Firstrade is a globally recognized investment firm offering its financial services to help investors become financially sound. The company was founded in 1985. Since its incorporation, the company is striving its best to offer high-value quality services to its clients. The broker allows its clients to trade a range of trading instruments including stocks, bonds, mutual funds, options, and ETFs. The broker is headquartered in the USA. It is regulated by FINRA. It accepts clients from almost all parts of the world. The company offers maximum security to client’s funds since it is a member of Securities Investor Protection Corporation – SIPC. Clients sensitive data is also protected by SSL encrypted HTTP web protocols. A range of individual as well as corporate accounts is available at Firstrade. The broker offers competitive spreads and generous leverages. The official website of the company is accessible in various languages. The company provides numerous methods for deposit and withdrawals including payments through cards, wire transfers, fast bank transfers, electronic wallets and local payment methods.
The company is regulated by Financial Industry Regulatory Authority - FINRA which is a self-regulatory body responsible for regulating corporate bonds, equity trading, options and securities futures, etc. FINRA is further supervised and monitored by SEC (Securities and Exchange Commission- USA).
Types of Accounts and Minimum Deposits
The company offers a variety of accounts to its clients including individual & joint investment accounts, custodial and IRA accounts, corporate and trust accounts. Further types of accounts include education saving account, partnership account, LLC account and Estate account. The company also offers retirement accounts. The broker doesn’t ask its clients to make a minimum deposit. Clients can deposit as much as they wish. However, there should be no negative balance in your account before placing an order.
The broker offers a web-based trading platform to its clients. Clients don’t need to download or install it on their PC. They can access the trading platform online using a pc, mobile or any other supported device connected to the internet. Traders wishing to use the trading platform on the go can download a mobile app for their android or iOS-based mobile phones and tablets.
The broker offers a wide range of trading tools to its clients including a map reflecting market heat, industries & sectors tools (to assist traders locating target investments), videos and commentary from independent experts on different topics. The broker also delivers its clients significant updates in a way that help trades to analyze companies following Wall Street recommendations and making them able to compare different stocks.
Spreads and Commissions
The broker has a competitive pricing structure.
It charges its clients a flat fee of $2.95 per trade. The same charges apply on options trading with little extra charges of 0.50 per trade. The broker allows its clients to trade mutual funds at $9.95. However, broker assisted option, and stock trades are charged at $19.95 per trade. Firstrade has a margin interest of 7.50%.
The broker offers its clients to trade range of marketable assets including, stocks, options, and mutual funds. Other tradable instruments offered by the broker are bonds, fixed incomes, dividend reinvestment, margin investment and securities lending income program.
Bonus & Promotions
The company is offering three promotional offers at times including referring a friend, win free rebate and free brokerage transfer option. The broker is offering a bonus of $50 on referring a friend. Clients depositing a minimum amount of $2000 can place 500 free trades. Clients depositing $25000, $50000 and $100,000 will receive $100, $200, and $300 as a bonus reward along with free 500 trades respectively. However, those traders who wish to change their broker and like to join Firstrade can join them for free.
Unfortunately, the broker is not offering any practice account to its clients. It may start offering in future, but we have to wait to see if the broker offers a demo account or not.
Like other brokers, Firstrade also ensures to offer various educational resources to its client. The best thing is that there are different categories of educational materials available addressing each asset individually. This helps traders to learn and understand different trading methods. The company also has a glossary section to make traders aware of different trading terminologies.
Deposit and Withdrawals
The broker ensures a hassle-free deposit and withdrawal methods for its clients. Traders can deposit and withdraw funds using multiple options including debit card, credit card, Skrill, Neteller, and other local payment methods. To be able to withdraw funds successfully, traders need to login their account and press withdrawal tab. The amount will get transferred to trade’s associated bank account. Withdrawals can take up to 1-3 business days.
Sometimes there is a statutory requirement for the broker to collect proof of evidence concerning client’s identity. Therefore, your broker may ask you to provide photographic evidence of your identity. You can use your national identity card, passport, or driving license for the same.
Since customer support is considered as one of the most important factors that contribute a major part to an organization’s success, therefore, the company ensures to offer high-quality customer services round the clock. Traders can contact the broker via telephone at their toll-free number +1-800-869-8800. Clients can also send emails at email@example.com.
Firstrade is one of the best options available in the market. It has an award-winning online trading platform with a user-friendly operating interface that offers comfortable trading experience to its clients. It has competitive pricing structure and advanced trading tools available to help traders to trade effectively. It offers excellent customer support. The funds from clients are backed up by SIPC ($500,000 including 250,000 claims for cash) means traders can claim their money in the event of mistreatment by the broker. This facility even adds more credibility to the broker’s profile.