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 Lightspeed Trading and Firstrade. 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 Lightspeed Trading and Firstrade
stack up against each other on these points.
To start, we will consider the minimum investment required for both applications. In other words, how much does one need to invest to use the service? Out of the two, Firstrade minimum investment of $0 is smaller than the deposit of required by Lightspeed Trading.
Next I'll consider cost per trade for both brokers.
Out of the two, Firstrade is cheaper per trade at $0.00 than Lightspeed Trading at $2.50/trade.
When it comes to having support for mutual funds, there is a clear division between Lightspeed Trading and Firstrade. Firstrade does have support for mutual funds, while Lightspeed Trading does not.
|Review||Lightspeed Trading Review||Firstrade Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Amount of Deals|
|Promotions||Get up to $10K Back in Trades||Get a $200 Transfer Rebate From Firstrade|
|Stock Trades||$2.50/trade -$4.50/trade||Free|
|Options Trades||$0.20/trade + -$0.60/trade||Free|
|Investment Types||Stocks, Penny Stocks, ETFs||Stocks, Penny Stocks, ETFs, Mutual Funds, Bonds|
|Access||Website||Website, iOS App, Android App|
|Broker Assisted Trade|
|No Fee ETFs|
Use promo code “10K2017” when signing up
About Lightspeed Trading
Many brokerage firms today are competing on price, and all seek to offer the widest range of features and data to lure in and keep valuable clients like you. Lightspeed Trading is different from the rest. It is all about keeping things simple and cheap. If you are a confident investor and want to save money with a bare-bones brokerage, read on to learn more about Lightspeed.
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.