Firstrade Review

Updated Wednesday, January 4, 2012

Ranking: 13 / 18   Score: 40.00
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Average User Rating:
4 Stars (2 votes)
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Standard PlatformCommissions & Fees
Account Opening:DStock Trades:$6.95
Stock Trading:BOption Trades:$6.95 + $0.75/cnt
Options Trading:COption Ex. & Ass.:$16.95 + $0.00/cnt
Charts:CMutual Funds:Click for Options
Research Tools:AMargin Rates:5.000% - 7.750%
Advanced PlatformsAcct Maintenance Fees:Click for Info
No Advanced PlatformAcct Transfer Fees:Click for Info
Stock Trading:n/aCommission Free ETFs:Yes
Options Trading:n/aDiscounts Available:Click for Offers
Charts:n/aOther Features
Research Tools:n/aDRIPs:Yes
Mobile PlatformsExtended Hrs. Trading:Yes
iPhone App:CStock Order Types:Click for Info
iPad App:NoClearing Firm:Click for Info
Android App:NoTax Reporting:Click for Options
BlackBerry App:NoMint.com Compatible:Yes
Mobile Website:Yes (no review)Wikinvest Compatible:No

CLICK HERE to get 250 commission-free equity trades, up to
$100 transfer fee rebate and $250 cash rebate at Firstrade.com

Company Background:

First Flushing Securities was founded by John C. Liu in 1985 in Flushing, New York. The company launched its online trading website in 1997. A year later, the company changed its name to Firstrade and moved its online trading website to Firstrade.com.

Firstrade is privately held and headquartered in Flushing, New York. Its founder, John C. Liu, is the CEO. Its clearing firm is Penson Financial Services, Inc.

Review Summary:

Firstrade starts off on the wrong foot with a paper heavy registration process and limited account funding options. Following a redesign of the entire platform in early 2011, the overall user experience is much improved. Stock trading in particular is now very good and so we recommend it for all investors. The options trading platform is improved as well but has an excessive exercise / assignment fee and is still missing a few advanced features. Therefore, we recommend Firstrade only for those who utilize simple options trading strategies. In other areas, the research tools are extensive, the charts are merely average and the commissions and fees are mostly respectable. The iPhone App has improved from its initial release and now offers a quality mobile trading experience. Firstrade offers commission free ETF trading on 10 popular funds.

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