Firstrade

kennis2244

1-2 años

What is the usual timeframe for a withdrawal from Firstrade to reach a bank account or e-wallet?

WikiFX Respuesta

As an experienced trader who prioritizes security and reliability above all when handling my funds, I take withdrawal timeframes very seriously. With Firstrade, the typical timeframe really depends on the withdrawal method you use. If I withdraw using an ACH transfer (which is simply linking my bank account), I generally expect it to take about one to three business days to see the funds in my account. For domestic wire transfers, the withdrawal usually arrives within one to two business days, but it’s important to factor in that a $25 fee is attached to these transactions. With international wire transfers, my experience has been that it can take anywhere from three to five business days for the funds to reach my bank overseas, again with a $25 fee involved. It’s crucial for me to note that expedited services, such as an overnight check within the U.S., do exist, but they come with a significantly higher cost. Aside from these specific scenarios, Firstrade does not charge for standard withdrawals, which is helpful for keeping costs predictable. Still, given that Firstrade operates without oversight from any major regulator, I remain especially cautious and recommend closely monitoring each transaction. In summary, for most standard withdrawals, I plan for a one to five business day processing window depending on the method, and I always make a habit of double-checking my account for any unusual delays.

Broker Issues

Firstrade

Withdrawal

Deposit

09-04

Estados Unidos

Tom Rossito - Toronto

1-2 años

Can I trust Firstrade as a reliable and secure broker for my trading activities?

WikiFX Respuesta

In my personal experience as a long-time trader, trust is non-negotiable when selecting a broker. With Firstrade, I have major reservations. Despite its lengthy track record and U.S. base, the fact that Firstrade is not regulated by any major authority such as the SEC or FINRA immediately raises alarms for me. Regulation isn’t just a formality—it's essential for client fund protection, transparent operations, and recourse in case of disputes. Trading with an unregulated broker, in my view, exposes me to unnecessary risks, regardless of the platform’s low fees or user-friendly tools. While I appreciate that Firstrade offers commission-free trading on U.S. stocks, ETFs, and options, and provides easy access via web and mobile platforms, these positives are, for me, overshadowed by regulatory uncertainty. The WikiFX assessment highlights a suspicious regulatory license and even warns of high potential risk and a low trust score. That level of caution from an industry tracker is not something I take lightly. Additionally, I note concerning user reports involving withdrawal issues and alleged fraud. While not every complaint is proof of wrongdoing, such feedback—combined with an absence of oversight—makes me uneasy about tying significant capital to this broker. In summary, I would not consider Firstrade a reliable or secure choice for my trading needs. If security of funds and peace of mind are priorities, I believe looking for a well-regulated, transparent broker is the safer path.

Broker Issues

Firstrade

Regulation

08-29

Estados Unidos

Allan777

1-2 años

Can you outline the main advantages of Firstrade in terms of its available trading instruments and its fee schedule?

WikiFX Respuesta

From my personal experience as a trader seeking efficiency and cost-effectiveness, Firstrade clearly has certain practical advantages—especially when it comes to its fee structure and the trading instruments it offers. Firstrade provides commission-free trading on U.S. stocks, ETFs, options, and mutual funds. For me, this means I can buy and sell these instruments without incurring standard commissions or contract fees, which helps to minimize my trading costs over time. There are also no account maintenance or inactivity fees, and I’m not forced to meet a minimum deposit to get started, which allows for flexibility and accessibility—even for those just beginning to invest. In terms of available trading instruments, Firstrade is focused exclusively on the U.S. market. While this limits my ability to diversify into forex, commodities, indices, or cryptocurrencies, it does provide straightforward access to major U.S. equities and funds, which can be sufficient if my investment strategy centers around American markets. I also appreciate that the broker offers tax-advantaged retirement accounts, letting me manage my long-term savings under favorable conditions. However, it’s important for me to stay vigilant, since Firstrade operates completely without regulatory oversight, which raises potential risk. This lack of regulation makes it essential, in my view, to use only the most careful, risk-managed approach should I choose this platform.

Broker Issues

Firstrade

Regulation

07-18

Estados Unidos

Allan777

1-2 años

Given your research and available reviews, how legitimate do you consider Firstrade to be?

WikiFX Respuesta

After thoroughly researching Firstrade and evaluating both the WikiFX data and user feedback, I have significant reservations about considering this broker as legitimate by the standard measures I apply as an experienced trader. Despite Firstrade operating out of the United States and having a history dating back to 1985, the most critical red flag for me is its lack of regulation by any major financial authority such as the SEC or FINRA. Regulation isn’t just a technicality; it’s a safeguard for traders against malpractice and provides recourse in case of disputes or losses due to broker misconduct. Firstrade’s “suspicious regulatory license” and explicit warnings about a lack of oversight elevate these concerns. While Firstrade offers genuinely attractive conditions—like zero commissions on stocks, ETFs, and mutual funds, and no minimum deposit—the absence of oversight leaves clients without crucial protection. This is especially concerning in the context of some user reviews alleging withdrawal issues and induced investment fraud. Even though there are also positive reviews, I have learned to approach any unregulated broker with extra caution, particularly when users have reported difficulties in accessing their own funds. For me, financial safety always takes precedence over low-cost trading or convenience. Without solid, transparent regulation, I cannot confidently consider Firstrade a trustworthy option for trading, regardless of its long operational history or features.

Broker Issues

Firstrade

Regulation

06-19

Estados Unidos