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Editor's Star Ratings:
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ChoiceTrade is a low cost online trading platform that gives you all the tools you need to start investing in the world's financial markets. It does assume a bit of knowledge about trading so is probably best suited to experienced investors who know what they are doing, but still provides a basic trading platform for newcomers. Being wholly online you can't expect quite as much support as you might get from a more expensive company with offices around the country, but if you are happy being relatively independent then ChoiceTrade is definitely worth a look.
Price will no doubt be a major factor in anyone's decision when choosing an online trading platform and you would be hard pushed to find lower per trade prices than ChoiceTrade's. However, it pays to be careful because unlike many online trading platforms ChoiceTrade charges you an account fee for access to the tools and data you need to carry out your trades. There are a few different options, but each carries a monthly fee which will clearly eat into any profit you might make from trading. For the most basic access you can get it free if you carry out at least five trades a month, but a charge will be made for any months you don't. There are also a few other fees to look out for so make sure to do your sums before signing up.
There are three main choices of trading platform at Choicetrade depending on how much you want to spend per month. The functionality these provide range from very basic with the web based tools to very advanced with the downloadable ChoiceTrader Select application. Although we wouldn't really recommend the middle option as it is a Java based web application which tends to be a bit clunky. For all but the most basic trades you will probably want one of the advanced options which provide a lot of features including the ability to execute complex strategies with ease. There are also mobile applications available for iPhone, Windows Phone and Blackbery which allow you to check your account and place trades on the go.
ChoiceTrade lets you trade the usual selection of stocks, options and funds with its platform. However, we couldn't find any mention of fixed income investments as some companies offer. If you know what you are looking for then this is fine and the platform works well, but there aren't as many tools as some platforms offer for helping you discover new investments and analyse the markets. There is some research that you can access when you sign up for an account, but we have seen better quality elsewhere. However, a sacrifice has to be made somewhere if you want prices like this so we won't complain too loudly!
We would recommend ChoiceTrade to experienced investors who trade quite regularly. There isn't enough advice or support on offer for new investors to make it a sensible choice for them. However, if you know what you are doing you will find all the necessary tools to carry out your strategies and ideas and at very low prices. Try to figure out what the true cost will be when you take the extra fees into account though before jumping straight in!
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