Firstrade Logo
Written by:
Fact checked by:
Updated:
Dec 2022
Recommended for
  • beginners 3.7/5
  • equity trading 4.1/5
Trusted broker
  • Top-tier regulation in the US
  • Compensation in case of broker bankruptcy (terms apply)
  • Long track record - founded in 1985
Popularity
1,252 people chose this broker in the last 6 months

Our take on Firstrade

Firstrade is a US discount broker regulated by the top-tier SEC and FINRA. Firstrade offers free stock, ETF, mutual fund, and options trading. Non-trading fees are low. Research is high-quality with a lot of tools, including trading ideas and detailed fundamental data. The broker offers great educational tools, including videos and webinars. It is a good choice for beginner investors. No credit/debit cards and electronic wallets available for money transfer. The product portfolio covers only the US market. Customer service is slow, support is available only 24/5 and there is no live chat. BrokerChooser gave Firstrade a 4.5/5 rating based on analyzing 500+ criteria and testing via opening a live account.

BrokerChooser score
4.5 /5
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Firstrade is available in United States
Stock fee
Low
Fractional shares
No
Minimum deposit
$0
Inactivity fee
$0
Pros
Cons
Free stock, ETF, fund and options trading
No credit/debit cards and electronic wallets for money transfer
Solid research tools
You can trade only on US markets
Quality educational tools
No live chat or 24/7 availability
Expert opinion
“I recommend Firstrade for beginners and investors looking for zero-commission trading, focusing on the US market.”
Gergely Korpos
Co-founder / CPO

Firstrade main highlights

🗺️ Country of regulation USA
💰 Trading fees class Low
💰 Inactivity fee charged No
💰 Withdrawal fee amount $0
💰 Minimum deposit $0
🕖 Time to open an account 1-3 days
🎮 Demo account provided No
🛍️ Products offered Stock, ETF, Fund, Bond, Options

Firstrade summary

To read much more details about the broker's services and features, expand on the sections below.

Firstrade review
Fees

Score: 4.4/5
+
Firstrade has low fees. It offers free stock, ETF, funds, and options trading with low non-trading fees. However, margin rates are high.
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Firstrade review
Account opening

Score: 4.2/5
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Account opening is fully digital and user-friendly, and is open to some international customers as well. On the flip side, the process was slow for us, taking almost 3 business days.
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Firstrade review
Deposit and withdrawal

Score: 2.2/5
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We liked Firstrade's user-friendly deposit and withdrawal process. There is no deposit fee and transferring money is easy. At the same time, there is still room for improvement: you can use only bank transfers and a high fee is charged for wire transfer withdrawals.
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Firstrade review
Web trading platform

Score: 4.3/5
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Firstrade's web platform has a straightforward design, making it easy to use even for beginners. On the negative side, it lacks a two-step login and the customizability of the main sections is quite limited.
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Firstrade review
Mobile trading platform

Score: 3.8/5
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Firstrade's mobile platform is user-friendly with a great search function. On the other hand, two-step login is not available and you can't trade mutual funds or bonds.
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Firstrade review
Desktop trading platform

+
Firstrade does not offer a desktop trading platform.
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Firstrade review
Markets and products

Score: 3.2/5
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Firstrade offers a good variety of asset classes, from stocks to options. However, the products cover only the US market and you cannot trade futures or forex.
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Firstrade review
Research

Score: 4.8/5
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Firstrade has great research tools, including trade ideas, interactive charts, screeners, detailed fundamental data, heatmap, P&L analysis and an economic calendar.
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Firstrade review
Customer service

Score: 1.1/5
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Firstrade's phone and chat support are slow and do not provide relevant information most of the time.
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Firstrade review
Education

Score: 3.5/5
+
Are you a beginner or do you believe in lifelong learning? Then Firstrade is clearly a good match for you. They offer great educational articles, a useful glossary, a bunch of platform videos and webinars. However, there is no demo account.
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Firstrade review
Safety

+
Firstrade is regulated by top-tier financial authorities, such as the SEC and FINRA. Clients enjoy a high investor protection amount of $500,000, which includes $250,000 for cash. On the other hand, negative balance protection is not provided.
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Firstrade review
Bottom line

Firstrade is one of the biggest discount US stockbrokers and it is regulated by top-tier regulators.

Firstrade offers free stock, ETF, mutual funds and options trading. It doesn't charge inactivity and account fees, and there are lots of quality research and educational tools you can use.

Their services have some drawbacks, though. Firstrade doesn't accept credit/debit cards and electronic wallets for money transfer. The product portfolio covers only the US market. Customer service is only available 24/5 and you can't contact them via live chat. 

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

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Firstrade review
FAQ

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Author of this review

Adam Nasli

Author of this review

Adam is a motivated finance expert. He joined BrokerChooser in 2018 and has since tested almost all 100+ brokers covered by BrokerChooser. Adam holds a professional degree from CEU and he helps teach finance and programming courses at his alma mater. Previously he worked in the banking sector, including at Citi Bank. He loves researching the financial industry, managing his long-term investments, and trading with algorithms.

Adam Nasli

Analyst Head

Adam is a motivated finance expert. He joined BrokerChooser in 2018 and has since tested almost all 100+ brokers covered by BrokerChooser. Adam holds a professional degree from CEU and he helps teach finance and programming courses at his alma mater. Previously he worked in the banking sector, including at Citi Bank. He loves researching the financial industry, managing his long-term investments, and trading with algorithms.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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