Firstrade Commissions
| Investments | Commissions |
|---|
| Stocks and ETFs | $0 |
| Options | $0 |
| Mutual funds | $0 |
| Treasury Bills, Notes, Municipal and Agency Bonds, Zeros & Strips | net yield basis |
| CDs | $30 for primary market CDs, net yield basis for secondary market CDs |
| Investments | stocks, options, mutual funds, bonds, CDs, ETFs |
| Firstrade minimum deposit to open account | $0 |
Firstrade Margin Rates
|
Debit Balance
|
Firstrade Margin Rates
|
|
above $1,000,000
|
9.25%
|
|
$500,000 - $999,999
|
10.75%
|
|
$250,000 - $499,999
|
11.75%
|
|
$100,000 - $249,999
|
12%
|
|
$50,000 - $99,999
|
12.5%
|
|
$25,000 - $49,999
|
13%
|
|
$10,000 - $24,999
|
13.25%
|
|
$0 - $9,999
|
13.25%
|
Firstrade Credit Sweep Interest
|
Dollar Range |
Interest Rate |
|
$0.01 - $24,999 |
0.25%
|
|
$25,000 - $99,999 |
0.25%
|
|
$100,000 - $499,999 |
0.25%
|
|
$500,000 - $999,999 |
0.25%
|
|
$1,000,000+
|
0.25%
|
Promotion
Visit Firstrade Website
Firstrade Hidden Fees
Firstrade promises "No Hidden Fees" on its website. Nevertheless, there are a few areas where charges will be assessed. Traders should definitely be aware of the following costs.
Firstrade charges $19.95 for redemptions of mutual funds if they are held less than 3 months. Also, selling less than $500 of a mutual fund carries another $19.95 charge. The broker does make an exception if the entire value of the fund is under $500.
Secondary market CD's at Firstrade carry commissions on a net yield basis. This simply means that Firstrade adds a markup or markdown to the price of the instrument. Because it's included in the price of the certificate of deposit, it's not seen by the buyer or seller. However, primary market CD's cost $30.
Using a living, breathing agent to complete a trade over the phone costs an additional $13 at Firstrade for stocks, ETFs, and options. The broker assesses an extra $10 if the security is a no-load mutual fund.
ADR holders at Firstrade must pay a custody fee of 1¢ to 5¢ per share. This amount is deducted from any dividend the security pays. If there is no distribution from the ADR, the amount is debited from the account.
Firstrade has a bothersome IRA fee for conversions and recharacterizations. It is $25. Anytime a Traditional account is changed to a Roth, there will be a charge. A recharacterization occurs when a converted Roth is switched back to a Traditional, or if a contribution has to be moved from a Roth to a Traditional account. Closing an IRA also costs $50.
Option exercises and assignments are typically charged at the firm's regular commission. Fidelity, for example, does this. Firstrade, however, charges an additional $8 above its standard $0 commission.
Checks and a debit card are available at Firstrade, but they do come with fees. Check writing carries a $20 annual fee, while a debit card
costs $35 per year. Other brokerage houses don't charge anything for cash management tools.
Charges That Firstrade Does Not Impose
Using a live broker to place a trade over the phone for a mutual fund with a load is exempt from the broker's usual surcharge for the broker-assisted trade.
Firstrade does not charge any accounts fees, such as inactivity, maintenance, or annual charges. Several other brokers do have such fees. WellsTrade and Vanguard have account fees, for example.
Firstrade Monthly Fee
Firstrade does not charge monthly fees.
Firstrade Other Fees
| Third Party Distribution Notification |
$20 |
| Outgoing Wire Transfers (Domestic) |
$30 |
| Outgoing Wire Transfers (Foreign) |
$35 |
| Overnight Check Fee - Continental U.S. account only |
$50 |
| ACAT Transfer Out |
$75 |
| Partial ACAT Transfer Out |
$55 |
| IRA Annual Fee, IRA Account Set-up Fee, IRA Maintenance Fee |
FREE |
| IRA Roth Conversion & Recharacterization Processing Fee |
FREE |
| IRA Termination Fee |
FREE |
| Foreign Security Transfer Fee |
$75 |
| Foreign Free Receives/Delivers |
$75 |
| ADRs Custody Fee |
$0.01~0.05/share |
| Mailgrams / NYSE Extensions (per item) |
$25 |
| Sell-Out / Buy-In Notices |
$25 |
| Sell-Out / Buy-In Notices |
$25 |
| DTC Delivery (per security) |
$50 |
Broker-Assisted Orders
| Stocks/ETFs | $19.95 |
| Options | $19.95 + $0.65 / contract |
| Load Funds | No Charge |
| No-Load Funds | $19.95 |
Firstrade Review and Website Link
Read full
Firstrade Review.
Firstrade incentive: Get up to $250 in transfer fee rebate.
Firstrade fees are as of 2024 and are subject to change. For the most recent information
on the Firstrade, fees visit their website:
Arthur Chachuna is a professional personal finance blogger, and the owner of Brokerage-Review.com.
He has been an avid investor for 25 years, and has a background in both applied math and programming.
|