Firstrade Reviews And Information
Firstrade Commissions
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Market:
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$6.95
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Limit:
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$6.95
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Options:
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$9.95 + $1.25 per contract
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Rate this Broker
Firstrade
Firstrade has been around since the 1980s. It launched its online trading service in 1997. Their target market is self-directed investors who want solid service and executions, and who don't want to pay extra fees for extraneous services they don't use.
Firstrade Services
Firstrade is a stripped-down operation. They offer the basics, and not much else. However, they handle the fundamentals well enough. All customers receive the same commissions structure, so there is no favoritism for large accounts or active traders. Futher, there is no minimum account balance. Owners of smaller accounts should appreciate this, and larger account holders will find that Firstrade's regular rates are on par with the "special" rates at other brokerages.
Further, Firstrade charges no commissions for mutual fund orders held for 180 days or more. (Shorter term holdings are subject to a transaction fee, but this is a common practice.)
Their research tools and resources are limited, but they provide access to MarketWatch News, S&P news and research, and Valueline mutual fund reports.
An interesting recent addition is a set of tax-related accounting tools. This is an uncommon service for a brokerage to offer, and promises to be very helpful when April 15 approaches. Further, Firstrade offers Bond trading, which is relatively uncommon among the deep-discount brokerages.
Firstrade Reviews in the Media
Firstrade's reviews have largely been good, criticism being limited to the obvious shortcomings such as thin customer support, limited product offerings, and unsophisticated trading tools. All of these to some extent stem from the nature of Firstrade's no-frills model. Most critics agree that Firstrade does a good job with the services they offer.
Downsides to Consider
Firstrade is a no-frills operation. You won't a lot of the additional services that other online brokerages offer, and their customer support is limited at best. Further, they have no special products or services for active traders, so day-traders will probably want to look elsewhere.
Bottom Line
Firstrade is a fine choice for the independent investor who wants to keep expenses low and doesn't need a lot of support. Their fees are competitive, and their executions are good. Still, there are other options available that are even less expensive, and offer a similar level of service. For example, self-directed investors may want to consider
Zecco.com or
TradeKing.com
For investors wanting a broader array of services,
Charles Schwab or
Fidelity Investments are likely to be better alternatives.
User Rating
Latest User Review for Firstrade
Notable Features
Low fees, no account minimums, wide variety of tradeable securities, tax accounting tools
Investments Available
Stocks, bonds, mutual funds, options trading
Alternate Spellings
Firsttrade
,
First trade
,
Firtrade
Based on 3 votes.
It seems this company offers allot to people wbeepare interested in trading stocks,bonds,and CDs..The rates seem fare and if i was to do something like this for my first time id chose this company most likely in the future..
Thank you for your time
Kimberly