Choice Trade Account Opening | How to Open Choice Trade Account

Pros

Cons

  • Available in various countries
  • Fast and fully digital opening process
  • Low minimum deposit
  • No Islamic account option

Introduction

Choice Trade is one of the US-based brokers that was founded in 2000. It’s regulated by top-tier financial authorities and is also a member of SIPC that protects assets up to $500,000 (cash up to $250,000). Choice Trade also has over 10,000 clients worldwide. Choice Trade’s main trading products are stocks, options, and ETFs with a minimum deposit of only $100. Choice Trade is also available on different platforms like web, desktop, and mobile to provide the best trading experience on the go

Countries Available

Choice Trade is available in almost all of the countries around the world. There are a few exceptions like the residents of countries with unstable economic or political backgrounds like North Korea.

Account Types

There are many types of accounts at Choice Trade like:

  • Individual
  • Joint
  • Margin
  • Custodial
  • IRA
  • Corporate

As a negative point, Choice Trade does not offer swap-free account options for its traders, but it provides a demo account with 0 fees if you want to experience the trading platform with no risk.

Note:

  • There’s no islamic account option for those who live in a muslim country.
  • Choice Trade also provides a demo account with 0 fees if you want to experience the trading platform with no risk.

Min Deposit

The minimum deposit differs from an account type to another as the following:

  • $100: for the individual account
  • $2,000: for the margin account

How to Open Account

You can open a Choice Trade account in minutes through these steps:

  1. Enter your name, email, and password, then choose the account type.
  2. Enter some personal information like your city and profession.
  3. Add your trading preferences.
  4. Provide proof of your identity and the country of residence.
  5. Fund your account and start trading.

Choice Trade Account Opening | How to Open Choice Trade Account

Choice Trade – Account opening

Notes:

  • The account opening process takes from 2 to 3 business days on average.
  • Due also to the requirements of the regulatory bodies that supervise Choice Trade, it is necessary that in order to operate with your account you send them a proof that proves your identity and another proof that proves your current address :
  • Identity document : You must send a copy of your ID, your passport or driving license . It has to be an official document that clearly shows your identity and that it is valid (the document you send cannot be expired). You can scan any of these documents and send it in PDF, JPG, GIF, or take a photo with your mobile if it is more comfortable for you. In any case, the image must have good quality and be completely readable, otherwise it may give you problems to verify it.
  • Proof of address : This is to send a document that shows your current address . You will have to send a recent utility bill (not exceeding 3 months) for electricity, water, gas, landline or Internet (many brokers do not accept, for example, mobile phone bills). You can scan and send it in PDF, JPG, GIF, or take a photo with your mobile. Like the previous document, all the data must be legible and have sufficient quality.

FAQs

  1. How long does it take to verify my account?
  • It takes about 2 to 3 business days to verify your Choice Trade account.
  1. What’s the margin account?
  • A margin account allows you to increase the purchasing power in your account by borrowing against cash or marginable securities that you hold in the account. The extension of credit in a margin account, and associated fees, are governed by terms in the Penson Customer Margin and Short Account Agreement and relevant sections in the ChoiceTrade Customer Agreement.
  1. Can I open more than one trading account?
  • Yes, you can.
  1. Does Choice Trade give a bonus?
  • No, it doesn’t.
  1. Does Choice Trade allow scalping and hedging?
  • Yes, it does allow both of them.
  1. Does Choice Trade provide a swap-free account option?
  • No, it doesn’t.
  1. When trading forex, will you lose more than your initial deposit?
  • Yes, as Choice Trade doesn’t provide negative balance protection on your money.
  1. Can I log in to more than one account from the same computer?
  • Yes, you can do such a thing through Choice Trade available platforms.
  1. Can I log in to the same account through different devices?
  • Yes, you can.


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