Yay or nay?

Discover what the internet is saying about Firstrade.

Upgraded Reviews scanned the web to find out what real users are saying about Firstrade.

See the highlights below and decide for yourself!

Pros and Cons

Table of contents

✅ Pros

Firstrade also reimburses wire transfer fees of up to $25 each, with a maximum of 4 rebates per month.
Review Pros
Firstrade offers the largest amount of commission-free ETFs of any online broker.
Firstrade pays interest on free cash balances.
No minimum Deposit is required.
The system allows users to electronically transfer money from a checking account to a Firstrade account on a periodic basis or on-demand.
Firstrade offers low-cost trades with straightforward pricing.
They have an excellent customer support team.
No annual, setup or termination fees for IRA accounts.
Firstrade offers live chat on their website, which is a convenient way to have quick questions answered.
Firstrade’s new commission schedule places it as one of the cheapest online brokers today.
The education center offers a variety of tools to help you learn about investing.
Powerful mobile app means you can leave your computer screens at home.
Firstrade offers extended trading hours.
At $2.95 per trade for stocks and ETFs, Firstrade’s is one of the lowest charged by large discount brokerage firms.
The broker’s mobile trading app will appeal to busy investors on the go.
It offers cheap commissions for unlimited shares per trade.
Low Fees of 2,95/Trade is required.
Firstrade does have some nice screening tools, with a variety of pre-defined screeners and customizable options to help you find potential investments.
Large selection of mutual funds with a low $9.95 transaction fee.
Firstrade allows international customers to use their investment platform to invest in US based markets or exchanges, and other mutual funds.
They have well-designed mobile apps.
Mobile apps are well-designed.
Firstrade offers good securities trading services at a rock-bottom commission of $2.95.
New account owners have a thirty-day window to fund the minimum balance.
Firstrade advertises that there is no minimum balance required to open a new brokerage account.
Firstrade’s online chat service is consistent and helpful.
They offer fantastic support for Chinese-speaking clients.
Firstrade is especially strong in the area of options resources.
The 700 ETFs that could be traded for free is way more than what is offered at any other brokerage house.
US Regulated Stocks & Options Trading Platform is provided.
Website is easy to use.
No inactivity or account maintenance fees are charged.
Firstrade offers over 700 ETF’s that come with no trading fee.
Excellent English & Chinese support is available.
They have 700+ Commission-Free ETF’s.
The website is easy to nevigate.
They require very low commissions.
No minimum deposit required to open an account.
IRA’s are available with zero fees.
One of the best per-trade commission schedules in the industry.
The Firstrade mobile app allow to you view your account dashboard, buy stocks online and monitor newsfeeds.
Investors have direct access to bond markets.
Many investment platforms restrict their client base to US-based customers. Firstrade lets investors in 20 countries invest in U.S. financial markets through one of their accounts.
No minimums or account maintenance fees are required.
You can get up to $300 Cash Rewards + 500 Free Trades.
Their website is easy to use.
There are a lot of services at Firstrade that are available to clients for free.
Firstrade offers discount trades.
Free MorningStar Research is provided.
They offer fantastic support for Chinese-speaking customers.
Good fundamental stock screener for swing traders and investors.
The Firstrade Navigator allows users to manage account information and trades all on one screen.
This allows you to react to news while others have to wait for normal trading hours.
Firstrade has a 0.1 second execution guarantee for S&P 500 equity market orders. If an order takes longer than a tenth of a second to fill, the commission is waived.
They offer 10,000 mutual funds and fixed income investments to choose from.
Free dividend reinvestment.
They offer customer support in traditional and simplified Chinese, with Cantonese- and Mandarin-speaking representatives.
Firstrade is a member of SIPC, the Securities Investor Protection Corporation, which protects securities customers of its members up to $500,000.
$0 is required minimum amount to open account.
Good margin requirement window updates changes to avoid getting squeezed.
They provide 0.1-second trade execution guarantee.
Easy and clean navigation of services through website and platform.
They offer largest selection of commission-free ETFs.
The trade bar on the Firstrade website is very user-friendly and provides many more usable functions than the trade bars of other brokers.
It has a wealth of educational resources to help new investors learn the ropes and become advanced investors.
New Fristrade customers can enjoy several nice bonuses when opening a new account.
Dividend Reinvestment Plan is free of charge.

❌ Cons

Firstrade only offers equity research from Morningstar. Schwab, by comparison, provides stock reports from more than six analysts.
Firstrade doesn’t have a stand-alone trading platform, which may disappoint some investors.
Expensive commissions for stocks under $2 or orders of over 5,000.
No futures and forex, which TD Ameritrade does offer.
Website lacks quality trading tools and deep research capabilities offered by competitors with similar pricing.
The lack of 24/7 customer service is a major letdown in today’s fast-paced world.
You’ll need to send in a voided check to fund your account.
Fewer advanced trading tools and features are offered.
The lack of a desktop trading platform is a big disadvantage when other brokers do have one at some price.
Watchlists have limited options for customization, and you can’t search for company names.
The educational resources are not as extensive or in depth as other services.
The lack of trading software is a glaring disappointment, and this will drive many active traders to other firms.
Firstrade does not offer any investment advice or managed accounts, which means there is also no robo-advisory option here, either.
It is basic and unsystematic web platform.
Web-only access platforms can be a resource hog for slower systems.
High margin rates is the main drawback of this website.
Customer support is slow to answer even the basic of questions.
Nonintuitive mobile platform that lacks security measures such as a security token or auto timeout.
No direct order routing.
Firstrade’s policies on its checking account, such as paying for the Visa debit card, could be a turn off to customers who are accustomed to getting such services for free from higher priced brokers.
It lacks robust research, idea generation, and educational tools.
Futures and forex are not available at this brokerage firm.
There is lack of research and education tools.
Customer service is available only during market hours, not 24/7.
Short Term Redemption Fee of $19.95 will be applied to redemption’s of no-load fund shares held less than 180 days.

Final Say

Read the summaries of what reviewers think about Firstrade below.

Review Summaries
FirsTrade, founded in 1985 and based in New York, is one of the top trusted online broker for stock and options trading in US. You can get up to $300 Cash Rewards + 500 Free Trades and No minimum Deposit is required.
Firstrade is a good option for investors looking to make trades at a low cost. While the brokerage platform may be lagging behind the top-tier competition in some facets, it’s on par with others at a competitive rate. When considering which broker to use, each user will need to consider how their investment goals and objectives fit into the pricing schedule.
It is recommended for mid to long termiInvestors seeking super low commissions on stocks and options & an industry leading 700 commission Free ETF’s. Full MorningStar access and 5-star customer satisfaction mean Firstrade is a good choice.
While Firstrade offers a well-organized website, user-friendly tools and quality research, the broker lacks the depth to compete with the big full-service brokers. The price paid per trade simply does not match the value delivered by its key competitors.
Despite its flaws, Firstrade provides a good value in brokerage services. Traders who buy and sell stocks, ETFs, and options with many shares or contracts per trade will find a good deal here.
Firstrade would be good for budget-conscious traders who are looking for the best value in securities investing. Customer service is good while the broker is open. Because the company does not advertise nearly as heavily as Fidelity or Schwab, many traders simply haven’t heard of Firstrade. The broker is underrated, and more investors should take a look at it.
While Firstrade offers a well-organized website, user-friendly tools and quality research, the broker lacks the depth to compete with the higher priced big full-service brokers. That said, investors looking for a low-cost, well balanced, all round easy-to-use broker will find Firstrade a great fit. And, for Chinese-speaking investors, Firstrade is also a winner.
Firstrade Securities was founded in 1985 in the Flushing neighborhood of Queens, New York, to serve the needs of the local community, especially ethnic Chinese immigrants. In 30-plus years, Firstrade has become an online discount broker with a range of tools and resources, including some unique features. True to its roots, the website is available for trading in traditional and simplified Chinese as well as in English.
With extended trading hours and competitive fees, Firstrade is a good online brokerage to help you build your investment portfolio.
Firstrade offers securities trading at the lowest cost (sometimes for free) that many investors will find irresistible. Traders who need cash management features, professional trading platform, or extensive research capabilities would do better elsewhere.
Firstrade is a small broker but they’ve been around for a long time, they offer a full range of products including certificates of deposits (CDs) which other brokers do not.
Firstrade stacks up as one of the better discount broker platforms. They offer the full range of investments, a very user-friendly interface, and a complete suite of investor tools and resources. And the fee structure is equal to the lowest available among major discount brokers. They’re also one of the top platforms for mutual fund investments – offering more than 11,000 funds – and for options trading.
Firstrade may not be a household name like some of its competitors but the online broker does offer a simple way to invest and build a portfolio. But with a less extensive research and education collection, and lack of high-powered trading tools, is Firstrade the one for you?
Firstrade.com is an online discount brokerage that offers competitive rates and promotions for traders and investors. This website offers access to trading in stocks, options, exchange traded funds (ETFs), mutual funds and bonds as well as servicing of retirement plans.
Firstrade isn’t a perfect online trading system, but then again, you can find something with just about any brokerage. There are some brokers that offer cheaper stock trades, and others that have a flashier interface. But Firstrade is one of the longest running online brokers which is a testament in this day and age of consolidation and flashy marketing.

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