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 Robinhood 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 more than Robinhood for placing regular stock trades ($2.95 and $0, respectively). Looking at trading options, Firstrade's base fee is $2.95 while Robinhood's is $N/A. Option contracts are pricier at Robinhood, costing $N/A versus $0.50 at Firstrade. 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. Robinhood supports Stock 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 Robinhood has 0 available funds, a difference of 12,603. And, commission free ETFs deserve a comparison, Firstrade offers 12 commission free ETFs versus Robinhood's total of 0.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Neither Firstrade and Robinhood offer virtual trading. For mobile trading, Both Firstrade and Robinhood offer clients access to an 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 Robinhood offers none of these. All factors considered, when it comes to platform tools, research, and mobile trading, both Firstrade and Robinhood found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, Firstrade takes the upper hand with 3.50 stars over Robinhood's 2.50 stars.