Comparing brokers side by side is no easy task. For our 2017 Broker Review, we assessed 16 brokers on 308 different variables to find the best online broker
. Yielding a database of over 5,000 data points, let's compare Firstrade vs TradeStation Securities.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. TradeStation Securities charges $5.00 per stock trade which is $0.05 more than Firstrade which charges customers $4.95 per trade. With options, the base fees charged are $5.00 (TradeStation Securities) and $4.95 (Firstrade). Each option contract then costs $0.65 at Firstrade and $0.50 at TradeStation Securities. 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. TradeStation Securities provides its clients with Stock Trading, Options Trading, Mutual Funds and Futures Trading while Firstrade provides clients access to Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, Firstrade boasts an offering of 12191 mutual funds compared to TradeStation Securities's 4854 available funds. Commission free ETFs can also be valuable for customers, Firstrade offers 12 commission free ETFs versus TradeStation Securities's total of 0.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. TradeStation Securities offers virtual trading while Firstrade does not. Taking a look at mobile trading, Firstrade offer clients access to an iPhone App and Android App while TradeStation Securities has 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 offered by Firstrade while TradeStation Securities offers none of these. On the whole, when it comes to tools, research, and mobile trading, TradeStation Securities posted awards Best in Class - Platforms & Tools in 2017, while Firstrade found itself with none of these.
Overall, both Firstrade and TradeStation Securities hold a 3.50 star rating.