

Account opening 5 stars

Opening an account at ChoiceTrade is easy, fast and fully digital for both US and international citizens.
Pros
  • Fully digital account opening
  • User-friendly
Cons
None
ChoiceTrade alternatives minimum deposit and account open times
ChoiceTrade Tradestation Interactive Brokers SogoTrade
Minimum deposit $100 $500 $0 $0
Time to open account 1-3 days 1-3 days 1-3 days 1-3 days

Learn more about ChoiceTrade minimum deposit here.

More Visit broker

Deposit and withdrawal 1 stars

ChoiceTrade deposit and withdrawal have a lot to improve. The credit/debit cards are not accepted, there is a high withdrawal fee and the withdrawal process is not user-friendly. As a plus, there is no deposit fee.
Pros
  • No deposit fee
Cons
  • Credit/Debit card not available
  • High withdrawal fee
  • Only one account base currency
  • Not user-friendly withdrawal
ChoiceTrade and alternatives withdrawal options and fees
ChoiceTrade Tradestation Interactive Brokers SogoTrade
Bank Transfer Yes Yes Yes Yes
Credit/Debit card No No No No
Electronic wallets No No No No
Withdrawal fee $60 $35 $0 $50

More Visit broker

Web trading platform 2 stars

ChoiceTrader web trading platform is not user-friendly, there is no two-step login, and the search functions are poor. As a plus, it offers a clear fee report and a great variety of order types.
Pros
  • Clear fee report
  • Good variety of order types
Cons
  • Not user-friendly
  • No two-step (safer) login
  • Poor search function
ChoiceTrade - Web trading platform
ChoiceTrade and alternatives trading platform scores
ChoiceTrade Tradestation Interactive Brokers SogoTrade
Web platform score 2 stars 4 stars 4 stars 3 stars
Mobile platform score 4 stars 5 stars 4 stars 4 stars
Desktop platform score 3 stars 3 stars 3 stars 1 stars

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

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Markets and products 1 stars

At ChoiceTrade, you can trade only with US stocks, ETFs, and options.
ChoiceTrade and alternatives markets and products
ChoiceTrade Tradestation Interactive Brokers SogoTrade
Stock Yes Yes Yes Yes
ETF Yes Yes Yes Yes
Forex No No Yes No
Fund No Yes Yes No
Bond No No Yes No
Options Yes Yes Yes Yes
Futures No Yes Yes No
CFD No No Yes No
Crypto No No Yes No

More Visit broker

Verdict

ChoiceTrade offers commission-free stock trading if you choose the Stock Plan A fee structure. The account opening is easy, fully digital, and takes 1-2 days. It has also a great and user-friendly mobile trading platform.

On the negative side, ChoiceTrade charges $20-30 per quarter inactivity fee and high withdrawal fees for bank transfers, $60 for non-US clients and $35 for US clients. The deposit and withdrawal are not user-friendly and you can use only bank transfer. The product offer is limited, you can trade only with stock, ETF, and options.

As ChoiceTrade has a seamless account opening and you can trade with commission-free stocks, feel free to try it.

ChoiceTrade
Summary ChoiceTrade is a US stockbroker, regulated by US top-tier regulators, the SEC and FINRA. It is not listed on any stock exchanges and does not have a banking backgorund.
Fees score 4 stars
Recommended for Stock and options traders aiming for low trading fees and focusing on the US market

More Visit broker

ChoiceTrade alternatives
Tradestation

4.4 4 stars

Tradestation logo

TradeStation is a US broker with a long history dating back to 1982. Its parent company, the Monex Group is listed on the Tokyo stock exchange.

TradeStation is considered safe as it is regulated by a top-tier regulator, the US FINRA. Clients are eligible for the SIPC investor protection scheme which offers up to $500,000 (cash up to $250,000) per account.

Recommended for traders wanting great research tools and preferring the us markets

Pros
  • Great mobile trading platform
  • Wide range of reserach tools
  • High-quality educational tools
Cons
  • Not user-friendly deposit and withdrawal
  • No forex
  • Bad customer service

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Fees 4 stars

TradeStation has low trading fees and there are multiple fee structures to choose from. Non-trading fees, like inactivity fees are high.
Pros
  • Low trading fees
  • More fee structures you can choose from
Cons
  • High non-trading fees
ChoiceTrade vs. Tradestation: Trading fees
Tradestation ChoiceTrade
Apple benchmark fee $2.2 $0.0
Vodafone benchmark fee - -
EURUSD benchmark fee - -

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

More Visit broker

Account opening 4 stars

TradeStation account opening is fully digital and user-friendly. On the other hand, it takes more days until your account is approved.
Pros
  • Fully digital account opening
  • User-friendly
Cons
  • Slow account opening
ChoiceTrade vs. Tradestation: Minimum deposit, time to open an account
Tradestation ChoiceTrade
Minimum deposit $500 $100
Time to open account 1-3 days 1-3 days

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

More Visit broker

Deposit and withdrawal 2 stars

TradeStation deposit and withdrawal can be improved. As a plus, the deposit is free. However, you can use only bank transfer and there is a high, $35 withdrawal fee.
Pros
  • No deposit fee
Cons
  • Credit/Debit card not available
  • Not user-friendly
  • High withdrawal fee (for non-US clients $35 /tansaction)
ChoiceTrade vs. Tradestation: Withdrawal options
Tradestation ChoiceTrade
Bank Transfer Yes Yes
Credit/Debit card No No
Electronic wallets No No
Withdrawal fee $35 $60

More Visit broker

Web trading platform 4 stars

TradeStation has a good web trading platform. It is user-friendly with and looks nice. It also offers a great order management. On the flip side, it lacks the alerts and the clear fee reports.
Pros
  • User-friendly
  • Good customizability (for charts, workspace)
  • Good variety of order types
Cons
  • No clear fee report available
  • No price alerts
Web trading platform of Tradestation, a ChoiceTrade alternative
ChoiceTrade vs. Tradestation: Trading platform scores
Tradestation ChoiceTrade
Web platform score 4 stars 2 stars
Mobile platform score 5 stars 4 stars
Desktop platform score 3 stars 3 stars

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

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Markets and products 2 stars

TradeStation gives you access to a wide variety of US products. However, its non-US offer is not competitive. The forex, CFDs and cryptos are missing.
ChoiceTrade vs. Tradestation: Markets and products
Tradestation ChoiceTrade
Stock Yes Yes
ETF Yes Yes
Forex No No
Fund Yes No
Bond No No
Options Yes Yes
Futures Yes No
CFD No No
Crypto No No

More Visit broker

Verdict

TradeStation is a great US broker.

The mobile platform is very user-friendly with many functions. It also offers great research tools, including a wide range of analytical tools. 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. It lacks many asset classes, e.g. forex or CFDs. The customer service can be improved as the response time at email and chat support are very slow.

Feel free to try TradeStation if you prefer Recommended for buy and hold investors with any experience level.

Tradestation
Summary TradeStation is a US stockbroker regulated by FINRA, the top-tier US regulator.
Fees score 4 stars
Recommended for Traders wanting great research tools and preferring the US markets

More Visit broker

ChoiceTrade alternatives
Interactive Brokers

4.8 5 stars

Best online broker

Interactive Brokers logo

Interactive Brokers was founded in 1978 and it is one of the biggest US-based discount brokers. It is regulated by several regulators globally, including top-tier authorities like FCA and SEC. Interactive Brokers Group is listed on the New York Stock Exchange.

Interactive Brokers is considered safe because it has a long track record, is listed on a stock exchange, discloses its financials, and is regulated by top-tier regulators.

Recommended for traders who prefer low fees and a professional trading environment

Pros
  • Broad product portfolio
  • Low fees
  • Great and diverse research tools
Cons
  • Funding and withdrawal only through bank transfer
  • Complicated account opening process
  • Not user-friendly and complicated desktop trading platform

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Fees 4 stars

Interactive Brokers has low trading fees and high non-trading fees. The fees are transparent.
Pros
  • Low trading fees
  • Transparent fee structure
Cons
  • Inactivity fee
ChoiceTrade vs. Interactive Brokers: Trading fees
Interactive Brokers ChoiceTrade
Apple benchmark fee $2.2 $0.0
Vodafone benchmark fee $17.9 -
EURUSD benchmark fee $23.0 -

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

More Visit broker

Account opening 3 stars

The account opening process is fully digital, but slow and complicated.
Pros
  • Fully digital account opening
  • No minimum deposit for most accounts
Cons
  • Slow account opening
  • Not user-friendly
  • Confusing messages throughout the process
ChoiceTrade vs. Interactive Brokers: Minimum deposit, time to open an account
Interactive Brokers ChoiceTrade
Minimum deposit $0 $100
Time to open account 1-3 days 1-3 days

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

More Visit broker

Deposit and withdrawal 2 stars

Interactive Brokers offers a lot of base currencies and one withdrawal per month is free. On the negative side, only bank transfer is available.
Pros
  • Several account base currencies
  • No charge for the first withdrawal each month
Cons
  • Credit/Debit card not available
  • Slow funding and withdrawal - over 3 days
ChoiceTrade vs. Interactive Brokers: Withdrawal options
Interactive Brokers ChoiceTrade
Bank Transfer Yes Yes
Credit/Debit card No No
Electronic wallets No No
Withdrawal fee $0 $60

More Visit broker

Web trading platform 4 stars

The Interactive Brokers web platform is simple and easy to use, even for beginners. On the negative side, it is a bit complicated to customize.
Pros
  • User-friendly
  • Clear fee report
  • Two-step (safer) login
Cons
  • Limited customizability (for charts, workspace)
Web trading platform of Interactive Brokers, a ChoiceTrade alternative
ChoiceTrade vs. Interactive Brokers: Trading platform scores
Interactive Brokers ChoiceTrade
Web platform score 4 stars 2 stars
Mobile platform score 4 stars 4 stars
Desktop platform score 3 stars 3 stars

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

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Markets and products 5 stars

Interactive Brokers allows you access to a very wide range of markets and you can trade with all product types. IB's product range is the widest available.
ChoiceTrade vs. Interactive Brokers: Markets and products
Interactive Brokers ChoiceTrade
Stock Yes Yes
ETF Yes Yes
Forex Yes No
Fund Yes No
Bond Yes No
Options Yes Yes
Futures Yes No
CFD Yes No
Crypto Yes No

More Visit broker

Verdict

IB is one of the biggest discount US brokers regulated by top-tier regulators. If you like low-cost trading and easily navigate on a really complicated platform, Interactive Brokers is for you. We mainly recommend IB for traders.

It has low trading fees, a wide range of product portfolio, and diverse research tools. 

On the flip side, only bank transfer is available for deposit and withdrawal. The account opening and the desktop platform are not user-friendly and complicated.

Interactive Brokers is definitely recommended if you want low fees, a lot of products and you are experienced to cope with a complicated platform.

Interactive Brokers
Summary Interactive Brokers is a US discount broker. IB is listed on stock exchange and regulated by several authorities, like the top-tier FCA and SEC.
Fees score 4 stars
Recommended for Traders who prefer low fees and a professional trading environment

More Visit broker

ChoiceTrade alternatives
SogoTrade

4.2 4 stars

SogoTrade logo

SogoTrade is a US-based stock broker founded in 1986 and regulated by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority.

While it is not listed on any stock exchanges and it doesn't have a bank 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 aiming for a us-based stockbroker with great customer service

Pros
  • Easy and fully digital account opening
  • Relevant and fast customer service
  • Wide range of research tools
Cons
  • High non-trading fees
  • Limited product portfolio
  • Not user-friendly desktop trading platform

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Fees 4 stars

SogoTrade has low trading fees and high non-trading fees.
Pros
  • Low trading fees
  • Transparent fee structure
  • 100 commission-free trades at the beginning
Cons
  • High non-trading fees
ChoiceTrade vs. SogoTrade: Trading fees
SogoTrade ChoiceTrade
Apple benchmark fee $9.9 $0.0
Vodafone benchmark fee - -
EURUSD benchmark fee - -

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

More Visit broker

Account opening 5 stars

Opening an account at SogoTrade is easy, fast and fully digital for both US and international citizens.
Pros
  • Fully digital account opening
  • No minimum deposit
  • User-friendly
Cons
None
ChoiceTrade vs. SogoTrade: Minimum deposit, time to open an account
SogoTrade ChoiceTrade
Minimum deposit $0 $100
Time to open account 1-3 days 1-3 days

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

More Visit broker

Deposit and withdrawal 2 stars

SogoTrade offers free funding. On the other hand, you can transfer money only by bank transfer and non-US clients are charged $50, while US clients are charged $25 for bank transfer withdrawal.
Pros
  • No deposit fee
Cons
  • Credit/Debit card not available
  • High withdrawal fee
  • Only one account base currency
ChoiceTrade vs. SogoTrade: Withdrawal options
SogoTrade ChoiceTrade
Bank Transfer Yes Yes
Credit/Debit card No No
Electronic wallets No No
Withdrawal fee $50 $60

More Visit broker

Web trading platform 3 stars

The SogoTrade 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 nice, and doesn't have price alerts.
Pros
  • Two-step (safer) login
  • Good search function
  • Good variety of order types
Cons
  • Limited customizability (for charts, workspace)
  • No price alerts
  • Does not look appealing
Web trading platform of SogoTrade, a ChoiceTrade alternative
ChoiceTrade vs. SogoTrade: Trading platform scores
SogoTrade ChoiceTrade
Web platform score 3 stars 2 stars
Mobile platform score 4 stars 4 stars
Desktop platform score 1 stars 3 stars

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

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Markets and products 1 stars

At SogoTrade, you can trade only with US stocks, ETFs, and options.
ChoiceTrade vs. SogoTrade: Markets and products
SogoTrade ChoiceTrade
Stock Yes Yes
ETF Yes Yes
Forex No No
Fund No No
Bond No No
Options Yes Yes
Futures No No
CFD No No
Crypto No No

More Visit broker

Verdict

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

The account opening at SogoTrade is easy, fully digital, and takes 1-2 days. It has also great customer support which gives fast and relevant answers. Lastly, you can use a wide range of research tools, including a wide range of analytical tools.

On the negative side, SogoTrade charges $50 per year inactivity fee and high withdrawal fees for bank transfers, $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 SogoTrade offers 100 commission-free trades for new account opens, feel free to try it.

SogoTrade
Summary SogoTrade is a US based stockbroker, regulated by US top-tier regulators, the SEC and FINRA. It is not listed on any stock exchanges and does not have a banking backgorund.
Fees score 4 stars
Recommended for Stock and options traders aiming for a US-based stockbroker with great customer service

More Visit broker

ChoiceTrade alternatives
Bottom line

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.

ChoiceTrade alternatives
Broker Info Recommended for
ChoiceTrade US-based stockbroker Stock and options traders aiming for low trading fees and focusing on the US market
Tradestation US stockbroker Traders wanting great research tools and preferring the US markets
Interactive Brokers US discount broker Traders who prefer low fees and a professional trading environment
SogoTrade US-based stockbroker Stock and options traders aiming for a US-based stockbroker with great customer service

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

AUTHOR

Dan Sallai
Dan Sallai
CMO
My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.
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