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Firstrade reviews, customer complaints, and ratings. Brokerage account pros and cons. Is Firstrade Securities a good and safe firm for investment account or is it a scam?

Firstrade Review

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Firstrade Reviews

by M. Wilkerson, 3/22/2022

Pros: Several years ago this was a decent low-cost broker but it appears to me that those days are long over.

Cons: Extremely Poor Customer Service, Incomplete responses (if you get one), No call backs, No followup

I wanted to set up a few new accounts to deal with some inheritance money and a simple process has been worse than pulling teeth. The don't seem to understand how to read their own online screens. We submit documents and can see them and they send back rude emails telling us to re-submit the same identical documents. Today I have made an executive decision. I will continue with my new IRA but will cancel my wife's IRA, I will cancel my plan to create a significant joint brokerage account. It's their loss due to gross incompetence!

by Future Investing, 10/2/2021

Pros:

Cons:

After few years Trading on this App.. I notice it is actually better at Many things then Robinhood ..and has a great Option Scanner, a Reliable Options Wizard, and a Great Execution Speed. Faster and better than RH..1 under rated thing it got that webull and rh do not have.. OCO & OTO orders. Thats actually important and crucial to trading. Please add the Daily Balances to the History on App. And The account balance chart.. should be able to show more day to day movements.

by Alex, 9/6/2021

Pros: No commissions, the Options Wizard is nice too

Cons: Severe difficulty withdrawing funds your account. Customer Service is lacking.

I've made several attempts to request funds from my account but to no avail. The request sits in "Request" mode for a few weeks before it's acknowledged and denied. Now I have to get an attorney to draft a letter in hopes of withdrawing my own money.

by Michael Chapin, 9/6/2021

Pros:

Cons:

Thanks for your reply, and for the upgrade, I like some of the new features, but I'm missing one in particular from the old version, I liked the page that listed the markets (Nasdaq, Dow, S&P) and what they are doing, I used to check it daily and use that as a gauge as to what I might look at in my portfolio. Please bring that back! I do REALLY like the easier sign in options (fingerprint, biometric), for that I will up my Rating to 4 stars....Thanks Again!

by Jim, 7/29/2021

Pros:

Cons:

Best stock trading app that I have seen. I have accounts at multiple brokers, I use the Firstrade app to monitor price movements etc. throughout the day because it is easier and faster. When buying/selling it gives me the info I need and I can submit my order before the market moves. I wish I could use this app for all my accounts.

by Richard, 6/17/2021

Pros: Easy interface

Cons: HORRIBLE support and customer service

I had an inherited IRA with them and am required to take RMDs for the first time starting this year. I tried to get the process to take the RMDs but kept being told that I did not have to take them until I was 70 and a 1/2. I asked to speak to a supervisor numerous times and for callbacks. I was never contacted. HORRIBLE support and customer service.

by Ready Works, 5/12/2021

Pros:

Cons:

Great app!!! I usually only remember to leave reviews if I have a negative experience. In this case this has been one of the best stocking apps that I use. The app is great when it comes to you being in control of your own investing and money. Great app!!!

by Andy B, 2/28/2021

Pros: Allows international trading

Cons: None so far

As a non-US citizen it's great that I can trade on the US stock market using Firstrade. I live in Japan and compared to the Japanese offerings, Firstrade is leagues better. I've been using their services for almost a year now. I'm a simple long term investor, and so far I've had no trouble and couldn't be happier, and I would highly recommend them. I use both the website and the app, and am happy with both. The initial set up and screening process took several days, but now I can get funds into my account from Japan in under 24hrs, and all my trades have gone through instantly.

by Kb, 8/31/2020

Pros: Easy interface for options.

Cons: Basically no customer support

Yes, they will pickup the phone when you want to setup an account, but after you have signed up, over a hour wait to get someone on the line. When you do talk to them over the phone, they almost cost me thousands of dollars while closing a trade. I attempted to move my account but was told I could not because of I sent from my account that was cleared a month ago. I contacting the SEC. Today my account loss over 20,000 according to there app when Tesla has a 8% gain.

by Jeff, 7/10/2020

Pros: Good website and app

Cons: Poor customer service

Good website and app and the trading fees are minimal. However, customer service is very lacking, expect to wait at least 90 minutes if u ever need to call them (it seems like they only have the same 1-2 people answering the phone). Also, recently I had an issue where their CS rep promised to call me back which he never did and when I had to call back again his counterpart claimed he did try. I checked my phone again and no messages were left and no missed calls from them. I don't understand why they would even state such a stupid obvious falsehood. I guess it was to try to cover themselves for failing to call me back as promised, third grade behavior on their part.

by Jotsan Martinez, 6/13/2020

Pros:

Cons:

Good app, nice design, and fonts. But it needs

1. Fractional share investing

2. Option to create a pie portfolio

Will come back and update to 5 stars when these features are added.

by AI Trader, 6/7/2020

Pros: Love the new UI!

Cons:

Love the new UI especially the new option screen. It’s much easier to do my spread orders now. Have been enjoying the free trades. Firstrade seems to be the hidden gem!

by Holly Baker, 6/2/2020

Pros: None

Cons: Thieves

I purchased two funds yesterday in my account. Both were indicated as no load (I have screen shots) on the order entry screen. Both were charged a load fee. Customer service tells you to refer to the prospectus. However, the issue is their site apparently isn't correct as some funds actually show the load on the order entry screen. These both said no load on the order entry. No managers are available to speak with ever. You are promised a return call. That never happens. Stay away from this brokerage. They aren't reputable!!

by EricZ12345, 5/20/2020

Pros: Good update

Cons:

Like the latest release. It would be good to change DAY TREND to be the last column (after MARKET VALUE). DAY TREND took too much screen space. Best if the app allows a user to customize these columns: which to display and their display order.

by shamssheikh, 5/11/2020

Pros:

Cons: Very Bad app

This app is one of the worst app I ever used. Most of the feedback already provided by other users and as mentioned it does not provide you live price of options so I use this app only to trade options in IRA account as most of the other either charges you commissions or doesn’t support options in IRA. To trade with First Trade, you need some good alternate brokerage account so that you can track price and use First Trade just to punch the long term option trade. Finally, I see this app was updated 5 months ago so I don’t expect any new feature or changes soon.

by Njapan23, 4/26/2020

Pros: Nice new update! (know to swipe left!)

Cons:

My first impression of the new update was not good, because it looked like I’d lost information that I always used (total change, etc.). But that’s because I didn’t realize I could swipe left on the position screen! So I had the same negative impression as some other reviewers today. But now I see there is much more info, and I can easily sort by column also, a function I always wanted. As a long-time Firstrade customer, I’m pleased with this new update. So far, I’ve never had any big problems using the app. Always getting better. Nice job Firstrade!

by Riccardo Orfanini, 4/11/2020

Pros:

Cons:

Amazing app. It has helped me manage my portfolio extremely well through real time data and real time prices. Positions and trades are easily completed. The only two small issues which I recommend improving would be to decrease the wait time for deposits such as offering a credit and debit card deposit which could be available in minutes. Another issue is the privacy on the app, If I don’t close the app completely the app remains open and anyone can log in.

by Bill, 5/25/2019

Pros: Almost no commissions or fees. Good customer service.

Cons: No naked calls. Options trading screens could be a little more robust.

I have been a customer since December 2018. I am a fairly active options and stock trader making an average of 25-30 trades a day. The account was easy to open and I have made sseveal funds transfers into the account with no issues. My calls to customer service are alway answered promptly. I like the savings of no commissions, although if you are an options trader be aware they do have a $14.95 excercise fee. The trading platform screens are OK, although they could use some improvements to be able to trade more efficiently. Complete option chain information is not available to you on one screen, you must toggle to a different screen for near price options or to view all further out of the money options and then a separate toggle to a screen to get volatility and Greeks. Stock charts using Morning Star are decent, but also a bit of extra work. They have a robust list of extra indicators available and multiple optional views, such as line or candlestick. Although each time you go to a chart it takes you to a basic home screen and then you need to individually change the view and add in your favorite indicators, such as candlesticks, volatility, macd CCI, RSI, etc etc. The software is not intuitive to being able to return to your last chart after you leave the page and there does not seem to be a way to save your settings so that charts will pull up each time giving you the info you want to see without spending the extra 2-3 minutes setting it up again each time you want to view a different sock or even come back to the same one later in the day. Lastly, they do not allow naked call trading and I find that a bit burdensome at times. Overall, since trading is basically free, I am overall happy with their service and am willing o put up with the problems I listed. I am hoping in time they will make some improvements to the trading screens to be more user friendly.

by Anonymous, 4/10/2019

Pros: None

Cons: Horrible customer Service

It seems they have automated chat and email responses which are not monitored by their back room staff. After a few emails and providing numerous completed forms and providing I.D etc I was informed they cannot accept my verification for address. I had no issues when setting up my Charles Schwab or E*Trade accounts. SO I asked them to cancel my account and send me an email confirmation saying it was done.

by Nix, 3/20/2019

Pros: No Commission fees; Great customer service; Easy-to-use interface

Cons: As of the first week using Firstrader, none.

So far, this company is outstanding. There are no commission fees (or hidden ones,) and they have great customer service. Due to being a novice with many questions, I have called multiple times and was immediately connected to a customer service representative that answered all my questions with a cordial attitude.

-No commission fees
-Great customer service
-User-friendly website and mobile application

by Angela, 3/4/2019

Pros: no commissions

Cons: none so far

opened account with no problem and customer service was helpful when I emailed them. just bought two mutual funds - there is really no commissions! so far so good!

by Dale, 10/23/2018

Pros: Zero Commission

Cons: Horrible service

I opened an account in late Sept 2018. I made a small deposit via ACH while waiting for the transfer from my former broker (SogoTrade) to reach my checking account. When it did, I tried to ACH it to Firstrade. It wouldn't work because my ACH profile had been closed. I emailed them about it and got a reply (after 36 hours) that I had to call them. When I did they said my bank notified their clearing house (Apex) that something had changed with my bank account. First of all, nothing had changed, and secondly, my bank had no idea I even had an account with Firstrade or anyone else. They sure as hell would not have notified them of anything. So then they wanted me to download and print an amended ACH transfer agreement. But the form would not print. So I called them again, and they agreed to send me the form via snail mail. Meanwhile, I had two trades denied with the message that I had insufficient funds for the trade, even though I had plenty of funds, and the 'cash available' on my account even said so. So I emailed them again asking how that could happen. 24 hours later I got a response saying...guess what...I had to call them. So I emailed them again asking why they couldn't answer a simple question by email. Their reply was that they couldn't investigate a trade attempt that happened 'yesterday'. So after nearly a month, I still could not make the trades I wanted to make, and my ACH still didn't work, and their customer service continued to be horrible. So today I sent the money back to Sogotrade, who has marvelous customer service. I guess it's true that you don't get any more than what you pay for. I'll pay the commission, and won't have to deal with all the incompetence and frustration. It just ain't worth it.

by Jason, 10/17/2018

Pros: Free trades on everything! No account charges.

Cons: none

A few years ago I paid $10 per trade on stocks and $50 on mutual funds. With Firstrade both are $0. It's amazing! I actually pay nothing! There are no account fees. I actually invest for free!

by Keith Garner, 10/8/2018

Pros: no commissions, relatively easy on line trading

Cons: no customer service, nearly impossible to get your money out of the account

I wanted to get a (very) small distribution from my Roth IRA and use the money to help fund my son's (and daughter-in-laws) Roth IRAs. I called up customer service and got the information on how to do this - fill out the IRA distribution form, have it notarized (because the payout was going to a 3rd party), and mail it in. I did all this, and they rejected the distribution. When I called they said they could not do this for some reason, they would only do this for the deposit to go into my wife's account, they could not transfer the money to the other accounts - only the named individual could deposit money into those accounts.

Since all the accounts are at Firstrade it seemed rediculous to me to have them send me the money, me to send it to my son, my son to send it back to them for them to deposit it back into his account. I asked to speak to a supervisor to complain about this run around, but they were all busy. Finally they said a supervisor would call me back. After waiting over one hour, I called back and was told they would call sometime today or tommorrow.

My experience is that whenever you want to withdraw any money from your account there will be some reason they can't do it. They will delay giving you the money any way they can, for as long as they are able and they will make it as difficult as possible to get your money out. There will always be some problem with the form, they way you want it, where you want it sent - anything to avoid having to give you them money. They will not let you talk to a supervisor, and they don't care about your needs as their customer.

While their trades are commission free, and their web site is easy to use, their trade executions are poor (I have paid more than the high price of the day on purchases) and their customer service is near non existant. Their reluctance to give you access to your own money borders on what you would expect from a Ponzi scheme. Use this broker at your own risk.

by Trader, 5/14/2018

Pros: Lowest commissions, no fees, easy to use website, 700 ETFs FREE

Cons: No advanced trading platform.

Firstrade has the lowest commissions out there: only $2.95!

Mutual funds are $10!

Now they also have 700 ETFs commission-free!!!

Who can beat that???




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Leading U.S. Brokerage Review Websites About Firstrade


"Firstrade would be good for budget-conscious traders who are looking for the best value in securities investing. Customer service is good while the broker is open. Because the company does not advertise nearly as heavily as Fidelity or Schwab, many traders simply haven’t heard of Firstrade. The broker is underrated, and more investors should take a look at it."

Brokerage Review

"Firstrade offers a variety of investment options to help you build your portfolio. Prices for online trading and broker-assisted trading are competitive when compared to other online stock brokers. Extended trading hours is a unique feature that allows you to place your trades before the market opens or after it has closed. The trading platform is simple and available on iPhone and Android apps."

TopTen Reviews

"While Firstrade lacks a feature-rich platform, the broker maintains a clean website and offers its clients the basics to maintain a long-term portfolio."

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