In a nutshell, Firstrade is aimed at the low-cost investor who doesn’t want to be paying high trading costs. It doesn’t ask for any contract fees for option trades and there is a $0 account minimum for beginners to get started. With three wonderful trading platforms as well as a mobile app, this wonderful platform is going to be a favourite for years to come.
This Firstrade review proves that this is a great and strong low-cost brokerage option for the new investor. Essentially, this low-cost broker and trading platform is absolutely perfect for those who don’t want to pay high trading commissions. The fact that it isn’t accompanied by a service fee is just another great feature for those who are just getting started. Firstrade is best for:
- Investors who are conscious of fees
- Mobile traders
- A customized experience
If you are looking to get started with only a small budget, Firstrade is a great option. It is specifically aimed at the investor who only has a very small amount to invest which is why it is becoming so popular. Firstrade offers simple charting options, no trading fees on stocks and options, as well as low fees on many popular ETFs. Investors are able to gain exclusive access to an extremely basic yet also function interface for getting into trading.
While it may not be ideal for investors who are looking for more advanced analysis, it is an excellent option for all beginners. This review outlines the pros and cons to help you decide whether or not Firstrade is right for you. For more reading, check out this PocketSmith review.
The pros and cons of Firstrade
Firstrade has been around since 1985 and it was originally founded in Queens, New York, to serve the ever-growing needs of Chinese immigrants. This is why Firstrade offers a great amount of support in English, traditional Chinese, and simplified Chinese. In more recent years, Firstrade has made the shift from being a traditional brokerage to offering $0 commissions on stocks and options trades.
However, the platform does severely lack one thing, and that is advanced tools. Most beginners who are looking to invest in stocks will benefit from a streamlined desktop and mobile trading platform offered by Firstrade. The low costs offered by this platform are what makes it stand out so well above its competition.
There is also no minimum deposit required to be able to create an account. Now, let’s look into the pros and cons.
- Free market research
- $0 cost on stock/options trades
- Streamlined trading platform
- No advanced charting
- No 24/7 customer support
Is Firstrade the right platform for you?
Overall, Firstrade is great for all investors who are looking to keep commission costs down as much as possible. For that, there is no better option. When comparing Firstrade to other platforms such as Robinhood, Firstrade seems to be the far more reliable option. Investors who are looking for a more advanced option should look elsewhere, although.