Firstrade

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Category: Business & Finances

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United States

Firstrade Reviews

October 31, 2007

Bait and switch!

The first thing anyone should check out when evaluating an online broker is their transfer out fee. For instance, Firstrade lured tons of customers into creating accounts with its free no-load mutual fund trades. Then they changed the policy and charge people $50 per account to leave. Classic bait and switch. No matter how reasonable their current prices, how can anyone trust them not to do the same type of thing in the future? Not illegal, just unethical. Take a pass!

September 14, 2007

Refusing to give my money back!

Firstrade made an unauthorized withdrawal from my checking account. It seems to me that they ARE HAVING LIQUIDITY PROBLEMS. While I investigated the withdrawal, i tried to transfer the money back into my checking account. Firstrade's policies clearly state that ACH deposits are available for withdrawal after 7 days (or 10 days I don't recall from top of my mind). However, Firstrade refused to give the money back for more than two months.

When I asked Firstrade to send me a copy of their policies, they send me back an email confirming that the money should be available after 7/10 days (that was the actual text of the policy). But then ignoring their own message they stated that the policy was to witheld deposits for 2 months.

After I complained with FINRA and the SEC was money was returned promptly (by the deadline stated by FINRA)...

Morale of the story: stay away from FIRSTRADE. It seems that they are about to go under.