CHOICETRADE

About company:

ChoiceTrade is a broker focused on stocks and options trading.

 

history of the company

Although the company has been operating since 2000, few have heard of it. “ChoiceTrade focuses on individual traders. We manage a team with extensive experience in trading in the field of securities ”, - you can find this information on the broker's website, and we will try to tell in this review what type of trader he is most suitable for.

 

Fund security

The broker is owned by LetsGoTrade, Inc., which was incorporated in the state of Delaware on March 28, 2000 and changed its place of registration to Puerto Rico on January 13, 2017. The re-registration was carried out with continuity in accounting and taxation. Since January 13, 2017, LGT has been headquartered in San Juan, Puerto Rico.

 

99.90% in LetsGoTrade, Inc. is owned by ChoiceTrade Holdings, Inc.

 

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

 

Broker ChoiceTrade is licensed by the Securities Investor Protection Corporation (SIPC). Investments of clients are protected up to $ 500,000, of which no more than $ 250,000 can be received in cash compensation.

 

Trading conditions

ChoiceTrade has one type of account that the broker charges a monthly fee to maintain.

 

Minimum deposit

A minimum of $ 100 is required to open a cash account. Moreover, if you intend to conduct day trading, then you need to deposit at least $ 25,000. The difference between these two amounts is global. The broker does not explain what he is offering on the $ 100 account. Possibly clients are gaining access to trading platforms. But, nevertheless, you can trade on them only with an amount of $ 25,000 or more.

 

Spreads and commissions

For trades in stocks and ETFs, the commission is $ 5 per trade, for all other commodities - $ 7 per trade, for trading foreign stocks in the United States with a five-letter symbol ending in F - $ 25 per trade, for options trades - from $ 5 to $ 10 per deal.

 

Leverage

We could not find leverage information on the broker's website.

 

Trading platforms

There are five platforms available on ChoiceTrade, three of which are paid. The cheapest option will cost $ 15, the most expensive $ 135.

 

ChoiceTrade online

It is a free platform that runs in a browser and has a demo version. Clicking on the graph icon will bring up a small graph where you can do some technical studies and comparisons. Another useful feature is the Power Basket, where you can enter orders for multiple stocks and simultaneously create deals for different stocks. The rest of the platform is very simple and does not support many useful functions.

 

mobile version

While we found the ChoiceTrade platform not very useful, the mobile version was even worse. It lacks charts and checking deposit.

 

QuoteStream

QuoteStream comes in regular and professional versions. The professional version has real-time alerts and a mobile app that the regular platform doesn't offer. News, extended charts, streaming quotes from major exchanges are available on both platforms. OTC quotes, CME data and Level II information are all additional charges.

 

Direct Pro

Traders looking for direct access can use Direct Pro. Direct Pro comes with real-time Tier II quotes ($ 20 per month) and ECN books, news articles, real-time alerts. Sales times and windows are also helpful. The platform also supports option strategies.

 

Trading stocks on Direct Pro costs 0.25 cents per share with a minimum of $ 5.

 

The chart can be shown as a small window on the platform, or it can be expanded to fill the entire monitor.

 

ChoiceTrade Elite

The terminal can be used for 14 days for trading free of charge. The terminal has no real-time notifications, regional exchanges, Level 2 quotes. Now let's talk about what's on the platform: Dow Jones indices, Level 1 quotes, ready-made strategies, news headlines and the news themselves are included.

 

Significant services

Among the significant services, one can single out their own ChoiceTrade platforms.

 

Support service

Support answers questions from Monday to Friday from 9.00 to 17.00 (GMT-4). You can ask your question by phone, e-mail or using the feedback form.

 

Ways of payment

The broker only supports escrow via bank transfers.

 

Criticism of traders

There are not many reviews of ChoiceTrade on the net. But let's try to summarize our review.

 

The broker charges a fee for literally every action that traders take - so it is definitely not suitable for inactive traders. We advise you to trade with ChoiceTrade for those who place many orders every month.

 

In addition, due to the near lack of available and useful training materials, this platform is probably not suitable for new investors. Likewise, not suitable for those looking for managed portfolios or personalized advice.

 

Nevertheless, ChoiceTrade can become a trading platform for investors who already understand trading in detail.

 

Pros:

 

regulated broker; trading stocks and options.

 

Minuses:

 

no training materials and analytics; high deposit for trading; the broker charges fees for using the platforms and maintaining the account - and these fees are higher than the industry average.

 

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