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ChoiceTrade Review 2019

By Claire Boyte-White  | January 1, 2018

This review is for ChoiceTrade's online investing platform from 2018. Our full 2019 review is coming soon.

You should always independently verify and/or seek information from your legal, finance, or tax advisor as to whether a specific broker is right for you. Please note that not all brokers reviewed by Investopedia offer services in your geographic region. Additionally, Investopedia may receive compensation from certain broker-dealers referral programs when you click on links to their services, and/or submit an application or get approved for a brokerage account.

Overall Rating

Products & Fees
Special Features
Desktop Experience
Mobile Experience
Customer Support
Research & Insights

ChoiceTrade Fast Facts

Focused on active traders of all stripes, ChoiceTrade has four trading platforms catering to different trading styles. The management team has been selected for experience in securities trading and regulation, allowing ChoiceTrade to develop tools and resources to help clients succeed in an ever-changing investment landscape.


  • Multiple Platforms
    These range from a free online platform to an advanced platform for those who want streaming Level II data for in-depth analysis
  • Simple Commission Structure
    There are no complicated fees based on account balance
  • Two-Tier Options Commission Structure
    Per-trade options fee is average, but per-contract fee is much lower than that of competitors. Flat-fee commission option represents huge savings for active traders
  • Free Trading
    In January 2018, ChoiceTrade started offering unlimited free trades of U.S.-listed stocks and ETFs


  • No Extended Hours Support
    Customer support is unavailable before 9 a.m. or after 5 p.m., Eastern Time or on weekends
  • Minimal Research and Educational Resources
    Though the brokerage plans to add features and content in 2018, the current suite of research and educational resources is limited
  • No Free Mobile App
    Trades can be placed on the free mobile website, but otherwise the site is sparse. There are currently no free downloadable iOS or Android applications
  • Fee for Streaming on Free Platform
    While quotes on the free platform are always streaming real-time, you must pay $13.95 per month for platform-wide streaming data
52 Locations
Licensed to Operate
*Number of U.S. States/Territories Licensed
100 Languages
Multilingual Support

Products & Fees


ChoiceTrade has positioned itself as one of the more affordable brokerages for active traders. In January, it began offering unlimited free trades on U.S.-listed stocks and ETFs. The per-contract fee for options trades also is significantly lower than the competition's. Because there is no tiered pricing structure for different account sizes, it's easy to remember how much any given trade will cost you. For options traders, ChoiceTrade offers two fee plans - one with a per-trade commission plus a per-contract fee, and one with a higher per-trade commission but no per-contract fees. Options traders can switch between plans as often as once a month depending on which plan best suits their current trading volume.

Where this simple pricing structure doesn't pay off is in ChoiceTrade's margin rates. The brokerage charges a flat 7.45% interest rate regardless of account size, which means it is one of the pricier options for bigger clients.

  • Stocks & ETFs*
  • Options**
    Base Pay + $0.15 per contract
  • Mutual Funds
  • Foreign Stocks on U.S. Exchanges
  • Bonds***
  • Bulletin Board/OTC Market Stocks****
  • Futures
    Not Available



As with any good brokerage, ChoiceTrade is a member of both the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Being a member of SIPC means ChoiceTrade carries insurance to protect customers against loss resulting from brokerage insolvency (investments themselves can never be insured against market risk). ChoiceTrade has also secured additional insurance through Lloyd's of London and other London Underwriters to cover any losses outside of the standard SIPC limits.

$600 Million
Total Aggregate Insurance Limit
$150 Million
Total Insurance Per Customer
($2.15 million cash sub-limit)

What you need to know

ChoiceTrade's security features aren't particularly eye-catching, though they do use both cookies and encryption technology to protect user information. On the public site, only SSL encryption is used, but higher-level TLS encryption is used on the online trading platform. You can also elect to use security questions to increase your login security and limit access to your account by browser or IP address, though no other security tokens or keys are available.

It is important to note that ChoiceTrade does not have a formal policy on fraud or reimbursement of funds lost because of unauthorized account use.

Special Features

special features

The current free platform is light on features. Built for the DIY investor who is looking for a simple, utilitarian platform with minimal fees, ChoiceTrade has generally skipped the bells and whistles. While the advanced platforms offer a variety of research tools, the free platform currently lacks any screeners, backtesting capabilities, or other strategizing resources. ChoiceTrade also does not offer any advisory services - robo or otherwise - so investors seeking professional guidance will need to look elsewhere.

That said, 2018 will bring changes. Specifics have yet to be released, but the brokerage is poised to provide additional features and educational tools sometime this year.

Wealth Generators
Automated Trading Newsletter
(Recommends trade entries and exits and can automatically submit and execute trades through subscribers' accounts)
Multiple Platforms
Trade the Way You Want
(Offers 4 platform to choose from: ChoiceTrader; QuoteStream; Direct PRO; or ChoiceTrade ELITE )

What you need to know

ChoiceTrade's current rating reflects its lean and mean free platform. As such, it scored quite low regarding features and resources. However, considering the unlimited free stock and ETF trading and other changes in the works, the coming year appears to be full of new developments for the brokerage.

For investors who already know their way around the markets - or are overwhelmed by screens of constantly updating charts and data - the current platform is a functional and simple option. Traders looking for more robust features might want to check back with this brokerage in mid-2018 to see what's been added.

Desktop Experience

desktop experience

ChoiceTrade's paid platforms appear to offer plenty of customizable bells and whistles, but its free basic platform is fairly bare-bones. While there are a few tools aimed at making trading simpler, there isn't much in the way of in-depth data or analysis. Instead, the platform is designed to be simple and intuitive - one that any investor, regardless of experience, can use to execute trades quickly and efficiently.


What high-level day traders might see as a drawback, more casual traders might find refreshing - that the ChoiceTrade basic platform is simplicity itself. If you know what you're looking for, you can pull quotes, check news and financials, and place trades quickly and easily. The Power Basket tool lets you add multiple potential trades to a WatchPlus list, where you can update or execute trades from one location with a single click. You can also leave brief notes for future reference.

The platform has several shortcuts that allow users to automatically populate trades, set default order sizes, and quickly navigate to other sections. While there are two different charting tools, the comparison chart, accessed through the Trader Home quote screen, is by far the more robust. Users can plot different studies, compare other tickers or indexes, and save chart settings. Potentially the best feature of the web-based platform is the demo account. Potential users can try out the basic platform free, using a paper trading account of $100,000, to see if the product is a good fit.


The free platform's primary drawback is its lack of in-depth analytical tools. While streaming quotes are provided, you must pay an additional $13.95 per month for the full streaming data platform. Without it, all other content is delayed by 15 minutes.

Currently, the free platform doesn't have any screeners or other tools for narrowing down trade opportunities; new developments planned for 2018 have yet to be officially announced. Neither does the platform let you save screenshots of charts or otherwise document your trading and research activity outside of the notes section on the WatchPlus list. While the quote-level comparison chart is reasonably robust, it can't be used to draw trend lines or other diagrams. While you can draw using the Java version of the research-level chart (you get to it through the Research tab rather than through the Trader Home quote screen), this method supports only simple trend lines and can be difficult to use if you're on a Mac.

Mobile Experience

mobile experience

ChoiceTrade's mobile platform is similarly simplistic. While apps are available for both iOS and Android on the paid platforms, the free web-based platform offers only a mobile site. With even fewer features than the original, the mobile site has just four tabs -- Positions, Balances, WatchPlus, and Orders.


The simple format allows users to quickly check up on their WatchPlus list, pull quotes, check the status of current orders, and place new trades. It has all the basic functionality the average trader would need for simple, on-the-go check-ins and quick trades. Users can place stock, multi-leg options, and ETF trades and add orders to their WatchPlus list.

With whispers of new apps coming out in 2018, however, it's possible that the current mobile site is just the beginning.


Even more bare-bones than the basic platform, the mobile site offers nothing in the way of research or education. You can place trades and check balances quickly and easily, but you can't do much else. There are no additional security features, charting capabilities, or news feeds. In addition, users cannot use the mobile site to transfer funds, so you'll need to be near a computer to top up your trading account.

Customer Support


While ChoiceTrade provides live support from actual brokerage professionals, phone lines are staffed only from 9 a.m. to 5 p.m. Eastern time, Monday through Friday. You can place extended-hours trades in the pre-market and after-hours sessions, but no one will be there to answer your call if you need assistance. For a brokerage focused at least in part on day traders, 24/7 customer support would seem to be an important feature.

What you need to know

Once again, ChoiceTrade's services are focused on traders who already know the ropes. If you are looking for a brokerage that offers a lot of hands-on assistance or round-the-clock support staff, this isn't the one for you. The email support, however, is very responsive.

Research & Insights


The web-based platform offers all the basic research tools one would expect from a free product. It doesn't have any in-depth research or analysis articles, but it does provide a wide range of news items - for both U.S. and foreign markets - as well as analyst ratings, insider trading information, and company information. Users can access annual or quarterly financials, check on SEC filings, and view historical price information for any ticker symbol.

Analyst Ratings
Current average analyst ratings plus rating changes and breakdown over time
Customizable Live Twitter Feed
Stay up to date on your chosen default ticker symbol
Find issuing companies' financials, leadership, and performance under the Research tab
Technical Analysis
The comparison chart accessed through the Trader Home quote screen allows for in-depth technical analysis using 20 studies and indicators and up to 10 comparison tickers
Global News
In addition to U.S. news, items on European and Asia-Pacific markets
Options Analysis
The Options tab provides in-depth analytical data for each strike date and price, including Greeks and a list of Most Active calls and puts


ChoiceTrade offers a decent selection of both fundamental and technical analysis tools, including a functional and customizable chart and ample financial data. In fact, for options traders, the basic ChoiceTrade platform offers a surprising amount of research data. What's more, the built-in (but removable) Twitter feed allows you to select a ticker symbol to keep tabs on. It updates with live tweets featuring the company or fund you select.

Traders who don't need - or want - a lot of additional data or features won't be lost in the weeds with this straightforward platform.


With no screeners, backtesting capabilities, or market events calendar, this platform isn't made for those who want to have their finger on the market's pulse. Similarly, active traders who want to use a variety of tools to find trade opportunities and hone strategies will probably find the current platform lacking. If you want the bells and whistles, you would be better served by one of the paid platforms.



The ChoiceTrade platform's primary drawback is its lack of educational features. While this is something the brokerage is working hard to remedy in the coming year, the current smattering of old blog posts and FAQs provides little information for the new investor. A planned site overhaul may change this assessment significantly, but for now, the platform is not the ideal place for new investors or those looking to deepen their understanding of trading strategies or industry insights.

Features-Focused Blog
Learn about Platform Tools
(ChoiceTrade blog offers helpful videos and articles to help users maximize the features of the platform)
Options Education
The Basics of Options Trading
(Watch videos and read articles to deepen your options knowledge)

What you need to know

As previously noted, the current ChoiceTrade platform is built for investors who know what they're doing and just want a simple interface that allows them to execute trades efficiently and cheaply. That said, the brokerage is working to expand its offerings across the board in the coming year. While we don't yet know what those updates will look like, we think it may be worth revisiting ChoiceTrade later in 2018.


While ChoiceTrade does offer IRA investment accounts, it does not offer any banking services or other financial products. Like other lean-and-mean online brokerages, it is focused on keeping costs down and providing an efficient trading tool for investors who know what they're doing.

Bottom Line

ChoiceTrade's middle-of-the-road rating reflects its current free platform, which is functional and user-friendly but light on features and educational resources. The current platform incorporates some shortcuts and customizable settings aimed at getting users from research to executed order in as few clicks as possible, which bodes well for the functionality of future developments.

While stock, fund, and fixed-income investors may be disappointed in the current product, options traders will find fairly extensive data available on the free platform. What's more, the two-tier commission structure can mean huge savings for those who trade options regularly or in large quantities.

While the current platform isn't ideal for those looking to learn the ropes or dive into the data, coming changes may alter that assessment. For now, this platform is best suited for DIY investors who have strategies already in place and just need an efficient tool for placing trades.

Claire Boyte-White
Reviewed by Claire Boyte-White

  • • Investopedia Contributor since 2014
  • • Lead Writer for NapkinFinance.com
  • • Co-Author of I Am Net Worthy, a Millennial-focused book on financial independence


Claire has been writing about personal and corporate finance, retirement planning, investing, and tax policy since 2013.

Claire believes that financial literacy resources and investing education should be readily available to everyone, so she enjoys making complex topics accessible and engaging. Her keen attention to detail and head for numbers have made her a perfect fit for Investopedia.


Claire received her Bachelors from Willamette University with a degree in Psychology.

Quote from Claire

"I know many people find investing and financial topics overwhelming. As our cultural and economic landscape continues to change rapidly, it's more important than ever for everyone - from new college grads to retirees - to feel comfortable and competent when it comes to financial planning. I consider my role in the industry to be that of a facilitator: breaking down intimidating concepts and making financial literacy accessible to all."

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