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Firstrade -

Score

1.55 /10
Danger

Firstrade

United States

5-10 years

Suspicious Regulatory License

Global Business

High potential risk

https://www.firstrade.com/content/en-us/welcome

Influence

AA

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Comparison

Quantity 1

Exposure

Open Account
Website

Score

Regulatory Index0.00

Business Index7.34

Risk Management Index0.00

Software Index4.00

License Index0.00

Open Account
Website

Licenses

No valid regulatory information, please be aware of the risk

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

open now

Broker Information

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Company Name

Firstrade Securities, Inc

Company Abbreviation

Firstrade

Platform registered country and region

United States

Company website

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Company summary

Pyramid scheme complaint

Expose

Check whenever you want

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Warning: Low score, please stay away! 2
Previous Detection : 2025-06-11
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

Exposure

1 pieces of exposure in total
Pyramid scheme complaint
Expose
Unable to Withdraw

Induced investment fraud, no money can be withdrawn

FB asked me to learn stock picking and trading methods. He added me in line and asked me to add an assistant line. The assistant invited me to join the group and follow the operations to make small profits. Later, the teacher told me to cooperate with foreign-funded institutions on a profit plan and gave the First Securities specialist line Inquiry, asking to download the app, store value remittance, reserve chips to transfer, just sell them, quickly accumulate funds through hedging, new stock lottery, huge transactions, but when requesting to withdraw money, I told the assistant that I did not reserve the target, but it was still transferred. As a result, the winning funds were insufficient, and I had to make up the funds before I could withdraw the money. The assistant said that I could apply for over-the-counter funds from the specialist. The specialist only said that I needed to deposit and repay within a time limit, but did not say that I had to deposit and repay before I could withdraw, so I still couldn't withdraw the money. It was obviously a trap. Scam, asking you to keep re-depositing money.

5487
2023-12-22 16:00
Data Source WikiFX Data provide
Updated: 2025-06-11
Firstrade · Company summary
Firstrade Review Summary
Founded1985
Registered Country/RegionUnited States
RegulationNo regulation
Market InstrumentsU.S. Stocks, ETFs, Options, Mutual Funds
Demo Account❌
Trading PlatformFirstrade Web Platform, Mobile App (iOS & Android), OptionsWizard Tool
Minimum Deposit$0
Customer SupportPhone (US Toll-Free): 1-888-889-2818
Phone (Taiwan Toll-Free): 00801-856-958
Phone (China Toll-Free): 400-685-8589
Phone (International): +1-718-888-2158
Email: service@firstrade.com / support@firstrade.com
WeChat: Firstrade-1985 (Mon–Fri 8:00–18:00 EST)
Fax: +1-718-961-3919

Firstrade Information

Firstrade, founded in 1985 and headquartered in the United States, is an online brokerage platform that provides commission-free trading for stocks, options, ETFs, and mutual funds. While it offers user-friendly platforms and tax-advantaged IRAs to both new and experienced investors, it is not regulated by any major financial institution in the United States.

Firstrade's homepage

Pros and Cons

ProsCons
$0 commission on stocks, ETFs, options, and fundsNo regulation
No account inactivity fees or deposit minimumsNo Islamic accounts
Free tools like OptionsWizardLimited to U.S. markets

Is Firstrade Legit?

Firstrade is an unregulated broker. Though registered in the United States, it lacks any formal regulatory license from major U.S. financial agencies including the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA).

No license

WHOIS domain data shows the official domain firstrade.com was first registered December 28, 1997. Last updated on October 28, 2024, it will expire December 27, 2029. The domain is now in “client transfer prohibited” status, which indicates it cannot be moved to another registrar without permission.

Domain information

What Can I Trade on Firstrade?

Firstrade offers a commission-free trading platform for a range of investment products, including U.S. stocks, ETFs, options, and mutual funds. Investors can build and diversify their portfolios without incurring standard trading fees.

Trading InstrumentsSupported
U.S. Stocks✔
ETFs✔
Options✔
Mutual Funds✔
Forex❌
Commodities❌
Indices❌
Cryptocurrencies❌
Bonds❌
What Can I Trade on Firstrade?

Account Type

There are two major types of live accounts that Firstrade offers, one for investing and one for retirement. It does not have a demo account or an Islamic account that does not allow swaps. These accounts are great for both new and experienced users who want to get tax breaks while investing in U.S. markets.

Account TypeFeatureSuitable for
Investment AccountIndividual or joint account to invest in stocks, ETFs, options, and more.General investors
Retirement Account (IRA)Traditional, Roth, or Rollover IRA for tax-advantaged retirement savings.Long-term retirement savers
Account Type

Firstrade Fees

With fees far lower than industry norms, Firstrade is among the most affordable brokers for U.S. stock and options traders. With no minimum deposit or inactivity charge, it provides commission-free trading on mutual funds, options, ETFs, and stocks.

Trading Fees

Trading ProductCommissionContract FeesNotes
Stocks❌–No commission at all
ETFs❌–
Options❌❌No per-contract fees
Mutual Funds❌–Includes load & no-load funds
Bonds & CDsNet yield basis–CDs: $30 for primary market
Firstrade Fees

Non-Trading Fees

FeeAmount
Account Maintenance❌
Inactivity Fee❌
Electronic Billing/Transfers❌
U.S. Wire Transfer$25
International Wire Transfer$25
Overnight Check (U.S. only)$50
ACAT Account Transfer (Full)$75
ACAT Partial Transfer$55
Third-Party Payment Notification$20
Foreign Stock Trading/Transfer$75
Retirement Account Setup/Closure❌
ADR Fee$0.01–$0.05 per share
Firstrade Fees

Trading Platform

Trading PlatformSupportedAvailable Devices
Firstrade Web Platform✔PC, Mac (Web browser)
Firstrade Mobile App✔iOS, Android
OptionsWizard Tool✔Web, integrated with main app
Trading Platform

Deposit and Withdrawal

Firstrade charges no fees for normal withdrawals or deposits. Certain services, such overseas transfers or quick check delivery, meanwhile, do cost money. There is no minimum deposit need, so novices may simply begin investing.

Payment MethodMinimum AmountDeposit FeeWithdrawal FeeProcessing Time
ACH Transfer (Bank Linking)$0❌❌1–3 business days
Wire Transfer (Domestic)$0❌$251–2 business days
Wire Transfer (International)$0❌$253–5 business days
Check by Mail (U.S. only)$0–$0 (standard), $50 (expedited)Standard or overnight delivery
Internal Account Transfer$0❌❌1 business day
Deposit and Withdrawal

News

NewsFirstrade Introduced FirstradeGPT

Firstrade Securities Inc. (Firstrade) launched FirstradeGPT, a research and analysis tool for everyday investors. Firstrade has partnered with Trading Central, a provider of investment decision support tools and research, to help clients make better decisions and trades.

WikiFX
2024-06-20 18:30
Firstrade Introduced FirstradeGPT

NewsThe Easiest Ways to Become Rich in the Stock Market

Investing in the stock market is one of the finest methods to build money around the globe. One of the stock market's key advantages is that there are several methods to benefit from it.

WikiFX
2022-04-21 15:00
The Easiest Ways to Become Rich in the Stock Market

NewsApril 2022: Top Options Trading Brokers and Platforms

While the majority of the brokers on our list of the best brokers for stock trading are also excellent options brokers, this list concentrates on brokers that excel in areas that are crucial to options traders. Many of the brokers on this list are also on our list of the best online trading platforms for day trading.

WikiFX
2022-04-18 12:08
April 2022: Top Options Trading Brokers and Platforms
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User Reviews

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User comment

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Comments

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爱牙口腔门诊
more than one year
I have had a withdrawal pending for over two months and still not received my funds. I used to trust Firstrade very much, but now, it is so frustrating!
I have had a withdrawal pending for over two months and still not received my funds. I used to trust Firstrade very much, but now, it is so frustrating!
Translate to English
2023-03-01 09:43
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0
0
1998
more than one year
I believe Firstrade is a good brokerage platform. Their customer support is very professional, providing your customized investment plans, which is definitely what I need. I feel good about this broker.
I believe Firstrade is a good brokerage platform. Their customer support is very professional, providing your customized investment plans, which is definitely what I need. I feel good about this broker.
Translate to English
2023-02-15 13:35
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0
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1