ChoiceTrade Review: The ChoiceTrade product is the brainchild of Choicetrade Holdings Inc., 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. Their fee structure is probably less than ideal for position traders. However, it’s a bargain for those who regularly trade.
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.
Table of Contents
ChoiceTrade Review Introduction
In this ChoiceTrade review, we’ll look at the platforms they offer. Platforms for traders are one of the most important things to consider. It’s where all the action happens. If you’re uncomfortable with your broker, you won’t enjoy trading.
As a result, make sure you choose a platform, whether it’s with ChoiceTrade or someone else, that you love. Choicetrade Holdings Inc. provides its clients 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.
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. However, 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 to apply online. However, ChoiceTrade will still require a signed application.
Mobile & Virtual Trading
The mobile version is also free and works with a browser on all phones or tablets. You can trade multiple accounts on your mobile device.
Streaming real-time data is also available if you’ve signed up for it.
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.
SERVICES |  |  |  |
|---|---|---|---|
| DESCRIPTION | Bullish Bears offer trade rooms in our Discord. Our chat rooms include penny stocks, large caps, options, and futures | We offer stock signals and trade alerts through our watch lists and Discord bots using Tradytics | Swing trade and day trade watch lists with hand-picked symbols that have the best chance of breakouts. These are stocks to watch |
| INCLUDED | Trading courses • Live streaming • Discord • Real Time Teaching • Scanners & Bots Trade Rooms | Watch lists • Symbols • Support and resistance levels • Discord bots and scanners Trade Alerts | Swing trade watchlist • Day trade watchlist • Alert levels mapped out • Watch lists updated daily Watch Lists |
ChoiceTrade Fees and Commissions (Pricing Review)
- $0 commissions for stock trades on trades over $1
- OTC (over-the-counter) stocks are $7 per trade, and F stocks are $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
ChoiceTrade Paid Platforms
The paid platforms of Choicetrade Holdings Inc. offer more features. All provide real-time streaming data, AMEX, NASDAQ, NYSE, OTCBB, news headlines, advanced charts, and option spread strategies.
Many other features and services are available, depending on the chosen platform. However, some of those may cost extra.
1. Direct Pro Trader
At 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 with drawing tools and advanced indicators in various chart types. 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 a watch list, account and trade managers, and time-of-sale windows.
2. Elite Trader
This is Choicetrade Holdings Inc.’s newest platform, currently at $29.95 /mo. It offers four 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 like trading journals, which are a great way to learn about your trading activity.
And with this platform, you can back-test the trades from your journal. Learn different ways to trade and back-test.
Best Trading Companies
3. Quotestream Trader
Our ChoiceTrade review takes a look at the QuoteStream Trader. This platform comes in two versions: the base version and the pro. Currently, the base edition is $14.95 /mo. 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, seven 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.
Final Thoughts: 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!
Frequently Asked Questions
Investors cannot purchase shares of ChoiceTrade because the company is privately held.
