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Firstrade Review: Is Trading On This Platform Worth The Money?


Firstrade Review

Do you think this is the right platform for you to spend your money on?

Here’s everything you must know before you start trading!

In this day and age of rapidly-advancing technology we’ve become so dependent on our iPhones, tablets, and other gadgets to do pretty much everything: shopping, ordering takeout, talking face-to-face with someone halfway across the world – but what about managing your stock portfolio? That’s right!

With this platform, you can trade in stocks, options and mutual funds, monitor stock markets, and keep abreast of market information, all at the touch of a button.

In this Firstrade review, I’ll be exploring some key features as well as the pros and cons of investing through this platform.

What Is Firstrade?

Firstrade Securities Incorporated, formerly known as First Flushing Securities, is an online brokerage firm which has been providing a variety of investment products and services for the last 30 years.

Their website was launched in 1997 and has undergone quite a few facelifts since then, resulting in a simple, user-friendly interface bound to attract new customers.

Besides offering an extensive suite of trading products, including but not limited to stocks, bonds, options and mutual funds, customers also have access to educational resources, financial tools and calculators, an array of account types to choose from and regular research reports from Morningstar, a leading independent research provider in the industry.

Here’s a short YouTube that reviews and walks you through the platform:

Fee Structure

The company’s commitment to providing value and high-quality services to its customers is evidence in its price outline. With a base commission fee of $6.95 per stock traded and option traded, along with a $0.75 fee per contract, they fall closer to the discount side of the online brokerage spectrum.

Options base fee

price per contract

account minimum

trading types available

Firstrade

$2.95

$0.50

$0.00

Stocks, options, ETFs, mutual funds, bonds

TradeStation

$4.99 to $7.99

$0.20 to $0.70

$5,000.00

Stocks, options

OptionsXpress

$0.00

$1.25 to $1.50

$0.00

Stocks, options, futures, mutual funds, FOREX

Scottrade

$7.00

$1.25

$2,500.00

Stocks, options, mutual funds, 

eOption

$5.00

$0.15

$500.00

Stocks, options, mutual funds, 

In addition, trading no-load mutual funds at $9.95 per trade is by far the most competitive price among both discount and higher-end competitors, making this broker a force to be reckoned with.

Most broker assisted trade fees with them incur a $19.95 charge, which is also very low compared with competing firms such as Ameritrade and Fidelity, who charge $44.99 and $32.95 per trade respectively. The official website provides an exhaustive price framework, as well as a table comparing its fees with those of other firms providing similar services.

Advantages


Firstrade Securities

This platform provides extended trading hours from 8:00 – 9:25 AM and 4:05 – 5:25 PM EST, giving traders the opportunity to take part in pre and post-market activities.

Additionally, customer support is available via email, telephone and live chat, and in an attempt to cater to a developing international clientele, they now offer customer support in Cantonese and Mandarin, in addition to English.

To support this move towards global integration, they have made it possible for prospective customers in 19 countries outside of the United States to open an account and begin trading. 

With them, you can rest assured that your funds are covered and protected under various frameworks, including the FINRA, SIPC and Firstrade’s Online Protection Guarantee.

Their proprietary software, X-Stream, enables customers to monitor up to 20 stocks simultaneously and gain access to charts, real-time news and extensive research on the stocks that they are most interested in.

This online broker has also developed a convenient, easy-to-use app, available on the Google Play Store for Android devices and on the App Store, which allows for on-the-go tracking and monitoring of all your trades and investment interests.

The firm is also offering promotions, such as a referral programme, cash back, rebates and free trades in an attempt to attract new customers.

Disadvantages

In order to increase its presence on an international scale, they need to provide access to international markets, such as Forex, so that traders looking for more variety will not turn to other services which provide such trading capabilities.

Unfortunately for new and developing investors, they do not provide professional investment management or sufficient, in-depth educational resources. Also, the X-Stream software, though innovative, proves to be a bit slow and outdated.

Final Thoughts

If you have an Android or iPhone, know your way around the brokerage industry, enjoy working and managing by yourself and don’t want to spend a pretty penny on trading, then you’re in luck. Firstrade.com could definitely be the platform for you. You can’t deny the reasonable prices, the simplicity and ease of accessing your accounts and the comprehensive selection of services available.

However, if you’re just starting out or would prefer getting help with your investment decision-making, it might be wiser to seek out another platform with more in-depth resources and access to professional assistance.

I hope that this Firstrade review has cleared up some of your doubts and concerns about the platform and has helped you to decide whether or not it’s suitable for you.

The post Firstrade Review: Is Trading On This Platform Worth The Money? appeared first on Personal Income.

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About Carol St. Amand

Carol St. Amand

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