Open Firstrade Account
Firstrade Promotion Details
New customers who open an individual or joint account, or IRA (Roth, Traditional, or Rollover) by clicking on
the link above will receive up to $200 transfer fee reimbursement. Offer is valid until December 31, 2020.
Firstrade will rebate ACAT fees charged by another broker, up to $200, for customers who complete an account
transfer of $10,000 or more in assets.
This Firstrade promotion offer is not valid for current Firstrade accounts or internal transfers. It is not
transferable. There is a limit of one offer per account category.
Continue to Firstrade Investing Review »
In addition to new customer promotion, Firstrade has been delivering low-cost investment services for more than
35 years. Nevertheless, it isn't one of the first companies traders usually think of when choosing a broker.
It doesn't advertise as much, nor is it the most popular firm. All the same, this broker has several attractive features that many investors could find to be a good value.
Trading Fees and Account Minimums
The broker's charge for trading ETF's and stocks is just $0, definitely making the broker an ultra-low-cost
firm. Derivative traders pay an extra $0 per contract for options, the lowest price in the
industry. Clients who prefer to place a trade with a live broker are charged $13, another great value.
Accounts have no maintenance or inactivity fees. There is no minimum initial deposit requirement, making this firm a good broker to take for a test drive.
Margin accounts are available. Debits under $10,000 currently cost 9.75%, and those over $1,000,000 are 5.25%.
Retirement Accounts
A unique feature of Firstrade is the availability to open IRA accounts such as Roth, SIMPLE, SEP, and Rollover
retirement accounts. Managing the IRA follows the same commission schedule as mentioned above and closing out
an IRA is free of charge. Over 10,000 mutual funds are also available on Firstrade from Allianz, BlackRock,
Fidelity, and more.
IRA’s and Mutual Funds sections are located in the navigation menu. Additional information and resources are also available here to educate users on savings techniques, goal setting, risk management, and business planning.
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Mutual Funds
Although Firstrade has the most transaction-fee funds we have seen, it actually doesn’t have the largest list
of no-transaction-fee, no-load funds. TD Ameritrade, for example, offers more than 4,200 of these products,
about a thousand more than Firstrade offers.
Firstrade’s total offering of 10,000 funds is also smaller than Ally Invests' list of almost 12,000. Funds at
Ally with loads are free to trade, and there are about 9,000 of these funds.
Pulling information from Morningstar gives Firstrade more detailed profile pages than WellsTrade or Chase You
Invest offers. But Schwab provides mutual fund report cards, something that Firstrade isn’t able to do because
it’s simply displaying information from Morningstar’s site.
As for educational resources, we’re pretty disappointed in Firstrade’s learning section. More thorough resources
will be found at E*Trade along with a free mutual fund advisory tool.
Awards
Firstrade Bonus Disclaimer
2020 Firstrade cash incentive offer details to open new account (IRA or taxable) could change at any time
without notice.
Firstrade Promotion
reviewed by Brokerage-Review.com.
Rating: 4.5
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