Choice Trade Review 2022: Regulated Forex Broker

Introduction

Trading is a complex mechanism that requires experience and skills to excel. In the financial market, there are several online brokers that offer services for the assistance of traders and to earn commissions in return. One of the advanced technological brokerage firms is Choice trade. A US-based brokerage firm has been rendering its services to traders and investors for profitable returns. 

The company has been in the occupation of trading since 2000 and caters to investors of the market. It focuses primarily on active traders that are self-directed and are committed to their trade goal. Traders can use the most state of art tools to find the best market opportunities. They can grow as traders with successful trade with choice traders. 

To know more about the broker’s services and their tools to get success, the article discusses Choice trade review 2021. 

Choice Trade Review: Pros and Cons

Choice trade broker has many advantages for the traders of the financial market; they can use the most advanced tools with the best services to earn high profits. However, they also have some disadvantages that may be difficult for traders to handle. The below-mentioned list points to the pros and cons of Choice trade brokerage firm for knowledge of investors and traders. 

Pros

  • User-friendly platforms 
  • Commission free ETFs and listed stocks 
  • Easy account opening 
  • Registered and regulated 

Cons

  • Non trading fees 
  • Limited product portfolio 
  • Withdrawal system is complicated 

Choice Trade: Regulation and Scam

Regulation of the brokerage firm is significant for the trust of the investors and their security. If the broker is registered and regulated by the authority, they follow proper guidelines of the body with timely audits. Choice trade brokerage firm is regulated and registered with the Securities and Exchange Commission (SEC) and has the membership of the Securities Investor Protection Corporation. 

In addition, the broker is also regulated by the Financial Industry Regulatory Authority (FINRA). SEC is the federal regulator, and FINRA is the self-regulatory body of the broker. They have defined legal agreements for the trade and protect the interests of the investors with the regulation of the broker. 

Therefore, the brokerage firm is not a scam but a legit broker of the US. 

Choice Trade Review: Trading Account Types

The trading account of the Choice trade brokerage firm is well equipped with tools and technology to support traders investments. A Choice trade broker has one option of a Choice trade account. Traders can open the account quickly and easily to get access to the market. The account of Choice trade offers traders the following features and functions: 

  • $100 minimum deposit 
  • Commission free trading 
  • Analysis tools 
  • Charts 
  • Innovative products 
  • Real time buying 
  • Fast execution of trades 
  • Account protection 
  • Customer services 
  • Used from anywhere around the world 
  • Research 
  • Focused trading 

Traders and investors of the Choice trade brokerage firm have all the basic services with the best analysis tools to support the traders. In addition, they can focus on their investments with the software provided by the broker. 

Choice Trade Review: Account Opening

To open an account with Choice trade, traders have to follow certain steps. They need to fill forms and upload the documents that the broker requires. Here are the steps listed: 

  • The first step of account opening with Choice trade is set up; traders have to select the citizenship status for further information. Residents of the US can directly select the option of US, and other country traders have to select non-residents to see the list of other countries. 
  • Next, traders have to choose from the type of accounts such as individual, joint, custodial, IRA and speciality accounts. After that, traders fill in details in the form with an email address and set a password for security reasons. 
  • The third step of account opening is to provide personal information to the broker. 
  • In the fourth step, traders are asked about their investment profile, their previous trade experience. 
  • The fifth step is an agreement with the brokerage firm listing all the details and terms of the services offered by the broker. 
  • The closing step of the account opening process is to review the details and submit them. 

Traders have to deposit the lowest amount of $100 to start trade with Choice trade, and if traders want to apply for a margin account, they have to deposit a minimum of $2000. 

Choice Trade Review: Trading Platform

The brokerage firm provides traders with three trading software to analyse their trade market. Quotestream, Direct Pro and Choicetrade Elite are the three trading software available with Choice trade. Traders can choose one that best suits their investment instrument and strategies. Traders can use the brokerage website of Choice trade.

Quotestream 

The software is directly launched from the website of the broker with the facilities listed below: 

  • Monthly base of $14.95 
  • Real time quotes 
  • Includes exchanges 
  • CME of $2
  • Dow Jones indices of $1
  • Option level 1 with $1.5 
  • News headlines 
  • NASDAQ total view $15
  • OTC market level1 $10 
  • OTC market level2 $15
  • Time and sales 
  • Advanced charts 
  • Real time alerts for pros 
  • Options spread strategies 
  • Heat Maps 
  • Mobile version for pros 

Direct Pro 

A cutting edge software that works appropriately for active traders of the market. The software has several features in it that would help traders gain benefits. 

  • Base Monthly $135
  • Real time quotes 
  • Listed exchanges included 
  • CME $15
  • Dow Jones Indices 
  • Options level 1 $15 
  • Options level 2 $50
  • Regional exchanges $15
  • NASDAQ total view $20 
  • News Headlines
  • News body $35 
  • OTC markets level1 $15 
  • OTC markets level2 $50 
  • Time and sales 
  • Advanced charts 
  • Real time alerts 
  • Mobile version 

Choicetrade Elite

It is the premium based trading platform of Choice trade broker with robust options for trade and a web-based platform. Here are the features of the choice trade elite software: 

  • 14 day free trial 
  • Base monthly of $29.95
  • Real time quotes 
  • Exchanges included 
  • Dow Jones indices 
  • Options level1 
  • News headlines 
  • News body 
  • OTC market level1 
  • Advanced charts 
  • Options spread strategies 
  • Trade finder scans 
  • Heat maps 
  • Institutional and insider activity 
  • Mobile version 

Some services of the trading platforms have a charge for their use in trade, with the choicetrade elite being the one with the only base monthly charge. 

Choice Trade Review: Trading Instruments 

Choice trade brokers have limited trading instruments for the clients. It includes: 

  • Stocks 
  • Options 
  • ETFs 

Choice Trade Review: Commission and Spreads

Choice trade brokers have zero commission trading for stock trading and options trading with a $0.40 per contract. So likewise, there are commission charges for the assets if used with specific facilities of the trade. 

Spreads are the gap between the bid and ask price charged by the brokers in the trade. 

The broker has various charges for the traders like the inactivity fees, OTC stock carrying fees, security write off fees etc. 

Choice Trade Review: Leverage

Leverage is the margin offered by the broker as a loan to hold a high market position. It is risky to use a high leverage ratio due to the fear of incurring a double loss. But, if a trader is confident they can earn double profits from the same due to the market uncertainties. 

ETFs have 200% leverage and 300% to be used if the price is under $2.5 with a 100% requirement. 

Choice Trade Review: Deposit and Withdrawal

Deposit and withdrawal of funds with Choice trade broker is complicated with charges and more time to withdraw the funds. A trader gets irritated with such difficulties from the broker. For a deposit of funds, traders have to use the online payment option of the website for the deposit and withdrawal. They cannot use a bank wire to operate the process. 

Traders have two options for a deposit of funds; if they have an account number starting 2CT, they have to follow a set process to deposit funds, whereas the account holders with number 01 have another process. The official website of the brokerage firm lists these in the fund’s option. 

Withdrawal of funds is also a long process with informing brokers, filling forms and a long process with a commission charge. 

Choice Trade Review: Education and Research

Choice trade does not provide any educational material for the traders. However, traders can use the trading platforms for advanced technology use and can research through that. In addition, traders can research using the trading tools to analyse the market with technical and fundamental tools. 

So, traders have limited options with the broker in this field. 

Choice Trade Review: Customer Support

Traders have various options to get in touch with the professional team of the broker. They have the following options: 

  • Query Forum 
  • Email Address: [email protected] 
  • Timings: Monday to Friday ( 09:00 am to 05:00 pm) 
  • For placing a trade and open an account, traders can contact: (877) 731 9114 
  • Other queries traders can contact: (787) 773 1848

Final Verdict

Choice trade brokerage firm has advanced technological tools and platforms to aid traders to analyse the market. Which is profitable for the traders, and it also focuses on limited trading instruments to have a successful trade. So, traders interested in stocks, ETFs and options can choose Choice trade brokers. 

However, the broker has high commission and fees for the facilities being a drawback for the traders. Still, traders have a lot to get exposure to the market with Choice trade brokerage firms. The regulation and its trade practices are top notches to attract investors of the trade instruments. 

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