Firstrade Review – Online Discount Broker

Founded in 1985, Firstrade is a privately owned discount stock broker located in Flushing, NY. The company was originally named First Flushing Securities, serving the local community and wasn’t renamed to Firstrade until 1997. A few revamps later, with the last one being just a few months ago, you now have the new and improved Firstrade, where you can buy and sell stocks, bonds, options, mutual funds and ETFs via electronic trading, using your mobile phone and even over the phone with a professional broker.

Fees and Pricing at Firstrade

Every stock trade will cost you $6.95 with no limit on shares traded. Options are also $6.95 with an additional $0.75/contract. If you’re not an experienced trader or need some advice, you can make broker assisted orders for $26.95 for Stock and ETF’s and $26.95+$0.75/contract for Options.  Sometimes a little help makes all the difference, but Firstrade is not shy about charging a little extra for it.

The Firstrade Technology and Platform

If you are not an experienced investor, Firstrade has a full education center with tools such as an Investment Strategy Guide, an Investment Glossary as well as a Financial Bookstore for all of your investing needs. There are also a number of tools that will make your investment decisions easier and smoother, such as investing news, reports, and calendars, all coming directly to your mobile phone. You can also integrate your Firstrade account with any financial software you currently use to manage your finances, like Quicken.

Funding Your Firstrade Account

Funding your account is easy as you can transfer your funds electronically, send in a check or even wire the funds  directly from your bank account. And if you fancy Firstrade over any other brokers, you can move your funds over from another broker, bank, or mutual fund to an existing or a new Firstrade account and possible receive a transfer fee refund in the process.

Current Promotions at Firstrade

  • $50 Referral program Bonus -You get $50 for each friend that you refer to Firstrade and that friend will get 5 commission-free trades.
  • Triple Bonus Promo – When opening a new Firstrade account, you receive a $250 cash bonus if your account is funded with $100,000 or more in equity within 30 days.  To receive up to 250 commission-free internet or option trades, the account must be funded with $1,000 or more within 30 days of opening the account.
  • Free Account Transfer to Firstrade – Firstrade will reimburse your account transfer fee up to $100 when you transfer at least $25,000.  To get a $100 account transfer rebate, your account must have transferred at least $25,000 or more within 30 days of opening the account.
  • Wire Transfer Fee Rebate – When you wire $10,000 or more into your Firstrade online trading account, you can receive a rebate on the fees charged by your bank for up to $25.  Jjust submit a rebate request once your funds have arrived in your Firstrade account.

Customer Service

There are three ways to get in touch with Firstrade, all of which are pretty standard in the online broker industry.

  1. Over the phone toll free at 1-800-869-8800, or if you’re calling from overseas dial 1-718-961-6600.  They also have a fax number for verifying and receiving important documents; 1-718-961-3919. Firstrade has phone service working hours of Monday – Friday, 7:30am – 9:00pm EST and Saturday, 10:00am – 2:00pm EST.
  2. Using the live chat to talk to one of their account representatives, Monday- Friday, 9:00am – 6:00pm EST
  3. Via e-mail at service@firstrade.com or using their online contact form.

So there you have it folks, Firstrade seems to excel on their initial sign up bonus, while providing a solid pricing structure and excellent customer support.



Last Edited: January 28, 2016 @ 11:20 pm The content of ptmoney.com is for general information purposes only and does not constitute professional advice. Visitors to ptmoney.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.
About Michael Pruser

Michael Pruser is the man. After spending a ton of money to go to the private University of Miami, Michael now enjoys spending time at home, writing personal finance articles for the world to read. His journey out of debt continues 500 words at a time.

Comments

  1. Avoid them because today they just lost transaction I successfully made yesterday. They put notification 43 minutes after market opening that they have technical problem with some accounts. When they apologize for the inconvenience I lose money because I was not able to sell in moment I wanted and I still can’t do that. Honestly I am now very suspicious about my cash balance. Like, whoops we deleted your $5k ,sorry for inconvenience, our bed. Very unreliable service.