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 4,000 data points, let's compare Firstrade vs Lightspeed.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular 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. 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 supports Stock Trading, Options Trading and Futures Trading while Firstrade supports Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, Firstrade offers its clients access to 12603 different mutual funds while Lightspeed has 0 available funds, a difference of 12,603.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Lightspeed offers virtual trading while Firstrade does not. Taking a look at mobile trading, Both Firstrade and Lightspeed 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. Checking Accounts and Debit Cards are available to clients of Firstrade while Lightspeed offers customers none of these. On the whole, when it comes to tools, research, and mobile trading, Firstrade along with Lightspeed both finished with awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, between Firstrade and Lightspeed, Firstrade is the winner