The best alternatives to Firstrade are
- J.P. Morgan Self-Directed Investing - US-based discount broker
- Vanguard - US stockbroker
- Ally Invest - US stockbroker
- Merrill Edge - US discount broker
Let's see in a bit more detail how the Firstrade alternatives compare to Firstrade and each other:
| Firstrade | J.P. Morgan Self-Directed Investing | Vanguard | Ally Invest | Merrill Edge | |
|---|---|---|---|---|---|
| Overall score | 4.3 | 4.6 | 4.5 | 4.6 | 4.7 |
| Fees score | 4.5 stars | 4.8 stars | 4.5 stars | 4.5 stars | 4.3 stars |
| Account opening score | 4.2 stars | 5.0 stars | 4.2 stars | 4.2 stars | 5.0 stars |
| Deposit and withdrawal score | 2.0 stars | 2.2 stars | 2.4 stars | 2.6 stars | 2.2 stars |
| Web platform score | 4.3 stars | 2.9 stars | 3.4 stars | 3.5 stars | 4.3 stars |
| Markets and products score | 2.5 stars | 2.1 stars | 2.6 stars | 2.5 stars | 2.4 stars |
| Visit broker | Visit broker | Visit broker | Visit broker |
Why are these brokers considered good alternatives to Firstrade? There are many areas based on which Firstrade can be compared with others. When we say a given online broker is a good alternative to Firstrade we mean these brokers are comparable in the following areas:
- The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
- The type of clients they target, i.e. beginners, experienced investors, or day traders.
Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Answer 4 simple questions and get a list of the most relevant brokers.
Firstrade alternatives recommendations
Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:
- Firstrade is recommended for beginners and investors looking for zero-commission trading, focusing on the us market
- J.P. Morgan Self-Directed Investing is recommended for beginners and buy-and-hold investors focusing on the us stock market
- Vanguard is recommended for long-term investors looking for great etf and mutual fund selection
- Ally Invest is recommended for investors and traders looking for low fees and focusing on the us market
- Merrill Edge is recommended for investors and traders looking for low fees, quick account opening, and simple platforms
Important factors of finding Firstrade alternatives
So far BrokerChooser has reviewed 101 online brokers in detail, which gives this comparison a solid starting point.
Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we
- open a live account
- check over 100 criteria, with weighting based on readers' preferences
- refresh data regularly
Whether Firstrade or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:
Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. Firstrade is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost Firstrade alternative.
Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you cannot make a deposit with your credit card at Firstrade, some alternatives might allow you to do that.
Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.
Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given Firstrade alternative is a must.
Now let's dive into the details of how Firstrade and its alternatives perform in the most important areas!
Firstrade alternatives
J.P. Morgan Self-Directed Investing
J.P. Morgan Self-Directed Investing, formerly Chase You Invest is a US-based discount broker established by J.P. Morgan in 2018. The parent company, J.P. Morgan, is one the biggest global Tier 1 investment banks listed on the New York Stock Exchange. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
J.P. Morgan Self-Directed Investing, formerly Chase You Invest is considered safe because the parent company has a long track record, is listed on the stock exchange, has a banking background, discloses its financials regularly and is regulated by top-tier regulators.
J.P. Morgan Self-Directed Investing platform notes the following:
INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Recommended for beginners and buy-and-hold investors focusing on the us stock market
| Pros | Cons |
|---|---|
| • Commission-free US stocks, ETFs, funds and bonds | • Available only to US clients |
| • Fast and fully digital account opening | • Limited product portfolio |
| • Well-established parent company | • Basic research tools |
Fees
J.P. Morgan Self-Directed Investing offers commission-free trading, but transaction and other smaller fees may apply.
| Pros | Cons |
|---|---|
| • Low non-trading fees | • Low fees like transaction costs may be applied |
| • Low stock and ETF fees / Free stock trading | |
| • Commission-free stock, ETF, fund, and bond trades |
| J.P. Morgan Self-Directed Investing | Firstrade | |
|---|---|---|
| Apple benchmark fee | $0.3 | $0.3 |
| Vodafone benchmark fee | - | - |
| EURUSD benchmark fee | - | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
Account opening at J.P. Morgan Self-Directed Investing is seamless and fully digital. It took us one day to open an account, however only US clients are accepted.
| Pros | Cons |
|---|---|
| • Fast | • Only for US clients |
| • Fully digital | |
| • No minimum deposit |
| J.P. Morgan Self-Directed Investing | Firstrade | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1 day | 1-3 days |
If you are interested more in J.P. Morgan Self-Directed Investing minimum deposit, this overview will help you.
Deposit and withdrawal
At J.P. Morgan Self-Directed Investing there is no deposit fee and transferring money is simple and easy, although withdrawal options could be more numerous.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • Quick deposit and withdrawal - within 3 days | • Only one account base currency |
| • High wire withdrawal fee for non-Chase accounts |
| J.P. Morgan Self-Directed Investing | Firstrade | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
J.P. Morgan Self-Directed Investing's web trading platform is exceptionally easy to use and it boasts a great search function. On the flip side, two-step authentication is missing, there are no clear fee reports and users can't set price alerts.
| Pros | Cons |
|---|---|
| • User-friendly | • No clear fee report available |
| • Good search function | • No two-step (safer) login |
| • Order confirmation | • Limited customizability (for charts, workspace) |
| J.P. Morgan Self-Directed Investing | Firstrade | |
|---|---|---|
| Web platform score | 2.9 stars | 4.3 stars |
| Mobile platform score | 3.9 stars | 3.8 stars |
| Desktop platform score | - | - |
Learn more about J.P. Morgan Self-Directed Investing's web trading platform in the detailed J.P. Morgan Self-Directed Investing review.
Markets and products
J.P. Morgan Self-Directed Investing has a limited product portfolio including stocks, ETFs, funds, bonds and options. Unfortunately, the product portfolio only includes assets traded on the US market.
| J.P. Morgan Self-Directed Investing | Firstrade | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | No | No |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | No | No |
| CFDs | No | No |
| Crypto | No | No |
Verdict
J.P. Morgan Self-Directed Investing, formerly Chase You Invest offers awesome fees: the broker does not charge additional fees for trading US stocks, ETFs, mutual funds and US bonds. Some very low charges may apply to cover costs imposed by regulatory or stock exchange authorities (e.g. $0.01 - $0.03 per $1,000 principal for US stocks and ETFs).
The fully digital account opening is easy and fast, on-boarding is seamless. J.P. Morgan Self-Directed Investing, formerly Chase You Invest's parent company, J.P. Morgan, has a banking background, is listed on the New York Stock Exchange and is regulated by the SEC.
J.P. Morgan Self-Directed Investing has some drawbacks, though. It is only available to US residents, the product portfolio is limited, with a heavy focus on US markets and the research tools are basic.
In a nutshell, J.P. Morgan Self-Directed Investing offers low-cost trading and has one of the most solid parent companies. Feel free to give it a try.
| J.P. Morgan Self-Directed Investing | |
|---|---|
| Summary | J.P. Morgan Self-Directed Investing is a brokerage solution offered by J.P. Morgan Securities LLC (a J.P. Morgan affiliate), regulated by top-tier US authorities the SEC and FINRA. J.P. Morgan is a NYSE-listed company with a banking background. |
| Fees score | 4.8 stars |
| Recommended for | Beginners and buy-and-hold investors focusing on the US stock market |
Firstrade alternatives
Vanguard
Vanguard is a US stockbroker founded in 1975. The company is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Vanguard is considered safe because it has a long track record and it is overseen by top-tier regulators.
Recommended for long-term investors looking for great etf and mutual fund selection
| Pros | Cons |
|---|---|
| • Stocks and ETFs are free to trade | • Only the US market covered |
| • Easy account opening | • Basic research tools |
| • Great mobile trading platform | • High financing rates (margin rates) |
Fees
Vanguard offers free stock and ETF trading and some bonds are also free to trade. Non-trading fees are low, no inactivity fee is charged and withdrawal is also free, if you use ACH transfer. On the negative side, the fees for non-free mutual funds are high. Financing rates are also high, especially in the lower volume tiers.
| Pros | Cons |
|---|---|
| • No inactivity fee | • High margin rates |
| • Free stock and ETF trading | • High fees for non-free mutual funds |
| • Some mutual funds and bonds are also free to trade |
| Vanguard | Firstrade | |
|---|---|---|
| Apple benchmark fee | $0.3 | $0.3 |
| Vodafone benchmark fee | - | - |
| EURUSD benchmark fee | - | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
Account opening is fully digital and user-friendly. There is no minimum account balance. However, the account opening and verification process is slow, around 2-3 business days.
| Pros | Cons |
|---|---|
| • Fully digital | • Slow account opening time |
| • No minimum deposit | |
| • Low minimum deposit |
| Vanguard | Firstrade | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1-3 days | 1-3 days |
If you are interested more in Vanguard minimum deposit, this overview will help you.
Deposit and withdrawal
It's great that Vanguard charges no deposit fee and transferring money is easy and user-friendly. Deposit and withdrawal options could be improved, though. You can use only bank transfer, and a fee is charged for wire transfer withdrawals.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • User-friendly | • $10 for wire transfer withdrawals |
| • Free withdrawal (via ACH) |
| Vanguard | Firstrade | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
Vanguard has an average web trading platform. It offers a two-step login and there is a clear fee report. The trading platform's structure is a bit confusing and some features are hard to find. Search functions could be better, too, and we missed customizability.
| Pros | Cons |
|---|---|
| • Clear fee report | • Limited customizability (for charts, workspace) |
| • Two-step (safer) login | • Some features are hard to find |
| • Price alerts |
| Vanguard | Firstrade | |
|---|---|---|
| Web platform score | 3.4 stars | 4.3 stars |
| Mobile platform score | 4.4 stars | 3.8 stars |
| Desktop platform score | - | - |
Learn more about Vanguard's web trading platform in the detailed Vanguard review.
Markets and products
Vanguard gives access to different asset classes, including stocks, ETFs, funds and options. However, the offered products cover only the US market and forex and futures are not available.
| Vanguard | Firstrade | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | No | No |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | No | No |
| CFDs | No | No |
| Crypto | No | No |
Verdict
Vanguard is one of the biggest US stockbrokers regulated by top-tier regulators.
Vanguard offers free stock, ETF trading. It doesn't charge inactivity and account fees and the account opening is easy and fully digital. The mobile trading platform is user-friendly and has a great design.
It has some drawbacks, though. The product portfolio covers only the US market and the research tools are basic. Financing rates are also high when you trade on margin.
As the non-trading fees are low and no inactivity fee is charged, feel free to try Vanguard.
| Vanguard | |
|---|---|
| Summary | Vanguard is a US stockbroker regulated by the top-tier SEC and FINRA. |
| Fees score | 4.5 stars |
| Recommended for | Long-term investors looking for great ETF and mutual fund selection |
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Firstrade alternatives
Ally Invest
Ally Invest is a US stockbroker regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Its parent company, Ally Financial Inc. dates back to 1911 when its predecessor, General Motors Acceptance Corporation (GMAC) was founded. Ally Financial Inc. is listed on the New York Stock Exchange and has a banking subsidiary, Ally Bank.
Ally Invest is considered safe because it has a long track record and is regulated by top-tier financial authorities.
Recommended for investors and traders looking for low fees and focusing on the us market
| Pros | Cons |
|---|---|
| • Low trading and non-trading fees | • You can trade only on US markets |
| • Easy and fully digital account opening | • Forex trading is available through a separate account |
| • Great education | • Lack of proper 2-step authentication |
Fees
Ally Invest has low trading fees and non-trading fees, including zero base commission on most stocks and ETFs. On the negative side, margin rates are quite high.
| Pros | Cons |
|---|---|
| • Low trading fees | • Margin rates could be lower |
| • Low non-trading fees | |
| • Zero commission on most stock and ETF trades |
| Ally Invest | Firstrade | |
|---|---|---|
| Apple benchmark fee | $0.3 | $0.3 |
| Vodafone benchmark fee | - | - |
| EURUSD benchmark fee | - | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
Account opening is fully digital and user-friendly. The broker requires no minimum deposit in most cases. On the other hand, account verification takes relatively long.
| Pros | Cons |
|---|---|
| • Fully digital | • Slow account verification |
| • Low minimum deposit |
| Ally Invest | Firstrade | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1-3 days | 1-3 days |
If you are interested more in Ally Invest minimum deposit, this overview will help you.
Deposit and withdrawal
Ally Invest doesn't charge a deposit fee and transferring money is easy. On the other hand, you can use only bank transfer and wire transfer withdrawals are expensive.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • User-friendly | • High outgoing wire transfer fee |
| • Free ACH withdrawal |
| Ally Invest | Firstrade | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
Ally Invest's web trading platform is user-friendly, with a convenient search function. On the negative side, there is no clear fee report and we also missed the two-step authentication.
| Pros | Cons |
|---|---|
| • User-friendly | • No clear fee report available |
| • Good search function | • No two-step (safer) login |
| • Good customizability (for charts, workspace) |
| Ally Invest | Firstrade | |
|---|---|---|
| Web platform score | 3.5 stars | 4.3 stars |
| Mobile platform score | 3.3 stars | 3.8 stars |
| Desktop platform score | - | - |
Learn more about Ally Invest's web trading platform in the detailed Ally Invest review.
Markets and products
At Ally Invest, you can trade various asset classes from stocks to options. On the negative side, it covers only the US market and futures trading is not available.
| Ally Invest | Firstrade | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | No | No |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | No | No |
| CFDs | No | No |
| Crypto | No | No |
Verdict
Ally Invest is one of the biggest US stockbrokers and is overseen by top-tier regulators. Retail clients of Ally Bank will appreciate that its banking and brokerage platforms are very well integrated - so it's very easy to move cash between those accounts.
Ally Invest has low trading and non-trading fees and offers a good product range in the US. The account opening process is easy and fully digital. We also liked the high quality of its educational tools.
Ally Invest has some drawbacks though. You can trade only on US exchanges. Forex trading is available only through a separate Ally Forex account provided by GAIN Capital (Forex.com). Lastly, there is no option to turn on two-factor authentication for added security.
Still, as trading fees are low and no inactivity fee is charged, feel free to try Ally Invest.
| Ally Invest | |
|---|---|
| Summary | Ally Invest is a US stockbroker, regulated by top-tier authorities the SEC and FINRA. The company is listed on the New York Stock Exchange and has a banking background. |
| Fees score | 4.5 stars |
| Recommended for | Investors and traders looking for low fees and focusing on the US market |
Firstrade alternatives
Merrill Edge
Merrill Edge is a US-based stockbroker founded in 2010 by Bank of America (BofA). BofA acquired Merrill Lynch during the 2008 financial crisis, and the rationale for launching Merrill Edge was to combine its online investing arm and Merrill Lynch's investment expertise. Merrill Edge offers US stocks, ETFs, options, and bonds. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Merrill Edge is considered safe because its parent company is a bank with a long track record and solid reputation, it discloses its financials, and is regulated by top-tier regulators.
Recommended for investors and traders looking for low fees, quick account opening, and simple platforms
| Pros | Cons |
|---|---|
| • Low trading fees | • Limited to US clients and products |
| • Easy and seamless account opening | • No demo account |
| • Strong parent company | • Few options for deposit/withdrawal |
Fees
Merrill Edge has low trading and non-trading fees, including commission-free stock and ETF trades. On the other hand, financing rates are quite high.
| Pros | Cons |
|---|---|
| • Low trading fees | • High financing rate |
| • Low non-trading fees | |
| • Low stock and ETF fees / Free stock trading |
| Merrill Edge | Firstrade | |
|---|---|---|
| Apple benchmark fee | $0.3 | $0.3 |
| Vodafone benchmark fee | - | - |
| EURUSD benchmark fee | - | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
Account opening at Merrill Edge is seamless and fully digital, it took us less than one day to have an open account. Only US clients are accepted.
| Pros | Cons |
|---|---|
| • Fast | • Only US clients are accepted |
| • Fully digital | |
| • No minimum deposit |
| Merrill Edge | Firstrade | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1 day | 1-3 days |
If you are interested more in Merrill Edge minimum deposit, this overview will help you.
Deposit and withdrawal
Merrill Edge has an easy-to-use deposit and withdrawal system with a bank account connection. Unfortunately, credit/debit cards cannot be used to fund the account, and there is only USD as a base currency.
| Pros | Cons |
|---|---|
| • Free withdrawal | • Credit/Debit card not available |
| • No deposit fee | • Only one account base currency |
| • User-friendly | • Slow withdrawal - over 3 days |
| Merrill Edge | Firstrade | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
Merrill Edge has a user-friendly and simple trading platform with options for secure login and setting price alerts. However, it offers only limited customizability and the search function is not so advanced.
| Pros | Cons |
|---|---|
| • User-friendly | • Limited customizability (for charts, workspace) |
| • Clear fee report | |
| • Two-step (safer) login |
| Merrill Edge | Firstrade | |
|---|---|---|
| Web platform score | 4.3 stars | 4.3 stars |
| Mobile platform score | 4.8 stars | 3.8 stars |
| Desktop platform score | - | - |
Learn more about Merrill Edge's web trading platform in the detailed Merrill Edge review.
Markets and products
Merrill Edge has a limited product portfolio that consists of stocks, ETFs, mutual funds, and bonds. Unfortunately, the product lineup covers only the US market. The broker offers a lower diversity of products in general compared to its competition.
| Merrill Edge | Firstrade | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | No | No |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | No | No |
| CFDs | No | No |
| Crypto | No | No |
Verdict
Overall, Merrill Edge is a solid, easy-to-use trading platform created by Bank of America, one of the US's largest banks.
We rated Merrill Edge highly due to its low fees, easy process of account opening, and safety.
Some of the drawbacks include limited product offerings, research capabilities, and deposit/withdrawal options.
As trading and non-trading fees are generally low, the research tools are great and the account opening is seamless, feel free to try it.
| Merrill Edge | |
|---|---|
| Summary | Merrill Edge is a US based broker owned by Bank of America (BofA). It is regulated by the top-tier SEC and Finra; BofA is listed on the NYSE. |
| Fees score | 4.3 stars |
| Recommended for | Investors and traders looking for low fees, quick account opening, and simple platforms |
Firstrade alternatives
Firstrade
Firstrade is a US discount stockbroker regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The company was founded in 1985 under the name First Flushing Securities.
Firstrade is considered safe because it has a long track record and is overseen by top-tier regulators.
Recommended for beginners and investors looking for zero-commission trading, focusing on the us market
| 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 |
Fees
Firstrade has low fees. It offers free stock, ETF, funds, and options trading with low non-trading fees. However, margin rates are high.
| Pros | Cons |
|---|---|
| • Low trading fees | • High margin rates |
| • Low non-trading fees | |
| • Free stock, ETF, fund and options trading |
| Firstrade | J.P. Morgan Self-Directed Investing | Vanguard | Ally Invest | Merrill Edge | |
|---|---|---|---|---|---|
| US stock | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 |
| UK stock | - | - | - | - | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k
Account opening
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.
| Pros | Cons |
|---|---|
| • Fully digital | • Slow account verification |
| • No minimum deposit | |
| • Low minimum deposit |
| Firstrade | J.P. Morgan Self-Directed Investing | Vanguard | Ally Invest | Merrill Edge | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $0 | $0 | $0 | $0 |
| Time to open account | 1-3 days | 1 day | 1-3 days | 1-3 days | 1 day |
Learn more about Firstrade minimum deposit here.
Deposit and withdrawal
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.
| Pros | Cons |
|---|---|
| • No deposit fee | • Credit/Debit card not available |
| • User-friendly | • Only one account base currency |
| • High outgoing wire transfer fee |
| Firstrade | J.P. Morgan Self-Directed Investing | Vanguard | Ally Invest | Merrill Edge | |
|---|---|---|---|---|---|
| Bank transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/debit card | No | No | No | No | No |
| Electronic wallets | No | No | No | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
Web trading platform
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.
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Clear fee report | |
| • Good search function |
| Firstrade | J.P. Morgan Self-Directed Investing | Vanguard | Ally Invest | Merrill Edge | |
|---|---|---|---|---|---|
| Web platform score | 4.3 stars | 2.9 stars | 3.4 stars | 3.5 stars | 4.3 stars |
| Mobile platform score | 3.8 stars | 3.9 stars | 4.4 stars | 3.3 stars | 4.8 stars |
| Desktop platform score | - | - | - | - | - |
Learn more about Firstrade's web trading platform in the detailed Firstrade review.
Markets and products
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.
| Firstrade | J.P. Morgan Self-Directed Investing | Vanguard | Ally Invest | Merrill Edge | |
|---|---|---|---|---|---|
| Stocks | Yes | Yes | Yes | Yes | Yes |
| ETFs | Yes | Yes | Yes | Yes | Yes |
| Forex | No | No | No | No | No |
| Funds | Yes | Yes | Yes | Yes | Yes |
| Bonds | Yes | Yes | Yes | Yes | Yes |
| Options | Yes | Yes | Yes | Yes | Yes |
| Futures | No | No | No | No | No |
| CFDs | No | No | No | No | No |
| Crypto | No | No | No | No | No |
Verdict
Firstrade is one of the biggest discount US stockbrokers and 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.
| Firstrade | |
|---|---|
| Summary | Firstrade is a US discount broker regulated by the top-tier SEC and FINRA. |
| Fees score | 4.5 stars |
| Recommended for | Beginners and investors looking for zero-commission trading, focusing on the US market |
Firstrade alternatives
Bottom line
Based on our analysis, there are several good alternatives to Firstrade. They all offer similar products and target similar customers. Here's a recap of the results in a table.
| Broker | Info | Recommended for |
|---|---|---|
| Firstrade | US discount broker | Beginners and investors looking for zero-commission trading, focusing on the US market |
| J.P. Morgan Self-Directed Investing | US-based discount broker | Beginners and buy-and-hold investors focusing on the US stock market |
| Vanguard | US stockbroker | Long-term investors looking for great ETF and mutual fund selection |
| Ally Invest | US stockbroker | Investors and traders looking for low fees and focusing on the US market |
| Merrill Edge | US discount broker | Investors and traders looking for low fees, quick account opening, and simple platforms |
Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.
