Investing in the stock market has become increasingly popular in recent years, and with this rise in popularity comes a plethora of online brokers to choose from. One such broker is Firstrade. But is Firstrade a good broker? In this article, we will take a closer look at Firstrade and evaluate its features, fees, customer service, and overall user experience to help you decide if it’s the right broker for you.
Features
Firstrade offers a range of features that make it an attractive option for investors. One of its standout features is its commission-free trading on stocks, options, and ETFs. This means that you can buy and sell these securities without paying any commission fees, which can save you a significant amount of money over time.
In addition to commission-free trading, Firstrade also offers a variety of investment options, including stocks, bonds, mutual funds, ETFs, and options. This allows investors to diversify their portfolios and choose investments that align with their investment goals and risk tolerance.
Another feature that sets Firstrade apart is its mobile app. The app is user-friendly and allows investors to trade on-the-go, view account balances and positions, and access market news and research. The app also offers Touch ID and Face ID login for added security.
Fees
While Firstrade offers commission-free trading on stocks, options, and ETFs, it does charge fees for other services. For example, there is a $19.95 fee for broker-assisted trades, a $9.95 fee for mutual fund transactions, and a $0.50 per contract fee for options trading.
Firstrade also charges a $75 transfer fee for accounts that are transferred out of the brokerage. However, this fee is waived for accounts with a balance of $10,000 or more.
Overall, Firstrade’s fees are competitive with other online brokers. However, it’s important to note that fees can add up quickly, so it’s important to understand all of the fees associated with your account before making any trades.
Customer Service
Customer service is an important factor to consider when choosing a broker. Firstrade offers customer support via phone, email, and live chat. The brokerage also has a comprehensive FAQ section on its website that covers a range of topics, from account opening to trading.
In addition to its customer support options, Firstrade also offers educational resources for investors. The brokerage has a variety of articles and videos on its website that cover topics such as investing basics, retirement planning, and market analysis.
Overall, Firstrade’s customer service is responsive and helpful. The educational resources it provides are also a valuable tool for investors who are new to the world of investing.
User Experience
The user experience is another important factor to consider when evaluating a broker. Firstrade’s website is easy to navigate and provides investors with all of the information they need to make informed investment decisions. The brokerage’s mobile app is also user-friendly and provides investors with access to their accounts on-the-go.
One downside to Firstrade’s user experience is that its trading platform is not as advanced as some other online brokers. This may not be an issue for investors who are just starting out, but more experienced traders may find the platform lacking in advanced features.
Conclusion
So, is Firstrade a good broker? Overall, we believe that Firstrade is a solid option for investors who are looking for commission-free trading on stocks, options, and ETFs. The brokerage’s customer service is responsive and helpful, and its educational resources are a valuable tool for investors who are new to the world of investing.
However, it’s important to note that Firstrade does charge fees for other services, and its trading platform may not be as advanced as some other online brokers. As with any broker, it’s important to evaluate your own investment goals and needs before making a decision.