The StockBrokers.com annual broker review assesses more than a dozen different brokers over six months, surfacing the best online stock brokers. This review compares Firstrade vs Lightspeed. Is Firstrade or Lightspeed a better online broker?
First, we will make a comparison of the stock and option trading fees for trading with both brokers. Lightspeed, with its regular stock trades costing $4.50, is more expensive than Firstrade's rate of $0 per trade. For options trading, both Firstrade and Lightspeed charge the same base fee of $0. Each option contract then costs $0.60 at Lightspeed and $0 at Firstrade. Note that some brokers charge a per-share fee instead of a flat-fee commission. For a full breakdown of commissions, read our online broker reviews.
For our next comparison of these two brokers, being able to trade the way you want is a must. Lightspeed supports Stock Trading, Options Trading and Futures Trading while Firstrade supports Stock Trading, Options Trading and Mutual Funds. When it comes to mutual funds, Lightspeed trails Firstrade by 12,603 total mutual funds, with Firstrade offering 12603 and Lightspeed offering 0.
Last but not least, by breaking down important features, tools, etc that each broker offers, we can really help to separate the two. Lightspeed makes virtual trading available to clients, while Firstrade does not. For mobile trading, Firstrade and Lightspeed both have a iPhone App, iPad App and Android App. Furthermore, some investors like to bank online, and multiple brokerages provide these services to clients. Checking Accounts and Debit Cards are available to clients of Firstrade while Lightspeed offers customers none of these.
Overall, between Firstrade and Lightspeed, Firstrade is the winner.