If you are looking for a new Forex broker and you read a few reviews about ChoiceTrade, we can completely understand the confusion that is going on in your head. So many great promises from this broker, yet so little positive reviews. But why is that? Well, sometimes brokers forget what they wrote on the website and fail to fulfill all those promises. That’s exactly what happened with ChoiceTrade.
In this review, we will discuss every detail this broker said and failed to fulfill. In the end, you will have a much better picture of the whole situation and it won’t be hard to understand why there are so many disappointed clients.
The first thing you need to know about ChoiceTrade is that this broker exists for more than 20 years. Impressive, right? We would all assume that those years of experience mean something and that we can expect to see extraordinary technology, just as this broker claims.
The things we expect to see are state-of-the-art tools and excellent opportunities that will help us create successful trading strategies. At least that’s what this broker claims we can get but is that really the case? Let’s see.
If you decide to open an account, you need to go through a few steps. The first one is the setup, and this is a time where you have to choose which account you want. The second step is to fill the personal information and go through the investment profile. After that, it’s time for agreement and lastly the review of your application. If you are accepted, the account will be created and you can start trading.
There are five different accounts at disposal and that seems like a decent offer. But, there is always some problem with this broker. You cannot know a single thing about those accounts. So, if you click on Individual Account, there is not a chance to know what is the leverage, if there are any bonuses, what is the deposit requirement, etc. The only way to know those details is to call their customer support and ask.
This might be the shortest part of our ChoiceTrade review. Why? It’s more than simple. This broker doesn’t offer a single educational thing to its clients. Normally, when someone works for 20 years we expect to see eBooks, video lessons and many educational articles that will help traders improve their skills. Unfortunately, that is not a case here.
If you decide to become a client, you will have to find another place to learn. There is a Frequently Asked Questions page, but it won’t help you a lot. It’s mostly dedicated to funding and accounts. So, even if you are a complete beginner and you do not look for some advanced material, you won’t get anything.
There is an interesting thing about the trading platform this broker provides. If you want to use the web-based one on the website you will only receive free real-time quotes. That’s it. The platform is very limited, so this broker gives you other options — QuoteStream Trader, Direct ProTrader, ChoiceTrade Elite Trader.
Those options are great and we wouldn’t mind them if there wasn’t one thing, they are not free. So, you have to open an account, make a deposit, pay all necessary fees and after that, pay additionally for the trading platform. That’s a big no from us. The prices of these three platforms are different. QuoteStream Trader costs $14.95 for the regular version and $24.95 for Pro version monthly. Direct ProTrader offers 14 days free trial and after that, the price is $135. The last platform, ChoiceTrade Elite Trader, costs $29.95 (waived with $30,000+ account) each month.
As you can see, if you want a proper platform, you need to pay extra. Of course, we have a problem with that, because every broker has to make sure clients have an excellent user experience.
After 20 years in business, we would assume this broker developed an excellent customer support system. Well, our assumptions vanished as soon as we sent a message to the representatives.
There is the customer support page in the main menu and each client has three different options at disposal. One option is to fill the online form, the other is to send an email and lastly, you can call the phone line. Live Chat option is not available and you cannot count on constant support. The working hours are Monday to Friday from 9 AM to 5 PM.
First of all, we don’t mind those working hours. The fact that the support is not constant won’t affect our final judgment, but what will affect it is the responsiveness. Unfortunately, ChoiceTrade doesn’t offer responsive support. We sent an email because we had a lot of questions and guess what? Nobody replied. Customer support practically does not exist and if you have any problem, don’t count on it.
Is it clear now why there are so many negative comments online? After all those promises, we are left without proper support, education, and a platform. So, how can anyone be satisfied with that?
ChoiceTrade is not exactly a broker who will give you too much information. In fact, you won’t get the most important ones such as deposit and withdrawal procedure and how long everything takes.
The first thing you should know is that there isn’t an option to use Credit Cards or eWallet. As a payment method, you can only use Bank Wire. Of course, that’s not enough and we are completely disappointed since clients need to have different options to choose according to their needs.
The good thing is that the deposit process is quite easy. You will find an explanation on Fund Page, but that doesn’t compensate for the lack of options. For withdrawals, things are completely different. We weren’t able to find something specific, so if you are wondering how long it takes to receive money on the bank account, well, you cannot know that.
The withdrawal process is complicated and it will take you a lot of time. The first step is to go to the Forms page and find the Withdrawal section. After that, you need to choose the form you need, download it and fill everything manually. The next step is to sign it and scan it. Unfortunately, you are not done after that. Now it’s time to send that form to the customer support. You can do that by sending a copy on their email or the physical address.
To complete the whole process, you have to wait for their reply and further instructions. Honestly, it’s been a long time since we saw a withdrawal process like this. Things go much faster and in just a few clicks nowadays, so we do not see the reason to waste your time completing all those steps.
While we are talking about funding, there is one thing we cannot omit — commissions. Although this broker said that fees are deeply discounted, that’s not really the case. If you don’t want to go into trouble reading the Terms and Conditions page, we will tell you that this broker charges fees for almost every little thing you do at the website. For example, there are fees on paper statements and trade confirmation, fees for excessive quote usage, transaction or business fee, transactions or revenue or profit on securities activity, etc. As you can see, you have to be careful with ChoiceTrade, otherwise, you will end up paying much more than usual.
There is also a separate page dedicated to fees only, with a full list of charges. Well, be ready to spend a lot of time there, since the list is long.
We won’t talk about all of them, otherwise, this review will turn into an endless list, but we will mention some of the fees you need to pay. A non-U.S. account maintenance fee is $10 monthly, broker assist surcharge is $30 per trade, outgoing wire fee is $35, outgoing ACAT transfer is $75, etc.
Needless to say, all those fees are not necessary at all. We can all agree that other brokers charge much less and offer better trading conditions, so once again, we don’t understand why anyone would open an account at ChoiceTrade.
ChoiceTrade is considered to be a safe Forex broker since it has a Securities and Exchange Commission (SEC) license and it is a member of the Securities Investor Protection Corporation and the Financial Industry Regulatory Authority (FINRA). But is that enough for you to open an account and start trading here? Not at all! Trading conditions and overall user experience is not good at all. You don’t get a proper education or customer support, so we don’t see a single reason why you should become the client of ChoiceTrade. If you ask us, continue your search until you find someone that is worth your time and money.