[2021.12 Update] Firstrade recently increased its account opening bonus: open an account and get 1 free stock, then deposit $100+ to get 2 more free stocks. It’s a well-established platform with solid educational content on stocks and occasional featured topics.

The odds are as follows:

  • 100% chance to receive a stock worth $3-$200
  • 1% chance to receive Apple, AMD, and more

About Firstrade

Firstrade was founded in 1985 by current Chinese American chairman John Liu, and is headquartered in Flushing, New York City. By 2018, it had become one of the leading online brokers in the U.S. offering zero-commission trading, with Simplified Chinese, Traditional Chinese, and English support. In 2019, Firstrade eliminated all of its fees, which is a nice plus.

Sign-Up and Welcome Bonus

Right now, if you sign up through a referral link, you can get one free stock worth up to $200. No deposit is required.

The odds are as follows:

  • 98% chance of the free stock having a value of $3-$10
  • an approximately 1% chance of the free stock having a value of $10-$50
  • an approximately 1% chance of the free stock having a value of $50-$200
  • Rewards limited to $500 total per user per calendar year.

We’ve even received MSFT before.

One thing to note: Firstrade offers both U.S. accounts and international accounts. International accounts are not eligible for the account opening bonus. In theory, a U.S. account requires a green card or U.S. citizenship. If you use a U.S. account to refer a friend who opens an international account, you can still receive the referral bonus.

If you don’t have an SSN or you are not a U.S. citizen or green card holder, you can directly choose to open an International Account. You will need to upload supporting documents such as a passport.

Is Firstrade Easy to Use?

This is how Firstrade describes itself. In reality, other platforms may offer many of the same features. As for the lightning-fast execution speed, it’s not clear how they measure it, but it certainly sounds impressive.

One fair criticism is that the interface feels very dated—almost like something from the last century.

That said, the way information is organized is actually pretty good, even if the interface has a bit of an old-school forum feel.

It’s also beginner-friendly, with a dedicated knowledge base for learning.

Overall, if you want to learn while investing, Firstrade is a pretty decent choice.

Cash Management Account

Firstrade Cash Management Account is the firm’s cash management account. However, you need at least 25,000 in assets to open one.

How to Open One

Here is how to open an account:

Ways to submit the application:

Document Upload: After logging into your Firstrade account, go to: Customer Service -> Form Center -> Upload Form

Email: [email protected]

Fax: 1-718-961-3919

Mailing Address: Firstrade Securities - Cash Management Account, 30-50 Whitestone Expwy, Ste. A 301, Flushing, NY 11354

Features

In simple terms, this lets you spend directly with the card, with the money automatically deducted from your investment account. One distinctive feature is that the first foreign transaction each month does not incur a foreign exchange conversion fee. Still, the benefit does not seem especially compelling.

Summary

Firstrade is best for users who do not care much about the interface but do value a more professional investing platform. If you’re interested in other investment platforms, see:

Stock Basics

Below are introductions and sign-up bonuses for several commonly used U.S. stock brokerages.

Review Sign-up bonus Quick take
Moomoo (Futu) $200 stock card + $1,000 NVDA + 8.1% APY Feature-rich, with a good Chinese-language experience. Market data, Level 2, options, and cash management are all practical, making it suitable for everyone from beginners to active traders.
TradeUp (Tiger Brokers) 50 NVDA shares + chance to win 5 shares + 4% for three months Good for active trading. Trading fees and margin are relatively competitive for U.S. tax residents, and it supports Web Trading, Level 2, and Chinese-language customer service.
Webull 12 fractional shares + 1 month of Premium membership Strong market-monitoring and active-trading features, with relatively complete charts, technical indicators, options, and pre-market/after-hours trading. Best for users who trade frequently.
BBAE Up to $650 bonus Relatively convenient account opening for Chinese users, and you can apply without an SSN/ITIN. Chinese-language support is good, but there is currently a Platform Fee, so it is not ideal for small-balance high-frequency trading.
Robinhood Chance to get 1 stock Simple interface and easy to use, suitable for beginners buying U.S. stocks for the first time. Gold users also get a high yield on idle cash and a lower Margin Rate.
Interactive Brokers Up to $1,000 Highly professional, with support for global markets and multiple currencies. Margin costs are competitive, and it also supports account opening for Chinese residents, making it suitable for advanced and global investors.
TradeStation $250 Geared more toward professional and active trading, with strong advanced charting, strategy backtesting, and automated trading features. Ordinary long-term investors may not need it.
Schwab Up to $1,000 Good for long-term investing and larger asset balances, and convenient for buying ETFs and CDs. Checking and worldwide ATMs are also strengths, but the default interest rate on idle cash is relatively low.
Fidelity brokerage account Sign-up link A long-established full-service brokerage, suitable for long-term investing, ETFs, and retirement accounts. Cash management is also solid, making it a good primary brokerage for the long run.
BIT (formerly Matrixport) Deposit and trade to get $210 Suitable for Chinese users and digital-asset users. You can use funds such as USDT/USDC to allocate to U.S. stocks. It is not a traditional U.S. brokerage, so fees and the asset custody structure need to be reviewed separately.
SoFi Invest Open an account to get $75 Simple to use and supports Stock Bits, making it suitable for small-balance and long-term investing. Professional market data and trading tools are limited, so it is not suitable for frequent trading.
M1 Finance Invest Deposit money to get $10 Focuses on Pies and automated investing. It is suitable for long-term recurring investments after setting your stock and ETF allocations, but not for users whose main focus is active trading.

If you do not have an SSN/ITIN but still want to trade U.S. stocks, you can consider the brokerages/platforms below. They can be registered entirely with Chinese documents, using either an ID card or passport. None participate in China's CRS.

  • BBAE: Chinese-user-friendly; you can open an account without an SSN/ITIN.
  • BIT (formerly Matrixport): You can open an account with an ID card, and approval can take just a few hours.
  • Bitget platform: Identity verification can be completed with an ID card or Chinese passport.

If you are in mainland China and want to invest in U.S. stocks, see this summary:

Application Link