Firstrade Review 2025

Pros

• Excellent broker for budget-conscious traders with low OTC fees
• One of the first brokers to add AI-powered analysis through FirstradeGPT
• Enhanced stock trading environment with overnight trading and fractional shares added
• Highly trusted US-regulated brokerage and SIPC member

Cons

• Firstrade focuses on stocks at the expense of forex, limiting diversification opportunities
• No demo/paper trading account found at over 90% of alternatives evaluated
• Visa credit/debit card deposits and withdrawals are not accepted
• Customer support still needs work following testing with no 24/7 assistance

Firstrade Securities excels as a US discount broker with thousands of trading products, including stocks, options, mutual funds, and cryptos. Its commission-free investing and unique trading apps attract both US and non-US traders. The brokerage’s instant execution model enhances trading efficiency. This review covers minimum deposits, account types, margin rates, withdrawal fees, customer service, and other features. See our experts’ insights on Firstrade.

Company Details

Firstrade Securities, established in 1985, is based in Flushing, New York. With nearly 40 years of experience, it has earned a strong reputation and numerous awards from top industry publications like Forbes.

Firstrade strives to be a comprehensive investment solution, helping clients control their financial future. It offers self-directed investing with unique trading platforms and zero commission trades. Users benefit from high-quality analysis tools, extended trading hours, and an extensive video library for beginners. Additionally, it provides retirement IRA accounts.

Regulated by the SEC and a member of FINRA/SIPC, Firstrade insures accounts up to $500,000, though crypto assets are excluded.

Trading Platforms

Firstrade excels with three distinct trading platforms: WebTrader, Firstrade Navigator, and Options Wizard.

WebTrader

WebTrader impresses with its stability and user-friendly design. It’s perfect for beginners, providing account snapshots and daily market movers. However, the lack of customization and advanced analysis features might not satisfy active traders.

Firstrade Navigator

Firstrade Navigator shines for traders handling diverse assets. It offers easy-to-use widgets, live data streaming, and technical studies. Engage with pie chart summaries for a clear account overview. The platform’s advanced screener helps refine investment choices using key criteria like large-cap growth stocks.

Options Wizard

Options Wizard is ideal for comprehensive options analysis. It features profit and loss simulations, 65+ technical indicators, and 40+ strategy models. The covered call income generator aids in choosing the best calls against current positions. With the OptionsPlay score, assess potential strategies’ risk versus reward before proceeding with trades.

How To Place A Trade

Firstrade is a solid choice for trading, especially for beginners. Use the Quick Bar tool to easily place orders. It’s located at the bottom of every screen within the WebTrader terminal. With it, you can search for assets, get price quotes, and track your account performance without interruption. To place a new order, follow these steps:

1. Select stocks or options from the left menu.
2. Find the ticker/symbol using the top-left search bar.
3. Choose the trade type: buy, sell, sell short, or buy to cover.
4. Enter the quantity.
5. Select the order type.
6. Add the limit/stop price, if needed.
7. Include any instructions and set the duration.
8. Click ‘Preview.’
9. Choose ‘Send Order.’

Enjoy the fast trade executions that Firstrade offers in just 0.1 seconds.

Products & Markets

Trading

Firstrade provides a wide range of trading options:

• ETFs – Trade 2200+ commission-free funds like Vanguard and ProShares
• Cryptocurrency – Engage with 38+ cryptos, including Bitcoin and Ethereum
• Mutual Funds – Access over 11,000 funds with various risks and sectors, and an automatic investing plan
• Fixed Products – Invest in products like CDs, Treasury Bills, and Municipal Bonds for stability
• Stocks – Trade on Nasdaq, NYSE, AMEX, and OTC markets, including dividend reinvestment options
• Options – No contract fees on options, with tools provided for opportunities

However, forex and futures are not available.

Retirement

For retirement, Firstrade offers no-fee IRA accounts:

• Roth IRA – Enjoy tax-free growth, with tax-free earnings and withdrawals
• Traditional IRA – Benefit from tax-deferred growth, with contributions taxed upon withdrawal
• Rollover IRA – Consolidate savings and avoid possible tax penalties

Be mindful of Good Faith Violations (GFV) when trading; buying and selling a security before settlement leads to penalties. Firstrade logs violations for 12 months, with four allowed per year before account restrictions apply.

Fees & Charges

Trading Fees

Firstrade makes trading affordable with no hidden fees. Enjoy commission-free trading on stocks, ETFs, options, and mutual funds, competing well with Charles Schwab. Fixed-income bond fees are based on net yield.

Additional Services

Users benefit from fee-free account maintenance, including retirement management. Free real-time quotes, live-stream pricing, and a dividend reinvestment plan (DRIP) are available. While there is no inactivity fee, withdrawal fees apply to wire transfers. Currency conversion fees might occur for non-USD deposits, and broker-assisted orders have a $19.50 fee.

Regulatory Fees

Regulatory fees include a SEC charge ($22.90 per $1,000,000 in sales), an Options Regulatory Fee ($0.01815 per contract), and a French Financial Transaction Tax for certain equities.

Margin Rates

Firstrade Securities provides margin loans for traders, allowing extra funds for increased buying power. They offer competitive margin rates, with the lowest at 4.50%, but only for balances over $1,000,000. Smaller accounts, up to $9,999, face an effective rate of 8.75%, which includes the industry base rate of +2%. Retail clients need to apply for a portfolio margin loan. Applicants should understand both the risks and benefits of trading on leverage. A portfolio of at least $2,000 is required in the brokerage account.

Mobile App Review

Firstrade’s mobile app is free for iOS and Android. It includes all desktop features in a mobile-friendly format. You can track real-time profits and losses, view account data through pie charts, and access spark charts for stock overviews.

Key features are:

• Create watchlists
• View full order history
• Enhanced trading workflow
• Consolidated portfolio dashboard
• User-friendly stock research pages
• Deposit and withdraw funds
• Landscape mode for technical studies and charts

Integrated tutorial videos help you manage accounts and place trades. The app equips traders with essential tools for trading on the move.

Firstrade Payment Methods

Deposits

Firstrade supports payments via bank wires, ACH transfers, checks, and asset transactions from other brokerages. It doesn’t accept debit/credit cards.

There is no minimum deposit. Funding a live account incurs no Firstrade fees, though third-party charges may apply.

ACH deposits clear in up to four days. Bank wires process instantly; checks take five days, and asset transfers clear the next day.

Find wire transfer details, like bank routing numbers, on Firstrade’s website.

Firstrade offers a provisional $1000 buying power until funds settle.

How to Transfer Money to a Firstrade Account:

1. Log in to your account
2. Select ‘Accounts’
3. Choose ‘Fund Transfer’
4. Select ‘Electronic Funds (ACH)’
5. Enter the deposit amount
6. Click ‘Submit’

Withdrawals

Withdraw funds via bank wire, check (US only), or ACH electronic transfer.

Processing times:

• ACH Transfer – 5 days from deposit
• Asset Transfer – 30 days after completion
• Check – Available 10 days from deposit
• Bank Wire Transfer – Available next day
• Sale Proceeds – T+2 settlement, then available

ACH withdrawals requested before 1 PM (ET) are processed the same day. There’s a daily ACH withdrawal limit of $50,000.

How to Withdraw Funds from a Firstrade Account:

1. Log in to your account
2. Select ‘Accounts’
3. Choose ‘Fund Transfer’
4. Select ‘Wire Transfer’
5. Click ‘Start’ for first-time requests, enter a verification code
6. Fill out the wire transfer form
7. Review in ‘Preview’
8. Click ‘Submit’

Note: International and domestic wire withdrawals have a $25 fee.

Demo Account

Firstrade lacks a demo account, which can be a drawback compared to brokers like Interactive Brokers, Webull, TradeStation, and eToro.

Deals & Promotions

Firstrade excels in offering enticing bonuses for US clients. New traders receive $50 when they deposit $5,000 or more. Larger deposits bring bigger rewards, up to $4,000 with $1,500,000. Promotions include a $200 rebate for switching brokers and a $25 wire transfer refund. Sometimes, referral programs offer 2-3 free stocks per new verified account. Check terms and conditions, as eligibility can differ by location.

Regulation & Licensing

Firstrade, overseen by SEC and FINRA, meets top compliance standards. It’s also part of SIPC, covering clients up to $500,000, which includes $250,000 in cash. Additionally, through Apex Clearing, Firstrade offers extra coverage with insurance enhancing SIPC protection to a total of $150 million.

Firstrade Additional Features

Overview of Firstrade

Firstrade offers great resources for traders, splitting education by asset classes, with live market news, webinars, and integrated videos. Beginners and experienced investors can benefit from online courses and a weekly market overview.

Educational Resources

Traders enjoy various education tools, including a market glossary and IPO details. You can also follow their YouTube channel for the latest webinars.

Research Tools

Firstrade provides ample research tools from Morningstar, PR Newswire, and Zacks. Utilize analyst ratings, video commentary, and comparison tools to steer your strategy.

Advanced Features

The Market Heatmap shows bullish and bearish trends. Use the economic calendar for event tracking and market screener for growth stocks.

FirstradeGPT and Trading Central

In 2024, they introduced FirstradeGPT and Trading Central for advanced insights and easy-to-use trading ideas, focusing on global stocks and KPIs.

Options Wizard Program

Options Wizard delivers quick feedback on a trade’s potential success, assisting with strategy through historical data and trend indicators.

Securities Lending Income Program

Earn extra income by lending fully-paid shares. Retain full ownership and sell whenever you wish. Sign up via your account dashboard.

Account Types

Firstrade Securities offers a range of online trading accounts, including investment and retirement options. The most popular choices are the Individual Investment Account and the Traditional IRA Retirement Account.

Through a single client portal, you can link various accounts and track performance data from your dashboard.

Brokerage Account

With no minimum deposit, individual or joint brokerage accounts give access to stocks, cryptocurrencies, mutual funds, and options— all commission-free. Non-US citizens can open an international account without an SSN or Tax ID. KYC and AML protocols require identity verification using a passport, driving license, or state-issued ID for US residents.

Retirement (IRA) Account

Earn retirement savings tax-efficiently with a Traditional, Roth, or Rollover IRA. Custodial accounts are available for minors.

How to Open an Account:

Opening a Firstrade account is quick and easy.

1. Click the ‘Open An Account’ link on the website’s navigation bar.
2. Submit your phone number for a verification code via text or call.
3. Select your country of residency and birth.
4. Upload identity documents.
5. Provide personal details, including email and job status.
6. Share financial info like income, trading experience, and goals.
7. Choose account features like margin and options trading.
8. Create your user ID and password.
9. Confirm your account setup.

Trading Hours

Stock markets are open Monday to Friday, while the cryptocurrency market never closes. During holidays, watch out for potential volatility in the market.

Extended Hours

Firstrade shines with its extended trading hours from 8 AM to 8 PM (ET) on NYSE, NASDAQ, and AMEX securities. This is beyond the standard 9 AM to 4 PM trading window. Excitingly, Firstrade plans to introduce overnight trading in 2025.

For extended hours trading:

1. Login with your registered credentials
2. Go to the ‘trading tab’
3. Access the ‘order entry’ panel
4. Open the ‘duration’ dropdown menu
5. Select ‘pre-mkt’, ‘after-mkt’, or ‘day+ext’

Remember, only limit orders are allowed.

Customer Service

Discover the helpful resources and customer support options Firstrade offers traders. Navigate trading easily using the detailed articles on their website. Topics include account management, trading guidelines, promotions, and cryptocurrencies.

For quick self-assistance, explore their question-and-answer forum. Find insights on stock trading, option trades, account closure, and setting stop-loss orders. Resolve login issues, set up beneficiaries, understand account value, and get info on crypto fees and tax documents.

Prefer direct contact? Firstrade’s customer service is available Monday to Friday, 10 AM to 4 PM (ET):

• Fax: 1-718-961-3919
• Live chat via the ‘Contact us’ webpage
• Phone: 1.718.961.6600 (international), 1.800.869.8800 (US toll-free)
• Email: service@firstrade.com or use the online contact form
• Headquarters Address: Firstrade Securities, Inc, 30-50 Whitestone Expwy, Ste. A301, Flushing, NY 11354

Connect with Firstrade on Twitter, LinkedIn, and Facebook. Enjoy frequent updates with market and product insights.

Security & Safety

Firstrade provides a secure trading experience. It uses strong encryption and firewalls to protect data. Personal information is safeguarded per federal standards with physical and electronic systems. Servers employ SSL technology to encrypt exchanges between you and the platform. Traders can activate two-factor authentication for more security. Firstrade’s ‘online protection guarantee’ assures account restoration if unauthorized transactions cause loss, provided online protection measures are followed. This guarantee excludes trading losses or activities where login credentials are shared with others.

Firstrade Securities Verdict

Firstrade shines as a discount broker with nearly 40 years of experience. It attracts traders by offering commission-free trades and innovative apps. Regulated by the SEC, Firstrade provides solid education, market resources, and extended trading hours. It’s an excellent choice for stock and options traders both in the US and internationally.

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