Firstrade Review 2026
"Zero commissions on everything — including options contracts"
How we review: Our team opens real accounts and tests every platform hands-on. We evaluate on commissions, tools, and execution — never influenced by affiliate relationships. Editorial policy →
Firstrade's zero per-contract fee on options is unique in the industry and represents real savings for active options traders. The platform sacrifices advanced analytics and research depth for pure cost efficiency. If your priority is minimizing trading costs above all else, or if you value bilingual Chinese-English support, Firstrade is the clear winner on price.
Key Specs
Who Is Firstrade For?
Cost-conscious options traders who want absolutely zero commissions. Also a strong choice for the Chinese-American investor community with bilingual support.
Our Take: Firstrade in 2026
Firstrade is the most cost-effective options broker available — offering genuinely zero commissions on options trades with no per-contract fee whatsoever. While most brokers charge $0.65 per options contract and even discount brokers charge $0.50, Firstrade charges nothing. For traders executing dozens or hundreds of options contracts per month, the savings are substantial. Founded in 1985 and headquartered in New York, Firstrade has built a particularly strong following in the Chinese-American investor community thanks to bilingual customer support and a Chinese-language platform interface. The trading platform itself is straightforward and functional — it handles options chains, multi-leg orders, and basic charting without the bells and whistles of larger platforms. Firstrade also offers commission-free trading on stocks, ETFs, and over 11,000 mutual funds, making it a genuinely zero-cost brokerage across all asset classes. Free options Level 2 data is included for all account holders.
Pros & Cons
Commissions & Fees
Deep Dive: Firstrade Platform Review
Firstrade has operated as a discount brokerage since 1985, well before the commission-free revolution that swept the industry in 2019. When most brokers dropped stock commissions to zero, they retained per-contract options fees — typically $0.65. Firstrade went further, eliminating the per-contract fee entirely. This makes it the cheapest options broker by a clear margin. For context: a trader executing 100 options contracts per month saves $65/month vs. a $0.65/contract broker, or $780 per year. For high-volume traders, the annual savings can reach thousands of dollars. The platform's strong presence in the Chinese-American community dates back decades. Firstrade was one of the first US brokerages to offer full Chinese-language support — including the platform interface, customer service in Mandarin and Cantonese, and Chinese-language educational content. This has built a loyal user base among first-generation Chinese-American investors who prefer conducting financial transactions in their native language. The trading platform itself is web-based and mobile, offering a clean interface for placing trades, viewing options chains, and managing positions. Options chain displays include Greeks, implied volatility, open interest, and volume. Multi-leg options strategies (spreads, straddles, condors) can be entered as single orders. Basic charting with common technical indicators is available, though it lacks the depth and customization of platforms like thinkorswim, TradeStation, or even Webull. Free Level 2 options data gives traders visibility into the order book — bid/ask depth and size at each price level — which is typically a paid add-on at other brokers. Research tools are limited compared to major competitors. Firstrade provides basic stock screeners, market news, and some third-party analyst ratings, but doesn't offer the depth of Morningstar reports (Fidelity), BofA Securities research (Merrill Edge), or Morgan Stanley analysis (E*Trade). Active traders who rely on broker-provided research will likely need to supplement with external sources. Mutual fund access is a hidden strength — Firstrade offers commission-free trading on over 11,000 mutual funds, including funds from Vanguard, Fidelity, T. Rowe Price, and other major families. This is competitive with the largest brokers. Account types include individual taxable accounts, Traditional IRA, Roth IRA, rollover IRA, and joint accounts. Customer support is available by phone, email, and chat, with bilingual support in English, Mandarin, and Cantonese. Response times can be slower than larger brokers during peak periods. The mobile app provides basic trading functionality but feels dated compared to modern fintech interfaces — it gets the job done but won't win any design awards. FINRA-regulated and SIPC-insured up to $500,000, Firstrade operates with the same regulatory protections as the largest US brokerages.
Takes about 5 minutes. Most accounts have no minimum deposit requirement.