Firstrade Review 2024

Autor

Revisor

Last update: 10 months ago

Our veredict

Firstrade is a commendable option for those venturing into cryptocurrency investments, primarily due to its blend of accessibility and security. Its offering includes a variety of digital currencies like Bitcoin, Ethereum, and Litecoin, among others, catering well to those looking to diversify into crypto. Notably, the platform facilitates crypto transactions with a straightforward fee structure—1% per transaction—without requiring a minimum deposit, making it approachable for beginners and small-scale investors.

However, there are certain limitations that potential users should consider. Firstrade does not provide a dedicated cryptocurrency wallet, meaning that users will need to manage their crypto holdings within the integrated system, possibly affecting ease of transfer and security perceptions. Additionally, the platform’s customer support is not available 24/7, which could be a drawback for those requiring assistance during off-hours. Despite these aspects, Firstrade’s user-friendly platform and strong security measures—bolstered by SIPC insurance up to $500,000—make it a reliable choice for new entrants to the crypto market.

Pros

Cons

4,7

Threenvest Score

Fees

Low 4/5

Regulated

FINRA, SEC

With the confidence of Threenvest

1. Year Founded Firstrade was established in 1985, making it one of the most experienced brokerage firms in the industry. With nearly four decades of operation, Firstrade has demonstrated stability and reliability through various market conditions.

2. Number of Users Firstrade serves a large number of clients, reflecting its broad acceptance and trust within the investment community. The significant user base is a testament to its reliability and the trust it has earned over the years.

3. Security Methods Firstrade employs stringent security measures to protect client accounts and personal information. The platform is regulated by top-tier authorities such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Additionally, Firstrade provides high investor protection through the Securities Investor Protection Corporation (SIPC), covering up to $500,000, including $250,000 for cash.

4. Regulation Firstrade is fully regulated by the SEC and FINRA, ensuring compliance with strict industry standards. This regulation provides an added layer of security and transparency, assuring users that their investments are managed according to rigorous guidelines.

5. Customer Service Firstrade offers robust customer service options, including phone and email support. Although not available 24/7, their customer service team is dedicated to providing helpful and relevant responses. This commitment to customer care enhances user confidence and satisfaction.

Best Crypto Brokers

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To better understand our editorial guidelines and the investment methodology that supports our ratings, you can explore the information in our editorial policy.

About Firstrade

What is Firstrade?

Firstrade is an online brokerage platform that offers a wide range of investment options, including cryptocurrencies. It is designed to cater to both beginner and experienced investors by providing an intuitive interface and comprehensive tools for trading. Firstrade is known for its strong regulatory compliance and commitment to user security, making it a trustworthy platform for managing digital assets.

Background and History

Firstrade was established in 1985, originally serving as a traditional brokerage firm. Over the years, it has evolved to include a variety of investment products, including stocks, ETFs, options, and more recently, cryptocurrencies. Firstrade’s long history and consistent growth have solidified its reputation as a reliable and innovative broker in the financial industry.

Founders

Firstrade was founded by John Liu, who envisioned creating a platform that combines comprehensive investment tools with accessible education for all levels of investors. Under his leadership, Firstrade has grown significantly, continuously adapting to the changing landscape of the financial markets and incorporating new investment opportunities like cryptocurrencies.

Introduction to Cryptocurrencies on Firstrade

Firstrade introduced cryptocurrency trading to its platform to meet the growing demand for digital assets among its users. The platform supports the trading of around 38 different cryptocurrencies, offering a broad range of options from major coins like Bitcoin (BTC) and Ethereum (ETH) to emerging altcoins. Firstrade’s crypto offerings are primarily spot trading, allowing users to buy and sell the actual cryptocurrencies rather than derivatives such as CFDs. This makes Firstrade an appealing choice for investors looking to directly own digital assets.

Why Choose Firstrade?

Where it falls short

Features	Explanation
Minimum Trade	Firstrade allows low minimum trade amounts, making it accessible for beginners to start investing in cryptocurrencies.
Trading and Transaction Fees	The platform offers competitive trading fees, although some users might find hidden costs associated with certain transactions.
Number of Cryptocurrencies	Firstrade supports over 30 cryptocurrencies, providing a good range of options for investors.
Crypto-to-Crypto Trading Pairs	While it offers a variety of cryptocurrencies, the number of available trading pairs is somewhat limited compared to other platforms.
Website Transparency	Firstrade’s website is transparent and informative, clearly outlining fees, security measures, and available services.
Credit/Debit Card
Storage Offering	Firstrade lacks a dedicated cryptocurrency wallet, requiring users to use third-party services for storing their digital assets.
Staking and Rewards	The platform currently does not offer staking or reward programs, which can be a downside for users looking to earn passive income.
Mobile App and Desktop	Firstrade offers a highly rated mobile app and a robust desktop platform, ensuring a seamless trading experience across devices.
Customer Service	Firstrade’s customer service is reliable but not available 24/7, which can be an inconvenience for users needing assistance outside business hours.
Deposit and Withdraw	Firstrade offers a variety of deposit and withdrawal options, although the lack of instant processing for some methods can be a drawback.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert on our website, I find Firstrade to be a reliable choice for anyone looking to start investing in cryptocurrencies. The platform offers a secure and user-friendly experience, with competitive trading fees and a robust mobile app. However, the absence of a dedicated crypto wallet and 24/7 customer support are areas that could use improvement. Overall, Firstrade is a solid option for beginners and seasoned investors alike, thanks to its strong regulatory framework and extensive market experience.

Fees

Firstrade offers competitive and straightforward commission structures for cryptocurrency trading. The platform charges a flat fee of 1% for buying or selling cryptocurrencies, which is relatively high compared to some other exchanges but remains transparent without additional hidden fees. Trading Commissions Firstrade’s trading fee for cryptocurrencies is set at 1% of the trade value. This fee applies uniformly to all cryptocurrency transactions, ensuring that users are aware of the costs upfront. The simplicity of this fee structure is advantageous for those who prefer clarity and straightforward pricing. Other Fees Firstrade does not charge any deposit fees, making it cost-effective to add funds to your account. However, while withdrawals via ACH are free, wire transfers incur a fee of $25, which is something users should be mindful of when planning their fund withdrawals. Overall, Firstrade’s commission structure is designed to be transparent and easy to understand, with the primary cost being the 1% trading fee on all cryptocurrency transactions. This can be beneficial for traders who value simplicity and predictability in their trading costs.

Pros

Transparent Fee Structure: Firstrade charges a straightforward 1% fee on all crypto transactions, making it easy to understand and calculate trading costs.
No Deposit Fees: Users can deposit funds into their Firstrade accounts without incurring any fees, which is beneficial for cost-effective investing.
Free ACH Withdrawals: ACH withdrawals are free, providing a no-cost option for users to access their funds.

Cons

Detailed Analysis of Firstrade Commissions

Trading Commissions

Firstrade charges a flat fee of 1% for both buying and selling cryptocurrencies. This straightforward fee structure makes it easy for users to understand their costs upfront. However, this fee is relatively high compared to some other exchanges that offer lower percentage fees or tiered fee structures based on trading volume .

Deposit and Withdrawal Fees

Firstrade does not charge any fees for depositing funds into your account, making it cost-effective to start trading. For withdrawals, ACH transfers are free, but wire transfers incur a fee of $25 for both domestic and international transactions. This fee structure is generally competitive, although the wire transfer fee can be considered a drawback for users who frequently withdraw large amounts .

Other Fees

While Firstrade’s fee structure is mostly transparent, users should be aware that there are no additional hidden fees associated with cryptocurrency transactions. This transparency is beneficial for users as it avoids unexpected costs, allowing them to plan their trades and withdrawals more effectively. However, the platform does not offer features like staking or crypto rewards, which can be a downside for users looking to maximize their earnings from holding cryptocurrencies . Overall, Firstrade’s commission structure is designed to be clear and straightforward, though it may not be the most cost-effective option for high-frequency traders due to the flat 1% trading fee. Users benefit from no deposit fees and free ACH withdrawals, but should consider the $25 wire transfer fee when planning withdrawals.

Product selection

Firstrade offers a comprehensive range of investment products and services, making it a versatile platform for various types of investors. Users can trade stocks, options, mutual funds, ETFs, and cryptocurrencies through Firstrade’s highly-rated mobile app and web platform. The platform is particularly notable for its user-friendly interface, which provides seamless navigation and access to a wide array of trading tools and educational resources. This makes Firstrade a suitable choice for both novice and experienced traders. In the realm of cryptocurrency, Firstrade supports over 38 different digital assets, including popular ones like Bitcoin, Ethereum, and Litecoin. However, it is important to note that Firstrade does not offer a dedicated cryptocurrency wallet. Instead, all digital assets are stored in omnibus hosted wallets managed by Apex Crypto. This setup may be less convenient for users who prefer having full control over their private keys and the storage of their cryptocurrencies. Despite this limitation, Firstrade’s low trading fees and 24/7 investing capability are significant advantages for those looking to trade digital assets regularly .

Pros

Low Fees: Firstrade offers highly competitive pricing with no trading fees for stocks, ETFs, mutual funds, and options, making it an attractive choice for cost-conscious investors.
Comprehensive Trading Platform: The platform supports a wide range of investment options, including stocks, options, mutual funds, bonds, and cryptocurrencies, providing users with a versatile trading environment.
User-Friendly Interface: Firstrade’s platform is noted for its ease of use, with a highly-rated mobile app that offers advanced features and analysis tools, catering to both novice and experienced traders.

Cons

No Dedicated Crypto Wallet: Firstrade does not offer a discrete cryptocurrency wallet, which means users must use third-party services for storing their digital assets.
Limited Customer Support: The lack of 24/7 customer support can be a drawback for users needing assistance outside of regular business hours, potentially impacting the overall user experience.

Read more about product selection in Firstrade

Comprehensive Overview of Firstrade’s Services and Products

Firstrade is a multifaceted brokerage that offers a broad range of financial services, encompassing not just traditional investments like stocks, options, mutual funds, and ETFs, but also a robust cryptocurrency trading platform. The platform supports over 38 different cryptocurrencies, including prominent ones like Bitcoin, Ethereum, and Litecoin, allowing users to diversify their portfolios extensively. One of the significant advantages of Firstrade is its highly rated mobile app, which provides a seamless and user-friendly experience, enabling investors to manage their accounts and execute trades conveniently from anywhere. In addition to its extensive cryptocurrency offerings, Firstrade provides various other financial products. The platform allows users to engage in low-fee trading with 24/7 access, which is particularly beneficial for those looking to capitalize on the volatile nature of cryptocurrency markets. However, it’s worth noting that Firstrade does not offer a dedicated cryptocurrency wallet, and all digital assets are stored in omnibus hosted wallets managed by Apex Crypto. This might be a limitation for users who prefer full control over their digital assets. Despite this, the platform’s overall service and product range, combined with its user-friendly interface and competitive pricing, make Firstrade a compelling choice for both novice and experienced investors looking to explore the cryptocurrency market.

Account opening

Opening an account with Firstrade is fully digital and straightforward, making it accessible for users globally. The process can be completed online in about 15 minutes, though account verification might take up to three business days. To start, you’ll need to enter your phone number to receive a verification code, followed by your personal information and email address. After choosing your account type and stating your trading preferences, you’ll provide additional personal details for account verification, such as your Social Security Number (for U.S. clients) or a passport and tax form for international clients. You’ll also need to disclose your employment and financial information, specify your investment profile, and set your funding preferences before reviewing and submitting your application . Firstrade offers several account types to cater to different investment needs. These include individual and joint investing accounts, retirement accounts (like Traditional and Roth IRAs), business accounts, education savings accounts, and custodial accounts. For international clients, a specific investing account type is available. Notably, there is no minimum deposit required to open a brokerage account, making it accessible for all investors. However, specific types of accounts, such as margin accounts, do require a minimum deposit (e.g., $2,000 for margin accounts and $25,000 for day trading accounts). This wide range of account options, combined with a user-friendly digital interface, ensures that Firstrade can accommodate various investment strategies and preferences .

Pros

Fully Digital Process: Firstrade offers a completely online account opening process, making it convenient and accessible for users worldwide. This digital approach simplifies the setup and eliminates the need for physical paperwork.
No Minimum Deposit: There is no minimum deposit required to open a brokerage account with Firstrade, which is particularly advantageous for beginners or those with limited initial capital.
User-Friendly Interface: The account opening process is designed to be user-friendly, guiding users step-by-step and making it easy even for those new to investing.

Cons

Read more about account opening in Firstrade

Detailed Account Opening Process at Firstrade

Opening an account with Firstrade is a fully digital and straightforward process that can be completed in about 15 minutes, though account verification may take up to three business days. Here’s a step-by-step guide:

Enter Your Phone Number: Start by entering your phone number to receive a verification code.
Personal Information: Provide your personal details, including your name, email address, and residential address.
Choose Account Type: Select the type of account you wish to open (e.g., Individual, Joint, or Custodial) and specify your trading preferences.
Additional Personal Details: Input additional personal details for account verification, such as your Social Security Number (for U.S. clients) or a passport for international clients.
Phone Number and Security Questions: Provide your personal phone number and select a security question to secure your account.
Employment and Financial Information: Disclose your employment status and financial information to help Firstrade assess your investment profile.
Investment Profile and Trading Preferences: Specify your investment profile, including your experience and trading preferences.
Funding Preferences: Set up your funding preferences and connect your bank account for deposits and withdrawals.
Review and Submit: Review all the information you have provided, then submit your application for processing.

How to Buy Your First Cryptocurrency on Firstrade

Download the Firstrade Mobile App: Ensure you have the latest version of the Firstrade mobile app installed on your device.
Log In to Your Account: Use your credentials to log in to your Firstrade account.
Navigate to Crypto Trading: Go to the “Account” section and select “Crypto Trading” to access the cryptocurrency trading interface.
Explore Cryptocurrencies: Tap on “Explore” to view the available cryptocurrencies. Firstrade offers over 38 different digital assets.
Select Cryptocurrency: Choose the cryptocurrency you wish to buy, such as Bitcoin or Ethereum.
Place an Order: Enter the amount you want to invest, review the transaction details, and place your order. Firstrade’s trading fee is 1% of the trade value.
Confirm the Purchase: Confirm your purchase and the cryptocurrency will be added to your account.

Account Types and Verification

Firstrade offers a variety of account types to suit different investor needs:

Individual and Joint Investing Accounts: For personal investment purposes.
Retirement Accounts: Including Traditional IRA, Roth IRA, and others.
Business Accounts: For legal entities.
Education Savings Accounts: To save for educational purposes.
Custodial Accounts: Managed by a custodian for minors.
International Accounts: Available for non-U.S. clients.

The verification process involves uploading necessary documents such as a passport and the W-8 BEN tax form for international clients. U.S. clients will need to provide their Social Security Number. Once all required information is submitted, Firstrade typically takes up to three business days to verify and activate the account.

Security

Firstrade ensures a high level of security and trustworthiness for its users through stringent regulatory compliance and advanced security measures. The platform is regulated by top-tier financial authorities, including the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), which enforce rigorous standards for financial practices and consumer protection. These regulatory bodies ensure that Firstrade operates transparently and securely, giving users confidence in the safety of their investments. Firstrade employs multiple layers of security to protect user accounts and data. Key security features include two-factor authentication (2FA), which adds an extra layer of security to the login process, and encryption of sensitive data to prevent unauthorized access. Continuous monitoring for suspicious activities further enhances the platform’s security, ensuring that any potential threats are promptly identified and mitigated. Additionally, Firstrade participates in the Securities Investor Protection Corporation (SIPC), providing insurance for customer accounts up to $500,000, including a $250,000 limit for cash. Despite these robust security measures, Firstrade does have some areas for improvement. The platform does not offer negative balance protection, which means users could potentially lose more than their initial investment in highly volatile market conditions. Additionally, while Firstrade employs advanced security protocols, it could benefit from greater transparency about its security practices and audits to further reassure users about the safety of their assets.

Pros

Regulation and Licensing Firstrade is regulated by reputable financial authorities, ensuring compliance with strict standards and providing a layer of security and trust for users.
Advanced Security Measures Firstrade employs advanced security protocols, including two-factor authentication (2FA), encryption, and secure storage solutions to protect user accounts and data.
Investor Protection The platform offers investor protection, which includes measures such as insurance for user funds, enhancing the safety of assets held on the exchange.

Cons

No Negative Balance Protection Firstrade does not offer negative balance protection, meaning that users could potentially lose more than their initial investment in volatile market conditions.
Limited Security Transparency While Firstrade implements robust security measures, there is limited transparency about the specific security practices and audits conducted, which could concern some users.

Security Section of Firstrade Crypto Exchange

Is Firstrade Legit?

Yes, Firstrade is a legitimate and reputable brokerage. It is regulated by top-tier financial authorities, including the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). This regulatory oversight ensures that Firstrade adheres to strict standards for financial operations, transparency, and consumer protection.

Regulation and Licensing

Firstrade operates under the regulation of the SEC and FINRA, which are among the most respected financial regulatory bodies in the world. These organizations enforce rigorous standards for financial practices, ensuring that Firstrade maintains high levels of integrity and security. Additionally, Firstrade’s clearing firm, Apex Clearing Corporation, provides further security and insurance for customer accounts.

Is Firstrade Safe?

Firstrade employs multiple security measures to protect its users’ funds and personal information. These measures include two-factor authentication (2FA), encryption of sensitive data, and continuous monitoring for suspicious activities. Firstrade also participates in the Securities Investor Protection Corporation (SIPC), which insures customer accounts up to $500,000, including a $250,000 limit for cash. This protection is further supplemented by additional insurance through Apex Clearing, covering up to $37.5 million per customer, including $900,000 in cash.

Security Methods

Firstrade uses state-of-the-art security protocols to ensure the safety of its clients’ assets and data. These include:

Two-Factor Authentication (2FA): An extra layer of security requiring users to verify their identity using a second factor, such as a mobile device, in addition to their password.
Encryption: All sensitive data transmitted between users and Firstrade’s servers is encrypted, protecting it from interception by unauthorized parties.
Continuous Monitoring: Firstrade’s systems continuously monitor for suspicious activities, ensuring any potential threats are quickly identified and mitigated.

Why Firstrade is a Secure Crypto Exchange

Firstrade’s long history and regulatory compliance demonstrate its commitment to security and reliability. Established in 1985, Firstrade has successfully navigated various financial crises, showcasing its stability and robustness. The combination of regulatory oversight, comprehensive insurance, and advanced security measures makes Firstrade a secure choice for cryptocurrency trading. Despite its strengths, Firstrade could enhance its security transparency by providing more detailed public reports on its security practices and audits.

Conclusion

Overall, Firstrade is a secure and trustworthy platform for cryptocurrency trading, backed by strong regulatory oversight and advanced security measures. However, the lack of negative balance protection and limited transparency about security audits are areas for potential improvement. These enhancements would further reassure users about the safety of their investments on the platform.

Customer service

Firstrade provides comprehensive customer service options to support its users. The exchange offers multiple channels for customer assistance, including live chat, email, and phone support. These services are available to help users with a variety of issues, from technical difficulties to account management queries. Firstrade’s customer service is known for its responsiveness, with live chat and phone support typically providing quick and helpful responses. In terms of customer satisfaction, Firstrade generally receives positive feedback from its users. Many customers appreciate the platform’s user-friendly interface, extensive educational resources, and the ease of opening and managing accounts. However, there are occasional complaints about the time taken to resolve more complex issues and the availability of support during peak times. Overall, the majority of user reviews highlight Firstrade’s commitment to providing effective and efficient customer support. Despite these positive aspects, Firstrade could improve by extending its support hours and enhancing its multilingual support capabilities to cater to a more diverse user base. Additionally, providing more detailed self-help resources and a more comprehensive FAQ section could further reduce the need for direct customer service interactions, thereby improving the overall user experience.

Pros

Multiple Support Channels Firstrade offers live chat, email, and phone support, providing users with various options to get assistance.
User-Friendly Interface The platform's interface makes it easy for users to navigate and access customer support services.
Responsive Service Customer service is generally quick to respond, ensuring that most issues are addressed promptly.

Cons

Read more about customer service in Firstrade

Customer Service Section of Firstrade Crypto Exchange

Customer Support Firstrade offers customer support through several channels to cater to different user needs. Users can reach out to Firstrade via phone and email, ensuring that there are multiple avenues to seek help. However, Firstrade’s customer service is not available 24/7, which can be a limitation for users who need immediate assistance outside regular business hours. The support staff is generally knowledgeable and capable of addressing various queries related to account management, trading issues, and platform navigation .
Reputation and Customer Feedback – What Do Users Have to Say? The reputation of Firstrade’s customer service is mixed. While some users appreciate the platform’s educational resources and the helpfulness of the support team, others have expressed dissatisfaction with the response times and the relevance of the information provided. For instance, response times for emails can be slow, sometimes taking more than 2-3 days, which can be frustrating for users needing prompt solutions. Additionally, phone support has received criticism for long waiting times and sometimes providing less relevant answers to user queries .
Methods to Contact and Response Time Users can contact Firstrade customer support through phone and email. The response times vary; phone support can often exceed 5 minutes of waiting time, and email responses can take up to several days. Despite the delays, the responses received via email are typically detailed and clear, ensuring that users get the necessary information to resolve their issues. However, the lack of 24/7 availability means users must be mindful of the timing when reaching out for support .
Additional Considerations For users considering Firstrade, it is important to be aware of the potential delays in customer support response times and the limited availability of support hours. To mitigate these issues, Firstrade could benefit from extending its customer service hours and possibly introducing a live chat option to provide more immediate assistance. Additionally, enhancing the FAQ section and other self-help resources on their website could help users resolve common issues independently without needing to contact customer support .

Is Firstrade Right for You?

Beginner-Friendly Platform If you are new to cryptocurrency trading, Firstrade’s user-friendly interface and extensive educational resources make it an excellent choice. The platform provides clear guidance on trading, making it easier for beginners to understand and navigate the complexities of the crypto market.
Wide Range of Cryptocurrencies For traders looking to diversify their portfolios, Firstrade offers access to over 38 different cryptocurrencies, including major coins like Bitcoin and Ethereum. This variety allows you to explore and invest in various digital assets, catering to both conservative and adventurous investment strategies.
Reliable Security and Regulation Firstrade is regulated by top-tier financial authorities such as the SEC and FINRA, ensuring a high level of security and compliance. If you prioritize the safety of your investments and the reliability of the platform, Firstrade’s strong regulatory framework and advanced security measures make it a trustworthy choice for crypto trading.

Threenvest score

4,7

Fees

Low 4/5

Regulated

FINRA, SEC

Available cryptocurrencies

38 (CFDs)

On the crypto broker website

Threenvest score

4,9

Fees

Low 4,7/5

Regulated

SEC, FINRA

Available cryptocurrencies

11 (BTC, ETH…) (CFDs)

XTB

Threenvest score

4,8

Fees

Regulated

FCA, KNF

Available cryptocurrencies

9 (CFDs)

Available cryptocurrencies and countries available

Available Cryptocurrencies and Countries

Firstrade supports trading for 38 different cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Cardano (ADA). This diverse selection caters to both beginners and experienced traders looking to diversify their portfolios with major and altcoins.
However, there are some notable exceptions. Cryptocurrencies such as Monero (XMR) and Zcash (ZEC), which prioritize privacy and anonymity, are not available on Firstrade. This could be a drawback for traders interested in these specific assets.
Firstrade’s services are available in numerous countries, including the United States, United Kingdom, Germany, France, Japan, and Australia. However, there are important exclusions. Residents of Canada, Ecuador, Greece, the Netherlands, Romania, and the UAE cannot open an account with Firstrade, limiting access for potential users from these regions.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Cardano (ADA)
Solana (SOL)
Chainlink (LINK)
Uniswap (UNI)
Dogecoin (DOGE)
Polygon (MATIC)
Shiba Inu (SHIB)
Bitcoin Cash (BCH)
Stellar (XLM)
Tezos (XTZ)
Filecoin (FIL)
Aave (AAVE)
Cosmos (ATOM)
Avalanche (AVAX)
Compound (COMP)
Fantom (FTM)
SushiSwap (SUSHI)

Main countries where you can open an account

United States
United Kingdom
Germany
France
Japan
Australia
Italy
Spain
Switzerland
Sweden
Norway
Denmark
Finland
Belgium
Austria
Ireland
New Zealand
Singapore
Hong Kong
South Korea

FAQs

1. What cryptocurrencies can I trade on Firstrade?

Firstrade supports trading for approximately 38 different cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Cardano (ADA), and Solana (SOL).

2. Is Firstrade a regulated platform?

Yes, Firstrade is regulated by top-tier financial authorities such as the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), ensuring a high level of compliance and security.

3. How can I contact Firstrade customer support?

Firstrade offers customer support through phone and email. You can reach out to them for assistance with account management, trading issues, or any other queries.

4. What are the response times for Firstrade customer support?

Response times can vary. Phone support may involve wait times of over 5 minutes, while email responses can take several days. It is advisable to contact them during business hours for quicker service.

5. Are there any countries where Firstrade does not offer services?

Yes, residents of Canada, Ecuador, Greece, the Netherlands, Romania, and the UAE cannot open an account with Firstrade.

6. Does Firstrade offer negative balance protection?

No, Firstrade does not offer negative balance protection. This means that in volatile market conditions, it is possible to lose more than your initial investment.

7. What are the account security measures in place at Firstrade?

Firstrade employs advanced security measures such as two-factor authentication (2FA), encryption of sensitive data, and continuous monitoring for suspicious activities. Additionally, Firstrade is part of the SIPC, which insures customer accounts up to $500,000, including $250,000 for cash.

Final opinion on Firstrade

Firstrade stands out as a robust and reliable platform for cryptocurrency trading, particularly for beginners and intermediate traders. The exchange offers a wide range of 38 cryptocurrencies, including major ones like Bitcoin and Ethereum, and altcoins such as Cardano and Solana. This variety allows users to diversify their investment portfolios effectively. The platform is user-friendly, and its mobile app is highly rated, providing an excellent on-the-go trading experience. Firstrade’s regulatory compliance with top-tier authorities like the SEC and FINRA adds an extra layer of trust and security, ensuring that users’ investments are well-protected. Additionally, the platform’s advanced security measures, such as two-factor authentication and continuous monitoring, further safeguard user accounts.

However, Firstrade does have some limitations compared to other exchanges. The lack of derivative products like futures and options may be a drawback for advanced traders looking for more sophisticated trading strategies. Moreover, while the platform’s customer service is generally responsive, the limited support hours and occasional delays in resolving complex issues can be frustrating. Firstrade also does not offer services to residents of Canada, Ecuador, Greece, the Netherlands, Romania, and the UAE, which restricts its accessibility. Overall, Firstrade is a solid choice for those starting their cryptocurrency trading journey or looking for a reliable platform with strong regulatory backing. At Threenvest, we recognize Firstrade’s strengths in providing a secure and user-friendly trading environment, but also recommend considering these limitations based on your trading needs.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.