Firstrade is an online brokerage firm that was founded in 1985. The firm offers a full line of investment products and tools for investors to take control of their financial future. Firstrade has no minimum account balance. They offer commission-free trading for stocks, options, exchange-traded funds, and mutual funds. Along with the investment products and services the firm offers tools, calculators, and educational resources.
Firstrade Overview
Minimum Investment: $0
Stocks Trades: $0
Option Trades: $0
Mutual Funds: $0
Account Options: Individual or Joint Taxable Account, IRAs, International Accounts, Business Accounts, ESA Education Planning, Custodial Account, and Firstrade Cash Management Account.
Customer Support: 24/7 Live Chat, Phone, Email, Fax, and Mail
Mobile app: Available on Apple and Android Devices
SIPC Insured: Yes, SIPC protects securities customers of its members up to $500,000 (including $250,000 for claims for cash).
Firstrade’s Investment Products and Services
Firstrade allows you to invest in stocks, options, exchange-traded funds, over 11,000 mutual funds, bonds, CDs, and fixed income. The firm offers margin loans for investors. Firstrade’s margin allows you to leverage your account and investments with competitive rates. In order to use margin, you must have a minimum $2,000 account balance.
Firstrade offers a free dividend reinvestment program that lets you reinvest your dividends automatically with no extra charge. All eligible U.S. equities and selected foreign securities must be priced above $4 per share. The company offers a securities lending income program that provides you with the opportunity to earn extra income on fully-paid shares of stock held in your cash account. You will be paid an income that is accrued daily and credited to your account on a monthly basis with the securities lending income program. You can discontinue the program at any time and sell your stocks at any time.
The firm has a tax center with tax resources for investors. It provides important tax data and information for investors. The tax center also provides educational resources to learn more about taxes for investors. Firstrade allows you to trade pre-market and after-market for eligible stocks during extended trading hours of 8:00 am-9:25 am and 4:05 pm-8:00 pm eastern time.
Firstrade Investment Calculators and Tools
Firstrade offers a wide variety of online stock research tools and calculators for investors. The firm gives you access to Morningstar stock research reports. Firstrade offers an education center with videos and articles for investors. The company offers stock, ETF, options and mutual funds screeners. The screeners let you search from dozens of screening criteria to help you pick the best investments.
Clients have access to real-time streaming watch list which includes real-time streaming quotes, auto syncing across all platforms, streaming indices, ability to create 10 different watchlists with up to 50 symbols per watchlists, compatible across all browsers, and one-click access to the live trading charts page. Firstrade also has a page that lets you know the upcoming initial public offerings in the stock market.
Financial Calculators
The firm has financial planning calculators that will help you with your investment goals to determine:
- Current net worth
- How much should you save for college
- How much to contribute to an IRA
- How much retirement income may an IRA provide
- Should you convert to an Roth IRA
- What will my qualified plans be worth at retirement
- How much you will need to save for retirement
- Are my current retirement savings sufficient
- Becoming a millionaire
- How should you allocate your assets
- What is the return on your real estate investment
- What is the value of a call or put option
Firstrade Navigator
Firstrade Navigator offers:
- Manage and trade from one screen
- Customization widgets
- Real time streaming account and market data
- Advanced technical charting
- Adjustable layout
- Convenient Graphs
Firstrade Option Wizard
Firstrade offers a great tool for options traders with their Option Wizard. The tool gives you feedback on the likelihood of success and value of any options trades. It uses sophisticated analytics that transforms market data into actionable information, helping you to make the best options strategies. The Options Wizard has professional grade options analytics for investors. It includes trading strategy checklists, 65+ technical indicators, one-month and six-month trend indicators, technical and fundamental rankings, support and resistance levels, profit and loss simulations, proprietary OptionsPlay Score, and 40+ complex options strategies.
Summary
Firstrade has commission free trading for stocks, options, ETFs, and mutual funds. They offer a wide variety of investment tools and calculators. The company is a great choice for self-directed investors with no minimum balance, commission free trading, and educational tools and resources.