Firstrade Spreads, leverage, minimum deposit Revealed

WikiFX | 2025-05-23 14:48

Abstract：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 Review Summary
Founded	1985
Registered Country/Region	United States
Regulation	No regulation
Market Instruments	U.S. Stocks, ETFs, Options, Mutual Funds
Demo Account	❌
Trading Platform	Firstrade Web Platform, Mobile App (iOS & Android), OptionsWizard Tool
Minimum Deposit	$0
Customer Support	Phone (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.

Pros and Cons

Pros	Cons
$0 commission on stocks, ETFs, options, and funds	No regulation
No account inactivity fees or deposit minimums	No Islamic accounts
Free tools like OptionsWizard	Limited 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).

　　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.

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 Instruments	Supported
U.S. Stocks	✔
ETFs	✔
Options	✔
Mutual Funds	✔
Forex	❌
Commodities	❌
Indices	❌
Cryptocurrencies	❌
Bonds	❌

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 Type	Feature	Suitable for
Investment Account	Individual 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

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 Product	Commission	Contract Fees	Notes
Stocks	❌	–	No commission at all
ETFs	❌	–
Options	❌	❌	No per-contract fees
Mutual Funds	❌	–	Includes load & no-load funds
Bonds & CDs	Net yield basis	–	CDs: $30 for primary market

　　Non-Trading Fees

Fee	Amount
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

Trading Platform

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

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 Method	Minimum Amount	Deposit Fee	Withdrawal Fee	Processing Time
ACH Transfer (Bank Linking)	$0	❌	❌	1–3 business days
Wire Transfer (Domestic)	$0	❌	$25	1–2 business days
Wire Transfer (International)	$0	❌	$25	3–5 business days
Check by Mail (U.S. only)	$0	–	$0 (standard), $50 (expedited)	Standard or overnight delivery
Internal Account Transfer	$0	❌	❌	1 business day