Comparison of Robinhood vs Firstrade [ 2024 ]

The best brokers to invest in cryptocurrencies compared by their commissions, cryptos, security and much more. Here is theRobinhood vs Firstrade comparison!

Your expert: Alejandro Borja

robinhood

Robinhood

Your expert: Xavier Tarrasó

Firstrade

Main points

Fees

Low 4,7/5

Regulated

SEC, FINRA

Demo account

No
Low 4/5

Fees

FINRA, SEC

Regulated

No

Demo account

Recommended for

Beginners

Yes

Trading

Yes

Passive income

No

Buy and hold

Yes
Yes

Beginners

No

Trading

No

Passive income

No

Buy and hold


Comparison of fees

Rating

4.1 – Robinhood offers commission-free trading, which is excellent for beginners. However, the inability to transfer cryptocurrencies off the platform and limited cryptocurrency options can be limiting .
3.5 – Firstrade charges a 1% fee on crypto trades, which is higher than some competitors. Despite this, its low fees on other investment options and user-friendly platform add value .

Level

Low 4,7/5
Low 4/5

Brief explanation

Robinhood Crypto does not charge any commission fees for trading cryptocurrencies on its platform. Users can buy and sell 15 different cryptocurrencies without incurring additional costs, making it an attractive option for those looking to trade without worrying about hidden fees. However, while Robinhood does not impose direct trading fees, it passes on network fees from crypto miners and validators to users when processing blockchain transactions. Additionally, Robinhood makes money through payment for order flow (PFOF), which involves selling user order information to market makers and may not always result in the best execution prices for trades. In summary, Robinhood Crypto offers commission-free trading, but users should be aware of network fees and the potential implications of PFOF on trade execution prices .
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.

Robinhood

Firstrade

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Product selection

Native token

Robinhood does not have a native token.
Firstrade does not have a native token.

Earns

Robinhood does not offer staking or other earning options for cryptocurrencies. The platform is geared towards trading a select few cryptocurrencies .
Firstrade does not offer staking or earning options for cryptocurrencies. It focuses on trading a variety of digital assets .

NFT marketplace

Robinhood does not have an NFT marketplace.
Firstrade does not have an NFT marketplace.

Cripto/debit card

Robinhood provides a debit card that can be used anywhere Mastercard is accepted .
Firstrade does not offer a card for its clients .

Company information

Full name

Robinhood Markets, Inc.​​.
Firstrade Securities Inc.​​.

Regulation

SEC, FINRA (USA)​​.
SEC, FINRA, SIPC (USA)​​.

Year founded

2013​​
1985​​

Founder

Vladimir Tenev, Baiju Bhatt​​
John Liu​​

Payment methods

Transfers

Yes, Robinhood accepts bank transfers for both deposits and withdrawals .
Yes, Firstrade accepts bank transfers for both deposits and withdrawals .

Mastercard

No, Robinhood does not accept Mastercard for deposits​​.
No, Firstrade does not accept Mastercard for deposits​​.

Wire transfer

Wise is not mentioned as a supported payment method .
Wise is not mentioned as a supported payment method .

Card

No, Robinhood does not accept credit/debit cards for deposits, but it offers a debit card for use .
No, Firstrade does not accept credit/debit cards .

Comparative table

Robinhood Features Firstrade
Robinhood Crypto allows users to start trading with as little as $1, making it highly accessible to beginners and those with limited capital.
Minimum Trade
Firstrade allows low minimum trade amounts, making it accessible for beginners to start investing in cryptocurrencies.
The platform is known for its commission-free trading, which means users can trade cryptocurrencies without incurring additional costs, making it very cost-effective.
Trading and Transaction Fees
The platform offers competitive trading fees, although some users might find hidden costs associated with certain transactions.
While the platform supports 15 cryptocurrencies, this number is relatively low compared to other exchanges that offer a broader range of digital assets.
Number of Cryptocurrencies
Firstrade supports over 30 cryptocurrencies, providing a good range of options for investors.
Robinhood does not support direct trading between different cryptocurrencies, limiting trading flexibility.
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.
The website is user-friendly and provides clear information, but it could benefit from more detailed explanations on certain services and policies.
Website Transparency
Firstrade’s website is transparent and informative, clearly outlining fees, security measures, and available services.
Robinhood provides a debit card that can be used anywhere Mastercard is accepted .
Credit/Debit Card
Firstrade does not offer a card for its clients .
Robinhood does not support external wallets, meaning users cannot transfer their cryptocurrencies off the platform, which is a significant limitation for those seeking more control over their assets.
Storage Offering
Firstrade lacks a dedicated cryptocurrency wallet, requiring users to use third-party services for storing their digital assets.
The platform does not offer staking or rewards programs, which are features available on many other cryptocurrency exchanges.
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.
Robinhood provides an excellent mobile and desktop trading experience, known for its seamless integration and user-friendly design.
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 has been a point of criticism, with reports of slow response times and limited support options, which can be frustrating for users needing immediate assistance.
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.
Deposits and withdrawals are straightforward, but the lack of support for transferring cryptocurrencies to external wallets remains a drawback.
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.

Key features

Analysis tools

Robinhood offers advanced charting and screener tools, with in-depth charting, dozens of technical indicators, and market data from multiple sources. However, their crypto trading is separated into a different app, Webull Pay, which continues the same features .
Firstrade offers a variety of tools and resources including research reports, market data and analysis, and educational resources such as webinars and articles .

Mobile APP

Yes, Robinhood has a highly rated mobile app that allows users to trade cryptocurrencies along with other assets .
Yes, Firstrade offers a mobile app available for iOS and Android devices, designed for a seamless trading experience .

Security

Robinhood is regulated by the SEC and FINRA, providing a high level of investor protection. They offer SIPC insurance for securities up to $500,000, including a $250,000 cash limit. However, they do not provide negative balance protection​​.
Firstrade is regulated by the SEC and FINRA in the United States, offering a high level of security. They follow strict security measures to protect client accounts and personal information​​.

Additional features

Robinhood provides commission-free trading on a selection of cryptocurrencies like Bitcoin, Ethereum, and Dogecoin through their mobile app. They offer a user-friendly platform with features such as instant deposits, real-time data, and access to margin accounts with Robinhood Gold. However, their crypto services are limited compared to specialized crypto exchanges .
Firstrade offers trading on 38 popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Their platform is integrated with Apex Crypto for secure storage and trading. Firstrade provides a highly-rated mobile app for seamless trading on the go and features like real-time data and analytics, 24/7 trading, and instant fund access. They charge a high spot crypto fee of 1% of the trade value but provide a user-friendly experience for beginners .

Anonymity

Robinhood does not offer anonymous accounts. Users must provide personal details and complete verification steps .
Firstrade does not support anonymous accounts. The account opening process includes submitting personal details and verification documents .

Key points

Available cryptocurrencies

Robinhood supports trading in a limited number of cryptocurrencies. The available cryptocurrencies are Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC)​​.
Firstrade provides access to 38 cryptocurrencies. These include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Stellar (XLM), Solana (SOL), Shiba Inu (SHIB), and more​​.

User-friendliness

Robinhood offers a sleek and user-friendly mobile app that makes it easy for users to trade cryptocurrencies alongside other assets. The platform’s simplicity and commission-free trading are major advantages, though it lacks some advanced features and educational tools. Additionally, Robinhood does not allow users to withdraw their crypto holdings to external wallets, which could be a limitation for some traders .
Firstrade offers a highly-rated mobile app for crypto trading, designed to provide a seamless and user-friendly experience. The platform supports a wide range of cryptocurrencies and allows for easy buying and selling. While it lacks a dedicated crypto wallet and some advanced features, its simplicity and accessibility make it a good choice for beginners looking to manage their crypto investments alongside other asset classes .

Value for money

Robinhood is renowned for its commission-free trading, providing excellent value for money, especially for beginners. However, its limited cryptocurrency offerings and inability to transfer crypto out of the platform may limit its appeal for more advanced users​​.
Firstrade offers a strong value proposition with low fees and no minimum deposit, making it accessible for beginners. However, its 1% trading fee on crypto is higher compared to some competitors, which could affect active traders​​.

Countries of operation

United States (in most states) .
United States, Germany, United Kingdom, China, Singapore, Hong Kong .

Best for

Robinhood is perfect for beginners and younger investors who want an easy-to-use, commission-free platform to trade a limited range of cryptocurrencies. Its integration with stock and ETF trading makes it convenient for those looking to diversify their investments​​.
Firstrade is best for US-based investors who want a straightforward, user-friendly platform to trade a variety of cryptocurrencies. Its mobile app and low fees make it a good option for beginners and those looking to manage their crypto investments alongside traditional assets​​.

Account

Trading

Robinhood allows direct cryptocurrency trading with zero commissions, making it an attractive option for retail investors. However, it offers a limited range of cryptocurrencies compared to other platforms.
Firstrade has limited offerings in cryptocurrency trading, focusing primarily on traditional securities. It may not be the best option for dedicated crypto traders.

Deposit and withdrawal

Robinhood allows deposits and withdrawals via bank transfers. The process is straightforward and free of charge, but the limited options can be a drawback for some users.
Firstrade primarily supports deposits and withdrawals via bank transfers and checks. The process can be slower compared to other brokers, and international clients might face additional hurdles.

Account opening process

Robinhood offers an easy and quick account opening process. Users complete an online application, provide personal information, and verify their identity. The process is fully digital and accounts are typically approved within a day.
Opening an account with Firstrade involves completing an online application and submitting personal and financial information. Verification documents are required. The process can take a bit longer compared to other brokers, especially for international clients.

KYC required?

Yes, KYC is required at Robinhood. Users must submit personal identification documents and proof of address to verify their accounts.
Firstrade mandates KYC verification. Users must provide personal identification documents and proof of address as part of the account opening process.

Customer Service

Robinhood offers customer support primarily through email and in-app messaging. They have recently introduced phone support, but response times can vary. The support team is helpful, though some users report delays in getting issues resolved.
Firstrade provides customer support via phone and email, but does not offer live chat. The support is available during regular business hours, and while it is generally helpful, the lack of live chat can be a drawback for some users.

Security

Robinhood is regulated by the SEC and FINRA, providing a high level of investor protection. They offer SIPC insurance for securities up to $500,000, including a $250,000 cash limit. However, they do not provide negative balance protection​​.
Firstrade is regulated by the SEC and FINRA in the United States, offering a high level of security. They follow strict security measures to protect client accounts and personal information​​.

Which of these exchanges is for you?

As an expert on our website, I recommend Robinhood Crypto for its ease of use and commission-free trading. It’s an excellent choice for beginners who want to start trading cryptocurrencies with minimal initial investment. However, be mindful of its limitations, such as the lack of support for external wallets and limited customer service. Overall, it’s a solid platform for those new to crypto trading, offering a straightforward and accessible entry into the market.
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.

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.

More comparatives Robinhood and Firstrade