FirsTrade
When comparing FirsTrade Securities with its competitors, one could quickly come to the conclusion that it seems like modern-day David and Goliath scenario. Despite its relatively small size and other ‘handicaps’, FirsTrade still manages to perform impressively and stand toe-to-toe with the big names like TD Ameritrade, E*Trade, and Scottrade. Established by John C Liu back in 1985, FirsTrade began as a discount brokerage firm. When the Internet was introduced, FirsTrade immediately foresaw the potential benefits that can be reaped by going online. In 1997, Firstrade.com was launched by the company. Only a few brokers had taken advantage of the technology at that time, making FirsTrade a pioneer in the world of online trading.
Accessibility:
FirsTrade’s main office is located in Flushing, New York. Because it is mainly an online brokerage firm, FirsTrade does not have any physical branches. This is probably the main reason why FirsTrade doesn’t have as many clients as its competitors (less than 60,000 customer accounts). It does, however, have a Toll Free Number for US residents, an Overseas Number for international clients, and a comprehensive website that is easy to use and navigate.
Services:
Where it lacks in physical presence and accessibility, FirsTrade more than makes up for in terms of service… both qualitatively and quantitatively. FirsTrade offers a wide array of investment choices that includes stocks and options trading, mutual funds, exchange traded funds, fixed income and dividend reinvestment. In addition, they also offer various account types such as general investing, Retirement accounts, International Accounts, Business Accounts, Education Planning and Valet Accounts. A lot of Tools and Research materials can be accessed on their website, making it easier for investors to make informed decisions. The best part about FirsTrade, the one that enabled it to compete with the giants, is its pricing. FirsTrade offers the best deal in trading costs, as well as FREE mutual fund trades! With FirsTrade, you get quality service at a very low cost.
Achievements:*
2004 – 5 stars in Commissions and Fees, awarded by SmartMoney Magazine.
2005 – Awarded the “Best Deal” among online brokerages, again by SmartMoney Magazine.
2005 – Awarded “The Top Online Brokerage” by Leading Consumer Publication.
2006 – Hailed by Kiplinger’s Personal Finance as the “Clear Winner” in the Mutual Funds Category. and the “Top Clean-Hands Firm” in the Online Brokerage Industry.
2007 – Awarded “The Top Online Brokerage” by Leading Consumer Publication for the second time.
Source: http://www.firstrade.com
Additional Information:
FirsTrade specializes in online brokerage and is not considered as a full service broker. Its low cost transactions are better suited for experienced investors who already know what they’re doing. For more information about FirsTrade, visit their website at http://www.firstrade.com.
