Choice Trade Pros & Cons | Get Information at a Glance

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

In this article we’re addressing the main pros and cons of Choice Trade in each broker aspect.

Choice Trade

Pros

Cons

Safety

  • Regulated by top-tier SEC and FINRA
  • Member of SIPC
  • Client protection amount
  • 21 years of trading experience
  • No negative balance protection
  • Not listed on the stock exchange

Offering of Investments

  • Shares, options, and ETFs trading
  • Few trading instruments
  • No Forex or CFD trading
  • No futures, mutual funds, or crypto trading.

Account Opening

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

Fees and Commissions

  • Low trading fees
  • No commissions on stocks
  • No deposit fees
  • Inactivity fee
  • Withdrawal fees

Deposit & Withdrawal

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

Platforms and Languages

  • Available on desktop, web, and mobile platforms
  • User-friendly UI
  • Two-factor authentication
  • Various order types
  • Clear portfolio and fee report
  • Available in a variety of languages
  • Not available on MT4 or MT5
  • No notifications or price alerts

Research Tools

  • Good News Feed
  • Fundamental data available
  • Charting option
  • Heatmaps
  • Old design

Customer Service

  • Phone call support
  • Email support
  • No live chat
  • Only 24/5 support

Education

  • Demo account
  • Trading articles
  • Limited educational materials

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

If you want more information, please check out Choice Trade Full Review.



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