Firstrade Review 2021 – Secure Your Retirement With IRA

By | June 23, 2021

 A trader is required to do a thorough fact check about the broker before investing with them. Here in our Firstrade review, we have provided a glance at Firstrade’s work and trustworthiness. 

What is Firstrade?

Firstrade Review

Firstrade is a US-based stockbroker, regulated by the SEC and FINRA. It was founded under the name First Flushing Securities in the year 1985. 

Firstrade offers free stock, ETF, mutual fund, and options trading. It covers only the US market. 

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Account Opening

Firstrade is available for clients all over the world. Anyone from any part of the world can open a Firstrade account. Account opening is fully digital and user-friendly. But, it takes almost 3-4 days to verify an account. 

What is the minimum deposit at Firstrade?

The minimum deposit is $0 for both U.S. and international clients. However, it can be more if you trade on margin or prefer investing in portfolios.

Firstrade account types

  • Business accounts
  • Retirement accounts (Traditional IRA, Roth IRA, etc.)
  • Education Savings Account
  • Firstrade Cash Management account
  • Regular Investing account (Individual & Joint)
  • International Accounts
  • Custodial account

Firstrade Fees

Firstrade Fees

Firstrade has low fees. It offers free stock, ETF, funds, and options trading with low non-trading fees. However, margin rates are high.

Firstrade – annual margin rate tiers

Debit balanceRate%Base rate + / –
Under $10,0008.75%Base rate + 2.00%
$10,000 – $24,9998.50%Base rate + 1.75%
$25,000 – $49,9998.25%Base rate + 1.50%
$50,000 – $99,9997.75%Base rate + 1.00%
$100,000 – $249,9997.25%Base rate + 0.50%
$250,000 – $499,9997.00%Base rate + 0.25%
$500,000 – $999,9995.10%Base rate  – 1.65%
$1,000,000 or more4.50%Base rate – 2.25%

Deposit and Withdrawal

Firstrade has a user-friendly deposit and withdrawal process. It charges no deposit and withdrawal charges. But you can use only bank transfer; it does not support credit/debit card and eWallet transactions. And it charges a high fee for wire withdrawal.

It only has a currency as a base for opening an account, i.e., USD. Domestic wire transfer is $30, & international cost $35.

Trading Platform

Firstrade Trading Platforms

Firstrade offers two types of trading platforms: Mobile-based and web-based. Both the media have the same functionality and a great search function. In addition, mobile applications are available for both IOS and Android.

Both the platforms are available in three different languages: English, Mandarin, and Cantonese. However, you can trade only stocks, ETFs, and options on a mobile platform, which is limited compared to a web trading platform.

Products

Firstrade offers to trade in stock, ETF, fund, bond, and options. At the same time, it does not provide access to forex, futures, CFD, and crypto. 

Asset Portfolio 

Stock markets (#)5
ETFs (#)2300
Fund providers (#)420
Bonds (#)38,500
Options

Customer Service

Firstrade Customer Service

You can contact Firstrade via:

  • email
  • a chatbot (intelligent FAQ)
  • Phone

You can contact customer support from 8:30 am to 5:30 pm EST, between Monday and Friday.

Education

Firstrade Education

Firstrade is clearly a beginner-friendly platform.

It provides a great number of educational tools, webinars, and live tutorials. However, it does not provide any demo account for practice. It also provides access to podcasts and ebooks for education purposes. 

Safety

Firstrade is considered safe first because top-tier US financial institutions regulate it. And second, then customers come under the consumer protection act (SIPC). The limit of SIPC protection is $500,000, which includes a $250,000 limit for cash. It also has a long financial history, making it a more reliable and genuine broker to trade with.

Pros/Cons

ProsCons
Free stock, ETF, fund, and options tradingNo credit/debit cards and electronic wallets
for money transfer
Solid research toolsHigh margin rates
Low non-trading feesHigh outgoing wire transfer fee
Fully digitalPhone support didn’t connect anyone
Good search functionNo demo account

The verdict

Firstrade offers you various assets to trade with. Also, it does not have inactivity fees. Plus, it offers a wide range of tools for charting and educational videos.

There are some drawbacks, though. First, Firstrade doesn’t accept credit/debit cards and electronic wallets for money transfers. Second, the product portfolio covers only the US market. Third, customer service is only available 24/5, and it isn’t easy to contact them via phone at once. 

As it has low fees and no inactivity fee is charged, feel free to try Firstrade.


FAQs

When can I forex crypto?

You can trade crypto anytime 7 days a week. But it will be unavailable from 5:30 pm–6:30 pm ET for regular maintenance & settlement.

What is the minimum deposit at Firstrade?

The minimum deposit is $0 for both U.S. and international clients. However, it can be more if you trade on margin or prefer investing in portfolios.

What is Firstrade?

Firstrade is a US-based stockbroker, regulated by the SEC and FINRA. It was founded under the name First Flushing Securities in the year 1985. 

Firstrade Review

9.3

Flexible

9.4/10

Account Type

9.1/10

Products

9.2/10

Secure

9.4/10

Pros

  • Free stock, ETF, fund and options trading
  • Solid research tools

Cons

  • High margin rates
  • High outgoing wire transfer fee
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