Review Is Choice Trade Legit Or Scam

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  • ChoiceTrade $5 plus
    0.15 per contract or
    $10 plus
    0.00 per contract
  • E*Trade $6.95 plus
    0.75 per contract
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Find the low cost Online Stock Broker

Test drive our online stock trading platform for free. You get $100,000 in virtual funds in your demo account. Not real money. Sorry.

Award Winning

ChoiceTrade has consistently ranked high in the annual Barron’s surveys as one of the best online brokers for stocks and internet options trading.

Power Tools for Active Traders

Beyond our online trading platform, ChoiceTrader Direct Pro offers streaming quotes, dynamic charts and more, in your browser or desktop.

Trade from Anywhere

Can’t get to your computer for online stock and option trading? Use your phone or tablet to trade stocks and options at

ChoiceTrade is rated

The Online Broker for Stocks and Options

ChoiceTrade has consistently ranked high in the annual Barron’s surveys as one of the best online brokers for stocks and options trading.

Beyond our online trading platform, ChoiceTrader Direct Pro offers streaming quotes, dynamic charts and more, in your browser or desktop.

Can’t get to your computer for online stock and option trading? Use your phone or tablet to trade stocks and options at

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Copyright © 2000-2020 ChoiceTrade. All rights reserved. Member FINRA and SIPC


Copyright © 2000- ChoiceTrade. All rights reserved. System response, access times and reporting times may vary due to market conditions, system performance, trading volumes, and other factors. Securities products and services offered through ChoiceTrade, Member SIPC. Review: Is Choice Trade Legit Or Scam?

Choice Trade Review: this is the name of an option broker whose location is not disclosed on the website. Is a scam broker or a legit one?

The broker was established in 2000 but we find that despite the fact of its long existence, it is not popular. This is a turn-off as it means they do not have a large customer base that may be because they do not perform well for traders.

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Nothing is said about license and regulation. We find this as a red flag because trading with unlicensed companies is dangerous. They are not under any commission and are therefore not mandated to act in accordance with any trading rules.

It claims to be offering traders a low cost trade that is operated online. Their demo account comes with a virtual fund of $100,000. They claim to be recipients of many awards offering powerful tools to traders.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Choice Trade Trading Platform

What we find is that the Choice Trade broker offers a web-based trading platform. Since this is not the popular MetaTrader platform, we do not find it encouraging. The popular MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are not listed but we found mention of stocks and ETFs. We find that it does not offer crypto option to clients. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverages offered is not mentioned on the page and this is important. Some may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are not mentioned which we find discouraging.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Choice Trade

The means of making payments and withdrawals are not stated also. We find that of e-Wallets are likely to be missing, which is discouraging.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is $10 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Choice Trade Licensed?

We do not find a mention of a license or a regulation. It however claims to be a member of FINRA and SIPC but we do not find a worthy mention of a top Forex commission. Traders are warned to avoid trading with unlicensed brokers.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.


To make inquiries from the broker call: (787) 773 1848 or send an email to [email protected]


Since we do not find a worthy license for the Choice Trade broker, we find it hard to recommend this broker for traders. What is more, many details are not provided on the page and this is not encouraging.



Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

ChoiceTrade Review

While ChoiceTrade advertises free stock trades, unfortunately, monthly costs add up, and, overall, ChoiceTrade provides customers an online investing experience not worth the hassle.

Top Takeaways for 2020

After spending five months testing 15 of the best online brokers for our 10th Annual Review, here are our top findings on ChoiceTrade:

  • In our testing, we found that ChoiceTrade underperforms in nearly every aspect of the trading experience, from platform options to research, customer service, and ease of use. Needless to say, we do not recommend ChoiceTrade for beginners.
  • While the Choice ELITE desktop-based platform surprised us with depth, including an okay mobile app, overall usability severely underperformed. As a result, the platform is a poor choice for day trading.
  • While ChoiceTrade markets free trading, the bottom line is that there is fine print, including monthly platform fees and inactivity fees, which customers should be aware of. Details aside, given the ultra-competitive $0 trades market, we do not recommend ChoiceTrade for discount trading or penny stocks.

Overall Summary

Feature ChoiceTrade
Overall 3 Stars
Commissions & Fees 4.5 Stars
Offering of Investments 2.5 Stars
Platforms & Tools 3 Stars
Research 2 Stars
Education 1.5 Stars
Mobile Trading 3.5 Stars
Customer Service 3.5 Stars
Ease of Use 2.5 Stars

Commissions & Fees

ChoiceTrade offers $0 stock trades for US customers and options trades for $.40 per contract ($50 per month cap).

Fine print: Specifically, traders get unlimited free stock trades if the stock is over $1 per share, traded on the NASDAQ or NYSE, a market or limit order is used, and you are not trading after hours. After-hours trades cost an additional $.005 per share and miscellaneous account fees are far higher than the industry average. Stocks under $1 cost $7 per trade.

Platform fee: While ChoiceTrade offers three third-party platform options, we focused our testing on the ChoiceTrade Elite Trader platform, which runs $29.95 per month. The only way to waive the monthly fee is to maintain a $30,000+ account balance.

Inactivity fee: ChoiceTrade also assesses a $35 quarterly inactivity fee for any account that does not place at least five trades during the current calendar quarter.

ChoiceTrade pricing summary:

Feature ChoiceTrade
Minimum Deposit $0.00
Stock Trade Fee (per trade) $0.00
ETF Trade Fee $0.00
Options Base Fee $0.00
Options Per Contract Fee $0.40
Mutual Fund Trade Fee N/A
Broker Assisted Trades Fee $30.00
Commission-Free ETFs All

Platforms & Tools

ChoiceTrade offers three third-party platforms: QuoteStream (marketed as QuoteStream Trader), DAS Trader Pro (marketed as Direct ProTrader), and iVest Plus (marketed as ChoiceTrade Elite Trader). I focused my testing on ChoiceTrade Elite Trader, which runs $29.95 per month.

Trading tools: ChoiceTrade Elite Trader surprised me by checking off a number of advanced features that I wouldn’t have expected. The platform is also widely supported, offering both web and desktop-download options. Unfortunately, the design is terrible. To compete with industry powerhouses like TD Ameritrade and TradeStation, which both offer excellent (and free) trading platforms, iVest Plus will need to hire a designer to work some magic.


Beyond pulling basic stock quotes and conducting elementary research such as viewing a balance sheet or income statement, ChoiceTrade has little to offer. Yes, there are fundamental metrics for stocks such as Price/Book ratio and insider analysis, but the data is presented in such an awkward fashion, with no disclosure of where the data comes from, that it’s mostly worthless. Additionally, no ETFs research is offered beyond basic quotes, no mutual funds research is provided, and traditional screeners are nowhere to be found.

Customer Service

To score Customer Service, partners with customer experience research group Confero to conduct phone tests from locations throughout the United States. For our 2020 Broker Review, 280 customer service tests were conducted over ten weeks.


  • Average Connection Time: th (14 brokers)

Mobile Trading

ChoiceTrade offers a mobile app for its customers that supports the basics for trading on the go. Both iOS and Android apps are offered, and there is real-time streaming market data alongside decent charting, which includes after-hours visibility.

Unfortunately, compared to the best stock trading apps, ChoiceTrade struggles to compete, as functionality like basic price alerts is not supported.

Offering of Investments

Beyond providing a platform on which to trade stocks and options online, ChoiceTrade has little to offer. Worse yet, there is no two-factor authentication login option for secure logins.

Final Thoughts

Unfortunately, time has not been friendly to ChoiceTrade. Today’s world of online trading is hyper-competitive, with all the biggest names in the industry now offering $0 trades.

The 2020 price war brought household names such as TD Ameritrade, E*TRADE, and TradeStation down to $0 for regular stock trades. No matter how you slice the pie, ChoiceTrade just doesn’t have the size and resources to compete for a piece of the market.

2020 Review Methodology

For the tenth annual best online brokers review published in January 2020, a total of 3,540 data points were collected over six months and used to score brokers. This makes home to the largest independent database on the web covering the online broker industry.

Participation is required to be included. Each broker completed an in-depth data profile and provided executive time (live in person or over the web) for an annual update meeting. Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors quality data they can trust. Learn more about how we test.

About the author: Blain Reinkensmeyer As Head of Research at, Blain Reinkensmeyer has 18 years of trading experience with over 1,000 trades placed during that time. Referenced as a leading expert on the US online brokerage industry, Blain has been quoted in the Wall Street Journal, The New York Times, Forbes, and the Chicago Tribune, among others.

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All pricing data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.

Advertiser Disclosure: helps investors across the globe by spending over 1,000 hours each year testing and researching online brokers. How do we make money? Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, e.g. exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site. Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. Here is a list of our partners.

Disclaimer: It is our organization’s primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While has all data verified by industry participants, it can vary from time to time. Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by, nor shall it bias our reviews, analysis, and opinions. Please see our General Disclaimers for more information.

© 2020 Reink Media Group LLC.
All rights reserved.

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