Choice Trade is a broker company based in the United States. It was established back in 2000, so it is natural that it would have a lot of experience on the market. Its regulation is top-notch and one of the strongest ones on the market, which is not surprising considering how strict the United States is when it comes to this area of the industry. This part of the world is regulated by some of the most advanced and crucial names in the business, including the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Both of these authorities are so influential and a crucial part of the investing world that they work completely independently from the Congres, which gave them full authority in this area.
This way, all of the clients are fully protected from many malicious activities that could be going on, even though the company may not be directly at fault. Simply – in an area that is so thriving and able to bring so much profit and benefits to its many participants – people are bound to try and take advantage sooner or later. As a result, the proliferation of cyber crime and other internet related activities is at an all-time high. Fortunately for the clients. Choice Trade is able to take things under control and ensure that this won’t happen and the clients won’t have to worry about this, especially since this company is regulated by SEC and FINRA.
Lastly, we should mention that Choice Trade is also a member of SIPC, which is another form of a regulatory body that ensures that all the clients’ funds are fully guaranteed up to $500.000 per account, or $250.000 in cash. Considering all these traits, we can say that safety and security are the main priorities for this company. In this Choice Trade review, we will check out what other important features you can find here, so you don’t get any surprises along the way while you do your own research.
In the past, Choice Trade as a company was mainly focused on active traders who are constantly placing big orders. And though this was not unusual in the past, things have started to change in the past couple of years. Mainly, the trading market is not so limiting anymore – actually, the market participants realized that they can all benefit by becoming more open and inviting to wider audiences and groups of people who are not just experienced traders with a lot of starting capital. Rather, the entire trading environment is able to benefit from inviting bigger groups of people into their ranks, especially the ones who never tried their luck and skills with something like this.
So, Choice Trade has slowly but surely started to shift its focus and turned its reputation around to fit this narrative. As a result, the company has repositioned itself on the market and found its niche among different types of competitors. These companies are all fresh and open to a variety of clients, but they lack what Choice Trade has going for it – the experience that helps build the trust. This is where this company definitely has the upper hand, but that is not all. Choice Trade was still able to keep some of its core features and values that always worked well, such as being the best place for options and futures trading. The commissions for these trades are quite appealing and suitable for different budget types, which is another proof that Choice Trade is a great place to start your trading journey.
Choice Trade offers a total of 5 different account packages to its clients. Within each one of them, you will be able to detect different benefits and traits that will suit you the best when it comes to not only your budget, but also trading needs and preferences. However, if you wish to progress with your skills and abilities, you can easily switch to a different account type if the opportunity is right. That is completely up to you!
The basic and most common account type is called the Individual account, and it gives you a detailed insight into what this company has to offer. It includes things like useful lessons and different levels of education to get you started. You can also find tips and guidance for creating a trading strategy that will work, as well as for making bold and beneficial moves that will make you a trading pro with a diverse and profitable portfolio.
The Joint account is the account type where you can join your forces with other individuals and combine your trading knowledge and abilities. This is a great solution that not many trading companies today offer to their clients. Next, there is the Custodial account, which is only applicable to the US clients. Basically, this is an account in the name of a minor, but is handled by an adult until this person is eligible to take over the account on their own (usually when they turn 21). The IRA account is somewhat of an innovation on the market, and it is basically an account type that serves as a retirement account for individuals. It is only available for the US traders. Lastly, the Specialty or the Corporate account type is owned by legal entities, so the highest levels of professionalism and security are reserved for it.
From what we’ve seen so far, we were somewhat discouraged to find that this section at Choice Trade is poor and not at all detailed or even updated. The educational materials are basic and can be found anywhere else on the internet, so there isn’t anything particularly special that they can offer that you will find unique. Also, the only thing that remotely resembles the educational section is the Autotrade page, which gives you an opportunity to trade freely without putting any money at stake until you are ready and certain that you have learned everything there is to know about this platform and its features.
Speaking of the trading platform at Choice Trade, let’s talk a bit about it considering that this is the section where you will spend most of your time anyway. We have to say that we were not at all encouraged by the fact that the platform’s overall look seems quite outdated. The platform is adjustable to several different themes and you can also access it on both your desktop and mobile devices, but that’s about it when it comes to its features. This section could definitely use some improvement.
It also takes a while to load, especially if you want to check out your progress or history of your previous transactions. You will have better luck to do this on your own than to let the software do it for you, which is not encouraging. Also, the overall look is much better if you visit the website on your mobile device, which is quite strange.
Choice Trade does not have the live chat option available for its clients, which is a huge downside. The telephone number might be the best option, but they are not available 24/7. This is not so strange, considering that they have to honor different time zones and weekdays. But the lack of a chat box is a huge downside, even more so because of this fact. Lastly, the email option might be the best one, but don’t expect a fast reply from their agents, who take their sweet time getting back to you.
Every funding process has two sides – the deposits and the withdrawals. And though the deposits here run quite smoothly, things are a bit different with withdrawing your money. Simply, there is a lot to uncover here, and a lot of unnecessary details and waiting times, as well as some questionable fees that are not listed on the site. Namely, you will only learn about them after you’ve already started the process for the transaction, which is not at all ethical. Also, you should note that you can’t use any credit or debit cards, and the only currency available is the US dollar. This is quite limiting to the clients.
Initially, we were astonished by the operations and the policies at the Choice Trade. However, when we dug deeper we uncovered that this company does not put a lot of effort into making their clients happy, after all. The unresponsive customer support team is a clear proof of that, but there are also some questionable features when it comes to the platform and the funding process. Our advice is to steer clear of this company, especially if you are a first tme trader. Simply, it is not worth the trouble if your experience will only get you halfway there.