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 Robinhood.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. Firstrade, with its regular stock trades costing $2.95, is more expensive than Robinhood's rate of $0 per trade. For options trading, Firstrade has a base fee of $2.95, and Robinhood a base fee of $0. Robinhood's per contract rate of $0 is less than Firstrade which charges $0.50. 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. Robinhood supports Stock Trading and Options Trading while Firstrade supports Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, Firstrade boasts an offering of 12603 mutual funds compared to Robinhood's 0 available funds. Commission free ETFs can also be valuable for customers, with Firstrade having the upper hand thanks to its 703 available commission free ETFs compared to Robinhood's offering of N/A.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Firstrade nor Robinhood offers virtual trading. Taking a look at mobile trading, Firstrade along with Robinhood both support the 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 offered by Firstrade while Robinhood offers none of these. On the whole, when it comes to 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 boasts 4.00 stars versus Robinhood's 2.50 stars.