Firstrade Review: A Truly Fee-Free Options Trading Platform

First trade It is an online brokerage known for free options trading. But it offers much more than that.

Investors have access to commission-free stocks and ETFs listed on major U.S. exchanges, thousands of mutual funds, and fixed income products.

Find out how Firstrade compares to larger, more popular brokerages like Robinhood and Fidelity.

What is Firstride?

Based in New York First trade It is an online brokerage company that offers a wide range of investments. Firstrade began in 1985 as First Flushing Securities and was one of the first brokerages to move online, launching Firstrade.com in 1997.

What do they offer?

Firstrade provides an easy-to-use platform for trading stocks, bonds, ETFs, options, mutual funds and fixed income. You can trade through the web platform or mobile application. Notable features include:

• Trade without commission
• The robust educational center includes educational videos about investing
• Phone support
• Extended trading hours
• Ability to short stocks
• News sources from Benzinga, Morning Star, Zacks, and Briefing.com
• AI-powered investment research with FirstradeGPT

new! AI-powered research from FirstradeGPT

Firstrade recently launched a beta version of its new AI-powered research and analytics assistant, known as FirstradeGPT. It uses a variety of LLMs to provide financial research, educational resources, and market insights to investors. Currently, all Firstrade customers get full access for free, although this may change in the future.

Trade free options

Some platforms like to say their options are commission-free but then charge a fee per contract. Charging $0.65 per contract seems to be the most popular. So, if you buy five contracts, you will pay a fee of $3.25.

But at Firstrade, in addition to not charging any commissions on options, There are no fees per contract. It also does not charge any exchange, exercise or assignment fees.
Firstrade provides one of the best options trading platforms available. Unlike some brokers, they have not cut anything on their options instruments to compensate for commission-free options trading.

Even the mobile app provides access to option chains. The platform is also integrated with OptionsPlay, which provides options trading ideas and helps you analyze your options trades better.
It should be noted that some options trades require margin. These deals will also have minimum equity requirements, as described below.

Account types

In addition to taxable accounts, Firstrade is available for the following retirement accounts:

• Taxable accounts
• Traditional IRA
• Roth IRA
• Rollover IRA
• September IRA
• Simple IRA

Firstrade also offers Coverdell ESAs and custodial accounts for parents who want to open an account to save for their child’s education or other financial goals.

Deposit money into your account

Firstrade offers three ways to deposit funds into your account:

• Wire: The fastest and most expensive.
• ACH: 2-3 days and free.
• Check: slowest

Firstrade doesn’t charge fees for incoming transfers, but your bank will likely charge fees on their end. The transfer fee is usually around $25. However, if you need to get funds into your account on the same day, this is the only way to do so.
You must first set up an ACH with two Firstrade deposits. Once completed, each transfer will take 2-3 days.
Checks will be the slowest form of deposit since you have to mail them. There is also the possibility of losing the check. Cashier/bank checks will be available immediately, but most banks charge a fee to issue them.

Personal checks will be available on the 5th business day for deposit. New deposits will be kept for ten business days, and you cannot withdraw funds during this period.

Education Center

Firstrade offers plenty of top-notch educational content for beginners and advanced traders. They offer both video and text lessons. Some of their videos provide market commentary while others provide detailed explanations of the platform.

Extended trading hours

Firstrade allows you to trade after business hours, based on the following schedule:

• 8 AM – 8 PM, Monday to Friday,
• Night sessions are from 8pm to 4am ET, Sunday through Friday.

Mobile app

The Firstrade mobile app has everything you need to trade on the go, including the following features:

• Commission-free stocks/ETFs, options and mutual fund trades
• Zero options contract fees
• Real time quotes
• Company profiles
• Historical charts
• Fractional stock trading ($5 minimum)
• Extended trading hours

In addition to executing and managing trades, there is a research department. It includes the following for each stock being researched:

• summary
• news
• Events

The mobile app also has charts that can be adjusted to suit different time frames. It is available for both iOS and Android.

Are there any fees?

Firstrade does not charge commissions on stocks, ETFs, options or mutual fund trades. There are also no monthly or annual fees on the account. There are fees for other services, which are placed on it Website pricing page.

How does Firstrade compare?

Firstrade is an excellent option for fee-conscious options traders and is more similar to a traditional brokerage than Robinhood, offering better research tools and customer support. But they fall short of full-service brokerages like Fidelity, which offer a more robust trading platform, a wider range of investment options, and wealth management services.

How can I open an account?

You can open a Firstrade account within a few minutes via its website or mobile app. Once your account is open, you can link a US bank account and deposit funds via ACH transfer. There is also no minimum deposit.

Is my money safe?

Yes – deposits are FDIC insured up to $250,000 per depositor and investments are SIPC insured Up to $500,000. Firstrade’s clearing subsidiary, Apex Clearing Corporation, has also purchased an additional insurance policy providing additional protection for a total limit of up to $150 million.

Is it worth it?

For those who are comfortable executing their own trades and conducting research without assistance, the Firstrade platform provides excellent value for the price. Compared to Robinhood, Firstrade offers better analytical tools, educational materials, and customer support

Just know that Firstrade is a completely DIY platform. There are no human financial advisors or robo-advisors available to help you manage your investment portfolio. If you’re looking for wealth management options in addition to commission fee trading, you may want to consider one of the full-service discount stock brokers, such as E*Trade or Fidelity.

Features of the first trade