Firstrade Firstrade  

Firstrade Securities is an online discount brokerage firm headquartered in Flushing, New York offering a full line of investment products - stocks, ETFs, options, mutual funds, and bonds. Its site is accessible via mobile phone and trades can be made by phone as well. Firstrade offers special services such as Chinese (Simplified and Traditional) online trading sites and Chinese (Mandarin and Cantonese) toll-free phone help.

 

History

Founded in 1985 by John C. Liu, as First Flushing Securities. First Flushing Securities served the investment needs of the local community. In 1997, the company was renamed to Firstrade Securities Inc. and the company launched Firstrade.com. Since its inception, the online discount brokerage website has undergone five revamps of the site, with the latest in early 2011. In April 2010, Taifook Securities Company Limited, a wholly owned subsidiary of TSG, signed an agreement with Firstrade Securities, an US online broker, for cross-border securities trading business. As of 2011, most development of Firstrade's site is taken place in-house.

Reception

Since Firstrade's website redesign in 2011, the reviews have been generally favorable.

Online Broker Review states: "Firstrade starts off on the wrong foot with a paper heavy registration process and limited account funding options. Following a redesign of the entire platform in early 2011, the overall user experience is much improved. Stock trading in particular is now very good and so we recommend it for all investors. The options trading platform is improved as well but has an excessive exercise / assignment fee and is still missing a few advanced features. Therefore, we recommend Firstrade only for those who utilize simple options trading strategies. In other areas, the research tools are extensive, the charts are merely average and the commissions and fees are mostly respectable. The iPhone App has improved from its initial release and now offers a quality mobile trading experience."

Options Trader Review's Online Broker Review: 2011 states "The general consensus seems to be that Firstrade is a solid broker, and it will get the job done for you. This broker is a great choice if your first language is Mandarin or Cantonese. The prices are good, the margin rates are low, tools are handy, and the customer service is great. In the coming years, we’d like to see better options trading tools and beefed up education resources."

In "Barron's 2011 Online Broker Review: How the Brokers Stack Up" Barron's comments Firstrade is recommended to moderately active to active investors and attracts casual and novice investors. Barron also notes Firstrade pros and cons, enjoying Firstrade's watchlists set up on Website can also be used on iPhone app. Options chain view on Website slides in and out of view in a way that saves screen space. However disliking to set up a covered call or protective put, you would have to use the Conditional Orders feature. 2-legged options trade online; more complex spreads must be placed with a live broker.

Competitors

Firstrade Securities has numerous competitors, including:

  • Robinhood Markets
  • Charles Schwab
  • E-Trade
  • Fidelity Investments
  • Merrill Edge
  • Place Trade
  • Scottrade
  • TD Ameritrade
  • TradeKing
Start Trading

Details

Status
Foundation Year 1985
License
Trading Platforms Website
Reliability Rate В
Authorised Capital
Brocker Fee 6.95
Exchange Fee
Withdrawal Fee
Minimum Deposit 0
Mobile Trading
Phone 1 800 869 8800, 1 718 961 6600
Address Flushing, New York, United States
Website https://www.firstrade.com

User Reviews

   Phil    2016/9/29 16:21   

I have been a Firstrade customer since 2001, a long time now. I am not a day trader and my trading activity has gone up and down over the years, from no activity to multiple trades per day. So, considering my activity, my review my not suit your needs. But I have had positive experiences over the years. My accounts are always up to date, trades are fast (enough for me), and the customer service is fine. Specifically AJ has helps me many times and always been profession, concise, and informative. I initially chose Firstrade after extensive research and ultimately based on Gomez.com, which was a site similar to Brokerage-review.com. I generally trust review sites and especially customer reviews. While I do not doubt anyones review here, my experiences are the opposite and very positive.


   EX-customer    2016/9/29 16:21   

My experience was actually decent except on two occasions they had technical problems and were not able to complete my trade on time. Cost me several hundred $$$ all together. I asked if they would honor the original price I submitted the order for (knowing they could) and they said sorry. I said I'm sorry you just lost my account.


   Douglas    2016/9/29 16:21   

STAY AWAY !!! You have been warned. As of July 29, 2013, I am a customer of Firstrade and trying to get my money out of this company. Just horrible customer services. Is this company operating out of a college dorm? I have never in my 25 years of trading come across such a terrible company.

STAY AWAY!你已經被警告。截至2013年7月29,我是第一理財客戶,並試圖讓我的錢,這家公司。太可怕了客戶服務。這是公司經營的大學宿舍?我從來沒有在我25年的交易中,遇到這樣一個可怕的公司。


I_mean_just_wow    2016/9/29 16:21
"College Dorm" LOL! Thanks Douglas, that really was hilarious and apropos. I rolled out of my chair when I read that. However, you give them too much credit, I think more like a High, no Junior High school immature level of customer service. I imagine after they hang up on you they all giggle like school kids and say to each other, wow, we really made him to lose his money today, heehee! These guys are so bad it is almost worth having an account just so you can LAUGH AT HOW INCOMPETENT THEY ARE. Of course it's more expensive than a comedy show and hard to laugh while your sitting on hold, or stuck in an online chat (the 'chatters' at 1strade BTW NEVER answer any questions and tell you you must call in because they can't speak about specific accounts...that's funny, other brokers seem to have no problem putting in a security system that allows chat reps to discuss your account, why can't firstrade? ) Hey, here's an idea, stop offering free trades and instead use the money to improve service, allow REAL online chat with answers specific to your account and lower your commissions - then I MIGHT come back.

   Donna    2016/9/29 16:21   

Oh my gosh! I can't believe how bad Firstrade is. I was trying to rollover money into my existing account with them and asked for their guidance on how to proceed. They misguided me EVERY step of the way causing close to a month of delays. Each interaction with them was slow and like pulling teeth. I am moving all my money out of my IRA because it is obvious that their incompetence could do more harm to my account than I realize in the long term. BEWARE OF THIS FIRM - THEIR INCOMPETENCE COULD CAUSE YOU HARM.


   dado    2016/12/08 14:21   

Firstrade is for clients who are looking for an all-round easy-to-use broker with a very “homey” type feeling


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