ChoiceTrade Broker Review
ChoiceTrade is a online discount broker that is located in New Jersey and focuses on implementing the newest and best technology for active, self-directed traders while maintaining great relationships with their clients. Since online trading relies heavily on technology I’m not surprised that more brokers have focused their efforts on providing the best technology you can get. This is where ChoiceTrade has decided to separate themselves from their competition and they’ve done so with great success. Their back-end technology is reliable, stable and powerful with lightning quick executions and fast streaming data.
I was also pleased with their customer service reps who handled my questions professionally while I set up my account. However, they could improve it by providing a chat service and better availability hours compared to what they have now of 9-5PM EST.
Commissions & Fees
ChoiceTrade’s offers great tools and platforms while at the same maintaining one of the lower commission rates in the industry. For equities it’s just a $5 flat rate no matter how much size you trade while options have a $5 base rate plus $0.15 per contact. Exercising options and assignments are both a $15 commission fee. ChoiceTrade does not allow clients to trade penny stocks with a value per share of less than $0.05 and there is an additional $2 commission fee on top of the $5 for trading any Over The Counter of Bulletin Board stocks.
Platform & Tools
ChoiceTrade has a few different options when it comes to trading platforms. They start off with their web-based trading platform that has free real-time quotes and no platform charge. The quotes are not streaming so you will have to refresh your screen to get updated quotes. The platform has all the basic tools and features and will be suitable for the casual trader. If you are an active trader that demands streaming quotes and advanced charting then you will want to check out one of their more advanced platforms: DirectPRO, QuoteStream or ChoiceTrade Elite (currently unavailable).
DirectPRO is currently the best platform they offer but is also the most expensive. Starting price for this platform is $135 per month but you get advanced charting, streaming quotes, time and sales, real-time alerts, news headlines, direct market access and click and point order entry. This platform is much more powerful than the other ones and if you are a serious trading then you would need to take this platform into consideration. It updates positions, buying power, profit and loss all in real time keeping you informed on how your positions are doing and how you can manage your account in the most efficient manner.
QuoteStream is an advanced trading platform that offers advanced order entry, charting, alerts, heat maps and much more. The platform doesn’t requiring any downloading and the base rate is only $14.95 with the pro version costing $29.95 where you’ll have access to their mobile trading app as well. The only feature this platform is missing is the ability to use hotkeys and direct market access (DMA) and is why I would recommend stepping up the next platform, DirectPRO, for traders looking to have those abilities.
ChoiceTrade is currently working on ChoiceTrade Elite but is not available to the public. When ready they will start you off with a free 14 day trial so you can make sure it’s the platform you want without committing to the $29.95 monthly fee after the free trial ends. It will have all the bells and whistles including advanced charting and order entry, market scans, real time alerts, heat scans and lots more. The only thing that I haven’t seen is the ability to have Direct Market Access but that could be in the works so we’ll have to keep our eyes open when they get closer to launching their platform.
These are some very powerful platforms that are powerful with robust graphics and charting capabilities that will most certainly meet the demand of any trader whether you are scalping or swing trading.
ChoiceTrade is a great broker to check out with their competitive commission schedule and their advanced technology. They have put themselves in a great position to grow as a business by offering reliable and powerful platforms that have all the bells and whistles. They do come at a cost as I mentioned above but if you’re a serious trader who wants the best products to trade your money on then you will have to spend some money to get it. Having the right tools is imperative when trading for a living and you don’t want to shortchange yourself. I definitely recommend checking out ChoiceTrade and if you want some more information you can check out their site here.
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