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Broker Reviews


Published by
On Monday, September 14th, 2015


While Firstrade lacks a feature-rich platform, the broker maintains a clean website and offers its clients the basics to maintain a long-term portfolio.


Website lacks quality trading tools; X-Stream tool design extremely outdated with limited functionality.

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Firstrade Review

With its $6.95 flat trades and a website that provides a little bit of everything for everyone, Firstrade puts up a respectable fight with the leaders in the industry. However, we must ask whether that makes them a legitimate choice to park an investment portfolio. Or is Firstrade a broker not worth the trouble?

This review will break down the facts and reveal the answer.

Commissions & Fees

When it comes to trades, Firstrade tends to keep things simple, offering investors flat-fee stock trades for $6.95 each. Options trades run at $6.95, plus $.75 per contract. Stocks less than $1 also come with higher fees.

On the equities side, Firstrade competes most closely with Scottrade, whose trades run at $7 per trade or $.05 more per trade. And for options trading, it is no coincidence that TD Ameritrade, ETRADE, Charles Schwab, and Fidelity all charge $.75 per contract, plus their normal base fee.

Firstrade has the advantage with mutual funds, charging less than its big brother competitors. However, matched up against discount brokers such as TradeKing and OptionsHouse, Firstrade is right in line. Lastly, Firstrade does offer 10 commission-free ETFs, which is a plus. Unfortunately though, this is not a lot compared to Charles Schwab, ETRADE, or TD Ameritrade, which all offer more than 100.

FirstradeScottradeTradeKingtradeMONSTERTD Ameritrade
Stock Trade Fee (flat)$6.95$7.00$4.95$4.95$9.99
Options Base Fee$6.95$7.00$4.95$4.95$9.99
Options Per Contract Fee$0.75$1.25$0.65$0.50$0.75
Mutual Fund Trade Fee$9.95$17.00$9.95$15.00$49.99
Broker Assisted Trades Fee$19.95$32.00$20.00$15.00$44.99
Commissions & Fees


As far as research goes, Firstrade significantly improved its experience for clients after it migrated to Morningstar as its primary provider in 2013. Morningstar is the most popular research provider in the industry, and for good reason – its quality data and unique variables are top notch.

Under Morningstar, Firstrade now offers its clients thorough research for stocks, ETFs, and mutual funds. Having said that, however, Firstrade still has room for improvement.

Firstrade offers only one third-party research report for stocks, and none for ETFs or mutual funds. Scottrade, which charges just $.05 more per trade, provides its clients with three third-party research reports for stocks, one for ETFs, and one for mutual funds. Lastly, pay just $1 more per trade and investors can have access to the 13 third-party research reports offered by Fidelity for equities alone.

Ease of Use

One area in which Firstrade shines is in ease of use.  

Firstrade's website is not only well designed, but also easy to navigate. It just works. The primary navigation menu is well labeled and takes advantage of primary links with sub-navigation below, a proven format that yields happy clients. The broker also boasts a site-wide quote bar with real-time streaming quotes and a quick trade ticket built in. Top that off with a well laid out research area, and it is a recipe for success.

Firstrade quote bar

Even the client dashboard is well constructed, clean, and customizable. Customizable dashboards are becoming increasingly popular with clients, offering them a clear view of everything important to them upon login. While Firstrade's client dashboard is no ETRADE 360 (our personal favorite on the web), the broker has done a good job.

Logging in now is even a straightforward and secure process. Our one gripe with Firstrade’s website used to be the login process, which took a turn for the worrisome in 2013 when the broker released its new state-of-the-art “Security Ring” PIN login. The patented method for entering your account pin was tedious, not intuitive, and more or less annoying. Heeding our advice, Firstrade updated its login PIN to match a standard keypad found at your everyday ATM.

Other Notes

Firstrade does not offer a desktop-based platform. Instead, its website and Java-based X-Stream Watchlist tool make up its platform. This leaves Firstrade at a massive disadvantage when trying to attract even remotely active traders, as there is a distinct lack of depth overall.

Charting, for example, is okay for a website, but without a platform, the lack of customizations becomes very noticeable. While 31 technical indicators are available (an improvement from just 17 in our 2014 Broker Review), unfortunately only the most basic customizations can be made to any of them. Also not available: virtual trading, chart notes, trading off the chart, viewing greeks in option chains, options analysis, or sound alerts. The list is long.

Firstrade charting

For clients who can't live without level II quotes or more advanced charting, Firstrade does offer an X-Stream Level II service for $19.95 per month. However, we advise saving the money.

Firstrade xstream watchlist

On the mobile trading front, Firstrade offers a basic iPhone and Android smartphone app (launched in 2014), but not an iPad or Android tablet app as of yet.  

Closing Thoughts

While Firstrade offers a well-organized website and quality research, the broker lacks the depth to compete with the big full-service brokers. The price paid per trade simply does not match the value delivered by its key competitors.

With that said, for clients who are looking for an all-round easy-to-use broker with a very “homey” type feeling, Firstrade could be a great fit.

The content portion of this Review was completed on February 17th, 2015.

Blain Reinkensmeyer

Reviewed by

Blain has been involved in the markets for over 13 years, heading equity broker research and reviews. His personal blog,, provides to-the-point daily market recaps to over 17,000 subscribers.

Compare Firstrade

Firstrade Ratings

Commissions & Fees
Customer Service
Platforms & Tools
Ease of Use
Offering of Investments
Mobile Trading

Best in Class

Best in Class - Offering of Investments
Best in Class - Commissions & Fees
Best in Class - Platforms & Tools
Best in Class - Research
Best in Class - Customer Service
Yes Best in Class - Ease of Use
Best in Class - Investor Education
Best in Class - Mobile Trading
Best in Class - Active Trading
Best in Class - Options Trading
Best in Class - New Investors

Firstrade Awards


Firstrade was awarded 4.5 stars for Ease of Use. Read the 2015 Online Broker Review.


Firstrade was awarded 4.5 stars for Ease of Use. Read the 2014 Online Broker Review.


Firstrade was rated 4.5 stars for Ease of Use. Read the 2013 Broker Review.

Commission Notes

Firstrade is another broker that offers flat fee commissions for both stocks and options. Alongside regular ETFs, the broker also offers 10 commission free ETFs. NASDAQ level II streaming quotes can be purchase for $19.95 per month.

Stock Trades - $6.95 flat fee per trade. For stocks under $1.00, the broker charges the lesser of: A. $6.95 + $0.005 x numbers of shares and B. Share price x numbers of shares x 5%.

Options Trades - $6.95 + $.75 per contract. Exercise & assignments are $14.95.

Mutual Funds - All no-load mutual funds cost $9.95 per trade. There is no commission for load-funds and NTF (no transaction fee) funds. Additional fees may apply depending on the fund.

Inactivity Fee - Firstrade charges a yearly inactivity fee of $19.95 when no trades are made during the previous 24 months AND the total account equity is less than $2,000. The fee can be waived by placing a trade or by maintaining an account balance above $2,000.

Trade Commissions Breakdown

$6.95 Stock Trade Fee (flat)*
N/A Stock Trade Fee (per share)*
$6.95 Options Base Fee*
$0.75 Options Per Contract Fee*
$16.95 Options Exercise Fee
$16.95 Options Assignment Fee
$9.95 Mutual Fund Trade Fee
$19.95 Broker Assisted Trades Fee
$0.00 Minimum Deposit

Margin Rates

7.75% Under $24,999.99
7.75% $25,000.00 to 49,999.99
6.75% $50,000.00 to $99,999.99
6.50% $100,000.00 to $249,999.99
6.00% $250,000.00 to $499,999.99
5.00% $500,000.00 to $999,999.99
4.50% Above $1,000,000.00

Miscellaneous Fees

$0.00 Bond Trade Fee
$0.00 Treasury Trade Fee
$0.00 CD Trade Fee
$0.00 IVR Trade Fee
$0.00 IRA Annual Fee
$50.00 IRA Closure FEe
$26.95 Forced Margin Sellout Fee
$35.00 Returned ACH Fee
$0.00 Returned Wire Fee
$100.00 Stock Certificate Processing Fee
$0.00 Stock Certificate Delivery Fee
$5.00 Paper Statement Fee
$2.00 Paper Confirmation Fee
$30.00 Domestic Wire Fee
$40.00 International Wire Fee

Offering of Investments

Yes Bonds (Corporate)
Yes Bonds (Municipal)
Yes Bonds (US Treasury)
Yes CDs
Apex Clearing Clearing Firm
10 Commission Free ETFs
Direct Market Routing - Stocks
Direct Market Routing - Options
4000 # of Easy to Borrow Stocks
Forex Trading
Futures Trading
Yes No Fee IRAs
Yes Mutual Funds
3071 Mutual Funds (Load)
3677 Mutual Funds (No Load)
473 Mutual Funds (NTF)
7221 Mutual Funds (Total)
Yes Mutual Funds Phone Trades
Yes Mutual Funds Web Trades
No Inactivity Fees
Yes No Minimum Deposit
Yes Options Exercising (Phone)
Options Exercising (Web)
Yes Options Trading
Options Trading (Mini)
Yes Options Trading (Weekly)
Yes OTCBB / Pink Sheets
Yes Stock Trading

Customer Service

Yes Phone Support
Yes Email Support
Yes Live Chat (Current Clients)
24/7 Support

Platforms & Tools

Desktop Platform
Mac Platform
Yes Web Platform
NA Active Trading Platform
Auto Investing
Yes Charting - Display Corporate Events
7 Charting - Drawing Tools
Charting - Notes
Yes Heat Mapping
Ladder Trading
Yes Level 2 Quotes - Stocks
Level 2 Quotes - Options
Option Chains - Streaming Real-time
Option Analysis - P&L Charts
Yes Stock Alerts Delivery - Email
Stock Alerts Delivery - Sound
Stock Alerts Delivery - Text SMS
Yes Streaming Time & Sales
Streaming TV
Trade Hot Keys
Virtual Trading
Yes Watchlists - Streaming Real-time Quotes


Yes Research - ETFs
Yes Research - Mutual Funds
Yes Research - Pink Sheets / OTCBB
Research - Fixed Income
1 Equity Research - Research Reports
Yes ETF Research - Top 10 Holdings
Yes ETF Research - Morningstar Style Box
ETF Research - Research Reports
Mutual Fund Research - Research Reports
Yes Mutual Fund Research - Fees Breakdown
Yes Mutual Fund Research - Performance Analysis
Yes Mutual Fund Research - Top 10 Holdings
Yes Screener - Stocks
Yes Screener - ETFs
Yes Screener - Mutual Funds
Screener - Options
Screener - Bonds


Yes Has Education - Stocks
Has Education - ETFs
Yes Has Education - Options
Has Education - Mutual Funds
Has Education - Bonds
Has Education - Retirement
Yes Investor Dictionary
Client Webinars
Live Seminars
Retirement Calculator
Community Forums

Mobile Trading

Yes iPhone App
iPad App
Yes Android App
Android Tablet App
Yes Mobile Site
Yes Quotes (Real-time)
Quotes (Streaming Real-time)
Yes Watch List Syncing
Market Movers (Top Gainers)
Stock Alerts Delivery - Push Notifications
Barcode Lookup
Customizable Homescreen
Stream Live TV
Yes Trading - Stocks
Yes Trading - Stocks (After-Hours)
Yes Trading - Simple Options
Trading - Complex Options


Checking Accounts
Savings Accounts
Debit Cards
Credit Cards
Mortgage Loans
Mobile Check Deposit
ATM Fee Reimbursement
No Fee Banking
2 Retail Locations

Active Trading

Yes Receives Payment for Order Flow
Client Liquidity Rebates

All pricing data was obtained from a published web site as of 5/01/2015 and is believed to be accurate, but is not guaranteed. The staff is constantly working with its online broker representatives to obtain the latest pricing data. If you believe any data listed above is inaccurate, please contact us using the link at the top of this page. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply. Square Logo