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Firstrade

By on November 5, 2012
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Firstrade is an American brokerage firm which was founded in 1985. The firm has established itself as a solid discount brokerage in recent years. Recently, they have been working hard to vary their offerings, including mobile trading features, which has made trading more convenient for their customers.

In this Firstrade review, I’ll cover what Firstrade has to offer, who they’re right for, and give you guys some links to the latest Firstrade promotions. If you’ve used Firstrade before, please add your own rating and review below.


Firstrade – The Basics:

Investments: Investment products available are stocks, mutual funds, treasuries, options, ETFs, IRAs, fixed products, CDs and bonds.
Commissions: Cost per trade of stocks is $6.95, which is about equall to the $7.00 industry average. Mutual funds are charged at $9.95. Options fee is $6.95 per options and an additional $0.75 per options contract. Broker assisted trading is charged at $26, which is above industry average. The brokerage firm does not levy minimum account balance stipulations.
Investor Education: Basic investing guides are publicly available.
Mobile apps: iPhone + via mobile trading site: m.firstrade.com

 

One of the highlights of Firstrade is Smart Accounts. With these accounts, traders can join their banking and trading accounts onto a single platform. This one account gives traders complete control over all their finances.

The minimum to open an account with Firstrade is $0. Find out how you can get 100 free trades when you apply for an account now.


Pros & Cons Of Firstrade:

Pros Cons
  • Trades are reasonably priced at $6.95.
  • 10,000 different kinds of mutual funds.
  • No fees for IRAs.
  • No minimum deposits.
  • Margin account minimum can be zero.
  • Watchlists can be viewed through iPhone app.
  • Good options chain view that helps easy analysis and saves screen space.
  • Smart account is a very convenient and useful options.
  • Simple and clutter free trading platform.
  • Broker assisted trades are very expensive.
  • Forex trading is not offered.
  • Need to use a feature called Conditional Orders to set a covered call.
  • Options trading is complex and not suitable for amateurs.
  • Complicated spreads have to be made only through a live broker.
  • Surcharges are levied on trades below $2 and for large order trades.

How Others Rated Firstrade In 2012:

Barron’s: 2.5/5 Stars

          Highest rated category: Usability

          Lowest rated category: Portfolio Analysis and Reports

Smart Money: N/A (not rated)

          Highest rated category: N/A (not rated)

          Lowest rated category: N/A (not rated)


Word On The Street Is…

The platform is user friendly and simple. Trading tools are good help in making smart trades. Traders, however, would like to see the surcharge removed and broker assisted charges be reduced. In all, this is a good platform to trade with, especially for stocks and mutual funds.

Overall takeaway: Firstrade is a good brokerage both for beginners and for seasoned traders.


Firstrade Promotion Code:

Hit the link below to claim the latest Firstrade promotion. Click below to claim promotion code Get 100 FREE Trades

Where To Open A Firstrade Account:

Open A Personal/Joint/Custodial/Business Account With Firstrade: Apply Here

Open An IRA Account With Firstrade: Apply Here

Open A Forex Trading Account With Firstrade: Apply Here or N/A

P.S. Don’t forget, if you’ve used Firstrade before, please help us by adding your rating and review below!

About Peter Voga

Self-confessed coffee addict. Family man. Rage Against The Machine fan. Lover (and sometimes hater) of the stock market. Founder of BrokerChats. For more, follow me @petervoga or check me out on Facebook or Google+.

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