Check out our ChoiceTrade review to see if this is the broker for you. The ChoiceTrade product is the brainchild of Choicetrade Holdings Inc., a company founded in 2000.
It caters mostly to active, self-directed traders. The brokerage firm offers a variety of trading platforms and low commissions rivaling firms like Robinhood.
Its fee structure is probably less than ideal for position traders. However, it's a bargain for those who regularly trade.
Is Choicetrade a Good Broker? (Review Breakdown)
- ChoiceTrade is a low cost online stock broker that offers fast & seamless executions, the ability to trade from anywhere, low cost commissions for stocks and options, and advanced trading tools.
In this ChoiceTrade review we'll take a look at the platforms they offer. Platforms to traders is one of the most important things to consider.
It's where all the action happens. If you're not comfortable with your broker, you're not going to enjoy trading.
As a result, make sure you choose a platform, whether it's with ChoiceTrade or someone else, that you love.
Check out our trading service for more reviews on trading necessities as well as brokers.
1. Web-Based Platform
Choicetrade Holdings Inc., provides its clients with a free, web-based platform called ChoiceTrader. It's basic, not to say rudimentary.
If you want bells and whistles, you won't find it with this platform. You can place trades and do basic technical analyses and comparisons. However, the tools and features are quite sparse.
2. Choicetrade Mobile
The mobile version is also free and works on all phones or tablets that have a browser. You can trade multiple accounts on your mobile device.
Additionally, streaming real-time data is available if you've signed up for it. Check out our live trading room to see us in real time. We even have an app for that.
3. Virtual Trading Account: Choicetrade Review
Practice your trading strategies risk-free with this online simulator and $100,000 in virtual funds. And you don't need to open an account to use the tool. Try it for free here.
In fact, check out our real time alerts and practice trading those. Virtual accounts are great to take advantage of before going live. Hence this ChoiceTrade review.
4. Paid Platforms
The paid platforms of Choicetrade Holdings Inc. offer more features. All provide real-time streaming data, AMEX, NASDAQ, NYSE, and OTCBB, news headlines, advanced charts, and option spread strategies.
There are a multitude of other features and services available, depending on the chosen platform. However, some of those may cost extra.
5. Quotestream Trader
Our ChoiceTrader review takes a look at the QuoteStream Trader.This platform comes in two versions, the base version and pro. Currently, the base edition is $14.95 /mo. and pro is $24.95 /mo.
Time & Sales and heat-maps are included free of charge in both versions. However, real-time alerts and a mobile app are only available for the pro version.
Furthermore, the customizable platform offers up to 300 symbols per portfolio, 7 chart types, and drawing tools. Other tools available are watch lists, historical data, stock screener, company and market research modules, events calendar, and IPO information. Use to trade stocks, options, ETFs, and Futures (read our different types of stocks page).
6. Direct Pro Trader
At the time of this ChoiceTrade review, the platform is $135 /mo. Choicetrade Holdings Inc.'s Direct Pro Trader provides direct-access routing and streaming real-time level II quotes.
Traders get intraday and daily charts in a wide range of chart types with drawing tools and advanced indicators. The real-time streaming quote Market View Quote List Streamer alerts you when your volume or price targets are realized.
Additionally, Direct Pro displays ECN books, providing direct access to multiple routes and ECNs. Other features include watch list, account and trade managers, and time of sale windows.
7. Choice Trade Elite Trader
This is Choicetrade Holdings Inc.'s newest platform, currently at $29.95 /mo. It offers 4 chart types, drawing tools, and advanced indicators.
Additionally, it provides scanning and back-testing capabilities, watch lists, heat-maps, multiple research tools, and a trading journal. I personally like trading journals, which are great way to learn from your own trading activity.
And with this platform, you can back-test the trades from your journal. Check out our online trading courses. Learn different ways to trade and back-test.
8. Choicetrade Review of Accounts
Choicetrade Holdings Inc. offers individual, joint, custodial, and specialty accounts. However, at this time, they're not accepting IRA accounts.
The minimum amount to open an account is $100. Though for margin accounts, it's $2,000. And for day trading accounts, it's $25,000.
You can fund your account via wire transfer. But first ChoiceTrade requires a statement from the bank account from which you'll be wiring the funds.
And the name and address on your ChoiceTrade account and bank statement must be the same.
Applications and agreements are provided for accounts, deposits, withdrawals, taxes and legal. Go here to download ChoiceTrade forms.
The easiest way to open an account is just to apply online. However, ChoiceTrade will still require a signed application.
What Are ChoiceTrade Fees and Commissions for 2020? (Pricing Review Breakdown)
- Here are ChoiceTrade fees and commissions for 2020:
- $0 commissions for stock trades on trades over $1
- OTC (over the counter) stocks are $7 per trade, and F stocks $25 per trade.
- $0 options trade + $0.40 per contract. Maximum monthly commission of $50
- Prices are generally low, but be sure to read the fine print for possible additional fees.
Final Thoughts on Choicetrade Review
Charles Munger, Warren Buffet's famous partner, said that everybody would like to have a money manager that would make them rich.
The reality is that if they could make you rich, why wouldn't they make themselves rich? Well, many of them do... with your money!
At the Bullish Bears we believe that everyone should learn to manage their finances by becoming a self-directed investor and/or trader just like Munger and Buffett recommend.
Granted, we are operating on a smaller scale, but we all have to start somewhere. And just like with ChoiceTrade, the Bullish Bears training is where you can start on a small budget and scale upward from the get-go.