ChoiceTrade Review

Customer's Rating: brokerage firms reviews

ChoiceTrade customer reviews: complaints, positive feedback from clients, pros and cons. Is the broker good/safe?

 

ChoiceTrade Trading Commissions

  • Stocks: $5
  • Options: 1) $5 + $0.15 per contract*
    2) $10.00 per trade with no per contract fee* (up to 250 contracts per leg)

* - Per contract charge applies to trades on the online platform. $0.55 a contract for options transacted on Direct Pro. There is a list of index options, including SPX, OEX and VIX, for which Choice Trade charges a surcharge of $1.00 per contract in addition to the regular commission. This surcharge does not apply for options on ETFs such as QQQ or SPY. If you participate in a third-party investment program, then your minimum commission per option trade will be $10, exclusive of index option surcharges (if applicable). Regulatory fees, exchange fees and index option surcharges are extra. $10.00 per trade with no contract fee plan is not available to accounts with naked option writing permission. The default pricing plan will be $5.00 per trade plus 0.15 cents per contract. You may switch between pricing plans no more than once a month by sending an email before the 1st of any given month. Options involve risk and are not suitable for all investors. Prior to buying or selling an option, please read Characteristics & Risks of Standardized Options. A copy of this document can be obtained by contacting us at service@choicetrade.com. Note: Regulatory and OCC fees will apply. Please contact ChoiceTrade for details.

ChoiceTrade is a discount stock broker that has been in business since 2000. The firm offers competitive pricing and a number of trading platforms geared toward a specific trading style of frequent and experienced traders. Located in New Jersey, ChoiceTrade is registered with SEC and SIPC.



 

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ChoiceTrade Customer Reviews


by Ken, 12/21/2015

Pros: $5 per trade

Cons: You get what you pay for - $5 Per Trade

As BAD as some reviews are for ChoiceTrade, BELIEVE me, the (OTHERS are WORST)!

I have tried MOST of the OTHER online brokerages, and THEY are even WORST than ChoiceTrade. So I stick with ChoiceTrade, because they are the (BEST I found for the $5 per trade money)!


by Goldie, 11/12/2015

Pros: Get what you pay for

Cons: Crooks? Incompetent ? Pick

I'm surprised they are still in business. Totally incompetent service,don't deliver your divides, have deleted stocks, change rules to nickel and dime people to death. Call to have money put in your account took it out instead. If you ever tried to do any protective trading in a panic market good luck you could lose all especially if their site overwhelmed and tried to call them what a joke that would be. I would not trust them or recommend them.


by Angel C., 3/16/2015

Pros:

Cons:

They pretty much stole money from me. Changed their rules mid-stream, unconnected the funding I had in place, now want people to jump HOOPS to be able to make trades (make it super difficult), liquidated some stock I had to cover a cash deficiency that would NOT HAVE EXISTED if they suddenly decided on some new fees to be charged ($15 per quarter if you do no new trades). I lost money from them, and I'm very unhappy about it. Their rules are not clear, website super confusing and customer support is ridiculously bad. AVOID.


by Customer99, 6/30/2014

Pros:

Cons: Hidden fees, total disrespect for small investors

I just performed what should have been a $5 trade (less than 200 bucks of a penny stock) and they charged me $7 for it. Not the end of the world, but I wasn't informed of the price hike until I tried to make this latest trade, and that just plain sucks.

I also learned recently that if you have *any* penny stock holdings, they require you to keep a $500 minimum cash balance. I would have been okay with this had it been more clearly stated on their site so I knew in advance. Unfortunately, there was never any clear indication of this little rule until I tried to take out all my free cash to make a house payment and they simply didn't process the transfer without telling me why. I had to call them to even find out it had been rejected (they claimed they emailed me, but I've gotten other emails from them and never received that one).

As others here have said, they come across as crooks and actively make small investors feel unwelcome. I will never do business with them again after I get my money out.


by Unhappy trader, 8/6/2012

Pros: Low trading price

Cons: Customer service and site worst of all brokers

This site is not stable sometimes it works sometime it doesn't. When you call they ask a bunch of dumb questions and put you on hold by a bunch of dumb kids that don't know what they're doing. For instance during a crash in the market their site froze up didn't work and when you called to tell ten to sell which was a short so was making money but knew it wasn't gonna last it was heading down while the idiot put me in hold for five minutes. In those 5 minutes I lost my gains. Like they have no clue or sence of responsibility for other peoples money it's a joke. I'm surprised they didn't get sued yet. I talked to other traders with other brokers and Thry said they ALL quickly made trades and charged them only online trading price they were all on it but not choice trade it's always I don't know what your talking about and put you on hold. Maybe their working for the government.
That and once I asked them to transfer money from my account to my bank and instead the idiots took money from my bank and put it in the choice trade account.
Just one screw up after another with this company. If you want to " pay" someone to "lose" you money on a consistamt basis this is the place.

Leading U.S. Brokerage Review Websites About ChoiceTrade

"The firm has low commissions but to get streaming quotes you'll have to pay at least $15 per month. To get more advanced trading tools, you'll pay $125 per month (while the best trading platform in the industry - Thinkorswim - is free at TD Ameritrade). This means that unless you are a professional trader, it makes no sense to open account at ChoiceTrade. In conclusion, unless you are an active stock or options trader, we don't see any compelling reasons to become a ChoiceTrade customer."

Brokerage-Review.com

"When you consider what ChoiceTrade.com has to offer, it certainly can be an attractive offer to an experienced investor. Offering a flat fee of $5 regardless of the quantity of shares is a nice feature. The website, however, is not for the faint of heart, and the monthly fees required to access all of Choice Trade’s trading tools makes this broker a reasonable alternative for those who trade frequently."

DoughRoller.net

"While ChoiceTrade does offer discounted trades, the broker charges clients for numerous platform features that could otherwise be free and lacks strong research capabilities."

StockBrokers.com


 

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ChoiceTrade Customer reviewed by TopRatedFirms.com users. 5 customer reviews. Rating: 2.