ChoiceTrade Review

Company background

ChoiceTrade is a US broker-dealer that has been in operation since 2000, serving self-directed investors and active traders. The company operates under ChoiceTrade Holdings, Inc. and is based in the United States. ChoiceTrade positions itself as a technology-focused brokerage offering commission-free trading on US-listed stocks and ETFs, along with options trading and multiple platform tiers to suit different experience levels.

ChoiceTrade has appeared in Barron's annual survey of online brokers on multiple occasions and maintains FINRA registration (CRD #104021, SEC #8-52511). The broker targets active, self-directed traders who want access to advanced desktop tools without the overhead of larger full-service firms.

Fees and pricing

ChoiceTrade charges no commission on listed US stock and ETF trades executed through its standard platforms. OTC stock trades are subject to a per-trade fee. Options trades carry a fee of $0.40 per contract; cash-settled options such as SPX, OEX, RUT, and VIX carry an additional $0.75 per-contract surcharge. Exercise and assignment fees are $5. There is no deposit fee. ACH withdrawals cost $5 each (maximum 3 per month). Domestic wire withdrawals cost $35 and international wire withdrawals cost $60.

Platform subscriptions are a notable cost. QuoteStream Trader is the entry-level platform at $14.95 per month, ChoiceTrade Elite costs $29.95 per month (waived with a $30,000 or higher account balance), and the flagship DAS Trader Direct Pro costs $135 per month. An inactivity fee of $55 per quarter applies to individual and joint accounts that execute fewer than 5 trades in the quarter; entity accounts pay $65 per month under the same threshold. The minimum cash balance is $100 for standard accounts and $2,000 for margin accounts.

Regulation and safety

ChoiceTrade is a registered broker-dealer with the SEC and a member of FINRA. Its FINRA CRD number is 104021 and SEC registration number is 8-52511. Client accounts are covered by SIPC up to $500,000, including up to $250,000 for cash claims. ChoiceTrade does not offer forex, CFD, or crypto products and operates exclusively within US regulatory frameworks.

Platform experience

ChoiceTrade offers three main platform tiers. QuoteStream Trader is a browser-based platform with real-time streaming quotes, an integrated equity screener, and basic charting. ChoiceTrade Elite adds a more robust interface with improved options trading capabilities and workspace customization. ChoiceTrade Direct Pro is the flagship platform, powered by DAS Trader Pro and designed for active day traders, providing level 2 data, direct market access, advanced order routing, and dynamic charting tools. All three platforms have mobile counterparts available on iOS and Android. A free demo account with $100,000 in virtual funds is available for practice trading.

Pros and cons

ChoiceTrade's main advantages are its commission-free stock and ETF trading, long operating history, SIPC protection, free demo account, and the DAS Trader Direct Pro platform for active traders. The ChoiceTrade Elite platform fee is waived for accounts with $30,000 or more.

The main drawbacks include a quarterly inactivity fee ($55 per quarter for individual/joint accounts) for low-activity accounts, paid subscriptions for advanced platforms, ACH and wire withdrawal fees, and a narrow product range limited to US stocks, ETFs, and options. There is no access to forex, crypto, futures, or international markets.