We will start this ChoiceTrade review by explaining why this broker gained our attention. It was founded in 2000. So, over 20 years of experience can be nothing but a positive thing. Well, don’t get too excited. An interesting thing is that despite such an amazing experience, this broker has so many negative reviews online.
Our feelings are mixed and we have no idea what to expect. At the first glance, everything looks perfect, but apparently, ChoiceTrade does something wrong and we are about to see what that might be. As usual, we will see what the promises are. This way, we will know what to expect in the rest of this review.
First of all, ChoiceTrade claims to be an advanced-technology brokerage company. The main goal is to ensure the most state-of-the-art tools that will provide the best opportunities to customers and help them find success in their trading strategies. Also, there is one claim that caught our attention: “Regardless of the choices made, our customers are always assured that the benefits, convenience and service far exceed the commissions they’ll pay at any level of trading sophistication. Efficiency, versatility and leading-edge capability – our trading products address these essential components.”
As you can see, those are some big claims and we can understand the confusion and disappointments. It’s not an easy task to fulfill everything that’s promised on the website, so let’s go straight to the quality of service to see all those state-of-art tools this broker mentioned.
Quality of Service
The quality of service includes everything. From trading platform and account types to education. We have to see what this broker provides to know whether it’s a good fit or not. Well, we can start with one thing it certainly doesn’t provide, education. Here, you won’t find a single informative article. No eBooks, video lessons, not even the blog posts or market reviews. This is a shame since 20 years in business can mean that people from this website have a lot of knowledge to pass on traders.
When it comes to all those trading tools and state-of-art technology, there is a decent selection, we must say. You can choose between three trading platforms, QuoteStream Trader, Direct ProTrader, ChoiceTrade Elite Trader.
It’s totally up to you and your preferences but here comes the problematic part. All ChoiceTrade clients can trade on the website and receive free real-time quotes, but that’s all you can get at their trading platform. The user experience is very bad and if you want more details you have to go with one of the three platforms we mentioned earlier. That wouldn’t be a big problem if those platforms are free. But they are not! If you go with QuoteStream Trader, it will cost you $14.95 for the regular version and $24.95 for Pro version every month. With Direct ProTrader you have 14 trial days for free and after that, the price is $135. Lastly, ChoiceTrade Elite Trader will cost you $29.95 (waived with $30,000+ account) each month.
Yes, that’s right, you will have to pay for the proper platform, too. This is the first part of the review and we already have a big problem with this broker. In order to recommend it, other parts of service have to be on an impeccable level.
Speed of Response
The customer support page is located in the main menu. You can visit it and fill the online form with your question, send an email or call the phone line. There isn’t a Live Chat option and you cannot count on constant support. The working hours are Monday to Friday from 9 AM to 5 PM.
We do not mind the fact that the support is not constant as long as they are responsive within those working hours. Unfortunately, our experience was not so positive. We decided to test an email option. Since this broker doesn’t say a lot about trading conditions, we had a lot of questions. Well, in the end, we were left without a reply.
Apparently, the customer support is not responsive at all and they have no problem with leaving a potential client without a reply. So, if you run into any problem, there isn’t anybody who will assist you.
Honestly speaking, we completely understand all those unsatisfied clients that leave negative comments on the Internet. How can someone be satisfied with a service like this, especially after all those promises from the beginning?
It’s impossible to talk about transaction time when every important detail is missing. Still, there is one thing we can assume — you will have to wait a lot to receive money on your bank account upon withdrawal.
Why do we assume that? Well, the whole process is quite complicated. If you gain any profit and you decide to make a withdrawal request, you will have to go to the Forms page, find the Withdrawal section and choose the form you need. After that, you will have to download that form, fill it manually, sign it and scan it. Once everything is done, you have to send a scanned copy to their customer support (or send a physical form on the address) and wait for someone to reply and send you further instructions.
As you can see, all of that takes a lot of time and we can only guess that you won’t receive the money within just a couple of days.
One of the promises from the beginning is that ChoiceTrade deeply discounted commissions. Well, we don’t know what fees were charged before that discount, but be ready to pay numerous commissions if you decide to open an account.
In the Terms and Conditions page, you can see the potential fees. For example, ChoiceTrade charges paper statement and trade confirmation fees, fees for excessive quote usage, transaction or business tax or fee, transactions or revenue or profit on securities activity, etc. Unfortunately, fees are not limited to that only, so you will have to be careful.
Aside from that, there is another page on the website dedicated to the fee price. There, you will be able to see that a non-U.S. account maintenance fee is $10 each month, outgoing wire fee is $35, broker assist surcharge is $30 per trade, outgoing ACAT transfer will cost you $75 and so on. The list is very long and it’s more than clear why people dislike this broker. Basically, you will have to pay a commission on every move you make while you are a client.
We don’t even have to say how unnecessary this is. You can find so many brokers that won’t charge a third of this list, so we fail to understand why anyone would decide to deposit money at ChoiceTrade.
ChoiceTrade is a regulated broker that holds a license of the Securities and Exchange Commission (SEC) and it is a member of the Securities Investor Protection Corporation and the Financial Industry Regulatory Authority (FINRA). That said, if something goes wrong with your money you will be able to ask authorities for assistance. Well, this is basically the only good thing about a license here.
We always say you need to be careful about these things. Of course, you won’t open an account at an unregulated broker with questionable terms. But in this case, regulation is nothing more but a piece of paper and it makes a perfect example of how sometimes you have to take a look at the bigger picture. Although this broker has a license, all those negative comments and not-promising terms do not speak in its advantage. So, we will repeat this once again — do not look for license only, other things need to be fulfilled as well.
Variety of Payment Methods
Finding information at ChoiceTrade can be a hard job. This broker has a lot of things to say when it’s time to talk about the benefits of trading there, but when it comes to details about accounts and conditions, they are simply omitted from the website.
What we managed to find out is that you cannot use Credit Cards or eWallet as a payment method. The only possibility is Bank Wire and we can all agree that’s not enough. The whole process is not hard, everything is explained on the Fund Page, but it’s all in vain when you can’t even choose the method that fits your needs the most.
At the end of this ChoiceTrade review, we don’t have a lot of things to say. So far, you realised this is not a place that is worth our recommendations. That said, if you are looking for a new Forex broker, continue your search and don’t stop here.