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Rating Index

Pros

Established broker with regulation from ASIC, providing a level of trust and oversight.

Offers the popular MetaTrader 4 and 5 platforms, known for their user-friendly interface and extensive features.

Clear expense reporting and good customizability options for traders.

Cons

Low WikiFX score of 1.96, indicating potential concerns regarding reliability and trustworthiness.

Lacks two-step login and biometric authentication, which may compromise account security.

Customer service response times can be slow, leading to potential delays in support for traders.

IFIRST broker Accounts

Firstrade Account Types

Firstrade offers a variety of account types to cater to different investing needs. The available account types include:

Regular Investing Accounts: Standard brokerage accounts for buying and selling securities.
IRA Retirement Accounts: Traditional, Roth, SEP, and Simple IRAs for retirement savings with tax advantages.
International Accounts: For non-U.S. residents to trade in U.S. markets.
ESA Education Planning Accounts: Education savings accounts designed for future educational expenses.
Custodial Accounts: Managed by an adult on behalf of a minor until they reach the age of majority.
Firstrade Cash Management Account: A cash management solution that offers features like check writing and debit card access.

All Firstrade accounts have a minimum deposit requirement of $0, making it accessible for new investors.

Firstrade Broker Account Opening Process

Opening an account with Firstrade is a straightforward process. Here are the steps:

Visit the Firstrade Website: Navigate to the homepage and click on “Open an Account.”
Complete the Registration Form: Fill out the online registration form, providing your contact information and desired account type.
Provide Country of Residence: After submitting the registration, indicate your country of citizenship and birth.
Upload Identification: Upload a copy of your passport and the signature page for identity verification.
Identity Verification: Provide personal details such as your name, date of birth, tax number, and address.
Additional Information: Enter details about your annual income, liquid net worth, total net worth, and trading experience.
Set Up User ID: Create your Firstrade user profile by establishing a user ID and password.
E-Signature and Agreement: Finally, provide your electronic signature and accept Firstrade's terms and conditions to complete the application.

Once your information is verified, you will receive a confirmation email and can start trading. The account activation typically takes up to 24 hours.