Choice Trade Deposit and Withdrawal In Detail | Low Fees

Pros

Cons

  • No deposit fees
  • Limited account base currencies
  • Limited withdrawal and deposit methods
  • Withdrawal fees

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

Account Currencies

The Choice Trade account has only one base currency, USD.

Notes:

  • You will not be charged with conversion fees if your account has the same currency with your bank account or when you trade assets with the same currency of your account.
  • If you want to avoid being charged with conversion fees, you can open a multi-currency bank account at a digital bank.

Deposit

Choice Trade supports depositing using only bank wire transfers.

Choice Trade deposit methods

 

Choice Trade

Credit cards

No

Bank Transfers

Yes

Electronic wallet

No

Fees

Generally, Choice Trade doesn’t charge any deposit fees, but please note that your bank may charge you additional transaction fees. So, refer to your bank for more information.

Time

Deposits take from 2 to 3 business days to proceed.

How to deposit in your account?

In order to fund your account with a wire transfer, you must have a bank statement on file with ChoiceTrade from the bank and account where the wire transfer will originate. Your name and address on the bank statement must match the name and address on your Choicetrade account.

Instructions:

Bank Name: BMO Harris Bank, N.A.

Bank Address: 111 West Monroe St., Chicago, IL, 60603

ABA # of Bank: 071-000-288

SWIFT (foreign only): HATRUS44

Beneficiary Name: Velox Clearing LLC

Beneficiary Address: 2400 East Katella Suite 725 Anaheim, CA 92806

Beneficiary Account: 4360244

NOTE: You must include your ChoiceTrade Account Number on the wire document, or your wire will be returned.

Withdrawal

Choice Trade only accepts withdrawals using bank wire transfers for global clients. For the US residents, Choice Trade allows them to withdraw using wire or ACH transfers.

Choice Trade withdrawal methods and fees

 

Choice Trade

Bank Transfers

Yes

Credit cards

Yes

Electronic wallet

Yes

Fee

Yes

Fees

The following table shows the withdrawal fees for different methods on some specific conditions.

Choice Trade Withdrawal Fees

Withdrawal Method

Fee

Outgoing Wire Fee

(Domestic)

$35

Outgoing Wire Fee

(Foreign)

$60

Outgoing ACH Fee

(Domestic only – limit 3/month)

$5

Outgoing ACAT Transfer

$75 ($35 if rejected by

receiving broker)

Partial ACAT Transfer

35

Time

Withdrawals take several business days to reach your bank account.

How to withdraw your money from Choice Trade?

  1. Download the withdrawal form from the ChoiceTrade website (available under Support > Forms > Deposit/ Withdrawal).
  2. Fill out the form, sign it, scan it and send it to service@choicetrade.com (or send the hard copy via fax, overnight delivery or regular mail).
  3. Wait for customer support to notify you that they have initiated the transfer and deducted the withdrawal fee.

Note:

For security reasons, you may have to verify your identity with the payment department for the first time through the registered email or the phone number.

FAQs

  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. Does Choice Trade accept payments from third parties?
  • No, payments should be from an account that holds your name and only your name.


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