Firstrade Broker Review
Firstrade is one of the front runners among broking companies and is held prestigiously by investors who seek their advice and reliability of services. First trade was established in 1985 and has been since providing world class broking advises and designing tools which help in predicting reliable trends. Among first trade offerings are included an easy fee of six dollar and ninety five cent per trade. There are no charges for IRA accounts. Among the bouquet of offerings we offer Mutual Funds, Applications work on mobiles and also include a social networking like forums. We offer our services in both English and Chinese (Mandarin and Cantonese) .
- First trade also endorses accounts for residents outside the United States of America (excluding Canada)
- First Trade is a member of prestigious Securities Investor Protection Corporation and Financial Industry Regulatory Authority
- Advantages of being associated with First Trade:-
- Speedier transactions (It is a three second assurance)
- Lowest Margin Rates
- First trade doesn’t require any monthly fees
- First trade doesn’t require any minimum deposit
- Mutual Funds on offer on a widest range of 11,000 funds
- Get quick updates on your iPhone from website
- What you will not like at First Trade
- It’s pretty costly for trades with the help of brokers (Costing around $ 26.95)
- It’s expensive for stocks under $2
How to Set Up an Account
It is very easy to set up an account with FirstTrade. It is a three step process.
- Apply online
- Post your Identification document (These include your Social Security Number or your Taxpayer Id, DOB and Information on your employer). These could also be sent through a simple fax.
- Deposit fund in your account through an Automated Clearing House or Check. Please do remember that there is no minimum deposit to open an account
A brief preview on Fees and Commissions
- Stocks and ETFs come with $ 6.95
- Options can be $ 6.95 an additional seventy five cents per contract
- There is no fee for transaction and load finds for Mutual Funds
- A fee for $19.95 would be imposed if the fund is held for less than hundred and eight days
- For orders where the price is below $1 and the quantity is more than 5000, there would be an additional 0.5 cent per share for the order.
- Equity stocks From New York Stock Exchange or National Association of Securities Dealers Automated Quotation or American Stock Exchange or Over the counter
- Bonds or Certificates of Deposit
- Fixed Income Investment Vehicles,
- Mutual Funds
- Equity options
- Free automatic dividend reinvestment plans.
Tools Offered at Firstrade:
- Real time quotes on Stocks
- Reports from analyst at Standard & Poor
- New updates provided real time
- Researched information on Exchange Traded Funds
- Your portfolio of investments would have a filter so that you can set your crietrias
- After hour extended trading for eligible stocks (8:00 hours – 9:25 hours and 16 :05 hours till 17 :30 hours)
Customer support is available in English and Chinese (Cantonese and Mandarin) . We have friendly executives who would answer your queries and help you give a wonderful experience in trading. There is round the clock availability of our care team through chat , Email , Phone support , twitter or even facebook .
Awards and Accolades:
- 2005 Smart Money “Best Deal”
- 2006 Kipplingers “Top Clean Hands Firm” & “Clear Winner in the Mutual Fund Category”
Firstrade is a well known and prestigious broker and will help you in getting the work you want. If your native language is Mandarin or Cantonese then it will be the best choice for you without a doubt. The prices are competitive and the margin rates are way below the market prices. The customer care is the best and friendly. Our future plans would involve better trading tools and exhaustive education resources. The crux is that if you are looking for a discount broker with excellent prices Firstrade is the first choice for many investors and traders. As already informed we have services in Chinese and we value our investors whose native language is not English. We have facility of international accounts except for Canada. Our tariffs are extremely low except for penny stocks and order size more than 1500. Our platform is easily understood and helps in trading with simple instructions.
Why choose Firstrade?
- First trade offers 250 free trades and the icing on the cake is that there is no minimum deposit required.
- You can transfer your existing account to Firstrade free of cost
- It is not just for US investors but is also very conducive for international investors
- It has one of the lowest margin rates as informed earlier
- Online stocks orders are for 6.95 dollars per trade
- Online option orders are for 6.95 dollars with an additional 75 seventy five cents per contract
- Online mutual fund trades do not carry a fund fee – No load fund fee is for nine dollar and ninety five cents
- Broker assisted Stock and equity trades are for twenty six dollars and ninety five cents per trade and an additional option contract charges
- Margin interest rate on $ 5000 is of 7.75%
An important check list when you choose an online brokerage is the
- Commission being charges for doing trading
- The site and how friendly it is and easily navigable
- How much research material and guidance does your brokerage house provides you. Do remember we have research Analysts from Standards and Poor
- The ease of executing a trade on the portal
- Also choose the broker which just not specializes only in one type of investment. – Firsttrade specializes in ETFs and Mutual Funds also
- How easy or hard it is to open an account and whether any minimum deposit is required. Firsttrade account can be opened in just three step a maximum of 10 minutes is all it takes to open an account online.
- You can choose from margin and options
- You can fund you account from a wide variety from Transfer from your current broker(s)
- Electronic Funds Transfer (U.S. bank accounts only)
- Check Deposit
- Wire Funds
- Securities Certificate(s)
If your first language is Chinese (Cantonese or Mandarin) then First trade becomes your first choice since they offer from a large bouquet of Mutual Funds. Stocks under two dollars and large orders are bit more expensive. If you choose otherwise do have a look at TradeKing, OptionsHouse or OptionsXpress and sees their specifications before you finally make your mind to go with Firsttrade