ChoiceTrade Review 2022

ChoiceTrade review
ChoiceTrade Fees Explained

• ChoiceTrade withdrawal fees varies on payment method
• ChoiceTrade does charge a fee for inactive accounts.
• ChoiceTrade does charge deposit fees.

Brokers offer state of the art online trading platforms, mobile trading apps, financial research tools and educational resources. For a brokerage to maintain these services and earn revenue as a company. Brokers may charge clients various trading fees that you need to be aware of as they may affect your bottom line.

How ChoiceTrade Fees Compare Against Other Brokers

ChoiceTrade Minimum Deposit

ChoiceTrade require a minimum deposit of 250 GBP/USD/EUR when opening an ChoiceTrade trading account.

A minimum deposit is the minimum amount of money required by ChoiceTrade to open a new online brokerage account with them.

Don't be scared off by brokers like ChoiceTrade charging a minimum deposit to open a trading account. Brokers that charge higher minimum deposits often offer additional premium services on their platforms that are not available for free on other platforms.

Brokers that offer lower minimum deposits are generally geared towards a more mainstream audience that do not require some of the more advanced features and research tools.

Brokers that do not charge minimum deposits do so usually to attract new customers. They have to make returns some way, so transaction commissions and other trading fees may be higher with a low minimum deposit account.

Brokers that require a larger minimum deposit amount usually offer a greater range of trading features on their platforms. These brokers often have more in depth technical analysis and research tools and better risk management features.

As more and more online trading platforms have entered the market, minimum deposit requirements to open a live trading account have gone down as an increasing number of brokers compete for new clients.

Depending on the type of trading account you opt for some brokers require a minimum deposit as high as 6500 GBP/USD. Some brokers can go as high as 10,000 GBP/USD.

ChoiceTrade Withdrawal Fees

ChoiceTrade withdrawal fees vary depending on your selected withdrawal payment method.

Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.

This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees, processing times and a potential currency conversion fee. The Conversion fee is dependant on your base currency, your receiving currency and your payment provider.

For example ChoiceTrade allows you to withdraw your funds to Credit cards, Debit Cards, Bank Transfer.

ChoiceTrade Inactivity Fees

ChoiceTrade does charge a fee for inactive accounts.

An account inactivity fee is a fee charged to the registered brokerage client.

Brokers may have certain trading activity requirements that under the terms and conditions of the accounts and clients may have to fulfill.

If a clients trading account does not have any buying and selling over a period of time as dictated by the broker an inactivity fee may be due.

Inactivity fees are not specific to online trading accounts. Many financial service companies may charge inactivity fees. Please check on the brokers website and make sure you are aware of and are happy with all the services and fees you may be charged.

If you are no longer using your trading account close it with the brokers customer support. And make sure you have a confirmation that any remaining fees are not due.

Depending on the type of account you have signed up for you can only be charged an inactivity fee under certain circumstances. As part of a brokers regulation they are required to clearly disclose any inactivity fees.

Some brokerage firms may charge inactivity fees as compensation for maintaining your account on their expensive trading platforms, in an attempt to claw back revenue for the lack of commission fees from your trading.

ChoiceTrade Deposit Fees

ChoiceTrade does charge deposit fees.

You must always review deposit fees as some brokers may charge a fee when you deposit funds from your payment method to your trading account. This is because the payment method which you use to fund your account may accrue a fee.

The fee may be a fixed fee when you deposit a specific fiat currency to your account. For example fees are known to be high when depositing funds from a credit card. This is if your broker accepts funding your account via a credit card.

ChoiceTrade Commission Fees

ChoiceTrade does charge commission on CFD instruments.

A broker may charge a commission fee as a service charge for facilitating the buying and selling of financial assets through your trading account.

A brokerage may make most of their revenue from charging registered traders a commission fee on client transactions.

Commission fees can differ depending on the trading type, financial asset type and what level of trading account you have.

Broker commissions are charged if the brokerage fulfills an order, cancels an order or modifies and order on your behalf.

If a market order is not fulfilled by your brokerage usually no commission is charged.

Be aware that if your order is modified or canceled, your brokerage may charge a commission fee.

ChoiceTrade review
Trading on ChoiceTrade web platforms and other applications

ChoiceTrade offer the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers.

ChoiceTrade is one of a handful of brokers that offer the cTrader platform developed for traders. For a list of forex brokers that offer the cTrader platform, check out our comparison of MT4 brokers.

ChoiceTrade also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you’re on the move.

See ChoiceTrade's platforms

Is the ChoiceTrade Trading Platform Secure?

ChoiceTrade safeguards the personal information of its clients through SSL encryption in its PC and mobile platforms. ChoiceTrade also urges its clients through its web platform to always look for the SSL security sign (a lock sign) on the browser while operating ChoiceTrade.

ChoiceTrade Trading Platform Options

Once you have logged into your ChoiceTrade account you will see the below trading platform options available to you.

• MetaTrader 4 (MT4)
• cTrader

ChoiceTrade does not offer the MetaTrader 5 (MT5) trading platform. If you are looking for a online platform that does support MT5 click here

Lets explore each of these trading platforms in detail and what options ChoiceTrade gives you.

ChoiceTrade review
ChoiceTrade MetaTrader 4 (MT4)

MetaTrader 4, also known as MT4, is one of the most popular trading platforms available and has been in active use on financial markets since 2005. The MetaTrader 4 software delivers a feature-rich, user-friendly interface, and an extremely customisable trading environment, designed to fulfill all of your trading needs and boost your trading performance. Charting functionality and advanced order management tools.

Understand that the MetaTrader 4 (MT4) trading platform was developed primarily to trade Forex, but you can also trade other types of financial instruments through CFDs and Spread Betting. You will not be able to trade Stocks, Indices, Commodities, ETFs, Futures on any MetaTrader 4 (MT4) platform unless they are CFD contracts or Spread bets. You will not own any underlying assets with CFDs or Spread bets as you are speculating on price movements with ChoiceTrade. You can learn more about the MT4 Platform here.

You can start using the MetaTrader 4 platform with ChoiceTrade in multiple formats including through an online web platform, Through a downloadable application for Windows PC's and Apple Macintosh computers. ChoiceTrade MetaTrader 4 is compatible with the latest macOS Mojave. ChoiceTrade allows traders to trade on mobile devices through Android and iOS devices like the iPhone.

Metatrader 4 Webtrader on ChoiceTrade

MetaTrader 4 is the most popular trading platform in the world as most and more traders begin to trade online Metatrader 4 is available as a web based application available through your web browser. MetaTrader 4 web software provides the same easy to use performance as the desktop version using advanced charting, a highly customisable trading environment, easy to access online trading tools and many different indicators. You can enjoy our Raw Pricing trading environment without a Dealing Desk from anywhere in the world.

Trade ChoiceTrade MetaTrader 4 on iOS Devices

You can download the ChoiceTrade app or also trade with ChoiceTrade through the MetaTrader 4 application on the Apple app store.

Download the Metaquotes MetaTrader 4 Program for free of charge from Apple's App Store. ChoiceTrade customers have instant access to this Financial markets, with the ability to completely manage a Portfolio on the go.

Trade ChoiceTrade MetaTrader 4 on Android Devices

Andorid mobile devices and tablets are used by millions of people globally. ChoiceTrade provides its clients access to the MetaTrader 4 platform on Android supported devices so that customers can monitor the financial marketplace and trade directly from their Android-based Smartphones and tablets. The Android ChoiceTrade MetaTrader 4 Android application enable traders to make the most of multiple advanced trading features which enables them to monitor and trade Forex quickly on the go, simply and securely.

Trade ChoiceTrade MetaTrader 4 Trading Central

Trading Centrals Alpha Generation Indicators is a Bundle of three Major indicators including:

• Analyst Perspectives - A go-to resource for leadership and key levels.
• Adaptive Candlesticks - Identifies chart patterns which illustrate important changes in demand and supply.
• Adaptive Divergence Convergence (ADC) - Much like MACD however useful at shorter lengths and provides more timely signs.

ChoiceTrade MetaTrader 4 Advanced Trading Tools

The ChoiceTrade advanced trading tools for MetaTrader 4 are aimed at improving the total trading experience and providing traders with a competitive advantage. ChoiceTrade offers access to 20 exclusive tools which includes feature rich trade execution & management programs, sophisticated notification alarms, messaging facilities, innovative market data & more.

Trade ChoiceTrade MetaTrader 4 MultiTerminal

MetaTrader 4 MultiTerminal provides a intuitive easy to use dashboard where traders can administer and supervise several trading accounts. MultiTerminal will let you manage over 100 Accounts simultaneously allowing you to place market orders, pending orders, view live market prices and track all accounts and equity at real time. All Trading accounts must be in on the same MetaTrader server. MultiTerminal doesn't support Automated Trading scripts like Expert Advisors.

ChoiceTrade MetaTrader 4 AutoChartist

ChoiceTrade Autochartist provides the world's first Market Scanner available for MT4 using a non-trading Expert Advisor script. Scan markets for trading opportunities while viewing all symbols and time intervals from a single graph. Gone are the days of launching a lot of graphs on which you can't remember which currency you're taking a look at. Autochartist offers a simple user interface that can be customized to suite how you like to trade.

ChoiceTrade review
ChoiceTrade cTrader

CTrader is a comprehensive trading platform solution for Forex and CFD brokerages to provide to their traders. The platform is packed with a complete variety of features to cater to each and every investment taste imaginable.

The cTrader Premium Charting and Manual Trading Platform available on ChoiceTrade

cTrader is a top multi-asset Forex and CFD trading platform. cTrader offers advanced order types, charting tools, amount II pricing, and quick entry and execution. Using a amazing looking layout and dashboard, it is linked to state of the art infrastructure, that can be accessed from many devices.

cTrader Copy available on ChoiceTrade

CTrader Copy empowers everyone on the platform to share their investment strategy and to share their trading strategy for a fee or commission. Other dealers can search and replicate the approaches available, and revel in a commitment-free investing. Furthermore, traders can use their own risk management configurations.

cTrader Automate available on ChoiceTrade

CTrader Automate provides traders the ability to create algorithmic trading robots to automate financial trading plans. Dealers can use cTrader's contemporary C# API to write code within the IDE, the IDE allows developers optimize and test their financial robots.

cTrader Open API available on ChoiceTrade

Build your own software using cTraders Open API. It is a free, secure and publicly available API for all. Developers can take advantage of cTraders mature infrastructure to construct desktop, mobile and online software. The open API allows developers to interact and interface with any cTrader account.

You can learn more about the cTrader Platform Here.

ChoiceTrade Trading benefits

• Low min deposit

ChoiceTrade Trading Accounts Offered

Below we give an overview on the account types that ChoiceTrade offer. Whatever you are looking to trade the varying ChoiceTrade account types will be able to provide you with what you need.

• Demo account
• Mini account

Can I try ChoiceTrade?

ChoiceTrade offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

Your capital is at risk

ChoiceTrade withdrawal and funding methods

Please note that the list of ChoiceTrade payment methods below depend on the ChoiceTrade Entity and the Clients Country of Residence.

All available ChoiceTrade payment methods available to you can be found in your ChoiceTrade members area checked on the ChoiceTrade website.

ChoiceTrade offer the below funding payment methods. You can use any of the below deposit options if available in your region. learn more about ChoiceTrade

ChoiceTrade Payment Methods

• ChoiceTrade accepts Credit cards
• ChoiceTrade accepts Debit Cards
• ChoiceTrade accepts Bank Transfer

How can I start trading with ChoiceTrade?

When opening a trading account with ChoiceTrade, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on ChoiceTrade trading platforms here. You will need to provide some basic documentation to prove your identity as part of ChoiceTrade onboarding and normal KYC identity checks. These checks are standard practice and help ChoiceTrade provide a safe financial environment for their 10,000 users.

Your capital is at risk

Performing trades with ChoiceTrade

ChoiceTrade allow you to execute a minimum of trade of $5. This may vary depending on the account you open. ChoiceTrade allow you to execute a maxium trade of varies.

As a market maker, ChoiceTrade may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically have larger capital and minimum trade requirements. Market makers typically have lower minimum deposit, smaller minimum trades requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the instruments.

CFD Trading on ChoiceTrade

let's take a look at some of the basics of using ChoiceTrade leverage.

ChoiceTrade offer CFD which are a leveraged product for this example we describe ten times leverage.

So you have a ten thousand dollar position but you only tie up a thousand dollars a tenth of the value on your account. You have a situation where a small sum of money is controlling a much bigger financial position. This is your leverage.

So what effect does leverage have on your profits and losses well put simply it magnifies them in both directions.

ChoiceTrade leverage magnifies both profits and losses when trading.

Let's say for example you buy/sell ten thousand dollars worth of General Electric (GE) using contracts for difference ( CFDs ) using the ChoiceTrade trading platform.

let's say General Electric (GE) rises 10% because its results are positive your position which was worth ten thousand dollars is now worth $11,000.

It's grown by $1000 10% in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade.

Our initital investment of ten thousand dollars for the trade and has made a thousand dollars in profit because the price is up ten percent.

The ChoiceTrade leverage goes both ways. If General Electric (GE) Falls 10% on week results your position which was worth ten thousand dollars is now worth only nine thousand dollars. It has fallen by a thousand dollars.

ChoiceTrade CFDs are typically used for short to medium term trades. For example ChoiceTrade intraday CFD trading. Although high risk because CFD trades are separate from the financial markets, a CFD trade can be more flexible than a traditional market trade where you own the underlying asset. CFD trades give access to CFD fractional shares, CFD international markets and CFD short selling. More advanced traders can also use CFDs to hedge.

Always be aware that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Your capital is at risk

Education Resources at ChoiceTrade

To trade effectively with ChoiceTrade, it's important to get a have a good understanding of the ChoiceTrade trading tools and the markets. Make sure you make full use of all education tools. This includes eduction tools with ChoiceTrade and externally.

ChoiceTrade offer a good selection of educational resources. Take your time, learn how the financial markets move. Take the time to learn how your trading platform works. Make buy/sell trades, learn how to take advantage of global trading times and most importantly learn how to mitigate and manage investing risk.

Having an analytical approach may be a good way to approach trading with ChoiceTrade.

Take time to look around the ChoiceTrade platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at ChoiceTrade

As part of our ChoiceTrade review we review customer service options, response times and ChoiceTrade trading platform problem resolution effectiveness.ChoiceTrade support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian.

ChoiceTrade have a D grade support rating because because sometimes the response was slow or our query wasnt answered. ChoiceTrade less customer support features compared to other brokers like live chat, phone and email support. email support and supports a limited amount of Languages. Live chat support supports a limited amount of Languages. Phone support supports a limited amount of Languages.

Livechat Support at ChoiceTrade

We tested the ChoiceTrade live chat and it works well. We sent messages to ChoiceTrade livechat through their app and website and recieved a response within 20 minutes. Sometimes there was no response.

We tested communicating with ChoiceTrade support in multiple languages in multiple countries. ChoiceTrade where able to resolve our customer issues.

Email Support at ChoiceTrade

We sent several emails to ChoiceTrade and answer times overall were excellent. The fastest response from ChoiceTrade was 4 hours and the slowest response was 5 days. Sometimes there was no response. Support response times may vary for you with ChoiceTrade, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall average email support from ChoiceTrade.

Phone Support at ChoiceTrade

We called ChoiceTrade and the call was answered very quickly. The call was answered in less than 5-10 minutes.

The ChoiceTrade phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual ChoiceTrade team by calling in varying languages. ChoiceTrade made an effort to make sure our queries were answered.

Overall the phone support from ChoiceTrade was okay.

See how ChoiceTrade Support Compares Against Other Brokers

What you will need to open an account with ChoiceTrade

As ChoiceTrade is regulated by Unregulated, every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

• Be aware that the expiration date of Proof of address document for different entities under ChoiceTrade Brand may be different.
• A scanned colour copy of your passport, driving license or national ID
• A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 5 minutes or so to complete the account opening process.

While you might be able to explore ChoiceTrade's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with ChoiceTrade you can visit the ChoiceTrade trading platform here.

CFDs are leveraged products and can result in significant losses, excess of your invested capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.choicetrade.com/ on August 05, 2022.

ChoiceTrade review written by Andrew Blumer and Mark Hansen