TD Ameritrade vs Firstrade 2023

Comparing brokers side by side is no easy task. We spend hundreds of hours each year testing the platforms, mobile apps, trading tools and general ease of use among online brokerages, as well as comparing commissions and fees, to find the best online broker.

Though many U.S. brokers offer basic trading features, such as an app, charting tools, stock research and educational content, the depth of those features can vary widely. Let's compare TD Ameritrade vs Firstrade.

In stock trading, the more you know, the better you’ll do. Taking advantage of resources like articles, webinars, videos and interactive elements is a great way to shorten the learning curve. In our analysis, we examine the availability of several different types of educational materials.

For 2023, our review finds that TD Ameritrade offers more comprehensive new investor education for beginning investors than Firstrade. TD Ameritrade offers investors access to Paper Trading, Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement), while Firstrade offers investors access to Videos, Education (Stocks), Education (Options) and Education (Retirement).

TD Ameritrade and Firstrade charge the same amount for regular stock trades, $0.00. Option contracts are pricier at TD Ameritrade, costing $0.65 per contract versus $0.00 per contract at Firstrade. For futures, TD Ameritrade charges $2.25 per contract and Firstrade charges (Not offered) per contract. For a deeper dive, see our best brokers for free stock trading guide.

Looking at a full range of investment options, including order types and international trading, our research has found that TD Ameritrade offers a more comprehensive offering than Firstrade. TD Ameritrade ranks #3 out of 17 brokers for our Investment Options category, while Firstrade ranks #7.

TD Ameritrade offers investors access to Stock Trading, Options Trading, OTC Stocks, Mutual Funds, Futures Trading, Forex Trading and Advisor Services, while Firstrade offers investors access to Stock Trading, Options Trading, OTC Stocks and Mutual Funds. Neither have Fractional Shares Looking at Mutual Funds, TD Ameritrade trails Firstrade in its offering of no transaction fee (NTF) mutual funds, with Firstrade offering 4206 and TD Ameritrade offering 3610.

In our analysis of top U.S. brokerages, we research whether each broker offers the ability to trade cash cryptocurrency, such as bitcoin and ethereum. Though crypto has risen steadily in popularity, availability still varies from broker to broker. Our review finds that neither TD Ameritrade and Firstrade offer crypto trading.

To compare the day trading platforms of TD Ameritrade and Firstrade, we focused on trading tools and functionality across both web and desktop-based platforms. Popular day trading platform tools include streaming real-time quotes, stock alerts, trading hotkeys, direct market routing, streaming time and sales, customizable watch lists, backtesting, and fully functional charting packages, among many others. For day trading, TD Ameritrade offers a better experience.

After testing 25 features across the stock trading apps of TD Ameritrade and Firstrade, we found TD Ameritrade to be better overall. The best stock market apps are easy to use, have excellent design, and deliver a fully featured online trading experience. TD Ameritrade ranks #1 out of 17 brokers, while Firstrade ranks #6.

TD Ameritrade Trading App Gallery

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Firstrade Trading App Gallery

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For research, TD Ameritrade offers superior market research than Firstrade. TD Ameritrade ranks #5 and Firstrade ranks #7.

Over the years, we've found that the best brokers provide rich market commentary, a variety of third-party research reports, and thorough quote screens that are not just easy to navigate, but that also include a comprehensive selection of fundamental data. Robust stock, ETFs, and mutual fund screeners are also must-haves for trade idea generation.

TD Ameritrade requires a minimum deposit of $0.00, while Firstrade requires a minimum deposit of $0.00. From our testing, we found that SoFi is the only broker that requires a minimum deposit.

TD Ameritrade charges 14.75% for accounts under $25,000 while Firstrade charges a margin rate of 13.75%. The industry average of the 17 brokers we track is 11%.

Fractional shares are not offered by either broker. Our research has found that 41% of brokers offer fractional shares investing. Fractional shares allow traders to buy a part of a whole share of stock. For example, if Amazon is trading at $1,000, you could buy half a share for $500.

Both TD Ameritrade and Firstrade allow you to trade penny stocks. TD Ameritrade charges $6.95 per trade while Firstrade charges $0.00. Penny stocks are companies whose shares trade for under $5 and are listed over the counter (OTC). For brokers that do offer penny stock trades, the average commission is $3.

Online banking can be a benefit for investors, and some brokerages do provide banking services to customers. Checking Accounts, Debit Cards and Credit Cards are offered by TD Ameritrade while Firstrade offers Checking Accounts and Debit Cards. Neither have Savings Accounts and Mortgage Loans.

StockBrokers.com partners with customer experience research group Confero to conduct phone tests from locations across the United States to thoroughly evaluate the quality and speed of brokerage customer service. (Read more about How We Test.) Here are the results of our current testing.

TD Ameritrade was rated 1st out of 14 brokers, with an overall score of 9.3 out of 10.

Firstrade was rated 13th out of 14 brokers, with an overall score of 6.1 out of 10.

TD Ameritrade delivers $0 trades, fantastic trading platforms, excellent market research, industry-leading education for beginners and reliable customer service. This outstanding all-around experience makes TD Ameritrade one of our top overall brokers in 2023, in which it placed among Best in Class in several categories including options trading and best for beginners. Note: TD Ameritrade was acquired in 2020 by Charles Schwab, and as of August 2023, TD Ameritrade client accounts are being migrated in batches to Schwab, which will retain the standout thinkorswim platform.

In the 2023 StockBrokers.com Annual Review, TD Ameritrade was rated No. 1 for Platforms & Tools, Mobile Trading Apps, Ease of Use, Beginners, and Customer Service. It also ranked among Best in Class for Commissions & Fees, Research, Investment Options, Education, Active Trading and Overall. TD Ameritrade also won two StockBrokers.com Industry Awards: No. 1 for Phone Support and Trader App.

Firstrade scored well in our 2023 Annual Review for ease of use, and is a great choice for Chinese-speaking investors. However, it lags behind the competition in certain areas, especially platforms, tools and education.