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ChoiceTrade Review
ChoiceTrade is a small New Jersey stockbroker running since 2000, now pivoting toward API brokerage infrastructure for fintech partners rather than only retail trades.
Min Deposit
$100
Spreads From
Not applicable, listed stocks and ETFs trade commission free
Max Leverage
Not published, ChoiceTrade does not offer forex or CFD leverage
Platforms
2
Pros
- Commission free trading on listed US stocks and ETFs above a 100 dollar balance
- Registered with FINRA and the SEC, with SIPC account protection
- Over 20 years of operating history under the same ownership group
- Options trading is capped at 50 dollars a month in contract fees
Cons
- FINRA fined the firm 15,000 dollars in 2023 over an arbitration discovery failure
- 45 dollar quarterly inactivity fee applies to accounts with under five trades
- Day trading accounts need a 25,000 dollar minimum balance
- Non listed stocks cost 7 dollars a trade instead of the commission free rate
Letsgotrade, Inc., doing business as ChoiceTrade, is a Delaware corporation approved by FINRA in September 2000. It is based in East Brunswick, New Jersey, with a mailing address in San Juan, Puerto Rico, and is owned by ChoiceTrade Holdings, Inc.
The firm lets clients trade US stocks, ETFs and options. Listed stock and ETF trades are commission free above a 100 dollar balance, options cost 0.40 dollars per contract capped at 50 dollars a month, and accounts under five trades a quarter pay a 45 dollar inactivity fee. Margin accounts need 2,000 dollars, day trading accounts need 25,000 dollars.
FINRA censured and fined ChoiceTrade 15,000 dollars in 2023 after it failed to hand over emails requested during an arbitration case brought by a former employee. Alongside retail trading, ChoiceTrade now also sells its brokerage infrastructure through an API to other fintech companies. No sign up bonus is currently advertised.
Min. Deposit
USD 100
Max Leverage
Not published, ChoiceTrade does not offer forex or CFD leverage
Spreads From
Not applicable, listed stocks and ETFs trade commission free
Platforms
Regulators
Platforms
- FINRA
- SEC (USA)
- SIPC
