People tend to think that if you want to invest, you need lots of excess money, however, that couldn’t be further from the truth. There are many different platforms out there to help you and plenty of them allow you to invest with only a small amount of money. If you have a low budget and want to begin investing, this Firstrade review is for you!
Firstrade is a low-cost broker that is aimed at the investor who only has a very small amount to invest. They offer very simple charting options, no trading fees on stocks and options, as well as low fees on many popular ETFs. When you begin to use Firstrade, you gain access to an extremely basic yet very functional interface for getting into trading, it is all very user-friendly.
While it may not be ideal for investors who are far more experienced and looking for more advanced analysis, it is an excellent option for beginners or people who do not have much knowledge in the investing field. This great platform has been in business since the year 1985 and it was originally founded in Queen, New York to adapt to the needs of the Chinese immigrants. That is why Firstrade offers support in many languages such as English, traditional Chinese, and simplified Chinese.
In more recent times, Firstrade has shifted from being more of a traditional brokerage to offering $0 in commissions on socks and options trades. One thing to remember though is that there is an in-depth lack of advanced tools available on the platform, so keep that in mind. Most beginners who are looking into investing in stocks will benefit from a streamlined desktop and mobile trading platform.
The low costs that Firstrade offers make it stand out from the competition and one huge advantage is that there is no minimum deposit amount to create an account. Let’s have a further look into the features of Firstrade. To read another review, click here to read the Pocketsmith review.
Firstrade features
Firstrade is one of the best low-cost brokerages available for U.S. investors right now and is expected to remain that way for a long time. It has continued to adapt to the needs and wants of the average retail investor throughout time and its core features remain phenomenal, let’s take a look below.
Free Market Research
Investors using Firstrade will be able to access free market research from several large, reputable, and reliable sources such as Benzinga, Morningstar, and Zacks. It has also come up with its own Firstrade Heatmap which offers broad overviews of generalized market trends that are usually segregated by industry. Newbies can easily take advantage of biweekly seminars to learn all of the intricacies of investing.
Commission-Free Trading
Firstrade began as and still is, one of the first pioneers when it comes to low-cost investing. Their commission-free trading options for stocks, options, and many ETFs led to many other brokerages matching them. Firstrade is considered a unique broker because of the fact that they charge no per-contract fee and only Robinhood matches them in this category.
Three Different Trading Platforms
Investing with Firstrade is great already, but one of its core features allows for investors to use three different trading platforms. They are the Firstrade Navigator, Options Wizard, and a standardized desktop platform. They are wonderful because they allow for investors to make several different types of trades.
These are all extremely basic platforms, however, and come with nothing more than the simplest charts available. It really isn’t the ideal platform if you are looking for in-depth technical analysis.
Free Mutual Funds Trading
There is very, very rarely an option to trade mutual funds with low-cost brokers. Some brokers may offer this; however, they often charge up to around $50 for trading mutual funds that are not on their approved lists. Luckily, with Firstrade, there are absolutely no trading fees on any of the mutual funds offered by them.
Is Firstrade the right platform for you?
People who have used Firstrade agree on the fact that if you’re an investor looking to keep commission costs down, there is absolutely no better option than Firstrade. When you compare Firstrade to Robinhood, you will find that Firstrade ranks higher than Robinhood and is far more reliable. Investors who are looking to go for more advanced screening and research options may want to consider their options and look elsewhere.
Overall, Firstrade is a very solid low-cost brokerage platform for the entry-level investor and will continue to be for many years to come. With growing popularity, you will want to get involved now! It is a great option for many people. Check out Firstrade today and sign up for a free brokerage account now. To read more, check out this amazing Trim review.
