Firstrade at a glance
Top features you’ll love
Commission-free options trades
Firstrade customers will appreciate commission-free stock and ETF trades, which has become somewhat of an industry standard, but they will love the $0 cost to trade options. Options fees can add up quickly if you’re a frequent trader, so this feature is a big cost saver.
Commission-free trades for stocks and ETFs can be found at most brokers these days, but most brokers still charge fees for options. Firstrade charges no trading or contract fees, making it a standout for those looking to trade options.
Pros: Where Firstrade stands out
Research and education
Firstrade also offers extensive research and educational materials that should appeal to both new and experienced investors. Customers looking to buy individual stocks will be able to research companies through individual stock pages and read up on company news and the latest financial information. They’ll also be able to access independent analyst reports from Morningstar to get expert opinions on companies and industries.
You can also use Firstrade’s calendar feature to remind yourself of important dates such as earnings announcements or annual meetings. Trade alerts can be set up to help you identify when a stock reaches a level where you’d like to buy or sell.
Beginner investors will benefit from a wide variety of educational content around topics such as stocks, options, ETFs, mutual funds and more. Videos are available on everything from how to place an option trade to an overview of margin accounts.
In addition to being able to trade using Firstrade’s desktop platform, users will also be able to trade through the broker’s easy-to-use mobile app. You’ll be able to quickly place trade orders for stocks and ETFs, and options orders can quickly be changed or canceled in the app.
You can also keep up with market news and set alerts so that you don’t miss out on any key information while you’re on the go. Research and advanced charting tools are also available on the mobile app, giving you the opportunity to look into investment ideas at any time.
Types of accounts
Firstrade customers won’t have any trouble finding the type of account they’re looking for. The broker offers just about any account you could want to open, from traditional and joint brokerage accounts to a cash management account that can be used to consolidate your banking and brokerage needs in one place. You can even set up an international account if you aren’t a U.S. citizen or permanent resident.
For those looking to save for retirement, Firstrade provides a number of different IRA options. You can open traditional, Roth and rollover IRAs as well as more obscure accounts such as SEP and SIMPLE IRAs.
If you have children, you can plan for their future educational needs through an Education Savings Account (ESA) or open a custodial account for their benefit.
Firstrade is a solid choice for investors looking to keep trading costs low. Options traders will particularly benefit from the $0 cost per trade and contract. New investors can benefit from the broker’s educational offering and those looking to pick their own stocks and ETFs will appreciate the expansive research available.
If you’re looking for a broker with a large number of no-transaction-fee mutual funds, you might be better off looking at Interactive Brokers or E-Trade, while investors looking to get started with small dollar amounts should consider the fractional share offerings at Fidelity or Schwab.
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