FirstradeReviews of firstrade.com

They are a small company run by a family, and none of the main people live in the United States. They have business in China, but they have no license and evade financial supervision. They urge Chinese customers to remit money to the United States, but they can’t get it out. This is a very risky fraudulent company, Advise everyone not to be fooled.

Worst service in the industry. Can not get $ transferred out of IRA. 25 days and counting. On hold now. 4+ hours on hold for 10 days. Next step is NY Attorney General. Beware.

I have been using firstrade for 3 years and I have to close account due to compliance reason of my new job. I wired out all my fund and some of it is missing. My bank have no fees charged for remittance and firstrade denied any responsibility from their side. I'm now missing some of my funds. Never going back to Firstrade.

Have used the broker more than a year as a international costumer, almost never had issues. Very professional and good broker. Did withdraw money 2 times without any issues, did receive my Money within 2 days. That’s better than my local broker. Highly recommend. Don’t understand all these negative reviews!

I send all the requested documentation, send the documentation again, and they won't let me withdraw my funds. I moved into a new home, provided the documentation as requested, and they deny my address change. I send more documentation, speak to the same customer rep twice, Mr. C, regarding the matter and was told the docs were not enough. SEC, here I come!

Today, 27 Jan 2022, at about 02:40 pm US Eastern, the Positions page of Firstrade stopped updating. As a result it is not possible to see the current value of any of the positions. As you can imagine this is an important factor when deciding whether or not to buy or sell shares. Any broker has these basic functions it has to get right: 1. Show the current and correct value of the cash position, any other open position and the total value 2. During trading hours show the above using updated market quotes. This has now been going on for over 30 minutes without Firstrade acknowledging it on their web site. I sent several emails marked as "URGENT - BUT" in the subject line and included screenshots to illustrate the problem. The only response I have is an automated reply stating the actual reply will take 1 or 2 business days. This is the first time in 4 years this has happened. As other reviewers noted, a few days ago the cash balance was not correct on that day. Firstrade acknowledged that in the form of a notice on the web site. The issue was resolved the next day. It looks as if software updates are rolled out without sufficient quality practices in place. In summary: Firstrade is certainly suitable for investments where it is not important to have continously updated quotes, i.e., long-term investments where it doesn't really matter whether you check positions frequently. However, Firstrade is not suitable for other investments or trades such as leveraged ETFs, options or future. I'd judge the risk being too high because of the quality issues in their systems.

My account is missing money this morning. They claimed having technical issues, I want to wait till tomorrow to see if they fix the problem. Company of this kind cannot be trusted.

My funds are being locked for the whole day since pre-market hour as this company claims they are encountering issue to display the actual account value of some customers correctly. But the fact is the money in my account has currently disappeared and I have been unable to invest anything the whole day! I doubt where this company has taken their customers' funds to... No action is done so far and no response from their CS. Traders shouldn't use this company anymore. Imagine you can't sell or buy when you need / want to!