Mobile investing apps are taking the world by storm, and we want to help you find the right one for your investing needs.
We have tried out all of the major investing apps and here’s our review of the Firstrade app.
How do we rate the Firstrade investment app?
Firstrade is a fairly decent investment app, but it doesn’t really stand out compared to other Fintech apps.
I don’t want to make it sound terrible, because it really isn’t, they did a decent enough job with it, but there are some really nice apps out there, like Robinhood, M1 Finance, Webull, Acorns, and Cash App… The competition is stiff.
I’m giving Firstrade 4 / 5 stars, even though the Google Play store gives it 3.2/5 stars. I feel like too many people gave it 1 star on the Google Play store, when in reality it doesn’t deserve it. It’s not amazing but it’s definitely not 1 star quality.
The few things Firstrade has going for it is the ability to purchase mutual funds, bonds, and it’s Securities Lending Program which allows users to earn interest by letting Firstrade borrow shares of stocks.
Not many of the free investing apps allow you to loan out your shares of stocks, although I’d imagine you probably won’t be getting rich off of doing so.
Webull is the only other investment app I’ve seen so far with a similar program, and it’s just a better app overall, so if that feature is something you can’t live without, then I suggest trying Webull instead.
Anyway, keep reading if you’d like a more detailed breakdown of how we rated Firstrade in each category.
How simple is the Firstrade app to use?
The biggest thing that annoyed me and made the app hard to use is the fact that it requires me to type in my password every time I open the app. On a cell phone it’s tedious and annoying to type in passwords that are long and safe, and I refuse to use short and easy passwords for an app that’s linked to my bank.
What services does Firstrade provide investors?
One of the few features Firstrade has that a lot of the other popular investing apps, like Robinhood, Webull, and M1 Finance don’t have, is the ability for investors to purchase bonds and mutual funds.
But unlike some of the other apps, Firstrade doesn’t offer fractional shares, and it doesn’t have very many interesting features, other than it’s Securities Lending Program.
The web version of Firstrade offers some more features, like stock screeners and financial planning services, but I couldn’t find them in the mobile app.
Here’s a list of the features included in the Firstrade mobile app:
|Firstrade Features||Free Account||Premium Account|
|Level 2 Market Data||N/A|
Firstrade sign-up and referral programs
Firstrade’s sign-up and referral bonuses are another area of mediocrity. If you’re familiar with Robinhood’s referral program, it pretty much works the exact same way.
New users receive a random share of stock when they sign up and they get a random share of stock when they refer a new user, up to a maximum of $500 worth per calendar year.
BUT, there are a couple reasons why Firstrade comes up short against some of the other investing apps in this category.
First, it’s not as popular of an app as the other apps, so it’s not as easy to get people to sign up to it.
Also, some of the other apps have regular promotions that increase the number of stocks you receive for inviting a certain number of people.
Overall though, I’m not going to complain about free stocks.
Firstrade stock research tools
For a mobile investing app, Firstrade’s stock research tools are fairly decent.
Are they as powerful as a day-trading platform like Thinkorswim? No they aren’t, but they get the job done.
They display candlestick charts by default and also show volume indicators, and some other basic information. You have access to news and recent events relating to a stock’s performance as well, which is pretty nice.
Are the tools good enough to make me want to switch over to Firstrade as my main platform? Nah, they’re just decent at best.
What do you think about Firstrade?
If you’ve used Firstrade before, or even if you haven’t and you’re just going off of our review, please leave us a comment letting us know what you think about it.
If Firstrade doesn’t seem like a good enough investing app for you, take a look around our site for more investing apps that might be a better fit for you!
Thank you, have a great day!