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 Firstrade vs Lightspeed Trading.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. Lightspeed Trading charges $4.50 per stock trade which is $1.55 more than Firstrade which charges customers $2.95 per trade. Looking at trading options, Lightspeed Trading's base fee is $0 while Firstrade's is $2.95. Option contracts are pricier at Lightspeed Trading, costing $0.60 versus $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. Lightspeed Trading provides its clients with Stock Trading, Options Trading and Futures Trading while Firstrade provides clients access to Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, Firstrade boasts an offering of 12603 mutual funds compared to Lightspeed Trading's 0 available funds. Commission free ETFs can also be valuable for customers, with Lightspeed Trading falling behind Firstrade, offering 0 commission free ETFs compared to Firstrade's 703.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Lightspeed Trading offers virtual trading while Firstrade does not. Taking a look at mobile trading, Firstrade and Lightspeed Trading both have a 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. Checking Accounts and Debit Cards are available to clients of Firstrade while Lightspeed Trading offers customers none of these. On the whole, when it comes to 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.
Overall, Firstrade comes out on top with 4.00 stars over Lightspeed Trading's 3.00 stars.