ChoiceTrade is a long established (2001) but somewhat less well-known securities trading platform based in New Jersey. ChoiceTrade gives you a choice of trading technology and a choice performance that is the equal of better-known discount broker platforms such as TradeKing or Zecco. When you choose to trade with ChoiceTrade you are also choosing the best prices in the online discount brokerage markets.
ChoiceTrade is an award-winning online broker offering deeply discounted pricing, top-notch customer service, and optional data streaming services, all aimed at the higher volume, experienced trader in stocks and options.
At first sight, the ChoiceTrade platform looks nothing special, but when you delve deeper into the functionality you will find an excellent service with everything for the seasoned trader. This broker does not go in for expensive flashy brand marketing and maybe that is why they can keep their prices so low.
ChoiceTrade.com charges it’s customers a simple $5 commission on all stock trades booked online, regardless of order size. Yes, it is true that there is no order surcharge. Typically, other discount brokers will charge 1 or 2 percent on a per share basis over a threshold number of shares. ChoiceTrade.com does not constrain its customers with account requirements or minimum trading quotas. Customers can do their own thing, or broker assistance is an extra $25 fee. Options are very cheap at $.99 cents and a minimum purchase order price of $8.95. There is a $30 annual IRA maintenance fee, and wire transfers are an additional $20.
ChoiceTrade has a good reputation in the industry, established over its nine-year track record of brokerage service. The company has received four stars in each of the last four years from Barrons’ rating service. Largely, this is because of their excellent customer service. Phone and live chat communication is available for all customers during normal trading hours and all emails are answered within a day. You would expect this type of service from a premium broker platform, it’s all the more impressive from a discount broker.
Where ChoiceTrade offers the biggest choice is in the technology arena. For a monthly subscription fee beginning at $14.95 (it is free for the first four months when new customers hold an account balance of $2000 plus) customers get a range of four alternate trading data stream ‘plans’.
You have the option of no data feed at all. If a customer doesn’t want to have a data feed plan and not pay the subscription then they can have a basic service but quotes can be delayed and there may be very limited account features.
Alternate two is the basic plan, free to new account holders but $14.95 per month thereafter. The data with this plan is in real time gives access to other news streams and information services that can be had as needed at ChoiceTrades’ discounts.
Alternate three is the advanced plan and the subscription fee goes up to $23.95 a month. It has three important additions to the basic plan which give traders a head start in making good trading decisions.
The fourth and top of the range data feed plan is called ‘Select with eSignal’ and costs $126 per month. It provides an Aladdin’s cave of trading information and resources. Check this out with a month free before committing to buying it on an ongoing basis. The application is a simple online form.
Experienced traders may not want to buy into all of the data available through ChoiceTrade, but they will certainly want to take advantage of the $5 flat trading fee that applies to any number of shares in a single transaction. Also, there are no extra charges for penny stock deals or cancelled orders as there are with many other brokers. The cost savings from this alone, when compared to other broker platforms makes TradeChoice a very competitive choice.
TradeChoice also lives up to the name in offering three different types of trading platforms. All of the platforms are the latest in information and trading technology. They are called ‘ChoiceTrader’, ‘ChoiceTrader Direct Pro’ and ‘ChoiceTrader Select’. Each type of platform is primarily about trading in stocks and options and provides immediate quotes, background company data. The regular trader who makes multiple deals on any given day will want to take advantage of personal ‘watch lists’.
Customer who do higher volumes of trades and certainly day traders will find the Direct Pro platform more suited to their needs with its sophisticated order entry function and trading algorithms. Choose this platform and you get the Rolls Royce of trading. It does cost an extra $60 per month but delivers more advanced charting, and open position management plus a choice of all of the analytical tools that are available in the market today. It is a clear step up from the ‘ChoiceTrader Select’.
A further excellent benefit of TradeChoice is entry to the wide community of traders through CTIC the ChoiceTrade Investing Community. Here customers communicate amongst their peer group sharing portfolios, information and ideas with ‘StockTwits’ and blogs. There are also regular ChoiceTrade sponsored events.
In summary, the $5 flat trading fee is an eye-catching reason for the serious trader to consider looking into what ChoiceTrade is offering.