Company profile
Firstrade Review SummaryFounded1985Registered Country/RegionUnited StatesRegulationNo regulationMarket InstrumentsU.S. Stocks, ETFs, Options, Mutual FundsDemo Account❌Trading PlatformFirstrade Web Platform, Mobile App (iOS & Android), OptionsWizard ToolMinimum Deposit$0Customer SupportPhone (US Toll-Free): 1-888-889-2818Phone (Taiwan Toll-Free): 00801-856-958Phone (China Toll-Free): 400-685-8589Phone (International): +1-718-888-2158Email: service@firstrade.com / support@firstrade.comWeChat: Firstrade-1985 (Mon–Fri 8:00–18:00 EST)Fax: +1-718-961-3919Firstrade Information Firstrade, founded in 1985 and headquartered in the United States, is an online brokerage platform that provides commission-free trading for stocks, options, ETFs, and mutual funds. While it offers user-friendly platforms and tax-advantaged IRAs to both new and experienced investors, it is not regulated by any major financial institution in the United States.Pros and ConsProsCons$0 commission on stocks, ETFs, options, and fundsNo regulationNo account inactivity fees or deposit minimumsNo Islamic accountsFree tools like OptionsWizardLimited to U.S. marketsIs Firstrade Legit? Firstrade is an unregulated broker. Though registered in the United States, it lacks any formal regulatory license from major U.S. financial agencies including the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA). WHOIS domain data shows the official domain firstrade.com was first registered December 28, 1997. Last updated on October 28, 2024, it will expire December 27, 2029. The domain is now in “client transfer prohibited” status, which indicates it cannot be moved to another registrar without permission.What Can I Trade on Firstrade? Firstrade offers a commission-free trading platform for a range of investment products, including U.S. stocks, ETFs, options, and mutual funds. Investors can build and diversify their portfolios without incurring standard trading fees.Trading InstrumentsSupportedU.S. Stocks✔ETFs✔Options✔Mutual Funds✔Forex❌Commodities❌Indices❌Cryptocurrencies❌Bonds❌Account Type There are two major types of live accounts that Firstrade offers, one for investing and one for retirement. It does not have a demo account or an Islamic account that does not allow swaps. These accounts are great for both new and experienced users who want to get tax breaks while investing in U.S. markets.Account TypeFeatureSuitable forInvestment AccountIndividual or joint account to invest in stocks, ETFs, options, and more.General investorsRetirement Account (IRA)Traditional, Roth, or Rollover IRA for tax-advantaged retirement savings.Long-term retirement saversFirstrade Fees With fees far lower than industry norms, Firstrade is among the most affordable brokers for U.S. stock and options traders. With no minimum deposit or inactivity charge, it provides commission-free trading on mutual funds, options, ETFs, and stocks. Trading FeesTrading ProductCommissionContract FeesNotesStocks❌–No commission at allETFs❌–Options❌❌No per-contract feesMutual Funds❌–Includes load & no-load fundsBonds & CDsNet yield basis–CDs: $30 for primary market Non-Trading FeesFeeAmountAccount Maintenance❌Inactivity Fee❌Electronic Billing/Transfers❌U.S. Wire Transfer$25International Wire Transfer$25Overnight Check (U.S. only)$50ACAT Account Transfer (Full)$75ACAT Partial Transfer$55Third-Party Payment Notification$20Foreign Stock Trading/Transfer$75Retirement Account Setup/Closure❌ADR Fee$0.01–$0.05 per shareTrading PlatformTrading PlatformSupportedAvailable DevicesFirstrade Web Platform✔PC, Mac (Web browser)Firstrade Mobile App✔iOS, AndroidOptionsWizard Tool✔Web, integrated with main appDeposit and Withdrawal Firstrade charges no fees for normal withdrawals or deposits. Certain services, such overseas transfers or quick check delivery, meanwhile, do cost money. There is no minimum deposit need, so novices may simply begin investing.Payment MethodMinimum AmountDeposit FeeWithdrawal FeeProcessing TimeACH Transfer (Bank Linking)$0❌❌1–3 business daysWire Transfer (Domestic)$0❌$251–2 business daysWire Transfer (International)$0❌$253–5 business daysCheck by Mail (U.S. only)$0–$0 (standard), $50 (expedited)Standard or overnight deliveryInternal Account Transfer$0❌❌1 business day
Is Firstrade safe or scam
United States
5-10 years
5487
Taiwan
FB asked me to learn stock picking and trading methods. He added me in line and asked me to add an assistant line. The assistant invited me to join the group and follow the operations to make small profits. Later, the teacher told me to cooperate with foreign-funded institutions on a profit plan and gave the First Securities specialist line Inquiry, asking to download the app, store value remittance, reserve chips to transfer, just sell them, quickly accumulate funds through hedging, new stock lottery, huge transactions, but when requesting to withdraw money, I told the assistant that I did not reserve the target, but it was still transferred. As a result, the winning funds were insufficient, and I had to make up the funds before I could withdraw the money. The assistant said that I could apply for over-the-counter funds from the specialist. The specialist only said that I needed to deposit and repay within a time limit, but did not say that I had to deposit and repay before I could withdraw, so I still couldn't withdraw the money. It was obviously a trap. Scam, asking you to keep re-depositing money.
Exposure
2024-02-04