On-line since: 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:
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:
Disadvantages:
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I have terrible experience with ChoiceTrade broker. Their service is really terrible. I failed to withdraw my profits from this broker. They keep rejecting the documents I sent to them. I can't reach their customer support and they doesn't respond to my mails.
They are highly emphasizes comfort trader, I am feeling lucky to join Choice Trade. I’ve been using them for over a year and there is no problem up to this moment. I have traded with this broker since 2020, and I deposited $200. In 4 months, I earned profit 45% and decided to withdraw half my money. The most I like at this broker is their platform because it has a lot of initiative by simplifying matters. Therefore, I can trade without many complicated numbers and settings. In addition, Choicetrade always held interesting contests with prizes and huge bonus.
I have found high non-trading fees at ChoiceTrade broker. Also, their payment service is full of harassment. They have few instruments to ttrade, so I can't trade properly too. So I say the ChoiceTrade platform has rubbish service in the marker. While still, I have to try to withdraw my money.
Choose a broker that are properly regulated and provides more profitable programs. Execution is less than a second and you can use their vpn if you have litepoints in their cop club. Their spreads is competitive, and I enjoy their platform stability. All their program allow me to get passive income. The trading platform is easy and powerful. I deposited fund via Bank Transfer and soon it appeared in MT4. MT4 terminal is working fast. Withdrawal via same platform is quick and simple. The platform is great and they offer an expert assistance to the traders according to the changing market conditions. Withdrawl usually take 1-2 days.
I have been trading with ChoiceTrade for three months now and I can say that their trading conditions are suitable for beginners. Their platform is simple and easy to use yet it still keeps all the functionalities. The fees are also small making the experience pleasant even for small traders.
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