Firstrade Review 2025: Pros, Cons and How It Compares

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Where Firstrade shines

Trading platform: Firstrade has two trading platforms, including the Options Wizard platform and a highly rated mobile app for iOS and Android.

Options trading: Firstrade is among the few brokers we review that doesn’t charge a per-contract fee for options trades.

Where Firstrade falls short

What type of investor should choose Firstrade?

Beginner and intermediate traders: If you don't need access to advanced securities, Firstrade has low costs, lots of low-cost funds, a solid trading platform and decent educational offerings.

Options traders: With no per-contract fee, if you want to trade options, Firstrade may be one of the cheapest places to do it. Firstrade also has an options-focused platform with webinars to help you learn how to trade.

International investors and native Chinese speakers: Not many platforms are open to international investors, but Firstrade is. They accept investors from a long list of pre-approved countries. Also, Firstrade’s platforms are available in traditional and simplified Chinese.

What the Nerds think 🤓

Firstrade at a glance

How to sign up for a Firstrade account

Unlike with other brokers, when you sign up for a Firstrade account, you have to send them a handful of online forms "via email or fax," though we did it through the app. Either way, it's definitely more challenging than signing up with other brokers.

It also might take you a little longer to transfer money into your investment account if you use a small bank that does not easily connect to Firstrade, though several brokers have this issue. You'll need your Social Security number and current address to sign up.

What to know about Firstrade's fees

Firstrade has a $0 account minimum and no stock, bond, fund or options trading costs. Somewhat rare among brokers, Firstrade doesn’t charge any per-contract fees for options trades.

Firstrade has a $75 full outgoing transfer fee to move assets out of your account, which is fairly standard. However, it also charges a $55 partial transfer fee, a fee that isn’t as common among the other brokers we review. Still, the brokerage has no annual account fees.

Firstrade does have a $100 fee if your account is unused for long enough that it is considered abandoned, but the company says it makes an effort to reach out to customers before that point.

Firstrade trading platforms and apps

Firstrade has two trading platforms, including the Options Wizard platform and a mobile app.

Options Wizard allows sophisticated analysis of potential losses and gains from options trading.

The Firstrade mobile app is highly rated by users and includes intuitive swipe actions, a consolidated portfolio dashboard and upgraded research with advanced charting capabilities. The app instantly syncs with desktop platforms, and users can trade, transfer funds among accounts, view order history and create a watchlist to follow trading opportunities. The app is available on both Android and iOS.

Firstrade's investment selection

Firstrade customers have access to stocks, mutual funds, ETFs and options. It also offers a handful of choices when it comes to bonds, including corporate bonds, Treasurys, municipal bonds, agency bonds and bond ETFs. Firstrade also offers trading in fractional shares. This lets investors purchase stock by the dollar amount, rather than by the share, lowering the barrier to entry for high-priced stocks.

Most brokers have a selection of no-transaction-fee mutual funds, but then charge from $5 to $49.99 for buying or selling funds not on that list. Not Firstrade. Rare among brokers we review, Firstrade doesn't charge a trading fee on any of the thousands of mutual funds it has on offer.

If you're looking for forex, futures or crypto, unfortunately you won't find those assets here, and unlike some competitors, Firstrade doesn't offer clients access to IPOs or the over-the-counter market.

Other key Firstrade features

Research and data

Clients have access to free research from Morningstar, Trading Central and TradingView, daily newsletters and AI research with FirstradeGPT. Firstrade’s Market Heatmap gives a broad overview of the market trends, with bullish- and bearish-performing sectors visible at a glance. For options investors, Firstrade offers OptionsPlay, a free analytics tool, as well as educational seminars to help newbies learn the ropes.

Execution quality

Firstrade says its execution quality is 97.60%. When you're considering the costs of Firstrade, keep in mind that the company does accept payment for order flow. That means that market makers may reward Firstrade for routing your trades to them. Payment for order flow can incentivize brokers to seek those rebates rather than focusing on the absolute best price for the customer. That said, there are many discount brokers that use this business model, so Firstrade is far from alone.

IRA account

Firstrade offers traditional, Roth, SEP, SIMPLE and rollover IRAs. Not all brokerages give you access to small-business retirement plans like SEP and SIMPLE IRAs.

Open to international investors

Beyond the U.S., Firstrade also accepts clients from nearly 30 countries, including Austria, Belgium, China, Czech Republic, Denmark, Finland, France, Germany, Hong Kong, India, Ireland, Israel, Italy, Japan, Macau, Malaysia, Mexico, New Zealand, Norway, Poland, Portugal, Singapore, Spain, South Korea, Sweden, Taiwan, Thailand and the United Kingdom.

Chinese-language options

Native Chinese speakers will appreciate that Firstrade’s platforms are available in traditional and simplified Chinese.

Good to know about Firstrade

Low interest rate on uninvested cash

If you leave uninvested cash in your Firstrade account or don't reinvest dividends, you'll get an interest rate of 0.45%. That's not the worst rate, but it's far lower than several Firstrade competitors.

Is Firstrade safe?

All investing comes with the risk of loss. Firstrade does offer FDIC insurance through a sweep program to protect cash deposits and is covered by SIPC insurance, which protects brokerage accounts. These types of insurance don't apply to investment losses or price fluctuations. The company is also regulated by the Securities and Exchange Commission to ensure compliance with securities regulations, and by FINRA, which regulates broker-dealers.

Is an investment at Firstrade FDIC insured?

Yes, accounts with Firstrade are covered by FDIC insurance, but through a sweep program. That means uninvested cash is moved into an an interest-bearing deposit program offered through Firstrade's clearing partner Apex Clearing Corporation.

The Securities Investor Protection Corporation, or SIPC, insurance covers brokerage accounts. Brokerage accounts with Firstrade receive up to $500,000 in SIPC insurance for cash and assets in the account. For Cash Accounts, SIPC insurance covers up to $250,000.

Is Firstrade right for you?