Honesty, pricing, process and quality scores appear once 5 customers have rated them.
About ChoiceTrade
ChoiceTrade - a leading online broker. Cutting-edge technology. Among the lowest prices in the industry for stocks and options. For more visit our website!
ChoiceTrade (choicetrade.com) has 59 customer reviews on The Fair Hearing, with an average rating of 4.7 out of 5.
I want to say how very helpful Ruben has been to me. Patient, professional and competent, he has been everything a company would desire in someone who interacts with customers.
By Al S.
Recommend with caveats especially for non-US residents
I was lucky I stumbled on this site to trade. I am a non-US resident. The signup was easier than my signup at eToro or Trading212.They have an extensive array of US stocks etf warrants and options trading. You pay them $10 a month for non residents.
The cons are the dated platform. I don't pay for any extras but comon! Their app doesn't work The most annoying thing is the fees and raises that crop up out of the blues! (ADR fees, $5-$12 sub $1 stocks) with no warning. Also when you sell a stock and don't use the money immediately it's tied up for 3 working days!
The customer service is I admit efficient and very prompt in getting back to you and solving most issues but can be rather cold. They don't accept credit cards and you pay the more expensive wire transfer fees each deposit as they dont accept ACH....but they pay you when you withdraw with the cheaper ACH! Also, there's not much info about them online. They have low to zero social media presence, it bothers me I admit. Nobody seems to have heard of the company when I mention them
I would recommend them, and I do but with the caveats above especially for non-US residents.
UPDATE: The company PR got in touch and 95% of my concerns have been addressed to my satisfaction. The PR seem as efficient as the customer service people. Some of the issues I guess came about from a lack of communication. I am grateful they took the time to go through my review point by point to resolve. This company deserves more eyes and plaudits. They got my vote for sure. Thank you ChoiceTrade and best wishes.
By Okeychukwu Obi O.
Response from ChoiceTrade· Aug 20, 2020
Dear Mr. Okoye,
We thank you for your review of our firm and offer the following response.
1. Our app is undergoing an upgrade - sorry that you were not happy with it (we have not received reports of it not working) - the new version will soon be available.
2. The ADR fees you see are not ChoiceTrade fees at all. They are charged by ADR managers, generally a large bank. For example you will see that JP Morgan charges a 2 cents a share fee once a year for one of the ADRs you hold. Another of your ADRs is similarly managed by Citi, and they too charge a fee.
3. In order not to have to wait a few days for funds from a sale to become available for a new purchase, you have to be in a margin account. (This is a US rule, not a ChoiceTrade rule). Please fill in the margin agreement, sign and return to us. It is available on our Forms page: https://www.choicetrade.com/forms.php. You don't need to avail of the margin feature in a margin account. Many customers simply prefer a margin account so they can avoid the wait you are experiencing in a cash account.
4. Our fees for OTC stocks and sub-$1 listed stocks is $12 per transaction up to 10,000 shares.
5. You do not need to send wires, you may link your bank account to your ChoiceTrade account via ACH. If you need assistance signing up for ACH, please let us know at [email protected]. If you have already linked via ACH, please click on Make Deposit to send money in. This way you will not have to pay your bank to send in a wire.
If there is anything else we can help you with, please do not hesitate to write to us at [email protected].
Thank you for being a valued customer.
Easily by far the worst brokerage I…
Easily by far the worst brokerage I have ever used. Hidden fees can easily amount to $35-$50/mo. Customer Non-Service is extraordinarily poor, so much so that I renamed them PoorChoice Trade in my 5+ years with them. Regardless of how much you trade or don't trade per month/quarter you will still be charged a minimum, i.e. either collected as trading fees or as a charge per month as well as another possible hidden charge per quarter. (And monthly statements are nearly impossible to attain online). I've used nearly a dozen brokers throughout these last 20 years - usually 3 at a time for availability and/or as a backup if one or the other hadn't been available. (My favorites tend to be InteractiveBrokers & ETrade [I do miss OptionsHouse]).
By Marc B.
Response from ChoiceTrade· Jun 16, 2020
Dear Mr. Belisle,
We truly regret your frustration and disappointment. For over 20 years, ChoiceTrade has strived to provide trading solutions that meet the needs of our customers and we have always been at the forefront of the industry – eliminating trade fees on listed stocks a full year before the competition. Additionally, our options commissions have consistently remained among the lowest in the industry. Currently, at $0.40 per contract with no trade fee, our options commission is approximately 33% lower than most of our larger competitors and, with a monthly commission cap of $50.00, options trades are commission free after the first 125 contracts in the month. This represents a tremendous savings for our frequent options traders who regularly surpass this amount within the first few days of the month. That is a significant savings over Interactive Brokers and ETrade (and most other online brokers in the industry). Regarding other fees, for individual and joint accounts, inactivity fees are waived if you perform 5 trades or more in a calendar quarter. As an entity account, your account had a higher threshold trading requirement to be waived, however, it is waived when achieved. As a long-time customer, we would certainly have worked with you to meet your trading needs if you had reached out about this by speaking to our representatives and/or supervisors. Our goal is always to make our services work for our customers. Regarding, monthly account statements, such documents are available through online access. Admittedly, our change of clearing firms dictated a change in the way such information is retrieved, however, it is always available to you 24 hours a day. Additionally, our online portal access with our clearing firm allows all underlying data to be downloaded in CSV format for all transactions. If you would be willing to speak to one of our supervisors directly, we are sure we can work with you to resolve all your concerns.
I am brand-spanking new to the stock…
I am brand-spanking new to the stock market. Didn't know the difference between a call and a put. Following trading advice from my advisor, I went online and on-phone with Choice Trade. Very professional, friendly and did not make me feel stupid. I've navigated a couple of trades now with help and am about ready to "do it on my own," thanks to the great assistance from Choice Trade. Thank you very much.
By Russell
The account opening process was simple
The account opening process was simple, quick and painless. Everything I have done thus far with ChoiceTrade begs me to wonder why more people don't use them!
By Lee
Very attentive and knowledgeable…
Very attentive and knowledgeable assistance. I recommend ChoiceTrade without reservation.
By James
Reuben did a great job
Reuben did a great job.
I have called in a few times since opening my account. I had Reuben on a few occasions and he was very friendly and professional. He did a great job of explaining the answers to all my questions.
