Choice Trade Review: this is the name of an option broker whose location is not disclosed on the website. Is choicetrade.com a scam broker or a legit one?
The broker was established in 2000 but we find that despite the fact of its long existence, it is not popular. This is a turn-off as it means they do not have a large customer base that may be because they do not perform well for traders.
Nothing is said about license and regulation. We find this as a red flag because trading with unlicensed companies is dangerous. They are not under any commission and are therefore not mandated to act in accordance with any trading rules.
It claims to be offering traders a low cost trade that is operated online. Their demo account comes with a virtual fund of $100,000. They claim to be recipients of many awards offering powerful tools to traders.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Choice Trade Trading Platform
What we find is that the Choice Trade broker offers a web-based trading platform. Since this is not the popular MetaTrader platform, we do not find it encouraging. The popular MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are not listed but we found mention of stocks and ETFs. We find that it does not offer crypto option to clients. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages offered is not mentioned on the page and this is important. Some may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are not mentioned which we find discouraging.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on Choice Trade
The means of making payments and withdrawals are not stated also. We find that of e-Wallets are likely to be missing, which is discouraging.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is $10 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is Choice Trade Licensed?
We do not find a mention of a license or a regulation. It however claims to be a member of FINRA and SIPC but we do not find a worthy mention of a top Forex commission. Traders are warned to avoid trading with unlicensed brokers.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To make inquiries from the broker call: (787) 773 1848 or send an email to email@example.com
Since we do not find a worthy license for the Choice Trade broker, we find it hard to recommend this broker for traders. What is more, many details are not provided on the page and this is not encouraging.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
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