Firstrade review
Updated September 28, 2026 · BrokerCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Firstrade is a US commission-free broker for retail savers who want retirement accounts and low costs in the same place. Protection is listed as SIPC up to USD 500,000, the minimum deposit is $0, and the trade-off is a market list limited to US equities, funds and options.
Key facts
- Best for
- US retail investors wanting commission-free stock trading plus an IRA or joint account.
- Minimum deposit
- $0 (Source, checked September 26, 2026)
- Stock trade fee
- $0 (Source, checked September 26, 2026)
- Account fee
- $0 (Source, checked September 26, 2026)
- Inactivity fee
- $0 (Source, checked September 26, 2026)
- Markets
- Stocks, ETFs, Options, Funds (Source, checked September 26, 2026)
- Regulators
- SIPC, FINRA (Source, checked September 26, 2026)
- Investor protection
- SIPC up to USD 500,000 (Source, checked September 26, 2026)
- Options contract fee
- $0 (Source, checked September 26, 2026)
- Deposit and withdrawal fees
- Free for bank transfers, $25 for wire transfers (Source, checked September 26, 2026)
- Platforms
- Web, iOS, Android, IPad (Source, checked September 26, 2026)
- Account types
- IRA, Roth-IRA, Joint (Source, checked September 26, 2026)
- Legal entity
- FIRSTRADE SECURITIES INC (Source, checked September 26, 2026)
- Headquarters
- United States (Source, checked September 26, 2026)
- Founded
- 1985 (Source, checked September 26, 2026)
- Support channels
- Phone, Help-centre (Source, checked September 26, 2026)
- Features
- Demo account, Options, Mobile app, Fractional shares
- Pricing model
- Commission-free
- Audience
- Beginners, Experienced traders, Day traders
- Official website
- firstrade.com
Apps and profiles
- Get the app
- App StoreGoogle Play
Pros and cons
Pros
- Regulated in the US by FINRA and SIPC, with protection stated as SIPC up to USD 500,000 and a membership record at SIPC member 34642.
- A traditional IRA, a Roth IRA and a joint account all sit in ira, roth ira and joint under the commission-free pricing in commission free, so retirement and shared accounts hold at the same cost.
- Fractional shares and a demo account sit in demo account, options and mobile app, which helps the beginners and day traders named in beginners, experienced and day traders start small.
- Trading runs on the platforms in Web, iOS and Android, so the same account works in a browser and on a phone or tablet.
Cons
- The market list in stocks, etfs and options covers stocks, ETFs, options and funds, a narrow range next to eToro at stocks, etfs and forex and CFI at stocks, etfs and forex.
- Live chat and email are not among the listed support channels (phone and help centre), which pair a phone line with a help centre.
- An ISA and a SIPP are not among the listed account types (ira, roth ira and joint), which cover a traditional IRA, a Roth IRA and a joint account.
- Across the site 70.15% of retail accounts lose money, and brands aimed at beginners sit at 74%, so a low price says little about how a portfolio ends.
Who it suits
- US savers who want commission-free stock and ETF trading inside a retirement account, since the list in ira, roth ira and joint covers an IRA and a Roth IRA.
- Investors who trade in small amounts, because fractional shares in demo account, options and mobile app work alongside a $0 entry point.
- Day traders in US equities, named in beginners, experienced and day traders with a mobile app among the platforms in Web, iOS and Android.
Who should look elsewhere
- Traders who want forex, CFDs or crypto alongside equities: eToro lists stocks, etfs and forex and CFI lists stocks, etfs and forex, while Firstrade stays within stocks, etfs and options.
- UK and European savers who need a tax wrapper, since ira, roth ira and joint names no ISA or SIPP. Vantage, which sets $5 as its entry point, is worth pricing alongside.
Safety and regulation
Firstrade sits inside the US regulatory system, and the register lists SIPC and FINRA for the firm. The protection on file is SIPC up to USD 500,000, so the ceiling worth holding in mind is the one printed there. The membership line reads SIPC member 34642, which lets a reader place the firm on the scheme's own list of members rather than take it on trust. For a saver in the UK or Europe, the oversight is American and the protection is American, so a dispute over this firm is handled under US rules and the scheme involved is the US one. The stated limit is a cap on that scheme rather than a forecast of what trading can cost, and it says nothing about a portfolio that falls through ordinary market moves. What the record does supply is what a safety check needs: a named set of regulators and a printed protection figure that can be checked elsewhere.
Opening and funding an account
Opening the account is the easy part, because the minimum deposit is $0 and there is no threshold to clear. The only charge in the funding chain sits on the transfer itself: Free for bank transfers, $25 for wire transfers. Read that as a shape rather than a price list, with nothing to pay to start, nothing on an ordinary bank transfer, and a fee only when money goes by wire. The account list in ira, roth ira and joint is short and pointed at the US market, covering a traditional IRA, a Roth IRA and a joint account. That takes care of the retirement path and the shared household path within the same list, which suits anyone whose money is heading into a tax-advantaged pot. An ISA, a SIPP and a generic taxable account are not among those types, so a UK or European saver is looking at the wrong kind of broker for a tax wrapper. Readers outside the US should weigh the account list first, because the fees are the easy part to compare.
Where it sits among rivals
The cost tables are where this firm stands out. On stock trade fee the recorded position is 1 out of 161 brands compared, and the same holds on account fee at 1 of 138, on inactivity fee at 1 of 56, and on minimum deposit at 1 of 213. A sweep like that is rare on cost, and for a reader weighing what a broker takes rather than what it offers, it is the strongest argument in favour. Worth keeping in view is what those tables measure: opening, holding and trading costs only. A recorded position at the front of the cost tables says nothing about the range of instruments, the app or the ease of moving money out, so it belongs beside those checks rather than instead of them. Readers who want a broader range alongside a low price should price the alternatives on markets as well as on fees before choosing.
Who runs it
The firm behind the brand is FIRSTRADE SECURITIES INC, headquartered in the United States and trading since 1985. Those details matter beyond the contact details, because the legal entity named here is the same one on the scheme's membership line, SIPC member 34642, so the name matches across both records and the money sits with a named company rather than a brand. A trading history of that length gives some read on staying power, though it says nothing about what a trade costs. Support runs on phone and help centre, a narrow pair: a phone line and a self-service help centre. Live chat and email are not among those channels, so a written question goes through the help centre and a call is the faster route. Readers who treat reaching a person as part of a broker's quality will want to weigh that pair against the alternatives before opening an account.
How Firstrade compares
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Where Firstrade is available
- Available
- United States
- Licence in United States
- SIPC (SIPC member 34642), checked September 26, 2026
- Licence in United States
- FINRA, checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to trade stocks and options?+
Stock trades cost $0 and the options contract fee is $0, so nothing is charged per trade on either side. The pricing model listed is commission free, which matches that, and the same terms apply to stocks and options contracts. A reader comparing quotes will find the same line on both markets.
Are there account or inactivity fees?+
The account fee is $0 and the inactivity fee is $0, so an account can sit open and untouched without an annual charge or a dormant penalty. That suits a saver who funds a retirement account and does not trade every month, since holding a small balance costs nothing beyond the trades themselves.
How much do I need to open an account, and what do transfers cost?+
The minimum deposit is $0, so there is no threshold to clear. The charge sits on moving money instead, and the terms read Free for bank transfers, $25 for wire transfers, which means an ordinary bank transfer costs nothing while a wire transfer carries a fee. The account can be opened and funded at no charge on a standard transfer.
Is my money protected, and who regulates the firm?+
The firm is regulated in the US, and the register lists SIPC and FINRA. The protection on file is SIPC up to USD 500,000, and the membership line reads SIPC member 34642, which can be matched against the scheme's own member list. Both the oversight and the protection are US arrangements, so neither extends outside the US.
Which account types are on offer?+
The account list in ira, roth ira and joint covers a traditional IRA, a Roth IRA and a joint account. An ISA and a SIPP are not among those types, so a UK saver who needs a tax wrapper has to look elsewhere, while a US saver gets the retirement and shared household paths covered under the same opening terms.
What can I trade, and on which devices?+
The markets list in stocks, etfs and options runs to stocks, ETFs, options and funds, and the features in demo account, options and mobile app add fractional shares and a demo account. Trading runs on the platforms in Web, iOS and Android, so the same account works in a browser and on a phone or tablet. It is a US equity and fund offering rather than a multi asset platform.
How does it compare with eToro, CFI and Vantage?+
The gap against eToro is breadth: eToro lists stocks, etfs and forex and CFI lists stocks, etfs and forex, while Firstrade stays inside stocks, etfs and options. On entry the picture reverses, since Vantage sets a minimum deposit of $5 against $0 here, so the choice is a wider range elsewhere or a cheaper start.
Do most retail accounts actually lose money?+
Across the site 70.15% of retail accounts lose money, and the range runs from 40.3% to 88%. Among brands aimed at beginners the figure is 74%. Those are site wide figures rather than a reading on this broker, but they are the background against which a commission-free price should be judged.
Sources
- sipc.org/list-of-members checked September 26, 2026
Backs: Investor protection, Regulators, Licences, Legal entity
“reportingFileNumber=34642; name=FIRSTRADE SECURITIES INC”
- brokerchooser.com/broker-reviews/firstrade-review/firstra... checked September 26, 2026
Backs: Account fee, Deposit and withdrawal fees
“no account fees for standard individual accounts”
- brokerchooser.com/broker-reviews/firstrade-review/firstra... checked September 26, 2026
Backs: Minimum deposit
“Firstrade has no minimum deposit requirement”
- firstrade.com checked September 26, 2026
Backs: Features, Headquarters, Inactivity fee, Markets, Pricing model, Options contract fee, Platforms, Stock trade fee, Support channels, Account types, Audience
“Commission-free trading, extended-hours trading, OptionsWizard, mobile applications”
- firstrade.com/about checked September 26, 2026
Backs: Founded
“Firstrade was established in 1985”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Retail accounts that lose money.
Firstrade
US retail investors wanting commission-free stock trading plus an IRA or joint account.