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ChoiceTrade Review 2024

Written by
Adam N.
Fact checked by
Gyula L.
Updated
1w ago
Key data
Fees
Safety
Deposit and withdrawal
Account opening
Mobile app
Desktop platform
Product selection
Regulated and trusted. Tested via live trading.
2,438 people chose this broker
Available in United States

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 3.9/5 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
Overall score
3.9/5
Minimum deposit
$100
Stock fee
Low
Options fee
Low
Inactivity fee
yes
Account opening
1-3 days
Not sure if this is the right broker for you? See the best ones.

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.
  • 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
ChoiceTrade stock and ETF commission

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
11.5%
tastytrade
11.0%
SogoTrade
14.5%
ChoiceTrade annual margin rates

Low options commission

ChoiceTrade US stock index options fees are less than half of the industry average. US stock index options fees are calculated as follows: $0 flat fee plus $0.4 per contract, max $20 per trade.

Broker
US stock index options
ChoiceTrade
$4.0
tastytrade
$7.5
SogoTrade
$5.0
ChoiceTrade stock index options commission

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
ChoiceTrade inactivity, withdrawal and other fees

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)

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.
  • Majority of clients belong to a top-tier financial authority
  • High level of investor protection
  • Financial information is publicly available
Read more

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.
  • No deposit fee
Read more

Account opening

Score: 4.4/5
Opening an account at ChoiceTrade is easy, fast and fully digital for both US and international clients.
  • Fully digital
  • Low minimum deposit
  • User-friendly
Read more

Mobile app

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.
  • User-friendly
  • Good search function
  • Good variety of order types
Read more

Desktop 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.
  • Clear fee report
  • Good variety of order types
  • Good search function
Read more

Product selection

Score: 2.2/5
ChoiceTrade only offers stocks, ETFs and options traded on US and Canadian exchanges.
Read more
“I recommend ChoiceTrade for stock and options traders looking for low trading fees and focusing on the US market.”

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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