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Firstrade Securities

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Firstrade Securities Inc.
Company typePrivately held company
IndustryFinancial services
Founded1985; 39 years ago (1985)
FounderJohn Liu
HeadquartersFlushing, New York, United States
Key people
John Liu, CEO
ProductsBroker
Stockbroker
Total assets Increase US$2.3 billion (2015)
Websitewww.firstrade.com

Firstrade Securities is a stockbrokerage firm and broker-dealer headquartered in Flushing, New York that offers an electronic trading platform to trade financial assets including stocks, exchange-traded funds (ETF), options, mutual funds, and bonds.[1][2]

The company does not charge commissions for most financial transactions; however, it does not offer advisory services.[citation needed]

Firstrade offers special services such as Chinese (Simplified and Traditional) online trading sites and Chinese (Mandarin and Cantonese) toll-free phone help.[3]

History

The company was founded in 1985 by John Liu, as First Flushing Securities. First Flushing Securities served the investment needs of the local community.[citation needed]

In 1997, the company was renamed to Firstrade Securities Inc. and the company launched Firstrade.com. Since its inception, the online discount brokerage website has undergone five revamps of the site, with the latest in early 2011.[4]

In April 2010, Taifook Securities Company Limited, a wholly owned subsidiary of TSG, signed an agreement with Firstrade Securities, a US online broker, for cross-border securities trading business.[5] Most development of Firstrade's site is in-house.[6] Firstrade held its branch grand opening on August 15, 2014 and is now servicing customers with online brokerage accounts from two new convenient locations.[7]

In April 2018, Firstrade began offering trading of ETFs without a commission fee.[8]

On August 23, 2018, Firstrade eliminated its commissions on trades of stocks, exchange-traded funds, options, and mutual funds.[9][10][11]

References

  1. ^ "Firstrade Securities Inc.- FINRA brokercheck-". Financial Industry Regulatory Authority.
  2. ^ "SIPC-List of Members-Firstrade". Securities Investor Protection Corporation.
  3. ^ "Online Trading Support From Firstrade". Firstrade Securities.
  4. ^ Firstrade Securities Inc. "About Firstrade's Online Trading System - Firstrade Securities Inc". Firstrade.com. Retrieved 2016-05-19.
  5. ^ Taifook Securities Group and Firstrade Securities Inc. Reached Agreement to Expand Cross-border Online Trading Business
  6. ^ Carey, Theresa (2011-03-12). "Making the Right Connection". Barrons.com. Retrieved 2013-05-28.
  7. ^ Firstrade Securities Inc. (2014-08-22). "Firstrade Securities Inc. Celebrates Branch Grand Opening in Queens, NY". Prweb.com. Retrieved 2018-10-19.
  8. ^ Robbins, Christopher (April 16, 2018). "Firstrade Rolls Out Platform With 703 Commission-Free ETFs". ETF Advisor.
  9. ^ "Firstrade Moves To Free Online Trading - Stocks, ETFs, Options, Mutual Funds" (Press release). PR Newswire. August 23, 2018.
  10. ^ Wenik, Ian (August 24, 2018). "Free trades take off as brokerages battle on price". Citywire.
  11. ^ Ermey, Ryan (October 3, 2018). "Investing Fees Keep Falling". Kiplinger's Personal Finance.
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