Anyone tried Firstrade ?

status1

Active member
I came across this brokerage while browsing and supposedly they have $0 commissions for stocks and options
Looks like they are trying to compete with Robinhood
I was wondering if anyone has tried them out or not and what would be the catch ?
 

status1

Active member
I guess I am the first one to try it
I switched over from Tradier because they required 300K account to trade calendars and diagonals
I just placed my first double diagonal trade at Firstrade
The web platform is kind of horrible because the default is to buy the first leg which is opposite of all the other brokearges I got used to
Also It does not show the mid price so I am using TOS to get the mid price
Another oddball thing is the confirmation comes separate for each leg so you have to download each confirmation separately

Now for the good news
It is true that they have $0 commissions and that includes SPX
They only charge a few cents for clearing fee so for the 10 lot double diagonal in SPX I paid a total of $1.42
That beats all the other brokerages except maybe Robinhood but I am not sure if you can trade double diagonals in SPX over there
 

Jim CPA

New member
I guess I am the first one to try it
I switched over from Tradier because they required 300K account to trade calendars and diagonals
I just placed my first double diagonal trade at Firstrade
The web platform is kind of horrible because the default is to buy the first leg which is opposite of all the other brokearges I got used to
Also It does not show the mid price so I am using TOS to get the mid price
Another oddball thing is the confirmation comes separate for each leg so you have to download each confirmation separately

Now for the good news
It is true that they have $0 commissions and that includes SPX
They only charge a few cents for clearing fee so for the 10 lot double diagonal in SPX I paid a total of $1.42
That beats all the other brokerages except maybe Robinhood but I am not sure if you can trade double diagonals in SPX over there

I was surprised regarding Tradier's account size requirements. I tried them for a few weeks, as I heard their platform was interesting. They
also have that strange confirmation process.
 

status1

Active member
I sent them a feedback and they said they will try to improove the sight but I am not holding my breath for it

For the confirmation I found a workaround
I use the history to download the trade for that date so I get all the legs for that day in an Excel format
which is a lot better than TOS where I have to coble up 2 separate Excel data formats into one to get all the same information to be used for a trading journal
 
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