Firstrade Review: Free Trades From A Top Discount Brokerage

by Millie Kay G. on 2011-02-202

When it comes to finding a decent online brokerage, all the special offers out there (not to mention all the new compelling features you’ll find at most brokers) can make it hard to made a choice. So it certainly helps if a brokerage has a triple bonus promotion going on such as what you’ll find at Firstrade, which is on our list of best brokers.

Get Free Trades From Firstrade, A Top Discount Brokerage

Special Limited Time Offer For New Accounts. So here’s a great incentive for investors who are thinking of opening a new brokerage account: at, funding a new account with $1,000 or more gets you a bonus of 250 trades. If you fund your new account with $25,000 or more, you get the 250 trades and up to $100 as a transfer rebate. Those who fund their new account with $100,000 or more get the 250 trades, the transfer rebate, and $250 cash back. This is a limited time offer, so be sure to sign up before it ends on April 15th!

Open a new account at Firstrade and receive free trades and more.
Get 250 Free Trades and more at Firstrade! 3 Second Execution Guarantee for Qualified Stocks

In the SmartMoney Broker Survey for 2010, Firstrade was noted for good product diversity but with less focus on information and research. They scored well for investment products and mutual fund offerings.

Their stock trades cost $6.95, which is certainly on the low side, and qualifies them to be in our list of cheap stock brokers. There isn’t an account minimum and you aren’t charged maintenance fees or inactivity fees. You’re welcome to trade both listed and OTC stocks. One interesting feature is the 3 Second Execution Guarantee. Basically, if a qualifying S&P 500 order takes longer than three seconds to execute, then your next trade is free. There are some limits and exclusions to the offer, so read the guarantee before making your first trade.

You’ll be able to trade penny stocks here. Or mix it up with small cap, mid cap, or large cap stocks. So you may want to set up conditional orders and trailing stops that kick in under certain conditions.

If you like exchange traded funds (ETFs), you can have your pick of screeners with over 30 ways to filter data so you can find something that suits your needs.

Firstrade Review: Features List

We’ve checked out their features and offer a list of things to note:

  1. They’ve got extended hours, which are a great benefit. Get an early start on trading eligible stocks from 8 AM to 9:25 AM Eastern Time or work later from 4:05 PM to 5:30 PM Eastern Time.
  2. There’s options trading support. Like a lot of other top brokers, Firstrade gives you the ability to trade options. You’ll be able to set up option chains and implement spreads and straddles. Online market orders and limit orders are $6.95 plus $.75 per contract.
  3. They’ve got a wide variety of mutual funds and have a lot more offerings available than what you may find at competing discount stock brokers. Those who want to work with mutual funds can browse through more than 11,000 funds. Tools like fund commentary and advanced screeners can make your search easier. No load funds are $9.95 per trade.
  4. Fixed income investments are also available. Those looking for such investments can select from Treasury notes, brokered CDs, bonds, and other types of investments.
  5. You have a diverse selection of tools for account management. Check on your balances throughout the day if you prefer. It’s possible to customize your portfolio view so that the information that’s most critical to you is readily available. One interesting tool they have is the X-Stream Watch List tool, which helps you track 20 stocks at the same time. Your quotes show up in real time, and you can access charts that keep you up to the minute.
  6. Check out the investment guides and glossary, to enhance your understanding of trading and to grow your investment knowledge. For even more news and articles, hit up the Firstrade blog and newsletter. Plus there’s a tax center and a bookstore if you want additional guidance.
  7. Export your data and upload them into top financial tools. Many of us use personal finance software and Firstrade recognizes that. You can export your data to Quicken, Microsoft Money, or GainsKeeper. There’s an option to get your information as a spreadsheet as well. You’ll be able to work with your gains and losses on a separate page, too.
  8. There’s support for mobile trading and investing. Those of you on an iPhone or other iOS device can download the Firstrade app for free. The application lets you place trades, get quotes, and do research. You can also find Firstrade on Twitter and Facebook, so they’re pretty well connected to their community.
  9. You can earn a $50 bonus for referring a friend!

To get started with Firstrade, you’ll need to fill out the online application, then mail or fax some forms. Later, you’ll be able to fund your account.

Get 250 Free Trades and more at Firstrade!

While getting one special offer or freebie sounds great, getting several bonuses is even better! Firstrade’s triple bonus promotion looks pretty tempting for those who are thinking of opening a new account with a reputable discount broker. You can also add free trades, a transfer bonus, and cash back to other benefits you’ll find at Firstrade, such as attractive pricing, diverse product choices and a reliable platform.

Disclosure: We only review high quality products and services. We may have advertising relationships with companies featured on our site.

Copyright © 2011 The Digerati Life. All Rights Reserved.

{ 2 comments… read them below or add one }

Sandy @ yesiamcheap February 20, 2011 at 6:28 pm

Okay, you’ve convinced me. I just need to come up with the $1K needed to fund the account. 🙂

Silicon Valley Blogger February 21, 2011 at 8:46 pm

Thanks Sandy. Lots of good brokers out there, who are improving their platforms and offering even more promos!

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