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ChoiceTrade

By on November 1, 2012
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ChoiceTrade is a middle of the pack brokerage with a few great qualities, not least of which being their low pricing. In this ChoiceTrade review, I'll cover what Schwab has to offer, who they'll benefit, and give you folks some links to the latest ChoiceTrade promotions. If you have experience using ChoiceTrade, please add your own rating and review below.


ChoiceTrade – The Basics:

Background:

Founded in the year 2000 and is currently headquartered in central New Jersey.

Investments:

Access to stocks, options, bonds, mutual funds, futures, treasury issues, CD’s, insurance, ETF’s, annuities, WEBs, Canadian foreign orders and non-US securities.

Commissions:

Stock trades cost $5 per trade without any restriction on the number of shares or minimums. Trading in after hours levies an extra charge of $0.005 per share. Option trading costs $5 per trade + $0.15 per contract. Exercises and assignments cost $5. Mutual funds cost $25 per transaction. An annual fee of $30 is charged for IRA accounts. Broker assisted trades for stocks an ETF’s cost $10 per trade.

Investor Education:

Decent, but limited in scope.

Mobile apps:

iPhone, Blackberry, Windows Mobile. No mobile site.

ChoiceTrade also has an active online investor community though which can help you to formulate effective trading strategies. Their customer service can be reached via phone, email and live chat, but customer service have not received stellar reviews in the past and CS is an area for improvement.

There is no minimum to open a ChoiceTrade Account. Open your account here.


Pros & Cons Of Schwab:

Pros

Cons

  • Low commission rates
  • Good trading platforms with solid tools
  • No account inactivity fees
  • No account maintenance fees
  • Free paper trading facility available
  • Active online trader community

 

  • For more than 500,000 shares, 1% of the total order value is added to trade fee of $5 for penny stocks
  • $0.005 per share charged for after hours trading
  • Extra fees to access advanced platforms
  • Basic research tools
  • 24/7 customer service not available

How Others Rated ChoiceTrade In 2012:

Barron's 2012 Broker Review: 3.5/5 stars

                   Highest rated category: Trading Experience & Technology

                   Lowest rated category: Portfolio Analysis & Reports

Smart Money 2012 Broker Rankings: N/A

                   Highest rated category: N/A

                   Lowest rated category: N/A


Word On The Street Is…

They're one of the cheapest online brokerages on the scene. Besides having very low commission rates, they do not charge any account maintenance or account inactivity fee. They do charge for access to advanced platforms, which I think could and should really be free.

Overall takeaway: Good broker for high volume traders if you're willing to sacrifice trading experience for lower fees.


ChoiceTrade Promotion Code:


Hit the link below to claim the latest ChoiceTrade promotion.

 

 

 

Click below to claim promotion code

4 free months of ChoiceStreamer Basic and zero commission options.

 

 

 


 

 
References:

About Peter Voga

Self-confessed coffee addict. Family man. Rage Against The Machine fan. Lover (and sometimes hater) of the stock market. Founder of BrokerChats. For more, follow me @petervoga or check me out on Facebook or Google+.

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