Firstrade Securities is a US-based online brokerage founded in 1985, making it one of the longest-running discount brokers in the country. Originally serving the Chinese-American community in New York, it has grown into a fully licensed broker-dealer offering commission-free trading on stocks, ETFs, options, and mutual funds to a broad retail audience across the United States.
What sets Firstrade apart is its options pricing model: $0 per trade with no per-contract fee. Most competitors charge $0.65 per contract, so active options traders can save significantly, especially on multi-leg strategies or high-volume trades. This pricing structure makes Firstrade one of the most cost-effective platforms for retail options traders in the US market.
The platform supports a wide range of account types including individual taxable accounts, joint accounts, IRAs (Traditional, Roth, SEP, SIMPLE), custodial accounts, and investment club accounts. Firstrade also offers a well-rated mobile app, real-time quotes, price alerts, research tools, and educational resources to support traders at various experience levels.
The trade-off is that Firstrade lacks some of the advanced tools found on platforms like Thinkorswim or Interactive Brokers — no paper trading simulator, no proprietary screener with deep customization, and no API access for algorithmic strategies. It is best suited for buy-and-hold investors, options traders who prioritize zero per-contract fees, and bilingual (English/Chinese) users who value multilingual customer support.