Firstrade provides six different account type options Regular Investing, IRA Retirement, International Accounts, ESA Education Planning, Custodial Account, and the Firstrade Cash Management Account.
Firstrade at a glance
| 🔍 Broker's Name | Firstrade |
| 📍 Headquartered | New York |
| 📅 Year Founded | 1985 |
| 🏛 Regulating Authorities | the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) |
| 🌐 Countries not accepted for trade | Most countries accepted |
| ☪️️ Islamic Account (Swap Free) | No |
| 📒 Demo Account | Yes |
| 📒 Institutional Accounts | No |
| 💻 Managed Accounts | Yes |
| 📊 Maximum Leverage | Margin of 6% |
| 💳 Minimum Deposit | No Minimum Deposit |
| 💳 Deposit Options | ACH, Cheque, Bank Wire Transfer |
| 💳 Withdrawal Options | ACH, Cheque, Bank Wire Transfer |
| 💻Platform Types | Firstrade proprietary platform |
| 📲 OS Compatibility | PC and Mac OS, mobile for Android and IOS |
| 📊 Tradable Assets | Stocks Options ETFs Mutual Funds Bonds/CDs/Fixed Incomes Margin Investing Dividend Reinvestment (DRIP) Securities Lending Income Program |
| 🌐 Languages Supported | English, Traditional Chinese and Simplified Chinese |
| ☎ Customer Service Hours | 24 hours a day/ 5 days a week |
Min Deposit
USD 0
Regulators
SEC, FINRA
Trading Platform
Proprietary Platform
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
Choose your quick section of our Firstrade Account Types below.
Firstrade Account Types Revealed – A Key 11 Point Quick Overview
- ✅Firstrade at a glance
- ✅Firstrade Overview
- ✅Firstrade Account Types
- Firstrade Account Features
- How to open a Firstrade Trading Account – Step by Step
- Demo Account
- Islamic Account
- Firstrade Pros and Cons
- Firstrade Customer Reviews
- Conclusion
- Frequently Asked Questions
Costs are relatively low for self-directed online trades. There are no minimum stock trading requirements on the number of shares per trade. You can have as little as one share per trade.
Firstrade Overview
Firstrade is a US-based brokerage and investment firm that has a long operational history dating back to its establishment in 1985. Firstrade is a secure and well-regulated broker which is overseen by such reputable organizations as The Securities and Exchange Commission, Financial Industry Regulatory Authority, and Securities Investor Protection Corporation.
Clients of Firstrade also have the added benefit of working with a stock exchange-listed company. All companies listed in the U.S stock market are highly regulated by the Securities and Exchange Commission. Most of the operating and financial documents are also available to the public.
Firstrade offers a variety of investment products including stocks, options, ETFs mutual funds, and bonds. The variety provides investors the flexibility to select the products of their choosing based on their financial needs. In addition, investors are also allowed to execute special orders depending on the market condition as well as the risk tolerance and trading style of each investor.
Costs are relatively low for self-directed online trades. There are no minimum stock trading requirements on the number of shares per trade. You can have as little as one share per trade. Firstrade offers a comprehensive array of online broker tools, market insights, and stock analysis reports that help you make sound decisions in building your investment portfolio.
These reports are provided by the world’s most authoritative financial companies, such as Morningstar, Briefing.com, Zacks, Benzinga, and PR Newswire. You can trade online or on mobile devices with our low commission of $0 per trade. Firstrade is an excellent choice for experienced traders seeking portfolio diversification. Beginner traders may find the broker’s offering daunting, particularly with a lack of educational tools.
Firstrade Account Types
Firstrade Accounts include Regular Investing, IRA Retirement, International Accounts, ESA Education Planning, Custodial Account, and the Firstrade Cash Management Account.
| Firstrade Account Types | 🌐 Regular Investing | 🌐 ESA Education Planning Account |
| 🌐 IRA Retirement Account | 🌐 Custodial Account | |
| 🌐 International Accounts | 🌐 Firstrade Cash Management Account |
Firstrade Account Features
Traders with Firstrade will have access to the following features across various Firstrade account types:
International Accounts
Fairtrade offers a full suite of investment products including stocks, options, Exchange Traded Funds (ETFs), mutual funds, bonds, and CDs. Take advantage of the great opportunities offered by the U.S. financial markets.
| 🔍 Features: | Low Cost & No Minimum Trading Requirements |
| U.S Tax Benefits | |
| Account protection up to $500 000 | |
| Product Variety |
Regular Investing
Build your family’s wealth with a traditional or joint brokerage account, features include:
| 🔍 Features: | Get dynamic real-time balances all-day |
| Review market movement in all indices including the Dow Jones Industrial Average, S&P 500 and Nasdaq. | |
| Customizable trading conditions |
IRA Retirement
| 🔍 Features: | No Annual fees |
| Trade commission-free on stocks, options and mutual funds in your IRA. |
|
| Get up to $200 in transfer fee rebates | |
| Tax benefits |
ESA Education Planning
A Firstrade Coverdell Education Savings Account (ESA), formerly known as an Education IRA, is an account that allows traders to save money for the cost of elementary, high school, or higher education for a designated beneficiary. You can open multiple accounts on behalf of individuals under the age of 18 and make a non-deductible contribution as long it does not exceed $2,000 per child.
| 🔍 Features: | No limit to the number of ESAs that can be established |
| Qualified Education expenses covered | |
| Contributions cannot exceed $2,000 per year | |
| Contributions must stop after the individual turns 18 | |
| Tax-free |
Custodial Account
Firstrade’s Custodial Account can help you save for your child’s education and build a nest egg that will contribute to their future financial stability. A custodial brokerage account lets traders manage a minor’s assets on their behalf, gives you a gift tax advantage, and the flexibility to invest in any combination of stocks, mutual funds, bonds, and ETFs.
| 🔍 Features: | No contribution limits or minimum deposit requirements. |
| Withdraw funds at any time | |
| Invest in stocks, bonds, mutual funds and ETFs. | |
| Assets in the account are turned over to the minor once he or she reaches the age of majority (18 or 21 depending on the state). | |
| Only one custodian per account |
Firstrade Cash Management Account
Firstrade Cash Management Account provides traders with the flexibility to trade, and access their money all in one account. It’s easy and fast. With Firstrades Cash Management Service, your cash will be in the same account as your trading funds, no market opportunities will be missed.
| 🔍 Features: | $25000 Account Equity Requirement |
| No Annual Fee | |
| Personalized Service | |
| Zero Liability Policy |
How to open a Firstrade Trading Account – Step by Step
Opening an account at Firstrade is easy. You just need to fill out the online forms and send Firstrade the documents via email or fax. Firstrade saves your trading records and financial documents for up to 7 years. You can easily check and print your statements, trading confirmations, and tax documents at your convenience.
You may sign up for an international account if you are a U.S. citizen or permanent resident, and have a Social Security Number or Tax-ID Number.
Applying for an account with Firstrade will consist of the following steps:
Step 1 – Navigate to the Firstrade website and click on ‘open an account”
Navigate to the account registration area on the Firstrade website. This can be accessed by clicking on the open an account tab at the top of the landing page
Step 2 – Fill out the Firstrade account registration form
Fill out the short online registration form to request a live account. You will need to provide your contact number and proceed through the verification process.
🟢 Step 3 – Provide Country of residence
Once the registration form is submitted, you will be redirected through the KYC process whereby the Country of Citizenship and Birth need to be provided, click “next” to continue.
🟢 Step 4 – Upload the Passport image.
The fourth step in the account registration process requires proof of passport as well as the passport signature page
🟢 Step 5 – Firstrade Identity Verification Process
Proceed through the Firstrade account verification process by providing personal information: First name, Last name, Date of birth, tax number, gender, and address.
🟢 Step 6 – Provide Additional Information
The next step in the account registration process requires traders to provide: annual income, liquid net worth, and total net worth as well as trading experience acquired.
🟢 Step 7 – Firstrade User ID Set-Up
Set up the Firstrade User profile by creating an ID and password.
🟢 Step 8 – Provide E – Signature & Agree to the Terms and Conditions
The last step of the account registration process requires traders to provide their e-signature as well as accept Firstrades terms and conditions in order to submit the account registration application
▶ Wire Transfer – It only takes 1-2 business days to deposit your wire transfer into your Firstrade account. It will be available for trading as soon as the funds are posted to your account.
▶ ACH Electronic Funds Transfer – If you have a U.S.-based bank account, you may link your bank account to your Firstrade account. Once you complete the setup, you will be able to transfer funds electronically without any fees.
Demo Account
| 🌐 Demo Account | Not currently offered |
Unfortunately, Firstrade does not offer a free demo account to new and prospective traders. This means that traders will have to sign up for a live account and risk their own funds in order to test out the broker’s features. Traders can choose to close an account at any time.
Islamic Account
Firstrade does not offer an Islamic, or swap-free account, to traders of the Muslim faith. This is a drawback for such traders due to the reasons outlined below. Also known as ‘no swap accounts’, Islamic trading accounts allow Muslims to engage in online forex trading in compliance with Sharia law.
With 25% of the world’s population practicing the Islamic faith, Islamic forex trading has continued to gain popularity worldwide. Essentially, an Islamic forex trading account charges no swap or rollover interest on positions held overnight in the forex market. An administration fee is, however, charged on some accounts to open positions.
Firstrade Pros and Cons
| ✔️ Pros | ❌ Cons |
| Comprehensive research tools | No Islamic Account available |
| Well-regulated broker | Not suited for beginner traders |
| Wide selection of account types |
Firstrade Customer Reviews
Firstrade has a large selection of commodities
Firstrade has a large selection of commodities in its asset list. If you’re into commodities trade, this brokerage firm is a great choice! – Ben
Firstrade is good
I have used the broker for more than a year as an international customer, and almost never had issues. Very professional and a good broker. Did withdraw money 2 times without any issues, and did receive my money within 2 days. That’s better than my local broker. Highly recommend. -Hatta
Sign up for bonus shares
I enjoy the opportunity given by forex brokers to earn an income or gain rewards through sign-up bonuses, and great offerings with shares! – Dennis
Min Deposit
USD 0
Regulators
SEC, FINRA
Trading Platform
Proprietary Platform
Crypto
No
Total Pairs
0
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
You might also like: Firstrade Review
You might also like: Firstrade Demo Account – Step by Step
You might also like: Firstrade Fees and Spreads
You might also like: Firstrade Minimum Deposit
You might also like: Firstrade Sign up Bonus
Conclusion
Overall, With proprietary trading technology, an intuitive user interface, customer service, and mobile applications, Firstrade offers a comprehensive solution for beginner and advanced traders. Firstrade is a member of FINRA/SIPC and one of the biggest discount US stockbrokers regulated by top-tier regulators.
It offers free stock, ETF, mutual funds, and options trading. It does not charge inactivity and account fees and there are a lot of quality research and educational tools you can use. A drawback is that it does not provide credit/debit cards and electronic wallets for transferring money. Traders can only trade on the US market.
Frequently Asked Questions
Can Traders from South Africa open a Firstrade trading account?
Traders from South Africa can choose from a variety of Firstrade accounts.
Does Firstrade have ZAR accounts?
No Firstrade does not have ZAR accounts.
What instruments can I trade with Firstrade?
Firstrade trading instruments incl:
- Stocks
- ETFs
- Options
- Bonds/CDs/Fixed Incomes
- Mutual Funds
- Margin Investing
- Securities Lending Income Program
- Dividend Reinvestment (DRIP)
Are there any apps available for the Firstrade accounts?
Firstrade boasts a highly rated mobile app for iOS and Android for all trading platforms provided under Firstrade
Does Firstrade offer leverage?
Yes. The margin rate is tiered on a volume basis, and the base rate is set at just above 6%.
Top 4 Brokers
