Firstrade is a discount online brokerage firm that is part of the first resource family of companies. It was started in 1999 and has since grown significantly in terms of assets under management. Firstrade is an online only brokerage which means that you will not find a branch office rather their customer service can be accessed anytime via phone or the Internet.
This is a plus for the Firstrade customer as their customer service is excellent. Additionally, they have spent millions on advertising and also offer free trades to college students.
Firstrade Features and Benefits
As one of the oldest brokerages in the United States, Firstrade was launched in 1977 with offices in California and became the first commission-free brokerage in 2003. The company was purchased by the forex and online trading company Interactive Brokers Group Inc. in 2013.
The online brokerage, which focuses on helping individual investors and traders master investing, was founded by big names in the investment industry, including Brad Brodsky and former ICG CEO, Thomas Peterffy. The site offers a number of affordable and efficient investment tools and resources while maintaining a simple and streamlined process for investing online.
Firstrade offers the industry’s most comprehensive free stock-trading program, with no commissions, no account minimum and no hidden fees on stock trades. It provides a colorful online trading platform with an easy-to-use navigation, with advanced features like favorite trading screens, customizable charting capabilities, advanced trade ticket, watch list management, news and research services and more.
It is a popular online destination for users seeking a reliable platform that makes it easy to learn how to trade shares and monitor portfolios. Here’s a rundown of the main features and benefits of Trading with Firstrade.
Firstrade Tools and Calculators
- Trade Management
- Watch List
- Cash Management
I have been a customer with Firstrade for a couple of years. In that time they have added a number of features that are greatly appreciated by the customers.
Firstrade provides some great tools:
- Trade Management
- Watch List
- Cash Management
The first thing I really like is the trade management feature. I am not a day trader and rarely watch the quote screen for hours on end. I trail a couple of stocks and each morning I check the equity position, adjust my stop-loss for the trailing stops, and decide if I want to add to the position. It’s great to be able to do all these things from one screen instead of having to click into multiple windows.
The portfolio tool is nice because it allows me to do my accounting from a single screen. I can view all my open positions, all my options (or short option trades), if there are any collars, and the cash and shares in the account. Most online brokers, require you to click off to a different screen to do your accounting, and they have a different reporting feature in each window.
The most important service many brokerage firms provide is research and analysis options.
Firstrade shows you a list of all the shares you own and which ones have taxable gains or losses. You can then compare the gains to the taxable income you have made that year in order to reduce your tax burden.
The brokerage firm has a very user-friendly interface and education resources. If you’re a beginner, this is one of the easiest places to start with.
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Will Firstrade Work for You?
Firstrade is a broker providing online trading to over 3 million customers. The brokerage firm has a straightforward approach towards trading and they are committed to providing service and support for their customers.
The brokerage firm has 4 core values:
- Clients Come First
- Top-Quality Service
- Solid Ethics