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

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Firstrade Customer Reviews

by Jon, 1/27/2020

Pros: steal your money

Cons: owners get rich

Ive happily had broker accounts with various companies for years. One got bought up by Firstrade.
After 6 months they started sending me paper statements - and charged a lot for the privilege! They 'claimed' (but cannot provide any proof) that the emails werent getting through... after some fighting they agreed to refund HALF of what they took ?!?!?!?!?!
But worse still, they took 24% (yes TWENTYFOUR PER CENT), claiming i had not told them why i moved house 30 (yes that is correct, THIRTY) years ago. Which they refuse to refund !
so yeah - THIEVES and CROOKS.

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???

by Wolsen, 8/26/2015


Cons: Takes a lot of work to try open an account

It seems they have automated 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 by three separate emails that I had successfully opened an account and should fund the account. Tried to fund the account with electronic bank transfers and required more forms to be completed and wait for email with code to proceed. In the meantime received an email saying they couldn't open my account because I was in the Bahamas even though I disclosed this from the outset. Then received another email saying my account was open followed by automated email telling me to expect my code to fund the account within 1-2 days. Forget it! I will take my investments to someone who actually wants my business and doesn't treat me like I am a criminal because I retired to the Bahamas.


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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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