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TradeStationFirstrade Review
Written by Blain Reinkensmeyer, Chris McKhann
Edited by Carolyn Kimball
Fact-checked by Sam Levine
Published January 10, 2022
Firstrade scored well in our 2022 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.
-
Minimum Deposit:
$0.00 -
Stock Trades:
$0.00 -
Options (Per Contract):
$0.00
Firstrade pros & cons
Pros
- Firstrade is an excellent broker for Chinese-speaking investors. There is 24/7 customer service for Chinese-speaking customers, as well as a variety of education (especially in options trading) and a morning market overview in Chinese five days a week.
- Firstrade has bolstered its options trading capabilities and education around options. Options Trade Ideas (powered by OptionsPlay) provides trading ideas and reports on specific strategies. Options education is multi-tiered and offered in two languages. And there are no commissions.
- The mobile app is appealing and easy to use and provides good charting.
Cons
- Overall, the trading platform and tools are well behind the best brokers for 2022, especially industry leaders Fidelity, TD Ameritrade and E*TRADE.
- Education is lacking. Firstrade offers a smattering of educational content, and it is laid out by category, but it is canned and one-dimensional.
- While the Options Wizard is a cool tool, it was not sized to fit laptop screens, so much of the screen is unreadable. It is also very slow to load.
Overall summary
| Feature |
Firstrade
|
| Overall | |
| Investment Options | |
| Commissions & Fees | |
| Mobile Trading Apps | |
| Platforms & Tools | |
| Research | |
| Customer Service | |
| Education | |
| Ease Of Use |
Firstrade trading platform screenshots
Website:
Mobile app:
Customer service
To score Customer Service, StockBrokers.com partners with customer experience research firm Confero to conduct phone tests from locations throughout the United States. For our 2022 Broker Review, 159 customer service tests were conducted over six weeks. Here are the results for Firstrade.
- Average Connection Time: <1 minute
- Average Net Promoter Score: 6.6 / 10
- Average Professionalism Score: 5.7 / 10
- Overall Score: 6.7 / 10
- Ranking: 9th of 13 brokers
How does Firstrade make money?
Like virtually all online brokerages, Firstrade makes money through payment for order flow, or PFOF. In this practice, a broker receives payment for routing its clients’ transactions through particular market makers. The practice is the subject of some controversy, but remains common industry practice. Fidelity is an exception in not accepting PFOF. (Learn more about PFOF.)
Is Firstrade safe?
Firstrade is an established broker and a member of the Securities Investor Protection Corporation, or SIPC, which provides up to $500,000 of coverage of a client’s assets in the event of a broker bankruptcy. Its clearing firm, Apex Clearing Corporation, provides additional insurance.
Is Firstrade good for beginners?
Firstrade is easy to use and has a good mobile experience. For Chinese-speaking customers it is an excellent choice. Its lack of education, trading tools and research mean that most investors and traders will likely find a better fit among our top-ranked brokers for 2022.
About Firstrade
Founded in 1985 and headquartered in New York, Firstrade is a deep-discount online broker that offers $0 stock and options trades. Firstrade's focus on supporting Chinese-speaking American investors is a standout attribute.
Compare Firstrade Competitors
Select one or more of these brokers to compare against Firstrade.
Show all2022 Review Methodology
Our mission at StockBrokers.com is simple: provide thorough and unbiased reviews of online brokers, based on an extraordinary level of hands-on testing and data collection. Our ratings and awards are based on this data and our experts’ deep authority in the field; brokers cannot pay for preferential treatment. Here’s more about trustworthiness at StockBrokers.com.
For the StockBrokers.com 12th Annual Review published in January 2022, a total of 3,075 data points were collected over three months and used to score 15 top brokers. This makes StockBrokers.com home to the largest independent database on the web covering the online broker industry.
As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy. Brokers also were offered the opportunity to provide executive time for an annual update meeting.
Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors quality data they can trust. Learn more about how we test.
Firstrade fees and features data
The data collection efforts at StockBrokers.com are unmatched in the industry. The following tables show a deeper dive into the offerings available at this broker. You can also compare its offerings side-by-side with those of other brokers using our Comparison Tool.
In addition to meticulous annual data collection by our in-house analyst, every broker that participates in our review is afforded the opportunity to complete an in-depth data profile. We then audit each data point to ensure its accuracy.
Trading fees
| Feature |
Firstrade
|
| Minimum Deposit | $0.00 |
| Stock Trades | $0.00 |
| Mutual Fund Trade Fee | $0.00 |
| Options (Base Fee) | $0.00 |
| Options (Per Contract) | $0.00 |
| Futures (Per Contract) | N/A |
| Broker Assisted Trade Fee | $19.95 |
Account fees
| Feature |
Firstrade
|
| IRA Annual Fee | $0.00 |
| IRA Closure Fee | $0.00 |
| Account Transfer Out (Partial) | $55.00 |
| Account Transfer Out (Full) | $75.00 |
| Options Exercise Fee | 0.00 |
| Options Assignment Fee | 0.00 |
Margin rates
| Feature |
Firstrade
|
| Margin Rate Under $24,999.99 | 8.75% |
| Margin Rate $25,000.00 to $49,999.99 | 8.25% |
| Margin Rate $50,000.00 to $99,999.99 | 7.75% |
| Margin Rate $100,000.00 to $249,999.99 | 7.25% |
| Margin Rate $250,000.00 to $499,999.99 | 7.00% |
| Margin Rate $500,000.00 to $999,999.99 | 5.10% |
| Margin Rate Above $1,000,000.00 | 4.50% |
Investment options
| Feature |
Firstrade
|
| Stock Trading | Yes |
| Fractional Shares | No |
| OTCBB / Pink Sheets | Yes |
| Options Trading | Yes |
| Complex Options Max Legs | 4 |
| Futures Trading | No |
| Forex Trading | No |
| Crypto Trading | No |
| Crypto Trading - Total Coins | 0 |
| Mutual Funds (No Load) | 13777 |
| Mutual Funds (Total) | 19027 |
| Bonds (US Treasury) | Yes |
| Bonds (Corporate) | Yes |
| Bonds (Municipal) | Yes |
| Advisor Services | No |
| International Countries (Stocks) | 0 |
Order types
| Feature |
Firstrade
|
| Order Type - Market | Yes |
| Order Type - Limit | Yes |
| Order Type - After Hours | Yes |
| Order Type - Stop | Yes |
| Order Type - Trailing Stop | Yes |
| Order Type - OCO | Yes |
| Order Type - OTO | Yes |
| Order Type - Broker Assisted | Yes |
Beginners
| Feature |
Firstrade
|
| Education (Stocks) | Yes |
| Education (ETFs) | No |
| Education (Options) | Yes |
| Education (Mutual Funds) | No |
| Education (Bonds) | No |
| Education (Retirement) | Yes |
| Retirement Calculator | Yes |
| Investor Dictionary | Yes |
| Paper Trading | No |
| Videos | Yes |
| Webinars (Archived) | Yes |
| Progress Tracking | No |
| Interactive Learning - Quizzes | No |
Stock trading apps
| Feature |
Firstrade
|
| iPhone App | Yes |
| Android App | Yes |
| Apple Watch App | No |
| Trading - Stocks | Yes |
| Trading - After-Hours | Yes |
| Trading - Simple Options | Yes |
| Trading - Complex Options | Yes |
| Order Ticket RT Quotes | Yes |
| Order Ticket SRT Quotes | Yes |
Stock app features
| Feature |
Firstrade
|
| Market Movers (Top Gainers) | Yes |
| Stream Live TV | No |
| Videos on Demand | No |
| Stock Alerts | No |
| Option Chains Viewable | Yes |
| Watch List (Real-time) | Yes |
| Watch List (Streaming) | Yes |
| Watch Lists - Create & Manage | Yes |
| Watch Lists - Column Customization | Yes |
| Watch Lists - Total Fields | 47 |
Stock app charting
| Feature |
Firstrade
|
| Charting - After-Hours | No |
| Charting - Can Turn Horizontally | Yes |
| Charting - Multiple Time Frames | Yes |
| Charting - Technical Studies | 81 |
| Charting - Study Customizations | Yes |
| Charting - Stock Comparisons | No |
Trading platforms overview
| Feature |
Firstrade
|
| Desktop Trading Platform | No |
| Web Trading Platform | Yes |
| Paper Trading | No |
| Trade Journal | No |
| Watch Lists - Total Fields | 47 |
Trading platform stock chart features
| Feature |
Firstrade
|
| Charting - Adjust Trades on Chart | No |
| Charting - Indicators / Studies | 102 |
| Charting - Drawing Tools | 8 |
| Charting - Notes | No |
| Charting - Index Overlays | Yes |
| Charting - Historical Trades | No |
| Charting - Corporate Events | Yes |
| Charting - Custom Date Range | No |
| Charting - Custom Time Bars | No |
| Charting - Automated Analysis | No |
| Charting - Save Profiles | No |
| Trade Ideas - Technical Analysis | No |
| Charting - Study Customizations | 6 |
| Charting - Custom Studies | No |
Day trading features
| Feature |
Firstrade
|
| Streaming Time & Sales | No |
| Streaming TV | No |
| Direct Market Routing - Stocks | No |
| Ladder Trading | No |
| Trade Hot Keys | No |
| Level 2 Quotes - Stocks | No |
| Trade Ideas - Backtesting | No |
| Trade Ideas - Backtesting Adv | No |
| Short Locator | No |
| Order Liquidity Rebates | No |
Investment research overview
| Feature |
Firstrade
|
| Research - Stocks | Yes |
| Research - ETFs | Yes |
| Research - Mutual Funds | Yes |
| Research - Pink Sheets / OTCBB | Yes |
| Research - Bonds | Yes |
| Screener - Stocks | Yes |
| Screener - ETFs | Yes |
| Screener - Mutual Funds | Yes |
| Screener - Bonds | Yes |
| Misc - Portfolio Allocation | Yes |
Stock research features
| Feature |
Firstrade
|
| Stock Research - PDF Reports | 1 |
| Stock Research - Earnings | Yes |
| Stock Research - Insiders | Yes |
| Stock Research - Social | No |
| Stock Research - News | Yes |
| Stock Research - ESG | No |
| Stock Research - SEC Filings | Yes |
ETF research features
| Feature |
Firstrade
|
| ETFs - Strategy Overview | Yes |
| ETF Fund Facts - Inception Date | Yes |
| ETF Fund Facts - Expense Ratio | Yes |
| ETF Fund Facts - Net Assets | Yes |
| ETF Fund Facts - Total Holdings | Yes |
| ETFs - Top 10 Holdings | Yes |
| ETFs - Sector Exposure | Yes |
| ETFs - Risk Analysis | Yes |
| ETFs - Ratings | Yes |
| ETFs - Morningstar StyleMap | Yes |
| ETFs - PDF Reports | Yes |
Mutual fund research features
| Feature |
Firstrade
|
| Mutual Funds - Strategy Overview | Yes |
| Mutual Funds - Performance Chart | Yes |
| Mutual Funds - Performance Analysis | Yes |
| Mutual Funds - Prospectus | Yes |
| Mutual Funds - 3rd Party Ratings | Yes |
| Mutual Funds - Fees Breakdown | Yes |
| Mutual Funds - Top 10 Holdings | Yes |
| Mutual Funds - Asset Allocation | Yes |
| Mutual Funds - Sector Allocation | Yes |
| Mutual Funds - Country Allocation | Yes |
| Mutual Funds - StyleMap | Yes |
Options trading overview
| Feature |
Firstrade
|
| Option Chains - Basic View | Yes |
| Option Chains - Strategy View | Yes |
| Option Chains - Streaming | No |
| Option Chains - Total Columns | 8 |
| Option Chains - Greeks | 5 |
| Option Chains - Quick Analysis | No |
| Option Analysis - P&L Charts | No |
| Option Probability Analysis | No |
| Option Probability Analysis Adv | No |
| Option Positions - Greeks | No |
| Option Positions - Greeks Streaming | No |
| Option Positions - Adv Analysis | No |
| Option Positions - Rolling | Yes |
| Option Positions - Grouping | No |
Banking features
| Feature |
Firstrade
|
| Bank (Member FDIC) | No |
| Checking Accounts | Yes |
| Savings Accounts | No |
| Credit Cards | No |
| Debit Cards | Yes |
| Mortgage Loans | No |
Customer service options
| Feature |
Firstrade
|
| Phone Support (Prospect Customers) | Yes |
| Phone Support (Current Customers) | Yes |
| Email Support | Yes |
| Live Chat (Prospect Customers) | Yes |
| Live Chat (Current Customers) | Yes |
| 24/7 Support | No |
About the Author
Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.
Chris McKhann has been in the industry for more than 20 years. He has worked for many of the top names in the online trading space, including TD Ameritrade and optionMONSTER, which later became part of E*TRADE. His work has been cited in the Wall Street Journal, Reuters, the Financial Times, Forbes, CNBC, Nasdaq.com and Nikkei. He has also been an advisor and outside trader for several hedge funds. He was one of the first traders to delve into the VIX tradable products and to write about them (back in 2006). Chris is also an educator who teaches high school statistics, finance and computer science.
Carolyn Kimball is managing editor for Reink Media and the lead editor for the StockBrokers.com Annual Review. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money.
Sam Levine is a longtime writer, investor and educator with nearly three decades of experience in the investing industry. His specialty is making even the most complicated investing concepts easy to understand for beginning and intermediate investors. He holds two of the most widely recognized certifications in the investment management industry, the Chartered Financial Analyst and the Chartered Market Technician designations. Previously, he was a contributing editor at BetterInvesting Magazine and a contributor to The Penny Hoarder and other media outlets.