Firstrade Review



  • Leverage: Margin Trading

  • Regulation: SEC, FINRA, SIPC

  • Min. Deposit: $0

  • HQ: USA

  • Platforms: Firstrade Proprietary Trading Platform, Options Wizard, Mobile Apps

  • Found in: 1985

Firstrade Licenses:

  • Firstrade Securities Inc. - authorized by SEC (USA) CRD#: 16843/SEC#: 8-34642
  • Firstrade Securities Inc. - member of FINRA & SIPC (USA)

Top 3 Forex Brokers

  1. What is Firstrade?
  2. Firstrade Pros and Cons
  3. Is Firstrade Safe or a Scam?
  4. Margin Trading
  5. Accounts
  6. Products
  7. Fees
  8. Commission
  9. Deposits and Withdrawals
  10. Trading Platform
  11. Customer Support
  12. Education
  13. Conclusion

Our Review Method

  • 55Brokers Financial Experts with over 10 years of experience in Stock and Forex Trading check all trading conditions, regulations and licenses, fees, spreads, platforms, customer service, and placed traders to see proposals fully to give expert opinions about Firstrade.

What is Firstrade Securities?

Firstrade is a Stock trading and Investment firm based in the United States. It provides a platform for individual investors to trade Stocks, ETFs, Options, Mutual Funds, Fixed Income, and Bonds.

Based on our research, the broker adheres to strict regulatory oversight by the US SECAlso, it is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).

Overall, the firm offers competitive trading conditions and an intuitive interface for traders to manage their investment portfolios, access market research, and execute trades.

Is Firstrade Stock Broker?

Yes, Firstrade is a Stock brokerage firm. It operates as an online platform, providing individuals with the ability to trade various financial instruments, including stocks, options, ETFs, and mutual funds. Users can access Firstrade’s services through its online platform and mobile app, allowing for convenient and user-friendly trading experiences.

Firstrade Pros and Cons

Per our findings, the firm, like any brokerage platform, has its pros and cons. One of the advantages is its commission-free trading model, particularly for stocks, options, and ETFs, making it an appealing choice for cost-conscious investors. Additionally, Firstrade offers a range of research tools and educational resources, catering to both novice and experienced traders. Also, the platform does not impose account minimums, making it accessible to a broad range of investors, including those who may not have significant capital to start.

For the cons, the platform is not as feature-rich or technologically advanced as some competitors. Moreover, the availability of certain services and features may vary, and investors should verify the current offerings on Firstrade’s official website.

SEC regulation and overseeNo 24/7 customer support
$0 minimum depositNo paper trading or demo account
Good education and research
US traders and investors
Secure investing environment
Commission-free trading
Trading products
User-friendly interface

Firstrade Review Official Website

Firstrade Review Summary in 10 Points
🏢 HeadquartersUSA
🗺️ RegulationSEC, FINRA, SIPC
🖥 PlatformsFirstrade Proprietary Trading Platform, Options Wizard, Mobile Apps
📉 Trading ProductsStocks, ETFs, Options, Mutual Funds, Fixed Income, Bonds
💰 Stock CommissionFrom $0
🎮 Paper Trading/ Demo AccountNo
💳 Minimum Deposit$0
💰 Base CurrenciesUSD
📚 EducationProvided
☎ Customer Support24/5

Overall Firstrade Ranking

According to our analysis, the broker stands out with its competitive trading options and accessible educational resources, making it a suitable choice for cost-conscious investors, especially those seeking a straightforward platform with no account minimums.

However, we recommend considering the specific investment needs, preferences, and potential limitations of the platform, as well as Firstrade ratings before making a decision.

  • Firstrade Overall Ranking is 8.5 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry-leading brokers.
RankingFirstradeM1 FinanceAJ Bell
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
AdvantagesTrading FeesTrading ConditionsInvestment Services

Firstrade Alternative Brokers

While the company offers competitive trading conditions and fees for investors, other stock trading firms in the financial market might be good to consider. These competing brokers may offer advantages such as a broader range of trading products, platforms, etc. So, we have compiled a list of notable competitors for you to explore.

  • M1 Finance – Low Fees and Commissions
  • AJ Bell – Competitive Brokerage Rates
  • Questrade – Competitive Investment Conditions

Is Firstrade Safe or Scam?

No, Firstrade is not a scam. It is a trustworthy Stock broker that follows the strict rules and guidelines established by the SEC, FINRA, CFTC, and SIPC, which safeguard client assets and provide low-risk trading.

Is Firstrade Legit?

Yes, Firstrade is a legitimate and regulated investing firm. It is authorized by respected US financial authorities and has a good reputation in the financial market.

Moreover, the company does not offer services in offshore zones, emphasizing its commitment to operating within regulated jurisdictions and providing transparency to investors.

See our conclusion on Firstrade Reliability:

  • Our Ranked Firstrade Trust Score is 8.5 out of 10 for the good reputation and services provided, as well as not holding licenses in offshore zones and its regulation by respected authorities.
Firstrade Strong PointsFirstrade Weak Points
Member of FINRA and SIPCNone
Two-factor authentication
Top-tier licenses
Professional investing environment

Customer Trading Protection

The firm emphasizes customer trading protection through various measures including the segregation of customer funds from the firm’s operational funds, adhering to regulatory standards. Firstrade’s membership in regulatory bodies such as FINRA provides an additional layer of oversight, protecting traders’ accounts for up to $500,000. The platform employs encryption and other security protocols to safeguard customer data, ensuring the confidentiality and integrity of personal and financial information.

However, investors should verify the most recent policies and regulatory compliance directly from Firstrade’s official website or customer support, as features and practices may evolve.

Firstrade Review License

Margin Trading

We found that the platform offers margin trading services, allowing eligible investors to borrow funds to amplify their trading positions. Margin trading can potentially increase both gains and losses, as investors are trading with borrowed money. Firstrade sets specific margin requirements and interest rates for borrowing, and users should carefully review and understand these terms before engaging in margin trading.

Firstrade Margin Levels are offered according to SEC, FINRA, and SIPC regulations:

  • US traders may use a maximum of up to 1:50 for major currency pairs.

Firstrade Review Margin Rates

Account Types

Based on our findings, the platform offers Brokerage, Retirement, and International account types to cater to different investor needs. The availability of different account types allows investors to choose the one that aligns with their financial goals. Each account may have specific features and tax implications, and users should carefully consider their investment objectives before selecting a Firstrade account type.

No minimum depositNo paper trading or demo account
Fast and easy account opening
Variety of account types

How to Open Firstrade Live Account?

Opening an account with a broker is considered quite an easy process, as you can log in and register within minutes. Just follow the opening account or Firstrade login page and proceed with the guided steps:

  • Select and Click on the “Open Account” page
  • Enter the required personal data (Name, email, phone number, etc.)
  • Verify your data by uploading documentation (residential proof, ID, etc.)
  • Complete the electronic quiz confirming your trading experience
  • Once your account is activated and proven, follow with the money deposit.

Firstrade Review Accounts

Trading Products

The broker offers a range of trading products to suit investors’ preferences including Stocks, ETFs, Options, Mutual Funds, Fixed Income, and Bonds. While Firstrade’s primary focus is on stocks and options, its product offerings cater to a variety of investment preferences and strategies.

  • Firstrade Markets Range Score is 8 out of 10 for trading products overall which we rank high also for offering some unique opportunities and investment options. Firstrade Review Trading Products

Firstrade Fees

According to our findings, the firm is known for its competitive fee structure, particularly for its commission-free trading on stocks, options, and ETFs. This approach has been appealing to investors looking to minimize transaction costs.

However, while trading fees are low or nonexistent, other fees may still apply. These can include margin interest rates for those engaging in margin trading, mutual fund transaction fees, and fees associated with certain account activities.

  • Firstrade Fees are ranked low or average with an overall rating of 8.5 out of 10 based on our testing and compared to over 500 other brokers for all fees applied. Some services are free of charge and others may apply some charges. See more comparison details below:
FeesFirstrade FeesM1 Finance FeesAJ Bell Fees
Deposit feeYesYesNo
Withdrawal feeYesYesNo
Inactivity feeNoYesNo
Investment PlansYesYesYes
Fee rankingLow/AverageLow/AverageLow/Average

Firstrade Review Fees

Trading Commission

Based on our test trade, Firstrade is widely recognized for offering no-commission trading on various financial instruments. This fee structure has contributed to the platform’s appeal among investors, particularly for those who engage in frequent trading or are cost-conscious.

However, trading commissions and fees can change over time and may vary based on the specific investments and market conditions. Therefore, investors should review the platform’s fee details for a comprehensive understanding of the costs associated with their investments.

  • Firstrade Commission is ranked good with an overall rating of 8.5 out of 10 based on our testing comparison to other brokers. We found fees are competitive, transparent, and suitable for investment.
Asset/ PairFirstrade CommissionM1 Finance CommissionAJ Bell Commission
Stocks FeesFrom $0From $0From £3,50
Fractional SharesYesYesNo
Options FeesFrom $0--
ETFs FeesFrom $0From $0From £3,50
Free StocksYesYesNo

Firstrade Review Commissions

Firstrade Trading Hours

We found that the broker follows the standard trading hours of major U.S. stock exchanges. Regular trading hours for the U.S. stock market typically run from 9:30 AM to 4:00 PM Eastern Time, Monday through Friday. Firstrade allows users to place trades during these hours, providing access to real-time market conditions and execution. It’s important to note that

Additionally, the firm, like many brokerage platforms, also offers extended hours of trading, allowing users to trade before the market opens or after it closes.

Deposits and Withdrawals

The broker offers various funding methods to deposit money into trading accounts including ACH electronic funds transfer from linked bank accounts, wire transfers, and checks. The processing times for different funding methods may vary, so investors should consider their preferences and urgency when selecting a funding option.

  • Firstrade Funding Methods we ranked good with an overall rating of 8 out of 10. Fees are low, and you can also benefit from various funding methods.

Here are some good and negative points for Firstrade funding methods found:

Variety of funding methodsNone
Low funding fees

Firstrade Minimum Deposit

The platform does not have a minimum deposit requirement for opening a brokerage account. This absence of a minimum deposit makes Firstrade accessible to a wide range of investors, including those who may be starting with smaller amounts of capital.

Firstrade minimum deposit vs other brokers

Firstrade Most Other Brokers
Minimum Deposit $0 $500

Firstrade Withdrawals

Per our analysis, the platform provides various options for withdrawals to accommodate the preferences of its users. Traders can initiate withdrawal requests through the online platform or mobile app. However, investors should be aware of potential fees associated with certain withdrawal methods, such as wire transfers, and take note of processing times, which can vary.

Withdraw Funds from Firstrade

To initiate a withdrawal fund from your trading account, the firm provides a set of typical steps that can be followed:

  1. Login to your account
  2. Select Withdraw Funds’ in the menu tab
  3. Enter the withdrawn amount
  4. Choose the withdrawal method
  5. Complete the electronic request with the requirements
  6. Confirm withdrawal information and Submit
  7. Check the current status of withdrawal through your Dashboard

Firstrade Review Funding Methods

Trading Platforms

Firstrade offers a proprietary trading platform with a user-friendly interface for executing trades and managing investments. The platform is available in mobile apps for both iOS and Android devices, allowing investors to trade and monitor their portfolios on the go.

Additionally, Firstrade’s Options Wizard is a tool designed to assist users in making options trading decisions by providing educational insights and helping users build and execute option strategies.

  • Firstrade Platform is ranked good with an overall rating of 8 out of 10 compared to over 500 other brokers. We mark it as good since the firm offers an advanced trading platform.
PlatformsFirstrade PlatformsM1 Finance PlatformsAJ Bell Platforms
Own PlatformsYesYesYes
Mobile AppsYesYesYes

Options Wizard

According to our findings, Firstrade’s Options Wizard is a specialized tool designed to assist investors, particularly those engaging in options trading. The platform provides educational insights, guiding users through the complexities of options trading strategies. It helps users build and execute option strategies based on their investment goals and risk tolerance.

This tool is valuable for both novice and experienced options traders, offering a structured approach to understanding and implementing various options strategies. Investors using Firstrade can leverage the Options Wizard to enhance their knowledge and make more informed decisions when navigating the options market.

Firstrade Review Trading Platform

Customer Support

The platform offers 24/5 customer support through email, phone, and social media channels. The broker is known for providing responsive and accessible customer support to assist users with their inquiries and concerns.

  • Customer Support in Firstrade is ranked good with an overall rating of 8 out of 10 based on our testing. We got fast and knowledgeable responses, and also easy to reach during the working days.

See our find and ranking on Customer Service Quality:

Email, phone supportNo 24/7 customer support
Responsive customer support

Firstrade Education

Lastly, the broker places a strong emphasis on investor education, offering a variety of resources to help users enhance their financial knowledge. The platform provides educational materials such as articles, tutorials, and webinars covering a range of investment topics. These resources cater to both beginners and experienced investors, aiming to empower users to make informed decisions about their portfolios.

  • Firstrade Education ranked with an overall rating of 8.5 out of 10 based on our research. We found that the broker provides good education and research that are beneficial for investors looking to improve their understanding of trading strategies.

Firstrade Review Education

Firstrade Review Conclusion

In conclusion, Firstrade is a reliable online brokerage that stands out for its commission-free trading model, making it an attractive option for cost-conscious investors. The platform offers a user-friendly interface, educational resources, and various trading tools to cater to a diverse range of investors.

While it may have some limitations in terms of advanced features, Firstrade’s commitment to accessible trading and investor education positions it as a viable choice for those looking for a straightforward and low-cost trading experience.

Based on Our findings and Financial Expert Opinions Firstrade is Good for:

  • US traders
  • Investing
  • Stocks and Options trading
  • Advanced traders
  • Professional trading
  • Low fees
  • Competitive investment environment
  • Good educational materials and research
  • Supportive customer service

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