In the past, Choice Trade company focused mostly on professional and experienced traders who traded with big amounts of money. They were also bringing in even more, which was equally beneficial for both sides. Still, as time changed and the market grew more versatile, the companies realized that there are many more new clients coming in and joining the action. The experts were claiming that this is the group that was all the rage – they had fresh pair of eyes and were adding something entirely new and exciting to the trading environment. And as it usually goes, they were right. Because focusing on the new and established clients who are looking to learn and adjust was the key to success for many broker companies. Together, they could grow and thrive, which happens to be a winning combination in the trading landscape.
Still, Choice Trade was not one of them. The company did not realize this soon enough, which is why they eventually backslid and failed to take advantage of this equally beneficial new trading strategy. After this started to show on their earnings too, their team finally decided to start keeping up with what’s hot on the trading market. In due time, Choice Trade finally managed to turn their attention to new clients who are wishing to start their trading careers as soon as possible. To do that, Choice Trade began to introduce lucrative deals such as competitive pricing for certain transactions and a bunch of learning material to help the clients keep up with what they were missing. So, was Choice Trade arriving on time, or has the momentum passed? Let’s dig deeper into this Choice Trade review and try to learn about both good and bad sides of trading with this company.
Quality of Service
For a company that has been around for a while, we were surprised to find that Choice Trade does not offer a particularly admirable variety of trading assets. It’s trading platform mostly focuses on the US trading types such as equities, stocks and ETFs. There are also some options too, but we have to say we were very disappointed to find that there are no currency pairs in their offering, either. Also, the crypto trading section is not available at all, which is quite a big downside for a company that claims to be cutting-edge and ahead of the competition.
The bad news kind of seem to keep coming in with Choice Trade, so let us lay them all out in the open at once. Namely, we found that the platform is not even showing the market performance in real-time! So, what is the point of having it, then? We wondered the same thing, but Choice Trade did not offer any valuable explanation. The company raves on and on about their awesome mobile app, which is pretty appealing at a first glance, we admit that. However, the downside of not having a live platform is just too much to just let it slide.
All in all, the platform is quite backwards on its ways when it comes to following innovations. There aren’t any that we could easily detect, which is a huge downside. Also, there aren’t many trading tools to help you build your game strategy, which is another lack of effort on their part. There isn’t even a list of previous transactions available, which is usually a standard part of a trading platform. Here, you would usually be able to keep track of all your progress and learn about yourself and how you can make your trading game better. Still, it is not the case with Choice Trade, which is quite disappointing.
And if you happen to be disappointed by all of this, your only choice left is to access some of the third-party platforms available for streaming at the Choice Trade. However, we would not recommend this, since these are usually not safe for use or storing your data. Also, the ability to go to different platforms and use them kind of takes away the whole point of joining Choice Trade in the first place, doesn’t it?
Speed of Response
When we talk about the customer support team at Choice Trade, we have to admit that it doesn’t seem like this section is particularly useful or advanced. The most important thing to note is the fact that there are close to 30 forms which you would have to pick and fill out depending on the type of issue you are having. Also, they consist of pretty unnecessary information and questions that kind of take away the whole point of having customer support in the first place. Before you know it, you will be answering more questions than you had answers to, and that’s not even why you are here for, right?
Still, we decided to keep researching and see if there is anything useful to find here that we could recommend if you ever decide to trade with Choice Trade. There is the telephone line which you can call, but it is not available in all hours of the day. The working hours are especially confusing since they do not even explain which time zone or country they are referring too, so good luck trying to find your way here. Also, the thing we could refer you to as a last resort is the Frequently Asked Questions page, which is usually quite useful for many new traders. However, this section is also not organized particularly well, but we aren’t even disappointed at this point anymore.
The funding process at this company is not explained in details, or in the same place even, we noticed. A lot of basic info is missing, and the only thing we seemed to be able to find is directions about how to make deposits. The important information here is the fact that the deposits are processed instantly, regardless of the amount or the payment method. However, if you’re asking what are those payment methods, exactly, you will have to leave that to your imagination.
So, how does a company like this make any sort of profit? We mentioned admirable low fees and commissions on some trades, so let’s dig a bit deeper into it with this section. The first thing we’ve learned is that equities and ETF trading options come with no fees attached to them, no matter the amount you are putting into your account. On the other hand, the penny stocks come with a $7 fee, which is quite a lot, don’t you think?
The most important thing that we have to emphasize here is the there is a huge account transfer fee of $75, as well as the inactivity fee of $35. Now, we are starting to learn how Choice Trade makes up for the low fees policy on most transactions. Lastly, we should also mention the bank wire transfer fee which is huge for both domestic and international clients. While domestic clients have to pay $35 for it, international clients are burdened with $60.
Choice Trade is one of those broker companies that have to have some sort of regulatory authority standing behind them. After all, the US is the most competitive market in the world. So, despite Choice Trade being a regulated broker company, we have to ask ourselves how were these regulatory authorities able to let so much slip through the cracks? From suspicious transaction deals to huge commissions on different payment methods, this is not something we should take lightly. Also, the trading platform is not at all functioning properly for such a big name and even bigger market, so we have to question the entire story behind Trade Choice’s regulation.
Variety of Payment Options
As we mentioned above, there aren’t any particular details we found about the banking options at the Choice Trade broker company. The only remotely well explained one if the bank wire transfer, which comes with quite a lot of expensive commissions, as you have already seen. Also, the payment options seem to be listed and explained according to two account types available at this company. The deposits are free of charge, but you should note that the withdrawals are an entirely different story.
In other words, we’ve learned that you can only use the payment options that Choice Trade has lined up some sort of an agreement with. This would not be too suspicious if it wasn’t for the fact that the details surrounding it are not known until you are already finding yourself in the middle of the withdrawing process. Overall, there are so many things lacking at this company. In all honesty, we are stunned that Choice Trade is still up and running in the trading community.