Firstrade Reviewed – Low-cost Brokerage Option for New Investors
Briefly stated, Firstrade is geared toward the low-cost investor who does not wish to be burdened with hefty trading charges. When it comes to option trading, there are no contract costs to pay, and there is no account minimum to open for newbies to get started. It is likely that this fantastic platform will continue to be a favourite for many years to come because it offers three wonderful trading platforms as well as a mobile app.
In this Firstrade review, we have demonstrated that this is a fantastic and strong low-cost brokerage alternative for the beginning investor. Overall, this low-cost broker and trading platform is ideal for people who do not want to be burdened with large commissions on their trades. Moreover, the fact that it does not come with a service cost is still another advantageous element for individuals who are just getting started with it. Firstrade is the ideal choice for:
Investors that are cognizant of the costs they are charged
Traders on the move
An experience that is tailored to your needs
In order to get started, you will need to have a minimal budget. Firstrade is an excellent choice in this case. It is specifically designed for the investor who only has a modest amount of money to invest, which is one of the reasons why it is becoming increasingly popular. Firstrade provides straightforward charting options, no trading fees on stocks and options, and cheap trading fees on many major exchange-traded funds (ETFs). Investors have the opportunity to receive unique access to a user interface that is both highly simple and functional for getting started in trading.
While it may not be the best option for investors looking for more extensive analysis, it is a good choice for anyone who is just starting out. This Firstrade review discusses the advantages and disadvantages to assist you in determining whether or not Firstrade is correct for you. Check out this PocketSmith review for extra reading material.
The pros and cons of Firstrade
Firstrade has been in business since 1985, when it was established in Queens, New York, to meet the ever-increasing demands of Chinese immigrants in the United States. As a result, Firstrade provides a substantial quantity of customer service in English, traditional Chinese, and simplified Chinese languages. Firstrade has made the transition from being a traditional brokerage to one that charges no commissions on stock and options trading in recent years, according to the company.
However, there is one thing that the platform is seriously lacking, and that is advanced tools. The Firstrade desktop and mobile trading platforms, which are both easy to use, are ideal for most beginners who are wanting to make their first stock investment. The minimal expenses that this platform offers are what distinguishes it so significantly from its competitors.
In addition, there is no requirement for a minimum deposit in order to open an account. Now, let’s have a look at the advantages and disadvantages.
Free market research and no commissions on stock and option trading
Cons of a streamlined trading platform
There is no advanced charting.
There is no customer service available 24 hours a day.
Is Firstrade the right platform for you?
Overall, Firstrade is an excellent choice for all investors who want to keep commission fees as low as possible. There isn’t a better alternative in this case. When comparing Firstrade to other trading platforms, such as Robinhood, it appears that Firstrade is the far more dependable choice. If you are searching for a more advanced solution, you should look somewhere else for your investment.