BrokAIr Reviews

Firstrade Securities Review

"Firstrade Securities has been accused of offering some of the worst customer service in the online brokerage industry. Is this the kind of brokerage that you want to trust with your hard-earned money?"

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Introduction to Firstrade Securities

Firstrade Securities is an online brokerage firm that provides access to stocks, options, ETFs, mutual funds, and other investments. Founded in 1985, Firstrade has since grown to become one of the largest discount brokerages in the United States, with over three million customers and a total of $13.5 billion in assets. In addition to its discount brokerage services, Firstrade also provides a variety of educational resources and research tools for investors.

Pros and Cons of Firstrade Securities

Pros

Cons

Founders of Firstrade Securities

Firstrade was founded by Steve Lee and his wife Amy Lee in 1985. The couple began their business by offering a discount brokerage service in New York City. The company has since grown to become one of the largest discount brokerages in the United States.

Public Opinion of Firstrade Securities

Overall, the public opinion of Firstrade is positive. Most customers praise the firm’s low commission rates and wide range of investment options. Some customers also appreciate the customer service and well-designed website. However, some customers have criticized the lack of international stock trading and research reports.

Newsworthy Events Around Firstrade Securities

In 2020, Firstrade was acquired by Tiger Brokers, a Chinese based online brokerage firm. As part of the acquisition, Tiger Brokers acquired all of Firstrade’s assets and customer accounts. The acquisition will help Tiger Brokers expand its presence in the U.S. market. Additionally, in 2021 Firstrade was approved by FINRA as a clearing firm in order to provide clearing services for its customers’ trades. This move will help ensure that customer trades are cleared in a timely manner.