Firstrade Trading Platform Review 2024: Firstrade is an online discount broker providing $0 stock and ETF trades along with easy-to-use trading platforms. This Firstrade review covers key details about their services, trading platform, account features, and fees to help you decide if Firstrade is the right brokerage for your investing needs.
What is Firstrade Securities?
Firstrade Securities is an online stock brokerage founded in 1985 and headquartered in New York. Firstrade offers:
- $0 commission stock, ETF, and options trades
- Over 8,500 no transaction fee mutual funds
- Intuitive web, mobile, and active trader platforms
- 24/7 customer service by phone, email or chat
- SIPC protection up to $500,000 on securities
It has grown to become one of the top discount brokers by providing commission-free trading, quality trading platforms, and excellent customer service.
Key Details About Firstrade Securities
| Detail | Description |
|---|---|
| Year Founded | 1985 |
| Headquarters | New York, NY |
| CEO | John Liu |
| Trading Platforms | Web, Mobile, Active Trader |
| Tradeable Products | Stocks, Options, ETFs, Mutual Funds, Bonds |
| Commissions | $0 stock, ETF & online options trades |
| Account Minimum | $0 |
| Customer Service | Phone, Email, Chat 24/7 |
Firstrade Trading Platform Review
Firstrade offers several platforms to meet the needs of various investors.
Web Trading Platform
The Firstrade web trading platform provides a streamlined trading experience through any web browser. It includes real-time quotes, custom screeners, advanced charts, and the ability to trade directly from charts. The clean interface is easy to customize with modules and menus.
The web platform is ideal for casual traders who value simplicity and convenience. It has good charting, screening tools, and overall functionality.
Mobile App
Firstrade’s mobile app is available for both iOS and Android devices. It allows you to monitor accounts, get quotes, news, and charts, trade stocks, ETFs, options, and funds.
The mobile app provides a simplified on-the-go trading experience. While advanced tools are limited, they are excellent for basic trading and account tracking.
Active Trader Platform
For active traders, Firstrade offers its Advanced Dashboard platform. It includes Level 2 quotes, Time & Sales, hotkeys, advanced charting, and the ability to trade from charts.
The enhanced trading tools, customization, and data streams make Advanced Dashboard ideal for day trading or high-volume trading. It caters well to the needs of active traders while still being intuitive.
How to Login to the Firstrade Trading Platform
Logging into your Firstrade account is straightforward across all platforms:
- Go to www.firstrade.com and click Login
- Enter your account number/username and password
- Click Login or tap the Login button
- This will securely access your Firstrade account
You can reset your password easily if it is forgotten. Biometric login with fingerprint or face recognition is also available on the Firstrade mobile apps.
Firstrade Trading Platform Fees
Firstrade offers simple, low-cost pricing, including:
- $0 stock, ETF, and online options trade – No commissions payable.
- No account minimums or inactivity fees – Accounts are free to open and maintain.
- $0 account maintenance and platform fees – Access Firstrade’s platforms at no cost.
- Over 8,500 no transaction fee mutual funds – Large selection of NTF mutual funds to trade commission-free.
With $0 commissions on stock and ETF trades along with no platform fees, Firstrade has some of the lowest trading costs available.
How to Withdraw Money from Firstrade Brokerage Account?
Withdrawing money from your Firstrade account can be done easily online:
- Log into your Firstrade account and select Transfers > Withdraw Funds
- Choose the account to withdraw from
- Select the external account to transfer funds to
- Enter the withdrawal amount
- Submit the request and funds will be transferred in 1-2 days
Firstrade does not charge fees for electronic ACH transfers. Check or wire transfers do have fees. There is also a $50 fee if you make more than 1 withdrawal transfer per month.
How to Add Money to Your Brokerage Account?
Several convenient options to fund your Firstrade account include:
- Electronic transfer – Free ACH transfers from a bank account, take 2-3 days.
- Wire transfer – Same day but has a $20 incoming wire fee.
- Check deposit – Mail check with deposit instructions takes 5-10 days.
- Direct deposit – Automatically transfer recurring funds monthly.
Electronic or check deposits are recommended to avoid wire fees. You can conveniently fund your account through one-time or recurring deposits.
Firstrade Brokerage Fees
Firstrade offers competitive pricing and fee structure:
- $0 stock, ETF, and online options trade – No commissions on stocks, ETFs, or online options.
- No account minimums or maintenance fees – $0 minimum to open an account, no recurring fees.
- Low margin interest rate – 7.95% interest charged monthly on margin balances.
- $0 DRIP fees – No fees for dividend reinvestment plans.
- $0 paper statement and trade confirm fees – Free online or paper account statements/confirm.
With zero commissions on core products and no account fees, Firstrade provides very low-cost brokerage services.
How to Buy and Sell Stocks Online @ Firstrade.com
Placing trades online with Firstrade is simple:
- Search for the stock symbol or company name
- Click Buy or Sell next to the stock
- Enter the number of shares to trade
- Set order types like a market or limit order
- Review order details and click Submit
- Order is sent to market and executes in real-time if it matches
You can trade stocks online through Firstrade’s web, mobile, or Active Trader platforms. Trades are commission-free and executed in real time during market hours.
How to Open a Firstrade Brokerage Account
Opening a Firstrade account online takes just a few minutes:
- Go to www.firstrade.com and click Open Account
- Choose an account type like individual, joint, or IRA
- Enter your details and contact information
- Provide identity information like SSN and date of birth
- Accept Firstrade account terms and conditions
- Fund your account with an initial deposit
Once submitted, account approval takes 1-3 days. You can then download trading platforms and start investing with commission-free trades.
Is Firstrade Right for You?
Firstrade is best suited for:
- Casual investors – User-friendly platforms, $0 stock/ETF trades, and no account minimums.
- Beginner traders – Excellent educational resources and 24/7 customer support.
- Active traders – The Advanced Dashboard platform provides robust trading tools.
- Options traders – $0 online options contracts make complex trades affordable.
Firstrade may not be ideal for advanced investors who need comprehensive research, complex trading algorithms, portfolio margining, and other institutional capabilities.
But for most individual investors, Firstrade provides an appealing blend of zero-commission trading, intuitive platforms, and helpful customer service.
Firstrade Customer Service
Firstrade offers 24/7 multilingual customer service via:
- Phone – Call 1-800-869-8800 to speak with a live brokerage representative at any time.
- Email – Send an Email for support and other queries, visit the ‘Support’ / Contact Us’ page at https://www.firstrade.com/support/contact
- Chat – Chat live online with a Firstrade support rep whenever needed.
Firstrade customers consistently give their customer service high marks for being responsive, friendly, and effective at resolving any issues or concerns. Their 24/7 multilingual support makes help readily accessible.
Overall, Firstrade provides an excellent discount brokerage option for stock, ETF, and options traders looking for an affordable yet fully featured trading experience.