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Firstrade

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Firstrade is a commission-free US brokerage regulated by the SEC and FINRA, known for low-cost stock, ETF and options trading. Rather than a cash bonus, it focuses on transfer incentives: it reimburses the ACAT fee your old broker charges, up to $250, when you move at least $2,500 in assets and keep them for twelve months. It also rebates incoming wire fees up to $25 per wire.

Regulation

SEC · Tier-1 FINRA · Tier-1 SIPC · Tier-1
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Risk warning: Trading carries a high risk of losing money, especially with leveraged products such as CFDs. A bonus does not reduce that risk. Only deposit what you can afford to lose.

Firstrade bonuses (2 active)

1 Fee discount
4.1

Wire Transfer Fee Rebate (Up to $25 per Wire)

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$25

Firstrade reimburses the bank fee on qualifying incoming wire transfers, up to $25 per wire and a maximum of three rebates per month.

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2 Cashback
4.0

Firstrade ACAT Transfer Fee Rebate

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$100

Firstrade reimburses the ACAT transfer fee your old broker charges, up to $250, when you move $2,500 or more in eligible assets and keep them parked for 12 months.

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About Firstrade

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What Firstrade is

Firstrade was founded in 1985 by John Liu in Flushing, Queens, originally as First Flushing Securities, serving the neighborhood's immigrant investors, and it still markets heavily to Chinese-speaking customers alongside its English-language platform. Firstrade Securities Inc. is an SEC-registered broker-dealer (8-34642), FINRA member (CRD 16843) and SIPC member, with supplemental private insurance advertised well beyond SIPC limits.

Its pricing is the pitch: $0 commissions on US stocks and ETFs, and unusually, $0 options commissions with no per-contract fee, where most rivals still charge around $0.65 per contract. Mutual funds trade free, there are no maintenance or inactivity fees, and only industry-wide regulatory pass-through fees apply. A separate entity, Firstrade Crypto LLC, offers crypto trading executed and custodied by Apex Crypto; those assets sit outside SIPC protection.

The transfer rebates in detail

Firstrade's steady offers are reimbursements, not bonuses. The ACAT rebate refunds whatever outbound transfer fee your old broker charged, up to $250, when you move $2,500 or more in eligible securities (mutual funds and fixed income do not count toward the minimum). You must submit proof, typically the old broker's statement showing the fee, within 60 days; review takes about five business days. If your balance drops below $2,500 through withdrawals within 12 months of opening, Firstrade can claw the rebate back.

The wire rebate covers incoming wire fees your bank charges, up to $25 per wire and three rebates a month. The first wire must be $2,500 or more within 30 days of opening; later wires qualify at $10,000 or more. Claims are manual, through the Service menu, within 30 days of the funds arriving.

Both offers pay only the actual fee charged: the $250 and $25 figures are caps, and most old-broker ACAT fees run $75 to $100. Read them as making the move free rather than paying you to move.

The bigger offers that come and go

Firstrade periodically runs much larger time-boxed promotions. Through early 2026 it offered an IRA match, 3% on new contributions and 2% on IRA transfers and 401(k) rollovers, up to $20,000 with a five-year hold, which lapsed around the April 15, 2026 tax deadline. Tiered cash bonuses reaching several thousand dollars for very large deposits have also appeared in past years. Neither is live now, but the pattern recurs, so anyone planning a large transfer should check the promotions page before initiating it rather than assuming the rebates are all there is.

Practical notes

Both rebates are manual-claim offers with deadlines, 60 days for the ACAT proof and 30 days for wire claims, which is where most missed payouts happen. Set a reminder when the transfer completes.

Firstrade primarily serves US residents, though it does open accounts for residents of a list of other countries; the promotions apply wherever it is authorized to operate. ACAT transfers liquidate any securities Firstrade does not support, which can create taxable events, so review your holdings against its instrument list before moving a portfolio.

Pros

  • +True zero-cost options trading: no commission and no per-contract fee, rare among US brokers
  • +The ACAT rebate up to $250 makes leaving a fee-charging broker effectively free
  • +Wire rebates up to $25 each, three times a month, for larger movers
  • +Long track record (since 1985) with SIPC membership plus supplemental insurance
  • +Periodically runs large IRA match and cash bonus promotions worth timing a transfer around

Cons

  • −The standing offers are reimbursements of actual fees, not cash bonuses; caps are not payouts
  • −Both rebates require manual claims with proof inside tight windows (60 days ACAT, 30 days wire)
  • −The ACAT rebate can be clawed back if the balance falls below $2,500 within 12 months
  • −The larger IRA match and cash bonuses are seasonal and were not live as of July 2026
  • −Crypto runs through a separate entity without SIPC protection

Frequently asked questions

Is Firstrade legitimate and regulated?

Yes. Firstrade Securities Inc. has operated since 1985 and is an SEC-registered broker-dealer, FINRA member (CRD 16843) and SIPC member, with supplemental private insurance beyond SIPC limits. Its crypto arm is a separate entity whose assets are not SIPC-covered.

How does the Firstrade ACAT transfer rebate work?

Transfer $2,500 or more in eligible securities (mutual funds and bonds excluded from the minimum), then submit your old broker's statement showing the outbound fee within 60 days. Firstrade reimburses that actual fee up to $250 after a review of about five business days. Keep the balance above $2,500 for 12 months or the rebate can be reversed.

How does the Firstrade wire fee rebate work?

Firstrade refunds the fee your bank charged for an incoming wire, up to $25 per wire and three per month. The first wire must be at least $2,500 within 30 days of opening the account; subsequent wires qualify at $10,000 or more. Claim it manually under Service, then Promotions, within 30 days of the funds arriving.

Does Firstrade offer a cash bonus or IRA match?

Not currently. An IRA match of 3% on contributions and 2% on transfers, up to $20,000 with a five-year hold, ran until around April 15, 2026, and tiered cash bonuses have appeared in past years. Firstrade rotates these seasonally, so check its promotions page before a large transfer.

Is Firstrade really free to trade on?

For US-listed stocks, ETFs, options and mutual funds, yes: no commissions and no options per-contract fee. Only regulatory pass-through fees apply, fractions of a cent per contract or per dollar of sale proceeds. There are no maintenance or inactivity fees.

Can non-US residents open a Firstrade account?

Firstrade opens international accounts for residents of a list of countries, mostly in Asia and Europe, though the process and product access differ from US accounts. The transfer rebates apply wherever Firstrade is authorized to operate.

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