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Is Lightspeed better than Firstrade? After scoring brokers in nine separate categories for our 2019 review, Firstrade (67.1%) is better than Lightspeed (51.8%). While Firstrade lacks a feature-rich platform, the broker offers commission-free trading, maintains a clean website, and offers its customers the basics to maintain a long-term portfolio.
Using data from our latest annual broker review which tested more than a dozen different online brokers over six months, we can compare Firstrade vs Lightspeed 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. Lightspeed charges $4.50 per stock trade which is $4.50 more than Firstrade which charges customers $0 per trade. With options, the base fee is $0 for both Firstrade and Lightspeed. Firstrade's per contract rate of $0 is less than Lightspeed which charges $0.60. 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 supports Stock Trading, Options Trading and Futures Trading while Firstrade supports Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Firstrade offers its clients access to 12603 different mutual funds while Lightspeed has 0 available funds, a difference of 12,603.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Lightspeed has virtual trading, Firstrade doesn't. For mobile trading, Firstrade and Lightspeed both have a iPhone App, iPad App and Android App. 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 offers none of these.
Overall, between Firstrade and Lightspeed, Firstrade is the winner.
All pricing data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The StockBrokers.com 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 bottom 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.