FIRSTRADE REVIEW 📈 $0 Commission And $0 Minimum Brokerage! #Best Education Page #Online Earning

 So in this video today, we are going to be doing a review

of the Firsttrade Investing Platform.

Now, if you guys are not familiar with who I am,

I have my YouTube channel over here, Ryan Scribner,

and I also have a personal finance

and investing blog known as Investing Simple

and I spend dozens of hours every single week

researching different investing platforms

to help you guys make decisions

about what platform is the best for you.

So, essentially, I try to do all that legwork for you.

And Firsttrade is kind of a funny brokerage account

because they've been around for a very long time.

And often times when we're looking at

brokerage accounts to invest with

especially for young people,

it comes down to Robinhood, or Webull, or M1 Finance.

All of these are relatively new.

So when we're talking about an online brokerage

that's been around since 1985

it is kind of funny because this is one

of the dinosaurs out there.

But they have transitioned their business model

to fit with his new age trend

of commission free trading

and the options they have available to investors

are honestly superior in many ways

to these other free investing platforms out there.

So, maybe you've never heard of them before

or maybe you heard of them 20 years ago,

but they're definitely worth considering

at this point and time.

Now, if you do decide

that you want to open a Firsttrade account,

I've included that link in the description below,

the very top link.

It is an affiliate link

and you don't have to use it if you don't want to.

But it is a way for you to give back to me

at no additional cost to you.

So, your use of that link is certainly appreciated,

but, of course, it is never required.

So, first of all, as we already mentioned,

it is one of the oldest online

discount brokers out there starting in 1985

and recently they transitioned

to that commission free model

which was ultimately pioneered by Robinhood.

And this is one of those scenarios

where an old school brokerage like this

sees where the trend is going

and less and less people are willing to pay commission

for their trades and they said,

"Okay. We have to change our business model."

So now, Firsttrade offers zero dollar trades

commission free with zero dollar minimum account balance.

That means you can literally open up an account

with $5.00 if you just want to test it out

and see if it's for you.

Now, as far as Firsttrade goes,

this is what I like about them.

First of all, they are one

of the only free investing platforms out there

that offer a variety of accounts

outside of just a taxable account.

If you invest through

Robinhood or Webull for example,

your only option is the individual taxable account.

Through Firsttrade, you have a variety

of different retirement accounts

and IRA's available to you including the Roth IRA

which allows you to invest

in a tax sheltered manner.

You also have the option

to open up a custodial account

if you want to invest with somebody who is younger.

So, for example,

let's say your son or daughter wants to invest

and they're 14 or 15 years old.

You open up a custodial account

and then once they are 18 years of age,

you can transition the ownership

of that account over to them.

And then another option is the trust account

and all of these are different options

that might suit your needs

that you're not going to have available to you

with other free brokerages out there.

Another thing I like about them is

the variety of different assets you can trade.

Of course, they offer the stocks and ETF's,

but Firsttrade is one of the only

free platforms I've come across that

also allows you to trade options

as well as mutual funds, certificates of deposits,

and other fixed income investments.

So, if those things interest you,

Firsttrade has them all commission free.

Another huge pro for them

is that they offer phone support.

I don't know of another free investing platform out there

that offers phone support

because it is extremely costly

and time consuming.

But during set hours of the day,

you can call someone up at Firsttrade

and have your questions answered.

They also have International Accounts

for close to two dozen different countries

to invest in U.S. markets.

So I always have people commenting, asking,

"Hey, how can I invest from outside of the U.S.?"

And your country may be supported through Firsttrade.

I don't have a complete list

but you can always click the link down below

and go ahead and try to apply for an account

and see if your country is supported.

But that is a great way for international investors

to be able to invest in U.S. markets.

And Firsttrade is certainly

the only free brokerage I've come across that

has support for international accounts.

And then finally,

one of the biggest complaints people have about

these free brokerage accounts

whether it's M1 Finance, Robinhood, Webull is that

they do not offer a dividend reinvestment plan.

And essentially what that is that means

when a stock pays a dividend,

that dividend is reinvested back

into the issuing stock allowing you

to earn compound interest.

Well Firsttrade offers dividend reinvestment completely free

and it's stock level dividend reinvestment.

So the exact dollar amount of that dividend

goes back into the issuing stock

and they also offer the extended trading hours

if you do want to trade pre-market and post-market.

So essentially Firsttrade offers

all these brilliant features

of a full blown online brokerage

but they're commission free

with zero dollar minimum account balance.

So they are definitely one

that you may have overlooked in the past.

But at this point in time they are 100% worth considering

for the brokerage account you choose to invest with.

As far as the cons go, I only have one con.

And that is the fact that

because they've been around since 1985,

their online trading platform is a little bit outdated.

However, they just released the new trading apps

for both iOS and Android

and those are looking a lot more current

and cutting edge.

So I foresee this as a temporary problem

not something we're going to be seeing

as they roll out new designs

for their desktop and app based platforms.

So overall guys, those are my thoughts on the

Firsttrade investing platform.

I would honestly put them at the top of my list

as far as the different brokerage accounts out there

because of all the different features they're offering

that you're not seeing with other free platforms.

Like I said, if you do decide to open an account,

there's a link in top of the description below.

It is an affiliate link

and it gives me a small kickback

for putting this video together

and I would certainly appreciate your use of that link

but it is not required.

Thanks so much for watching this video.

I hope you enjoyed it

and I hope to see you in the next one.

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