Comparing brokers side by side is no easy task. For our annual broker review, we assess over a dozen brokers on hundreds of different variables to find the best online broker
. Yielding a database of over 5,000 data points, let's compare E*TRADE vs Firstrade.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. E*TRADE charges $6.95 per stock trade which is $4.00 more than Firstrade which charges customers $2.95 per trade. Looking at trading options, Firstrade's base fee is $2.95 while E*TRADE's is $6.95. Each option contract then costs $0.75 at E*TRADE and $0.50 at Firstrade. It's important to note that not all brokers charge a flat fee per trade. Thus, it is important to read the full commission notes for each broker, which we include with each online broker review
Next to commission rates, being able to trade what you want is important. Firstrade offers clients Stock Trading, Options Trading and Mutual Funds while E*TRADE offers Stock Trading, Options Trading, Mutual Funds and Futures Trading. Looking at mutual funds, E*TRADE trails Firstrade by 3,605 total mutual funds, with Firstrade offering 12603 and E*TRADE offering 8998. Commission free ETFs can also be valuable for customers, Firstrade offers 703 commission free ETFs versus E*TRADE's total of 225.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Neither broker offers virtual trading. Taking a look at mobile trading, Both E*TRADE and Firstrade offer clients access to an iPhone App, iPad App and Android App. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Both E*TRADE and Firstrade offer Checking Accounts and Debit Cards. On the whole, when it comes to tools, research, and mobile trading, unfortunately, neither E*TRADE nor Firstrade received awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, E*TRADE comes out on top with 4.50 stars over Firstrade's 4.00 stars.