- No bank cards or electronic wallets for deposits
- You can trade only on US markets
- No live chat or 24/7 availability
Firstrade is a US discount broker regulated by the top-tier SEC and FINRA.
It offers free stock, ETF, mutual fund, and options trading. Non-trading fees are low. Research is high-quality with a lot of tools, including trading ideas and detailed fundamental data. The broker also has great educational tools, including videos and webinars. It is a good choice for beginner investors.
On the negative side, no bank cards or electronic wallets are available for money transfer. The product portfolio covers only the US market. Customer service is slow, support is available only 24/5 and there is no live chat.
Firstrade Feature
| Headquarters | USA |
| Regulation | SEC, FINRA, SIPC |
| Platforms | Firstrade Proprietary Trading Platform, Options Wizard, Mobile Apps |
| Trading Products | Stocks, ETFs, Options, Mutual Funds, Fixed Income, Bonds |
| Stock Commission | From $0 |
| Paper Trading/ Demo Account | No |
| Minimum Deposit | $0 |
| Base Currencies | USD |
| Education | Provided |
| Customer Support | 24/5 |
Fees
Firstrade has low fees. It offers free stock, ETF, funds, and options trading with low non-trading fees. However, margin rates are high. We compared Firstrade’s fees with two similar brokers we selected, TradeStation and Interactive Brokers. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of Firstrade alternatives.High margin rates
Firstrade USD margin rate fees are higher than the industry average. USD margin rate fees are calculated as follows: Base rate + tiered markup. Markup is 0-25k: +1.75%.
Low options commissionIt’s extremely great as Firstrade has commission-free US stock index options trading.
No inactivity fee, no withdrawal fee
There is no account fee or inactivity fee. There is no withdrawal fee if you use ACH transfer. However, withdrawals using domestic or international wire transfers cost $25. We tested ACH, so we paid no withdrawal fee.
