NerdWallet, a leading financial website, recently conducted a review of online brokerage Firstrade. The review found that Firstrade is a strong option for traders interested in more than just basic trading. The platform offers commission-free trading for stocks, ETFs, and options, as well as a robust suite of analytical tools. Additionally, Firstrade charges no transaction fees or commissions to buy and sell stocks and ETFs, making it an attractive option for those looking to save on trading costs.
Firstrade was founded in 1985 and has since grown into one of the largest online brokerages in the United States. The platform offers a variety of investment options, including stocks, ETFs, options, mutual funds, and bonds. Firstrade also offers a range of account types, including individual, joint, IRA, and custodial accounts.
One of the standout features of Firstrade is its commission-free trading for stocks and ETFs. This is a major selling point for traders looking to save on trading costs. Additionally, Firstrade charges zero per-contract options fees, making it an attractive option for options traders as well.
Firstrade also offers a robust suite of analytical tools, including real-time market data, customizable charts, and technical analysis tools. These tools can be invaluable for traders looking to make informed investment decisions.
In terms of educational resources, Firstrade offers a range of articles, videos, and webinars on topics such as investing basics, market analysis, and trading strategies. The platform also offers a virtual trading simulator, which allows users to practice trading without risking real money.
Firstrade's minimum deposit requirement is $0, making it an accessible option for new investors. The platform also offers a cash bonus award for new accounts funded with a deposit between $25,000 and $99,999. The bonus ranges from $100 to $500, depending on the funding amount.
When compared to other online brokerages, Firstrade is a strong contender. In NerdWallet's review of the best online brokerages, Firstrade ranked highly due to its commission-free trading, robust analytical tools, and educational resources.
In terms of account types, Firstrade offers individual, joint, and IRA accounts, as well as custodial accounts for minors. The platform also offers a mobile app, which allows users to trade on-the-go.
Overall, Firstrade is a solid option for traders looking to save on trading costs and access a range of investment options. The platform's commission-free trading for stocks and ETFs, zero per-contract options fees, and robust analytical tools make it an attractive choice for both novice and experienced investors.
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