The global broker Firstrade is a U.S. online discount trading provider that offers self-directed access to stocks, ETFs, options, mutual funds, and fixed-income products. Operating from its headquarters at 30-50 Whitestone Expressway, Suite A301, Flushing, NY, USA, the company is registered under CRD No. 16843 and SEC No. 8-34642.
The business traces its origins to 1985, when it launched as First Flushing Securities, later introducing its digital trading portal, firstrade.com, in 1997.
| Attribute | Details |
|---|---|
| Legal Entity | Firstrade Securities Inc. |
| CRD Number | 16843 |
| SEC Number | 8-34642 |
| Established | 1985 (Current Delaware entity formed June 8, 2000) |
| Main Office | 30-50 Whitestone Expressway, Suite A301, Flushing, NY 11354, USA |
| Official Website | firstrade.com |
| Client Area | signup.firstrade.com |
| Regulatory Status | Registered with SEC and FINRA; SIPC member |
The distinction between the 1985 founding and the 2000 Delaware incorporation reflects structural updates over the firm's history. FINRA BrokerCheck confirms both its current legal status and registration background.
The Firstrade broker operates within the U.S. financial regulatory framework. FINRA BrokerCheck verifies that the entity maintains active status as a registered broker-dealer without active suspensions.
Regulatory Credentials:
SEC Registration: 8-34642
FINRA CRD: 16843
Industry Membership: Active FINRA and SIPC member
Third-Party Rating: BrokerChooser assigns an overall score of 4.1/5, confirming its standing as a regulated U.S. intermediary.
FINRA's public disclosure log lists 7 regulatory items and 2 arbitration cases in the firm's historical record. These represent archived compliance entries and do not affect its active authorization.
Rather than offering tiered deposit packages, the Firstrade broker structures its offerings around specific legal and investment goals.
Primary Categories:
Standard Brokerage: Individual or joint ownership for general investing.
Retirement Accounts: Traditional, Roth, and Rollover IRAs.
International Plans: Designed for foreign applicants who complete tax and identity documentation (e.g., Form W-8BEN and passport verification).
Education Planning: Dedicated structures for college savings.
Business Planning: Corporate and institutional options for corporate entities.
Opening a Firstrade personal account grants access to portfolio tracking, order execution, market research, and asset management functions. The standard individual plan carries zero setup or maintenance fees.
| Category | Main Purpose | Key Features |
|---|---|---|
| Brokerage | General investing | Individual or joint ownership |
| Retirement | Long-term savings | IRA tax-advantaged structures |
| International | Foreign investor access | Country-dependent eligibility |
| Education Planning | College savings | Specialized tax-advantaged tools |
| Business Planning | Corporate capital management | Entity-level administration |
The Firstrade broker concentrates on U.S. capital markets rather than global CFD or forex instruments. Its asset catalog spans:
Stocks
ETFs
Mutual funds
Fixed-income securities
Fractional shares
Equities trade across major U.S. venues, including the NYSE, AMEX, Nasdaq, and OTC markets. The firm also features over 11,000 mutual funds alongside multi-leg options tools. Industry analysis from sources like BrokerChooser emphasizes that the catalog is U.S.-centric; forex, CFDs, and futures are not supported.
The Firstrade broker provides a proprietary web interface and mobile applications rather than third-party platforms like MetaTrader 4 or MetaTrader 5.
Key Features & Infrastructure:
Responsive web dashboard and mobile software (iOS/Android)
Real-time quotes, interactive stock/ETF charts, and option chains
Research portals for mutual funds and fixed-income assets
Fractional-share execution and integrated fundamental research
$0 commission overnight trading sessions for eligible securities
The Firstrade broker offers a commission-free model across core equity and option assets.
| Instrument | Commission | Contract Fee / Pricing Basis |
|---|---|---|
| Stocks & ETFs | $0 | $0 |
| Options | $0 | $0 contract fee |
| Mutual Funds | $0 | No-load / NTF funds free |
| U.S. Treasuries | $0 | Net yield basis |
| Bonds (Muni/Agency) | $0 | Net yield basis |
| CDs (Primary Market) | $30 flat fee | $0 |
| CDs (Secondary Market) | $0 | Net yield basis |
While primary trades carry no commissions, regulatory transaction fees, short-borrow costs, wire transfers, and broker-assisted orders incur separate charges.
Account funding relies on traditional banking channels, including:
ACH electronic transfers,
wire transfers,
paper checks,
ACATS asset transfers from external institutions.
Credit cards, debit cards, and e-wallets like PayPal are not supported.
ACH connections require a U.S. bank account registered under the same name as the brokerage account. Initial ACH verification takes approximately 2–3 business days.
When considering withdrawing money from Firstrade, processing charges depend on the chosen payout channel:
ACH Withdrawals: $0 platform fee.
Outgoing Wire Transfers: $25 for both domestic and international wires.
Full ACAT Outgoing Transfers: 75(55 for partial ACAT transfers).
Client assistance at the Firstrade broker is available through phone channels and web-based contact forms:
U.S. Toll-Free Phone: 1-800-869-8800
International Phone: +1-718-961-6600
Support Email & Documentation: Available via the website's Form Center
Live Chat: Not offered as a permanent service
BrokerChooser notes that support availability at Firstrade is more limited compared to competitors offering 24/7 coverage.
Public Firstrade reviews on portals like Trustpilot present mixed user sentiment. The profile displays a score of ~1.8/5 across 53 entries. Positive feedback cites low execution costs, while critical comments highlight:
Support response times
Administrative procedures
Transfer processing speeds
Separately, BrokerChooser awards Firstrade a 4.1/5 overall rating, praising its commission-free structure and mutual fund selection while noting constraints in support availability and non-U.S. market coverage.
Domain Creation Date: December 28, 1997
Last Update: October 28, 2024
Hosting / Infrastructure: Vercel (California, USA)
The 1997 domain registration aligns with the brand's early web presence, predating the 2000 corporate reorganization under Firstrade Securities Inc.
| Parameter | Verified Record | Risk Characterization |
|---|---|---|
| Corporate Identity | Delaware entity; CRD 16843 | Verifiable U.S. provider |
| Regulatory Supervision | SEC No. 8-34642; active FINRA status | Low legal risk |
| Investor Protection | SIPC member | Standard coverage for eligible accounts |
| Asset Range | Stocks, ETFs, options, mutual funds, bonds | Focused on U.S. markets |
| ACH Withdrawals | $0 fee | Low cost |
| Wire & ACAT Out Costs | $25 wire / $75 ACAT | Transfer charges apply |
| Overall Operational Risk | Regulated U.S. entity | Moderate (Standard market/execution risk) |
The Firstrade broker is an established U.S. discount intermediary with verifiable SEC and FINRA credentials. Its main strengths lie in zero-commission trading across equities, ETFs, and options, alongside an extensive mutual fund inventory.
Best suited for: Self-directed investors focusing on U.S. equities, options, and mutual funds who utilize standard U.S. banking channels.
Less suited for: Traders requiring forex, CFDs, futures, card-based deposits, or continuous 24/7 live chat support.
The overwhelming majority of brokers are scammers. Traders can identify illegitimate ones by using free online resources. It is essential to verify the company's registration, the licensing of its services, and its operational history. It is also important to assess the completeness and authenticity of contact information and the transparency of trading conditions.
You can consult specialists who can help evaluate the broker and identify signs of fraud, and if necessary, assist in opening an account with a reliable service provider. A knowledgeable and comprehensive approach will help avoid negative trading experiences.
First and foremost, pay attention to the content of the comments. Excessively emotional opinions without specifics may indicate paid content. Additionally, a broker's positive reputation may be indicated by mass activity on a single online portal or forum. Another sign of fake reviews is their formulaic nature. Such comments are filled with general phrases and advertising slogans. Fraudulent projects use paid content to confuse traders and lure them into cooperation.
It is important not to fall for the tricks of company representatives. This can lead to additional financial losses. With legitimate brokers, withdrawing funds is a free service that is not subject to any fees such as insurance, taxes, commissions, etc.
If you need assistance in withdrawing capital, it is advisable to consult specialists. Timely consultation with experts can help achieve positive results and withdraw funds from the brokerage account.
In the case of scam brokers, account blocking may be related to a simple refusal to withdraw funds. Clients are accused of violating agreements, money laundering, technical work on the platform, etc. Such manipulations are aimed at depriving traders of the ability to withdraw capital.
When a brokerage account or personal account is blocked, it is better to use the services of professionals . Depending on the reason for the blockage, experts can find the optimal solution to the problem.
The reasons for the inactivity of a brokerage company's presentation portal can vary widely. Blocking due to numerous complaints, cessation of project activities, inclusion in the blacklist of trading platforms — all of this can lead to access issues to the broker's site. Additionally, unstable internet connection and browser restrictions can cause improper functioning of the resource.
If the official broker's website does not open, seek help from experts. They will advise on any questions and provide recommendations for further actions.
First and foremost, it is important to ensure that there are no assets in the account and no debts to the broker. If there are instruments in the investment portfolio, they should be sold, and you should wait for the settlements to be completed. After that, you can submit a request for the withdrawal of funds and the closure of the brokerage account.
If the broker refuses to fulfill requests, it is better to consult experts. They can assist in closing the brokerage account and recovering funds through chargebacks . When preparing to dispute transactions, it is necessary to gather all available evidence of cooperation with the project. This will help increase the chances of successfully initiating refunds.
