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Thursday, January 27, 2011

Review of Firstrade - an online broker with competitive commissions

People who trade equities frequently are always looking for a good online broker with competitive commissions. That's because if you do frequent online trading, your commission costs can add up quickly, reducing your gains. Fortunately, there are a lot of discount brokers out there. One such online broker is Firstrade.

Firstrade provides a platform for stock trading as well as trading options, mutual funds, ETFs, and fixed income securities at competitive costs. For example, stock trades currently cost $6.95/trade for unlimited shares. Similarly, for options, the costs are currently $6.95 + $0.75/contract. The firm also offers broker-assisted trades but costs for such trades are higher. For example, broker-assisted stock trades currently cost $26.95/trade. You can also hold IRA accounts with them.

Along with offering a platform with competitive commissions, Firstrade makes it easy to open and maintain an account as currently, there are no minimum deposits to open, nor does it currently have any inactivity or maintenance fees. It's Web site has a nice, simple, and easy to use interface. The firm also allows mobile trading. The company has been in business for over 25 years, and is a member of FINRA/SIPC. Since its inception, the firm has been rated as one of the best online brokers by major financial publications. Similarly, in 2005, the Smart Money magazine named Firstrade as the "Best Deal" in the online discount broker category. To learn more about the firm, check out its Web site:

Firstrade

Note: the above is a paid post

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posted by Ruby @ 12:20 PM

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