2019 options to fund Firstrade brokerage account. New account initial deposit by check from bank.

Firstrade Account Funding

If you recently opened a brokerage account with Firstrade, you may be wondering what your options are when it comes to funding it. Firstrade offers the most popular ACH/Electronic transfer, but they also offer some other options that some investors choose to take advantage of. This article will walk you through all of your options.

Funding Options

Like most brokers, Firstrade offers three ways to deposit money into your account: ACH/Electronic transfers, wire transfers, and physical checks. Wire transfers are the best bet if you need the money in your account to be available ASAP, but if time is not your first consideration, electronic transfers or physical checks are recommended. These last two options will take a couple extra days to process but are free to use. We’ll discuss the pros and cons of each of these at Firstrade, starting with electronic transfers.

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Link Your Bank Account

Before you initiate an ACH/electronic transfer request to your Firstrade account, you will need to link your checking or savings account to your Firstrade account. This process is simple but can take a couple days for security verification. Just click on the “Deposit/Transfer” link from within the “My Accounts” menu. This will take you to the below screen, showing the three-step process to link your bank account.


FirstTrade ACH Transfer


After requesting a verification code, Firstrade will email or text this to you. You will then enter it on the Firstrade website in order to enter your bank account details (account and routing numbers) to verify that you have access to the account. Within a couple days, you will see two micro deposits (less than $1) appear in your bank account from Firstrade. Enter these amounts on Firstrade’s website and then that account will be eligible for electronic transfers with Firstrade. Note that you can link multiple bank accounts to your Firstrade account if you would like.

ACH/Electronic Transfer

Now that your bank account is linked to your Firstrade account, you can easily create ACH/electronic transfers. From the “Cash/Transfer” screen below, simply select “Electronic Funds (ACH)” under the deposit drop-down and indicate the amount you would like to deposit. Firstrade lets you deposit up to $100,000 within any continuous five business day period, and also gives you the option to setup recurring electronic deposits. Electronic deposits are free at Firstrade but generally take up to five days to settle and be available for trading.


FirstTrade Transfer Money


Initiating a Wire Transfer

If you want your funds to be available sooner for investing, a wire transfer is your best funding option with Firstrade. You can initiate an incoming wire transfer to your Firstrade account using the same menu above. Deposits via wire transfer will generally be available for you to trade in your Firstrade account within one business day if not the same day. Although Firstrade doesn’t charge you a fee for wire transfers, the sending bank usually does. The screenshot below shows what information you will need to provide to your bank account that is sending the wire.


FirstTrade Wire Transfer Money


Funding Your Account with a Check

The last funding option available to Firstrade investors is the old-fashion personal check. Simply select the check option from the same screen and the website indicates who to write the check to and where to mail it (see image below). Remember to include your Firstrade account number on the memo line of your check. All checks must be made out in USD through a U.S. bank. Funds deposited via personal check are generally available to use in your Firstrade account in five business days after it is deposited.


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