Warrior Trading Blog

ChoiceTrade Broker Review 2018

Choicetrade

Founded in 2000, ChoiceTrade is a securities brokerage firm with headquarters in New Jersey. Focused on active and self directed traders, the securities brokerage firm has made available state of the art trading tools that enable its customers to capitalize on the market and profit.

Each trading platform offers a wide range of trading styles thus enabling the traders to realize success with their trading strategies. ChoiceTrade has grown to be a renowned discount broker in less than two decades thanks to a management team that includes professionals with extensive experience in trading and securities.

Today, ChoiceTrade plays a leading role by innovating new technologies for its trading platform. As such, it has shaped the industry and met the needs for all its customers.

In our in-depth ChoiceTrade review, we will highlight its trading platforms, trading commissions, mobile trading and other special features.

ChoiceTrade Products, Services and Features..

Account Registration

Licensed to operate in 52 States/Territories in the US, ChoiceTrade requires all its customers to open an account before they start trading. At the moment, the discount broker offers two types of accounts:

  • Demo
  • Real Trading account

The Demo account allows you to experience the trading platform and its features without risking your capital. To get started with the Demo account, simply click on “Register for a Virtual Account.”

To register for a real trading account, input the following information.

  • Citizenship
  • Select account – individual, joint account, custodial, IRA and specialty account
  • Email
  • Secret word

After finalizing the first step, you will be required to provide your personal information, create your investment profile, check to agree with ChoiceTrade terms & condition and finally, review and submit the form.

Once you have activated your account, you can begin trading with ChoiceTrade state of the art trading platform. Now that you have activated your account, you are required to fund it.

For a cash account, a minimum of $100 is required and for margin accounts, the minimum is $2,000.

ChoiceTrade Trading Platform

Traders have the freedom of trading the way they want once they sign up with ChoiceTrade. They can trade from the discount broker’s website and get to receive real time quotes right on their desktop. Currently, there are two premium online trading softwares offered by ChoiceTrade namely:

i. QuoteStream
ii. Direct Pro

QuoteStream Trader – this is a streaming data platform designed to provide traders with real time market data and research information. Basically, it brings the power of analytics and institutional trading to your mobile and desktop.

The base monthly charge for subscribing to QuoteStream Trader is $14.95 for the basic version and $24.95 for the Pro version.

Some of the features you will enjoy include:

  • Access to NYSE, AMEX, NASDAQ and OTCBB
  • News Headlines
  • Time and Sales
  • Advanced charts
  • Real time charts (Pro version only)
  • Option Spread Strategies
  • Mobile version (Pro version only)

Note: Partial months are not prorated.

Learn more about QuoteStream Trader features.

Direct Pro – this is a Level II direct access trading software available for all platforms – desktop, web trader and mobile. As a powerful day trading platform, it comes complete with real time quotes, charts, point and click trading. Using the platform means you can trade stocks and options from the same account.

ChoiceTrade charges a base monthly of $135.

Some of its features include:

  • Access to NYSE, AMEX, NASDAQ and OTCBB
  • Streaming quotes
  • Dow Jones Indices
  • News Headlines
  • Time and Sales
  • Advanced Charts
  • Real time alerts
  • Option Spread strategies
  • Mobile app

Learn more about Direct Pro Trading Platform.

At the moment, ChoiceTrade is working on a third trading platform – ChoiceTrade Elite – and has yet to announce the date it will reveal the software to the public.

Learn more about ChoiceTrader Elite upcoming features.

Mobile app

For QuoteStream Trader, Direct Pro Trader and Elite, ChoiceTrade offers a mobile trading platform and an app. At the moment, only QuoteStream Trader mobile app is available to Pro account holders only while for other softwares, their mobile apps are available to all users.

ChoiceTrader offers a mobile trading website with fewer features than the desktop platform. Some of the features you will come across include:

  • Balances
  • WatchPlus
  • Orders
  • Positions

Basically, it has the simplest functionality designed for the average trader.

The mobile apps are designed for traders on the go. Each trading platform has its own mobile app with the same features as the web trader. Some of the features traders will enjoy when using the mobile apps include:

  • Access to real time market data
  • Access to research information
  • Portfolio management
  • Stock quotes
  • Intraday and historical charts
  • Market updates
  • Forex and currencies
  • Stock watchlist
  • News
  • Market movers and more

A quick check at Google’s Play Store and Apple’s App Store revealed that ChoiceTrader mobile apps have an average of 3.5 stars.

Trading commission and fees

As one of the cheapest online stock broker, ChoiceTrade offers a lower commission for active traders. For starters, the discount broker offers a flat rate of $0 commission for all stock trades. This applies to Day orders, Market and Limit in NYSE and NASDAQ stocks plus ETFs executed at $1 or more per share. OTC stock trades are charged at $7 plus applicable surcharges. What you ought to know is that the flat rate pricing model attracts a $5 monthly fee.

For Option trades, ChoiceTrade charges 15 cents per contract plus $5 base or $ 10 flat rate per trade plus 0 cents per contract.

Other fees charged by ChoiceTrade are as follows:

Monthly account maintenance fee – $5
Income wire fee – $0
Outgoing wire fee – $35 (domestic) and $60 (foreign)
Broker assist surcharge – $30 per trade.

Learn more about ChoiceTrade rates, margin and fees.

Final Thoughts

ChoiceTrade is a discount broker with a chance of growing its products and services. Currently, it offers two trading platforms for its customers with a third one to be unveiled soon. Each trading software works on three platforms namely web/desktop, mobile app and mobile site.

The problem arises when you begin interacting with the trading platforms. While ChoiceTrader has made several features available on its web trader and the mobile apps, when it comes to its mobile trading site, it lacks vital features. This makes the platform not suitable for advanced traders.

Overall, ChoiceTrade is a great option for novice traders since they will get to learn the ropes finally gaining the much needed trading experience.

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