Firstrade is the leading platform of discount stock brokers of the US. The Financial Industry Regulatory Authority and Securities and Exchange Commission regulates the transactions of the trading platform. It is highly secure, which is evident from the long and efficient track record of the platform. It also maintains strict compliance with the rules and protocols of the top-tier regulators of the US. It provides ETF, free stock, options trading, and mutual funds. The fee amount of non-trading is quite affordable. The users of the platform can also get access to topnotch quality educational material to learn the tricks and strategies of the trade. Read the thorough and detailed Firstrade review to know more about the trading platform.
Quick Facts of Firstrade
A few fast facts before launching into the review of this trading platform:
- The minimum account balance is $500
- The fee amount for the commission is $0 for most stock, ETF trades, and options
- The platform is the most suitable for trades of low costs
- The portfolio of products covers the US markets only
- The platform is the most suitable for mutual fund investors and beginners
Salient Features of the Firstrade Platform
- Commission-free Trading
Firstrade is the leading platform of commission-free trading in options, stocks, and ETFs. The platform charges $0 commission for options, funds, and stock trading. The user can also sign up for the security lending program. This program can decrease the trading cost by compensating the users for lending the stock for regular income. For investors who hold a margin account, the platform charges more than the mean margin rate. The fee amount for broker-assisted trading is $19.95. However, the user will not get any access to forex, futures options, futures, or cryptocurrencies on Firstrade. Advanced trading options that allow up to about for legs in every spread is also available.
- Free Availability of Charting, Analysis, and Research Tools
Firstrade offers a variety of tools for screening, research, and testing. The most useful tool is the tool for screening stocks and mutual funds. Pass the trades through the screening tool if your requirements are not too high. A basic charting facility is also available. However, there is no option for customization of the charting capabilities. There are quite a few analysis features and portfolio analysis tools available as well.
- International Accounts
Apart from the rudimentary accounts, It also provides facilities for executing international accounts. The feature of the international account enables the nationals of more than twenty countries to invest and trade in the markets of the US. This facility is one of the primary highlights of the Firstrade review.
- Protection of Accounts
The Securities Investors Protection Corporation is in charge of protecting the user accounts on Firstrade. The protection is up to about $500,000 in securities and/or cash. It also offers the feature of the Firstrade Online Protection Guarantee. If you experience any unauthorized activities in your trading account, then the company will cover 100% of the losses.
Firstrade offers every user with a comprehensive list of all the IPOs. The list includes the following points of the upcoming IPOs.
- The company and its symbol
- The market of trade and the price
- The offer amount
- The number of shares
- The expected date of IPO
Dividend Reinvestment Plan (DRIP)
Register for the excellent DRIP program on the Firstrade platform. Upon registration, Firstrade automatically enrolls the user in the DRIP of all those stocks offering the plans. The eligible stocks take primarily domestic securities into consideration. The user can also cancel the registration of DRIP at any time.
Firstrade Tax Center
The dedicated tax page of the trading platform is beneficial. It offers important dates and data for the purpose of investment. The user can print tax forms, like 1099, with the help of the page. He/she can also get access to general tax forms and other documents. Besides, it offers discussion forums on tax topics, capital profits, short sales, wash sales, and such other trade-related topics.
Customer Support and Service
Firstrade does not provide 24×7 customer support, However, the platform offers two features that make the trading platform outshine every other stockbroker in the market. Firstly, It offers comprehensive customer support in simple Chinese. Secondly, customer service during market hours is perfectly reliable, knowledgeable, and responsive over the phone. During the peak calling hour, the user can place requests for a call back in due time.
When it comes to customer service, Firstrade assists the users in signing up for the stock loan program. This program works in generating profitable income from the stock holdings of the user. Through Firstrade, the trader can loan his shares to investors for daily and quick income. There is no restriction on the loan of shares. Investors can sell or buy the shares normally without taking part in the stock loan program.
Pros and Cons of Firstrade:
According to this Firstrade review, the following points are the pros and cons of the Firstrade platform.
- Lucrative options trades and $0 cost stock with several mutual funds and no-transaction-fee ETFs
- Excellent opportunity for beginners to learn the trade through freely available educational content and tool
- The streamlined experience of trading is perfectly consistent in both mobile and web-based platforms
- The platform provides excellent support for English and simplified Chinese accounts as well
- Steaming of real-time quotes and automatic alert system
- The functionality of the web-based and mobile platforms does not work beyond basic charting and order entry.
- The customer support facility is not accessible 24×7
- Trading is only possible in the US markets
- The transfer of money does not allow the use of credit/debit cards or digital wallets
From the Firstrade review, it is clear that the platform is perfectly suitable for investors who seek to trade at low costs. The platform is highly efficient, quick, and suitable for investors who want to trade in options, stocks, ETFs, and funds. With the facility of advanced options trading, Firstrade stands apart from other stockbroker platforms in the category of low-to-no commissions. The customer service is quite dependable, although it is only available during market hours. Newbies in trading and investment can secure tremendous help from the academic content of the platform as well.
1: Is Firstrade a good broker?
Ans: Yes, It is highly efficient, quick and suitable for investors in trading.
2: How does Firstrade make money?
Ans: The platform makes money by interest on idle cash & selling order flow to market makers.
3: Is Firstrade legit?
Ans: Yes, The Financial Industry Regulatory Authority & Securities and Exchange Commission regulates the transactions of the trading platform.
4: Can Firstrade trade in extended hours?
Ans: Yes, the platform brings you the extended hours trading.
5: Can I trade OTC with Firstrade?
Ans: Yes, you can trade Over-the-counter (OTC) with this platform.