Firstrade is an online-only broker that offers the ability to trade stocks, ETFs, mutual funds and options at no cost. While its customer service features and trading platform arenâ€™t as robust as some competitor offerings, the commission-free trades and $0 minimum balance make Firstrade a sound choice if youâ€™re looking to invest at rock-bottom prices.
Firstrade also offers a wide variety of accounts, including different types of IRAs as well as joint and individual taxable accounts, Coverdell Education Savings Accounts, and custodial accounts. Plus, you have access to Morningstar stock reports, among other helpful research tools, so you can get the support you need to pick investments.
All of this means that when you invest with Firstrade, youâ€™ll have the flexibility to choose the account you need and invest your money in a wide mix of assets to build a diversified portfolio at a low cost.
If you want to manage your own investments and pay the minimum amount possible to trade securities, Firstrade is an ideal choice.
While many competitors charge $3.95 or more to trade stocks and offer only a limited number of commission-free ETFs or no-load mutual funds, Firstrade charges no commissions on stocks or ETFs. You also can trade mutual funds at no cost as long as you donâ€™t incur a $19.95 short-term redemption fee thatâ€™s assessed if you sell the fund less than 90 days after purchase.
Firstrade doesnâ€™t offer a robo-advisor option, however, so youâ€™ll need to be hands-on with your investments. And the trading platform isnâ€™t nearly as feature-rich as some competitor offerings, especially compared to brokers such as TradeStation and TD Ameritrade. If you want the most comprehensive web and mobile apps for trading, youâ€™ll need to look elsewhere.
Firstrade offers up to $200 in rebates for transfer fees when you switch from a different broker.
|Stock trading fees||
|Account fees (annual, transfer, inactivity)||
|Commission-free ETFs offered|
|Mutual funds (no transaction fee) offered|
|Offers automated portfolio/robo-advisor|
|Ease of use|
|Mobile app||iOS, Android|
|Customer support||Phone, 24/7 live support, Chat, Email|
Firstrade is an established investment firm that FINRAâ€™s BrokerCheck confirms is in compliance with regulatory requirements. It also is an SIPC member, which means investors are insured against losses that might occur if Firstrade experiences financial trouble and canâ€™t repay invested funds.
However, when you buy investments in your Firstrade account, including stocks, ETFs and mutual funds, these investments come with inherent risks. You could lose money by investing your assets, and you should understand that investments donâ€™t always perform as expected.
If you donâ€™t have a ton of money to start investing and are looking for a brokerage with no minimum balance requirements and no fees to buy assets, Firstrade is a solid option. But if you want more advanced trading tools, competitors such as TradeStation may a better choice. If youâ€™d prefer a robo-advisor option, youâ€™ll need to look elsewhere.