Choicetrade Reviews 2022

Forex trading

Stocks and options are inexpensive, but there are large platform fees and few features.


Since its founding in 2000, choicetrade review has operated as a brokerage firm in the United States. The business caters to independent, active traders and provides a variety of trading platforms, each tailored to a certain trading approach.

“Choicetrade is currently in the process of shifting its business model from only supplying low-priced fees on publicly-traded stocks, etfs, and options to providing alternative investment solutions to its clients,” the company claimed in its annual report submitted to the SEC in late 2020.

This might benefit the business by enabling it to reach a bigger audience.

In a market where rivals have continually grown in size, breadth of products, and pricing competition, choicetrade is still lagging behind. The broker could be best suited for options traders who wish to take advantage of $0 fees and a $20 per trade maximum on options because of its constrained selection of trading products and research amenities. To assist you to determine if choicetrade would be a suitable fit for your trading style, we’ll compare how it compares in terms of features, pricing, and resources.

Cons & Pros


  •       Low expenses for regular traders of options
  •       Customizing the choicetrade Elite platform is simple.
  •       Subscribers to the newsletter can get trade notifications prepared for quick action.


  •       The limited selection of trading goods
  •       There are few resources for news and research.
  •       Hefty platform charges

Pros Presented

The $20 per trade cap on options fees allows higher volume traders to keep their expenditures under control. The $20 threshold will be reached if you trade more than 50 contracts in a single deal, and any extra contracts you trade after that will not be charged $0.40 per contract. The greater your relative savings with choicetrade, the more trades you execute over that cap.

Drag and drop widgets to arrange them in the way you choose on the choicetrade Elite platform, a browser-based streaming service. The displays for option chains can also be changed.

With the help of the auto staging tool (also known as the choicetrade Convenience Tool), you can manage the trade triggers for your newsletter subscriptions without having to manually enter them. The tool is set up with trade recommendations from newsletters so you may analyze them and decide which ones to submit to the market.

Cons Explanation

Choicetrade offers coverage for American stocks, etfs, and options. Other trading products, such as mutual funds, fixed income, futures, futures options, commodities, FX, or cryptocurrencies, are not available to customers.

There aren’t many news alternatives on choicetrade. They don’t provide the same range of alternatives as bigger brokers. For $99 a month, you can add Benzinga’s live-streaming news.

The only platform you have free access to is the antiquated and functioning choicetrade basic web platform. Either you may deposit $30,000 into your account or you can pay a $29.95 monthly access charge. Other paid solutions include dastrader for $135 per month and quotestream Trader for $14.95 to $24.95 per month.


Opening an account with choicetrade is simple. You can download the paperwork from the website, request a new account package by mail, or establish an account online. It’s simple to open an internet account.

Your citizenship status (U.S. citizen, resident alien, or non-resident) and the kind of account you intend to openndividual, joint, custodial, IRA, or specialtymust be entered before you may proceed (corporate, non-profit, investment club, LLC, partnership, or trust).

The minimum balances for cash accounts, margin accounts, and day trading accounts are respectively $100, $2,000, and $25,000.

Despite having few default settings and customization choices, the choicetrade online platform is clumsy and out-of-date. The broker uses choicetrade Elite as its most recent platform.

Choicetrade Elite is a web-based trading platform that is simpler to use than the internet version. Better charting features are available on the Elite platform, and you may drag and drop widgets to create a trading process that suits your preferences. If you have at least $30,000 in your account, choicetrade will eliminate the $29.95 monthly charge for its Elite platform.

Although the firm has two other trading platforms, dastrader ($135/month) and quotestream ($14.95–24.95/month), we concentrated on the online, Elite, and mobile app platforms for our evaluation.

The choicetrade mobile app is accessible on both ios and Android devices. On web-based and mobile platforms, you may trade the same items (stocks, etfs, and options). Similar to how they may be used on the site, all order kinds are also available on the mobile app.

The software allows you to establish watchlists, but you’d best be familiar with your ticker symbols. Despite having a “SEARCH Firm” button, there is no method to search by company name. After you set up the app on the standard trading website, it offers to stream real-time news or quotations but has limited charting, news, and research tools. Know more about tradeStation review here.

Experience in a Trade

The typical online interface for choicetrade is cumbersome and challenging to use. The quotations are now streaming, however, the charting is outdated in comparison to more modern, logically constructed platforms from other brokers.

You may still select a timescale ranging from one minute to 10 years as well as your desired chart style (line, area, OHLC, candlestick, or hollow candle). There are a few technical indications, but the fast charts do not display them.

The Elite platform has streaming data and widgets that enable you to create your own workflow, making it more practical and user-friendly. The choicetrade Convenience Tool, an auto staging tool, builds up deals suggested by newsletters for you to check and submit. There is no direct trading from charts, and the order ticket is simple.

For both stocks and options, you may define a default order type (limit or market) as well as a default quantity of shares or contracts. The Elite platform and mobile app share the trade defaults you set up on the online platform.

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