Firstrade

What is Firstrade？

　　FirstTrade is an online brokerage founded in 1985 and is now operating under FINRA regulation with license no.CRD#: 16843/SEC#: 8-34642. Offering commission-free trading on a diverse array of investment products such as stocks, options, mutual funds, and fixed income securities, FirstTrade ensures accessibility and affordability for investors of all levels.

　　Moreover, with competitive margin rates and a range of powerful trading platforms accessible across desktop and mobile devices, investors have the tools they need to execute their strategies effectively. Coupled with extensive educational resources, including guides, webinars, and a tax center, FirstTrade stands as a reliable partner, empowering investors to navigate the complexities of the financial markets and achieve their investment objectives.

　　For more detailed information, you can visit their official website: https://www.firstrades.coor contact their customer service directly.

Pros & Cons

　　Pros:

• 　　FINRA Regulation: FirstTrade is regulated by the Financial Industry Regulatory Authority (FINRA), ensuring compliance with industry standards and providing investors with a level of trust and confidence in the security and integrity of their investment activities.

• 　　Commission-Free Trading: FirstTrade offers commission-free trading on a wide range of investment products, allowing investors to execute trades without incurring additional fees, which can significantly reduce the cost of investing.

• 　　Competitive Margin Rates: With margin rates starting as low as 9.75% for balances over $1,000,000, FirstTrade provides competitive rates for investors leveraging margin trading, enabling them to increase their buying power and pursue more advanced investment strategies.

• 　　Diverse Investment Products: Investors have access to a diverse array of investment products, including stocks, options, mutual funds, and fixed income securities, allowing for comprehensive portfolio diversification and customization.

• 　　Powerful Trading Platforms: FirstTrade offers powerful and customizable trading platforms accessible across desktop, iPad, and mobile devices, providing investors with the tools they need to monitor their accounts, conduct research, and execute trades efficiently.

• 　　Extensive Educational Resources: FirstTrade provides a wealth of educational resources, including guides, webinars, and a tax center, aimed at empowering investors with knowledge and insights to make informed decisions and enhance their investing skills.

Cons

• 　　:

• 　　Customer Service Availability: While FirstTrade offers various communication channels, including phone, fax, and WhatsApp, its customer service hours is limited to weekdays from 10am to 4pm ET, potentially causing delays in response times for inquiries or support requests made outside of these hours.

• 　　Margin Trading Risks: While margin trading can increase returns, it also amplifies risks, as investors can be subject to margin calls and incur significant losses if their investments decline in value.

Regulatory Status

　　Firstrade operates under the regulatory jurisdiction of prominent global financial authorities.

　　In the United States, it is regulated by The Financial Industry Regulatory Authority (FINRA) under license No. CRD#: 16843/SEC#: 8-34642, regulatory background of which indicates Firstrade' commitment to adhering to the highest standards of financial operations, providing a reliable trading environment for its clients.



Tradable Securities

　　Firstrade offers a diverse range of tradable securities designed to meet various investment needs and strategies, all with the advantage of commission-free trading.

　　Investors can trade stocks/ETFs listed on major exchanges such as the NYSE, AMEX, and Nasdaq, as well as the Over-the-Counter (OTC) markets.

　　In addition to equities, Firstrade provides access to options trading with zero commission and contract fees, enabling sophisticated strategies for hedging or leveraging positions.

　　For those interested in managed portfolios, there are over 11,000 mutual funds available, allowing for broad diversification and professional management.

　　Furthermore, Firstrade includes fixed income securities in its product lineup, such as bonds, providing stable income streams and lower risk options for conservative investors.



Margin Rate

　　For investors utilizing margin, Firstrade provides flexibility and cost-effectiveness for leveraging investment strategies. With rates starting as low as 9.75% for balances over $1,000,000, and gradually increasing to 13.75% with lower balances up to $24,999, Firstrade ensures accessibility to margin trading while maintaining affordability.

Dollar Range	Above/Below Base Rate	Effective Rate
$1,000,000 +	- 2.25%	9.75%
$500,000 - $999,999	- 1.65%	10.35%
$250,000 - $499,999	0.0025	12.25%
$100,000 - $249,999	0.005	12.50%
$50,000 - $99,999	0.01	13.00%
$25,000 - $49,999	0.015	13.50%
$0 - $24,999	0.0175	13.75%



　　Additionally, Firstrade offers competitive credit interest rates, providing returns on cash balances across various tiers. Regardless of account size, investors can benefit from a consistent credit interest rate of 0.45%, offering a source of additional income on idle funds.



　　Furthermore, Firstrade offers FDIC insured deposit rates of 0.45%, ensuring competitive returns on cash balances while providing the security of FDIC insurance. This rate applies across various cash balance tiers, offering investors a consistent and attractive option for earning returns on idle funds.



Commissions & Fees

　　Firstrade sets itself apart with its commitment to straightforward pricing, empowering investors to focus on their investments rather than worrying about excessive fees.

　　Offering $0 commission trades and $0 options contract fees, Firstrade enables investors to execute their trades without incurring additional costs. Moreover, there are no minimum deposit requirements or inactivity fees, providing flexibility for investors of all levels.

　　For online stock orders, options orders, and mutual fund trades, Firstrade stands out with its $0 commission structure.

　　For broker-assisted trades, Firstrade charges a fee of $19.95(+$0.50/Contract).

　　Furthermore, Firstrade imposes no exercise and assignment fees, providing investors with cost-effective options trading.



Platforms & Tools

　　Firstrade offers a customizable trading platform named Firstrade: Invest & Trade It's designed to meet the diverse needs of investors. With access from desktop, iPad, or mobile phone, managing accounts and executing trades is seamless and convenient across devices.

　　For serious investors, OptionsWizard, Firstrade's own analytical tool, provides professional-grade options and unlocks advanced investing opportunities and insights.



Education

　　FirstTrade's Education Center offers a comprehensive suite of resources to empower investors at every level of expertise.

　　From beginner to advanced, investors can access guides on options and margin trading, enabling them to navigate these sophisticated strategies with confidence.

　　Engaging webinars provide valuable insights into market trends and investment strategies, while the Tax Center ensures investors have the resources they need to navigate tax implications effectively.



Customer Service

　　FirstTrade's customer service is readily accessible and committed to providing support to investors worldwide. Whether you're in the US or abroad, you can reach them via toll-free numbers during office hours, ensuring prompt assistance.

　　Additionally, inquiries can be made through fax or WhatsApp, accommodating various communication preferences.

　　You can also reach out via WhatsApp for prompt and personalized assistance.

　　For general queries, the FAQ section offers comprehensive guidance, reflecting FirstTrade's dedication to delivering exceptional customer support.

　　Address: 30-50 Whitestone Expwy. Ste. A301, Flushing, NY, 1354 (Office Hours: Monday - Friday, 10am - 4pm ET)

　　Tel: U.S. Toll Free: 1-929-5833-786;

　　Outside the US: 1-929-5833-786;

　　Fax: 1-718-961-3919.



Conclusion

　　In conclusion, FirstTrade emerges as a robust and user-centric investment platform, distinguished by its commitment to democratizing trading through commission-free transactions and competitive rates. Boasting powerful and customizable trading platforms accessible across desktop and mobile devices, FirstTrade caters to investors of all levels.

　　Moreover, its comprehensive educational resources, including guides on options and margin trading, webinars, and a tax center, exemplify its dedication to empowering investors with knowledge and tools for success.

　　Notably, FirstTrade operate with FINRA regulation which grants some level of liability of the company. With these attributes, FirstTrade stands as a reliable partner for investors, fostering confidence and facilitating financial growth.

Frequently Asked Questions (FAQs)

Question 1:	Is Firstrade regulated by any financial authority？
Answer 1:	Yes, it is regulated by FINRA with license no. CRD#: 16843/SEC#: 8-34642.

Question 2:	What types of securities can I invest in with Firstrade？
Answer 2:	Firstrade offer a wide variety of securities such as Stocks/ETFs, Options, Mutual Funds and Fixed Income.

Question 3:	What are margin rates offered by Firstrade？
Answer 3:	FirstTrade's margin rates vary based on dollar ranges, starting at 9.75% for balances exceeding $1,000,000 and increasing to 13.75% for balances up to $24,999.

Question 4:	Is the cost of using Firstrade high？
Answer 4:	The cost of using FirstTrade is not high. With commission-free trades, competitive margin rates, and no account minimums or inactivity fees, FirstTrade prioritizes affordability and accessibility for investors, ensuring that costs remain low while providing robust trading services and resources.

Question 5:	Is Firstrade suitable for beginners？
Answer 5:	Yes, Firstrade is designed to be user-friendly for its FINRA regulation status and they offer a comprehensive help center and robust educational resources for beginners to learn about trading.

Risk Warning

　　Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.