Online brokerage services have existed for over 20 years. Trading investments today has never been cheaper. So while the race towards cheap trades (in some cases free) is happening, other functionality is becoming more important when selecting a stock broker.
For this review, I compare Firstrade and Fidelity Investments. Which one is better depends on your needs? So let's examine the major features first.
We've determined with online brokerages the most critical feature customers care about is the
cost per trade. The second most important feature is the minimum deposit, and the last is if the broker
offers mutual funds. Let's look at how Firstrade and Fidelity Investments
stack up against each other on these points.
To start, we will consider the minimum investment required for both applications. In
how much does one need to invest to use the service?
Both Firstrade and Fidelity Investments have the same minimum of $0. So they are equal in this requirement.
Next I'll consider cost per trade for both brokers.
Out of the two, Firstrade is cheaper per trade at $0.00 than Fidelity Investments at $4.95/trade.
Both Firstrade and Fidelity Investments offer mutual funds. So this feature isn't a clear difference between the stock brokers.
|Review||Firstrade Review||Fidelity Investments Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Amount of Deals|
|Promotions||Up $300 Cash and 500 Free Trades||None|
|Options Trades||Free||$4.95/trade + $0.65/contract|
|Investment Types||Stocks, Penny Stocks, ETFs, Mutual Funds, Bonds||Stocks, ETFs, Mutual Funds, Bonds|
|Access||Website, iOS App, Android App||Website, iOS App, Apple Watch, Android App|
|Broker Assisted Trade|
|No Fee ETFs|
|Sign Up||Sign Up|
Firstrade was one of the first online stock brokers around, but the company recently kicked things up a notch by offering free trades — even for options. The platform also offers plenty of tools and resources to help you get started if you're a new stock investor. However, unlike other stock broker options, Firstrade doesn't offer a robo advisor.
About Fidelity Investments
Fidelity is a full-featured discount brokerage service that includes virtually every investment and banking service you need. The mobile app is also one of the best for trading on the go. However, the service is slow to roll out new features.