ChoiceTrade Reseña

On-line since: 2000
Country of origin: Puerto Rico
Regulation: SIPC
Payment options: bank transfer
Minimum account size: $100
Minimum lot size: -
Leverage: -
Spreads: -

About the company:

ChoiceTrade provides services of trading stocks and options.

Company History

Although the company has been operating since 2000, only few people have heard of it. “Our management team includes individuals with extensive experience in the securities industry,” the broker’s website states. In this review, we will analyze what type of traders this company fits the best.

Safety of funds

The broker is owned by LetsGoTrade, Inc. registered in Delaware on March 28, 2000. On January 13, 2017, the company changed its place of registration to Puerto Rico. Re-registration was carried out with succession in accounting and tax assessment. Thus, LGT has been headquartered in San Juan, Puerto Rico, since January 13, 2017. ChoiceTrade Holdings, Inc. owns 99.90% of LetsGoTrade shares.

ChoiceTrade Holdings, Inc. was registered in Delaware on May 13, 2008, and changed its place of registration to Puerto Rico on January 1, 2015.

The broker ChoiceTrade is licensed by the Securities Investor Protection Corporation (SIPC). Client investments are insured for up to $500,000. However, no more than $250,000 can be received as cash compensation.

Trading terms

Choice Trade offers only one type of account and charges a monthly fee for it.

Minimum deposit

At least $100 is required to open a trading account. Besides, you need to deposit no less than $25,000 to carry out intraday trading. The difference between these two sums is huge. The company does not explain what exactly it offers for $100. Perhaps, customers get access to trading platforms. Nevertheless, you can trade only if you have $25,000 in your account.

Spreads and commissions

The commissions are as follows:

• $5 per trade on shares and ETF;
• $7 per trade on the rest of stock instruments;
• $25 per trade on foreign shares in the US with a five-letter symbol ending with F;
• $5-$10 per trade on options.

Leverage

We could not find this information on the broker’s website.

Trading platforms

ChoiceTrade offers five trading platforms, three of them have to be paid for. The cheapest option is $15, the most expensive one is $135.

ChoiceTrade online

This platform is free of charge. It works from a web browser and has a demo version. If you click on the chart icon, a small graph will appear. It allows you to do some technical research and comparisons. Power Basket is another useful feature of the platform. Using it, a trader can place orders for several stocks and open deals for different stocks at the same time. Apart from that, the platform is very simple and does not support many useful functions.

Mobile version

Even though we considered ChoiceTrade trading terminal to be not really helpful, its mobile version turned out to be even worse. It lacks charts and check deposit.

QuoteStream

QuoteStream is introduced in two versions: standard and professional. The professional one has real-time notifications and a mobile application that are not provided in the standard version. News, advanced charts, and stream quotes from major exchanges are available on both platforms. OTC quotes, CME data, and level II information are paid for.

Direct Pro

Traders who need direct access can use Direct Pro. This platform comes with Level II real-time quotes ($20 per month), ECN books, news articles, and real-time notifications. Time and sales windows are also helpful. Besides, the platform supports option strategies. Stock trading on Direct Pro costs 0.25 cents per share with a minimum of $5. The diagram can be displayed as a small window or it can be expanded to the entire monitor.

ChoiceTrade Elite

A trader can use this terminal for days free of charge.  It does not have real-time notifications, regional exchanges, and Level 2 quotes. Now, let us look at what ChoiceTrade Elite has: Dow Jones indexes, Level 1 quotes, ready-made strategies, and news.

Special services

Own terminals of ChoiceTrade can be mentioned here.

Customer service

The support team answers questions from Monday to Friday from 9.00 to 17.00 (GMT-4). The question can be addressed by phone, e-mail, or through the feedback form.

Payment options

A trading account can be deposited only via bank transfers.

Criticism by traders

There are not many comments on ChoiceTrade on the Internet. However, we will still try to summarize our review. This broker definitely does not suit inactive traders as it charges them for every action,  literally. We recommend ChoiceTrade for those who place a lot of orders every month.

In addition, this company is not the best soluion for investors due to the lack of accessible and useful educational materials. Similarly, it is not suitable for those who are looking for managed portfolios or personalized advisers.

Nevertheless, ChoiceTrade can become a trading solution for investors who already know trading in detail.

Advantages:

• regulated broker;
• trading stocks and options.

Disadvantages:

• no educational materials and analytics;
• high minimum deposit for trading;
• the broker charges fees for using trading terminals and accounts. Moreover, these fees are higher than the industry average.