Using data from the StockBrokers.com 2017 Broker Review which tested 16 different online brokers
over six months, we can compare Firstrade vs Lightspeed Trading to determine which broker is best. Let's dive in.
First, we will break down the commission charges of both brokers for placing stock and options trades. Firstrade charges $4.95 per stock trade which is $0.45 more than Lightspeed Trading which charges customers $4.50 per trade. For options trading, Firstrade has a base fee of $4.95, and Lightspeed Trading a base fee of $0. Option contracts are pricier at Firstrade, costing $0.65 versus $0.60 at Lightspeed Trading. Instead of flat rate fees, several brokers charge a per-share fee instead. For a complete review of trading charges, read our full online broker reviews
Next, investors want to make sure they can trade the investment vehicle they want. Lightspeed Trading supports Stock Trading, Options Trading and Futures Trading while Firstrade supports Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Lightspeed Trading trails Firstrade by 12,191 total mutual funds, with Firstrade offering 12191 and Lightspeed Trading offering 0. And, commission free ETFs deserve a comparison, Firstrade offers 12 commission free ETFs versus Lightspeed Trading's total of 0.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Lightspeed Trading makes virtual trading available to clients, while Firstrade does not. For mobile trading, Firstrade offer clients access to an iPhone App and Android App while Lightspeed Trading has an none of these. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Checking Accounts and Debit Cards are offered by Firstrade while Lightspeed Trading offers none of these. All factors considered, when it comes to platform tools, research, and mobile trading, both Firstrade and Lightspeed Trading found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading in 2017.
Overall, Firstrade takes the upper hand with 3.50 stars over Lightspeed Trading's 2.50 stars.