[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 Investing Basics

Below are a few commonly used U.S. stock brokerages, along with their signup bonuses.

Overview Signup Bonus Quick Take
Moomoo $1,030 in stock + 8.1% APY Professional platform, no commissions, and free Level 2 market data. Good for both beginners and advanced traders. Chinese-language customer service available. Requires SSN.
TradeUp 50 shares of NVDA + chance to win 5 more shares + 4% for three months No commissions, supports both U.S. and Hong Kong stocks, and offers WebTrading. Chinese-language customer service available. Available globally.
Webull $100 Amazon + 12 fractional shares + 1 month of Premium membership No commissions, with frequent deposit bonuses that give free stock.
BBAE Up to $650 bonus 0 commission, 0 fees; Chinese-friendly, and you can open an account without an SSN/ITIN.
Robinhood 1 free stock No commissions, with an interest-bearing cash account option. Simple interface that works well for beginners.
Interactive Brokers Up to $1,000 Broad market access. Professional, comprehensive trading platform with high interest on cash balances.
TradeStation $250 Professional trading platform with a full set of supporting tools.
Schwab Up to $1,000 Professional and easy to use. Global ATM fee rebates and $0 stock commissions.
Fidelity Brokerage Account Sign-up link Well-established brokerage with no trading fees, plus TurboTax included.
BIT (formerly Matrixport) $400 in stock Supports direct crypto deposits and withdrawals, does not participate in China CRS, and allows registration directly with an ID card.
SoFi Invest $75 for opening an account No commissions and supports Stock Bits.
WealthFront $5,000 managed free Automated investing and wealth management.
M1 Finance $10 for depositing funds No commissions, with automatic investing based on your portfolio allocation.

If you do not have an SSN/ITIN but still want to trade U.S. stocks, take a look at the brokerages/platforms below. All of them allow registration using a full set of Chinese documents, and you can sign up with just an ID card or passport. None of them participate in China CRS.

  • BBAE: Chinese-friendly; you can open an account without an SSN/ITIN.
  • BIT (formerly Matrixport): You can open an account with just an ID card, and approval can be completed within a few hours.
  • Bitget: Identity verification can be completed with an ID card/Chinese passport.

Application Link