ChoiceTradeReviews of choicetrade.com

Response from ChoiceTradeAug 20, 2020

Dear Mr. Okoye, We thank you for your review of our firm and offer the following response. 1. Our app is undergoing an upgrade - sorry that you were not happy with it (we have not received reports of it not working) - the new version will soon be available. 2. The ADR fees you see are not ChoiceTrade fees at all. They are charged by ADR managers, generally a large bank. For example you will see that JP Morgan charges a 2 cents a share fee once a year for one of the ADRs you hold. Another of your ADRs is similarly managed by Citi, and they too charge a fee. 3. In order not to have to wait a few days for funds from a sale to become available for a new purchase, you have to be in a margin account. (This is a US rule, not a ChoiceTrade rule). Please fill in the margin agreement, sign and return to us. It is available on our Forms page: https://www.choicetrade.com/forms.php. You don't need to avail of the margin feature in a margin account. Many customers simply prefer a margin account so they can avoid the wait you are experiencing in a cash account. 4. Our fees for OTC stocks and sub-$1 listed stocks is $12 per transaction up to 10,000 shares. 5. You do not need to send wires, you may link your bank account to your ChoiceTrade account via ACH. If you need assistance signing up for ACH, please let us know at [email protected]. If you have already linked via ACH, please click on Make Deposit to send money in. This way you will not have to pay your bank to send in a wire. If there is anything else we can help you with, please do not hesitate to write to us at [email protected]. Thank you for being a valued customer.

Response from ChoiceTradeJun 16, 2020

Dear Mr. Belisle, We truly regret your frustration and disappointment. For over 20 years, ChoiceTrade has strived to provide trading solutions that meet the needs of our customers and we have always been at the forefront of the industry – eliminating trade fees on listed stocks a full year before the competition. Additionally, our options commissions have consistently remained among the lowest in the industry. Currently, at $0.40 per contract with no trade fee, our options commission is approximately 33% lower than most of our larger competitors and, with a monthly commission cap of $50.00, options trades are commission free after the first 125 contracts in the month. This represents a tremendous savings for our frequent options traders who regularly surpass this amount within the first few days of the month. That is a significant savings over Interactive Brokers and ETrade (and most other online brokers in the industry). Regarding other fees, for individual and joint accounts, inactivity fees are waived if you perform 5 trades or more in a calendar quarter. As an entity account, your account had a higher threshold trading requirement to be waived, however, it is waived when achieved. As a long-time customer, we would certainly have worked with you to meet your trading needs if you had reached out about this by speaking to our representatives and/or supervisors. Our goal is always to make our services work for our customers. Regarding, monthly account statements, such documents are available through online access. Admittedly, our change of clearing firms dictated a change in the way such information is retrieved, however, it is always available to you 24 hours a day. Additionally, our online portal access with our clearing firm allows all underlying data to be downloaded in CSV format for all transactions. If you would be willing to speak to one of our supervisors directly, we are sure we can work with you to resolve all your concerns.