[2021.12 Update] Firstrade recently increased its account opening bonus: open an account and get 1 free stock, then deposit $100+ to get 2 more free stocks. It’s a well-established platform with solid educational content on stocks and occasional featured topics.

The odds are as follows:

  • 100% chance to receive a stock worth $3-$200
  • 1% chance to receive Apple, AMD, and more

About Firstrade

Firstrade was founded in 1985 by current Chinese American chairman John Liu, and is headquartered in Flushing, New York City. By 2018, it had become one of the leading online brokers in the U.S. offering zero-commission trading, with Simplified Chinese, Traditional Chinese, and English support. In 2019, Firstrade eliminated all of its fees, which is a nice plus.

Sign-Up and Welcome Bonus

Right now, if you sign up through a referral link, you can get one free stock worth up to $200. No deposit is required.

The odds are as follows:

  • 98% chance of the free stock having a value of $3-$10
  • an approximately 1% chance of the free stock having a value of $10-$50
  • an approximately 1% chance of the free stock having a value of $50-$200
  • Rewards limited to $500 total per user per calendar year.

We’ve even received MSFT before.

One thing to note: Firstrade offers both U.S. accounts and international accounts. International accounts are not eligible for the account opening bonus. In theory, a U.S. account requires a green card or U.S. citizenship. If you use a U.S. account to refer a friend who opens an international account, you can still receive the referral bonus.

If you don’t have an SSN or you are not a U.S. citizen or green card holder, you can directly choose to open an International Account. You will need to upload supporting documents such as a passport.

Is Firstrade Easy to Use?

This is how Firstrade describes itself. In reality, other platforms may offer many of the same features. As for the lightning-fast execution speed, it’s not clear how they measure it, but it certainly sounds impressive.

One fair criticism is that the interface feels very dated—almost like something from the last century.

That said, the way information is organized is actually pretty good, even if the interface has a bit of an old-school forum feel.

It’s also beginner-friendly, with a dedicated knowledge base for learning.

Overall, if you want to learn while investing, Firstrade is a pretty decent choice.

Cash Management Account

Firstrade Cash Management Account is the firm’s cash management account. However, you need at least 25,000 in assets to open one.

How to Open One

Here is how to open an account:

Ways to submit the application:

Document Upload: After logging into your Firstrade account, go to: Customer Service -> Form Center -> Upload Form

Email: [email protected]

Fax: 1-718-961-3919

Mailing Address: Firstrade Securities - Cash Management Account, 30-50 Whitestone Expwy, Ste. A 301, Flushing, NY 11354

Features

In simple terms, this lets you spend directly with the card, with the money automatically deducted from your investment account. One distinctive feature is that the first foreign transaction each month does not incur a foreign exchange conversion fee. Still, the benefit does not seem especially compelling.

Summary

Firstrade is best for users who do not care much about the interface but do value a more professional investing platform. If you’re interested in other investment platforms, see:

Stock Market Basics

Here are some popular U.S. stock brokerages and their account-opening bonuses:

Overview Sign-Up Bonus Quick Take
Moomoo $200 in stock vouchers + $1,000 in Anthropic stock + 8.1% APY Feature-rich with a strong Chinese-language experience. Its market data, Level 2 quotes, options, and cash management features are useful for everyone from beginners to active traders.
TradeUp 50 shares of NVDA + a chance to win 5 shares + 4% for three months Well suited to active trading, with competitive trading fees and margin rates for U.S. tax residents. It supports Web Trading and Level 2 quotes and offers Chinese-language customer service.
Webull 12 fractional shares + one month of Premium membership Strong charting and active-trading features, including technical indicators, options, and premarket and after-hours trading. A good fit for frequent traders.
BBAE Up to $650 in rewards Convenient for Chinese users to open an account; applications are accepted without an SSN or ITIN. It offers good Chinese-language support, but currently charges a platform fee, making it less suitable for frequent trading with small amounts.
Robinhood A chance to win 1 share of stock Its simple interface is easy to use, making it suitable for first-time U.S. stock investors. Gold members also get a higher yield on uninvested cash and lower margin rates.
Interactive Brokers Up to $1,000 A highly capable broker with access to global markets and multiple currencies. Its margin costs are competitive, and Chinese residents can also open accounts. A good fit for experienced investors and those investing globally.
TradeStation $250 Geared toward professional and active traders, with powerful advanced charting, strategy backtesting, and automated trading tools. Most long-term investors may not need these features.
Schwab Up to $1,000 Well suited to long-term investing and larger portfolios, with convenient access to ETFs and CDs. Checking accounts and global ATM access are also advantages, but the default yield on uninvested cash is relatively low.
Fidelity Account opening link A long-established full-service brokerage suited to long-term investing, ETFs, and retirement accounts. It also offers good cash management, making it a solid choice as a primary long-term brokerage.
BIT (formerly Matrixport) Earn $210 by depositing and trading Suitable for Chinese users and digital asset investors. You can use funds such as USDT and USDC to invest in U.S. stocks. It is not a traditional U.S. brokerage, so review its fees and asset custody structure separately.
SoFi Invest $75 for opening an account Easy to use and supports Stock Bits, making it suitable for small investments and long-term investing. It has fewer advanced market data and trading tools, so it is not ideal for frequent trading.
M1 Finance Get $10 when you deposit Focused on Pies and automated investing. It is well suited to setting a stock and ETF allocation and investing regularly over the long term, but not to active trading.

If you don’t have an SSN or ITIN but still want to invest in U.S. stocks, consider the brokerages and platforms below. They accept a full set of Chinese documents, and you can register with a national ID card or passport. None participates in China’s CRS.

  • BBAE: Welcoming to Chinese users; no SSN or ITIN required to open an account
  • BIT (formerly Matrixport): Open an account with a national ID card; approval can take just a few hours.
  • Bitget: Complete identity verification with a national ID card or Chinese passport

If you’re in China and want to invest in U.S. stocks, see this overview:

Application Link