Firstrade is an online broker that is very versatile that it can suit both the casual investors as well as serious traders. Its commission schedule is very straightforward and impressive. Not only this, it is also quite an inexpensive brokerage option because it charges a flat rate of $6.95 for every trade, making it one of the most inexpensive online broker out there in today's market.
A lot of people choose this broker as their online broker because it does not charge any minimum account balance and nor does it charge any type of commissions if one holds mutual funds for more than a period of 180 days. This means that there is no fuss over rules like minimum volume requirements, charges for inactivity or even maintenance fees. It is quite a decent online brokerage company for anyone and everyone interested in investing.
Fees & Commissions
Considering that it does not require any minimum amount of money to open an account is quite an advantage. This feature is perfect for those who wish to invest but do not want to spend money on opening an account. Even if you are unsure about trading in investments for a long term, you are always on the winning side because it does not cost a penny to open an account. You can trade for as long as you want and close the account if you lose interest although there is very little chance for losing interest when trading with them. You have nothing to lose but everything to gain. You can invest your money in stocks, bonds, mutual funds, options, etc instead of using it for opening an account with Firstrade.
You can enjoy a flat rate of $6.95 for every limit trade or market trade. And if you choose to invest in options then you have to pay the basic $6.95 and an additional $0.75 for every contract. They also offer tone phone orders at $16.95. You can also avail broker assisted orders, although these are slightly costlier, i.e. $26.95.
Stocks, exchange traded funds, mutual funds, options, you name it and Firstrade has it! They offer all kinds of investments including fixed income investments like Agency Bonds, Treasuries, CDs, Corporate Bonds and Municipal Bonds. It also offers education planning, international accounts and retirement accounts. There is a choice of ten thousand mutual funds too for Firstrade's investors.
It is very easy to use the services and trading platform because of its simplicity and user-friendliness. There are also tabs provided for easy access to shortcuts like market news or any other information that you would like. Overall, it can be said that it is quite easy to use Firstrade, even for first-timers!
Although the trading tools are not that impressive in comparison to some of the top-notch online brokerage companies, but as a website it is still functional and useable. You can monitor up to twenty favorite stocks of yours, streaming portfolios and news, planning tools, screeners and stock researches with the help of the useful investment tool X-Stream. In addition, the transaction information is quite compatible with Microsoft Money and Quicken and it is very convenient to use.
Not only this, Firstrade also offers a collection of information and guidance such as FAQs, investment guides, tax information, a glossary as well as a recommended reading list. An active blog is also hosted and newsletters are published periodically and there is also a trader forum for those interested.
Although the website is well labeled and categorized, so much so that you won't be requiring much help to navigate it, yet there is a customer service for those who require assistance. This can be availed via phone, email or live chat for any queries relating to trading or the service.
Get 250 commission free trades when you open a new Firstrade account! More Info...
Website design, clean and easy to navigate.
No minimum deposit to open account.
A large variety of mutual funds and fixed income investments to choose from.
Na account maintenance or inactivity fees.
Free dividend reinvestment.
Watchlists set up on Website can also be used on iPhone app.
Disadvantages/Customers don't like
Limited real-time watchlist to only 20 stocks.
Lack of quality research tools.
Extra fees for penny stocks (under $2) and large orders over 5,000 shares.
Paper-heavy registration and service setup process.
Here is how the most trustworthy external sources rate this broker. Best rating is marked with 5 orange stars, worst rating is marked with 5 grey stars, and if any feature is not rated you will see white stars with grey border.
Legend: Not Rated:Worst Rating:Best Rating:
Commissions & Fees
Research & Analysis
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