Is Choice Trade Scam? | Choice Trade Safety and Reliability

Pros

Cons

  • 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

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

Is Choice Trade Regulated?

The Choice Trade broker is regulated by many financial authorities like:

  • SEC: Securities and Exchange Commissions
  • FINRA: the Financial Industry Regulatory Authority

Choice trade is also a member of Securities Investor Protection Corporation (SIPC).

Is Choice Trade a Scam?

Choice Trade is one of the safest brokers out there. It has over 20 years of trading experience and passed through different financial disasters. It’s also a member of SIPC and regulated by top-tier regulators. On the other hand, Choice Trade is not listed on the stock exchange market.

Choice Trade also has received a 4-STARS From Barron’s Online Broker Review in 2011.

Client Protection

Choice Trade provides client protection amounts for its investors in case anything wrong happens. As Choice Trade is a member of SIPC, that means that its clients are eligible for the SIPC investor protection scheme, which protects assets up to $500,000 (cash up to $250,000) per account.

Negative Balance Protection

On the negative side, Choice trade does not provide negative balance protection to protect its client balances from going to negative.

Two-step Verification

Fortunately, Choice Trade has the two-step verification method while logging in.

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. 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. 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.


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