Firstrade-Some important Details about This Broker

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

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.

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.

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

Non-Trading Fees

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.