Overall, Firstrade is an American company founded in 1985 with headquarters in New York, NY, United States. The company has competitive spreads across all six account options, their spreads are competitive when compared to other FINRA Financial Industry Regulatory Authority and the Securities and Exchange Commission (SEC) brokers.
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
Firstrade Reviewed – A Key 22 Point Quick Overview
- ✅Firstrade at a glance
- ✅Who is Firstrade?
- ✅Firstrade Safe or scam
- Firstade Sign-up Bonus
- Firstrade Referral Bonus
- Firstrade Minimum Deposit
- Firstrade Account Types
- Firstrade Account Features
- How to open a Firstrade Trading Account – Step by Step
- Demo Account
- Islamic Account
- Firstrade Fees and Spreads
- Firstrade Deposit fees and deposit methods
- Firstrade Trading platforms
- Firstrade vs Finq vs FinoTrade – A Comparison
- Firstrade – Top Countries by Similar Web
- Firstrade’s Current Popularity Trends
- Firstrade Pro and cons
- Firstrade Customer Reviews
- Conclusion
- Disclaimer
- Frequently Asked Questions
Firstrade provides online and mobile trading of Stocks/ETFs, Options, Mutual Funds, Fixed Income products, and more.
Who is Firstrade?
According to research in South Africa Firstrade is an American company founded in 1985 with headquarters in New York, NY, United States. The company started out in 1985 as First Flushing Securities. By 1997, it was renamed Firstrade Securities, Inc. and launched Firstrade.com as one of the first online trading platforms.
Today, Firstrade is a leading online brokerage firm offering a full line of investment products and tools designed to help investors take control of their financial future. Firstrade provides online and mobile trading of Stocks/ETFs, Options, Mutual Funds, Fixed Income products, and more.
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
Firstrade Safe or scam
All companies listed in the U.S stock market are regulated by the Securities and Exchange Commission. These U.S securities regulatory agencies include three main organizations: The Securities and Exchange Commission, Financial Industry Regulatory Authority, and Securities Investor Protection Corporation.
Firstrade serves its clients through Firstrade Securities, Inc. It is regulated by The Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority and Securities Investor Protection Corporation (FINRA) and all customers are covered by the US investor protection scheme, called SIPC.
The SIPC investor protection scheme protects against the loss of cash and securities in case the broker goes bust. The limit of SIPC protection is $500,000, which includes a $250,000 limit for cash. Negative balance protection is not provided.
Firstade Sign-up Bonus
Firstrade offers a welcome bonus to new traders who choose to register for a real account. This bonus is not offered as a traditional deposit bonus or no deposit bonus, but rather traders who sign up for an account will receive one free stock.
| Firstrade Sign up bonus | 2 Free Stocks 🎉 |
New traders will also receive one additional stock on deposits of $100 or more if the deposit has been made within 30 days of the account opening. As a general explanation, a bonus can be best understood as compensating traders for having decided to open an account with a chosen broker.
Once an account has been opened with a Forex broker, clients will have access to trading of currency pairs, and will therefore have to incur some expense for this trading. The bonus is just a way for the broker to reward the trader’s choice and give all or some of these expenses back to the trader.
New traders should note however that bonuses are not available on demo accounts, though many brokers do offer the opportunity to sign up for a free demo contest, with prizes available.
Firstrade Referral Bonus
Referral bonuses allow existing traders of a given broker to earn greater rewards through referring a friend to a broker. The broker compensates the trader when this referral results in the friend signing up for a real account.
Share the benefits of Firstrade with your friends and family! Invite your friends to Firstrade and grow your portfolio. Every time you refer a friend to Firstrade, we’ll award you and your friend a free stock! Once your friend’s account is approved, a free stock will be ready to claim in both of your accounts.
How to Refer a Friend
Step 1 – Refer Friends
Login to your account and go to Customer Service > Free Stocks to get your referral link. Share this link to friends you wish to invite to open a Firstrade account.
Step 2 – Get Free Stocks
When your friend opens the Firstrade account, you’ll both receive a free stock once their application is approved.
Step 3 – Check Referrals Status
Track the status of your invites and count your successful referrals!
Firstrade Affiliate Program
Firstrade offers a referral bonus under its Affiliate Programme. If you maintain a finance-related website, joining Firstrade’s affiliate program can earn you income when you drive potential customers to Firstrade.
Firstrade Minimum Deposit
There is no minimum deposit amount required to open a broker account with Firstrade. This means that small and large investors alike can easily open an account and begin trading with the amount that suits their trading goals and needs.
| Firstrade | 💳 No Minimum Deposit |
That said, it is always recommended that traders ensure they have sufficient margin in their accounts to avoid falling into a negative balance while trading. It is generally recommended to begin trading with no less than $100 to ensure sufficient account funds.
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 is a special account for custodial purposes, only in the US 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 Fees and Spreads
Firstrade has the following spread list available to traders:
| ▶ Stocks | Commission | $0 |
| ▶ ETFs | Commission | $0 |
| ▶ Options | Commission | $0 |
| Contract fee | $0 | |
| Exercise and Assignment fees | $0 | |
| ▶ Mutual Funds | Load funds | Free |
| No-load funds | Free | |
| No Transaction fees (NTF) funds | Free | |
| ▶ Fixed Income | Treasury bills, Notes & Bonds | Net Yield Basis |
| Municipal bonds | Net Yield Basis | |
| Agency bonds | Net Yield Basis | |
| Zeros & Strips | Net Yield Basis | |
| Primary Market CDs | $30 | |
| Secondary Markets CDs | Net Yield Basis |
Firstrade provides horizontal spreads which vary depending on the instrument traded. In terms of commissions, these are not charged on most assets so trading fees consist of spreads only.
| Deposit Fees | ❌not charged |
| Dormant Processing Fee | $100 |
| Wire Transfer Costs | $25 |
| Overnight/ Swap Fees | ❌not charged |
Firstrade Deposit fees and deposit methods
Firstrade has a limited selection of deposit methods, consisting of bank wire transfers, checks, and ACH payments. Check deposits are available to US clients only. In terms of deposit security, customers have reliable account protection through Firstrade’s SIPC insurance membership and additional coverage with Apex Clearing Corp.
| 💳 Bank Wire Transfers |
| 💳 Checks |
| 💳 ACH payments |
If you have a US-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. You can only withdraw money to accounts in your name.
Firstrade Trading platforms
The forex trading platform provided by Firstrade to its clients is the software to carry out their trades. Some brokers provide only one, others quite a few platforms. A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.
Firstrade offers Firstrade Navigator as its only platform. It is available in English, Traditional Chinese, and Simplified Chinese versions. It has the following features:
▶ Manage and trade from one screen
▶Real-time streaming account and market data
▶Adjustable layout
▶Customizable widgets
▶Advanced technical charting
▶Convenient graphs
Firstrade vs Finq vs FinoTrade - A Comparison
| 🥇 Firstrade | 🥇 Finq | 🥇 Finotrade | |
| 💳 Minimum Deposit | No Min Deposit | $100 | $1000 |
| ZAR | 0 | R1 600 ZAR | R16 000 ZAR |
| 🎉 Bonus | ☑️ | ☑️ | ❌ |
| 💻 MT4 | ❌ | ☑️ | ☑️ |
| ☪️️ Islamic Account | ❌ | ☑️ | ☑️ |
Firstrade - Top Countries by Similar Web
| 🌐 Taiwan | 39.56% |
| 🌐 USA | 33.59% |
| 🌐 Hong Kong | 11.27% |
| 🌐 Poland | 3.07% |
| 🌐 Germany | 1.45% |
| 🌐 Others | 11.06% |
Firstrade’s Current Popularity Trends
According to Google Trends, here is an overview of how frequently the search term – “Firstrade” is entered into Google’s search engine over a given period of time.
Firstrade Pro and cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Free stock, ETF, fund and options trading | No credit/debit cards and electronic wallets for money transfer |
| Quality educational tools | You can only trade on US markets |
| Solid research tools | |
| Various 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
Conclusion
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.
Disclaimer
Online trading has fundamental risks due to system response and access times that may vary due to market conditions, system performance, and other factors. An investor should understand these and additional risks before trading. Carefully consider the investment objectives, risks, charges, and expenses before investing. All investments involve risk and losses may exceed the principal invested.
Firstrade is a discount broker that provides self-directed investors with brokerage services and does not make recommendations or offer investment, financial, legal, or tax advice. The investment choices and services on the Firstrade site are provided as general information only and are not intended to provide investment recommendations, tax, or legal advice.
Under no circumstance is the information contained herein to be used or considered as an offer to sell or a solicitation of an offer to buy any particular investment, according to research in South Africa.
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
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Frequently Asked Questions
Is Firstrade a legit and good broker?
Firstrade is legit as it enjoys a very long reputable standing in the industry and is overseen by top-tier regulators: FINRA & SEC.
Is Firstrade recommended for beginners?
Firstrade offers a good trading environment for beginner as well as experienced traders.
What is the overall rating out of 10 for Firstrade?
Overall rating is 7/10
Does Firstrade offer a demo account?
No demo account is offered.
Which live trading accounts does Firstrade offer?
- Individual
- Joint accounts
- Retirement accounts
- Business accounts
- Education Savings Account
- Custodial account
- Investment Accounts
How do you make a deposit and withdrawal with Firstrade?
Firstrade offers the following deposit and withdrawal methods:
- Check
- ACH
- Wire transfers
How long does it take to make a withdrawal?
Withdrawals usually takes only a few days. Depending on bank services it may take several days for the money to be available though.
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