Firstrade
Overview
Firstrade Securities is a veteran discount broker that has successfully pivoted to the modern "zero-fee" era. While less famous than Robinhood or Schwab, it is a hidden gem for active options traders and international investors. It is one of the very few brokers to offer $0 contract fees on options trading (most charge $0.65). It also has a strong niche in the Asian market, offering full customer support and simplified interfaces in Traditional and Simplified Chinese.
Key Specifications
| Account Minimum | $0 |
|---|---|
| Stock & ETF Trade Fee | $0 (Online US listed) |
| Options Fee | $0.00 contract fees (Completely free) |
| Mutual Fund Fees | $0 (For all mutual funds, not just NTF list) |
| Fractional Shares | No (Dividend Reinvestment Only) |
| Cryptocurrency | Yes (via Firstrade Crypto) |
Trading Platforms
1. Firstrade Mobile App
The mobile app is robust and functional. It allows for complex option orders (spreads, straddles) directly from the phone. A key feature is the "Options Wizard" which helps traders analyze risk/reward ratios before placing a trade. While the UI isn't as polished as Robinhood's, it is packed with data.
2. Firstrade.com (Web)
The web platform is simple but effective. It includes the "OptionsPlay" tool, a visual analytics engine that generates trading ideas and explains strategies in plain English. This is particularly helpful for investors looking to move from buying stocks to selling covered calls or puts.
Investment Features
- International Access: Firstrade is famous for accepting international accounts from many countries (like Taiwan, China, and India) where other US brokers might be restricted. It supports full passport-based onboarding.
- OptionsPlay: Free access to this premium tool (usually a paid subscription elsewhere) provides technical analysis, trade signals, and income-generating ideas tailored to your portfolio.
- No Fee Guarantee: There are no inactivity fees, account maintenance fees, or deposit minimums.
- Securities Lending: A fully transparent program where you can earn extra income by lending out your fully paid shares to short sellers.
Account Types
Firstrade offers a comprehensive list of account types:
- Individual & Joint Taxable
- Traditional, Roth, & Rollover IRAs
- SEP-IRA & SIMPLE IRA
- Custodial Accounts (UTMA/UGMA)
- Coverdell ESA (Education Savings)
- Business / Corporate Accounts