Does Firstrade really charge $0 per options contract?

Yes. Firstrade charges $0 per trade and $0 per contract for options — no base fee and no per-contract fee. The only charge is a small Options Regulatory Fee of $0.02375 per contract, which is an industry pass-through required by exchanges.

Is Firstrade safe and regulated?

Firstrade is a FINRA member and SIPC-protected, covering accounts up to $500,000. They also carry additional insurance up to $37.5 million through a supplemental policy. The firm has been operating since 1985.

Does Firstrade offer crypto trading?

No. Firstrade does not currently offer cryptocurrency trading. If you want crypto alongside traditional investments, consider Robinhood, Webull, or SoFi Invest instead.

What is Firstrade's overnight trading?

Firstrade offers overnight trading sessions from 8 PM to 4 AM ET, Sunday through Friday, on 1,200+ securities. This lets you react to international market moves and after-hours news outside of regular and extended trading hours.

Does Firstrade have account minimums?

No. Firstrade has no minimum deposit requirements, no account maintenance fees, and no inactivity fees for any account type including IRAs.

Firstrade Review: Zero-Fee Trading Since 1985

Firstrade has been quietly operating since 1985, long before Robinhood made zero commissions trendy. Based in Flushing, New York, this broker offers $0 commissions on stocks, ETFs, options, and mutual funds — yes, even $0 per options contract, which undercuts most of the industry.

So why haven't you heard more about it? Firstrade lacks the flashy app and social features of newer platforms. It doesn't have crypto. The interface feels functional rather than exciting. But if you want genuinely free trading with access to 11,000+ mutual funds and overnight trading sessions, Firstrade punches well above its weight.

The broker is FINRA-regulated and SIPC-protected with additional insurance coverage up to $37.5 million. It's a real, established brokerage — not a fintech experiment.

Fees

This is where Firstrade genuinely stands out. The fee structure is simple and aggressive:

Stocks and ETFs: $0 per trade
Options: $0 per trade, $0 per contract
Mutual funds: $0 for load, no-load, and NTF funds
Fixed income: Net yield basis (markup built into the price)
Account fees: None — no minimums, no maintenance, no inactivity fees
IRA fees: $0 setup, $0 maintenance

The $0 options contract fee is the headline here. Most brokers charge $0.50-$0.65 per contract — Schwab, Fidelity, E*TRADE, and Vanguard all do. Firstrade doesn't. For active options traders doing 100+ contracts a month, that adds up fast.

The catches: Broker-assisted trades cost $19.95. Short-term mutual fund redemptions (held under 90 days) carry a $19.95 fee. There's a small Options Regulatory Fee of $0.02375 per contract, which is an industry pass-through. Margin rates aren't published on their website, which is a transparency gap.

Accounts and Trading

Firstrade offers the core account types most investors need:

Individual brokerage and joint accounts
Traditional IRA
Roth IRA
Rollover IRA

You can trade stocks and ETFs on NYSE, AMEX, Nasdaq, and OTC markets. Options are available with account approval. The mutual fund library includes 11,000+ funds — larger than what many competitors offer.

Extended and overnight trading is a standout feature. Regular extended hours run 8 AM to 8 PM ET on weekdays. Overnight sessions cover 8 PM to 4 AM ET, Sunday through Friday, on 1,200+ securities. That's useful if you're reacting to overseas market moves or after-hours earnings reports.

What's missing: no crypto trading, no fractional shares, and no robo-advisor service. If you want those, Robinhood or SoFi Invest are better fits.

Tools and Research

Firstrade provides solid research tools for a zero-fee broker:

Morningstar research reports and ratings
Briefing.com market commentary and analysis
Zacks investment research
OptionsWizard — a professional-grade options analytics tool for scanning strategies and analyzing risk

The OptionsWizard tool is particularly notable. It's the kind of feature you'd expect from a broker like tastytrade or Interactive Brokers, not a smaller player like Firstrade.

The mobile apps for iOS and Android are functional but won't win design awards. Two-factor authentication is supported for account security. The overall experience is more substance than style — you get real tools, just not a polished UI.

Who It's For

Firstrade is ideal for:

Options traders who want truly zero per-contract fees. If you trade options frequently, this is the cheapest game in town
Mutual fund investors who want access to 11,000+ funds at $0 commission
IRA savers looking for a no-fee retirement account with a current 3% match on contributions
Night owls who want overnight trading access on 1,200+ securities
Cost-conscious investors who prioritize low fees over flashy features

Firstrade is NOT for:

Crypto enthusiasts — no digital asset trading at all
Beginners wanting hand-holding — the interface is functional, not welcoming
Fractional share buyers — you need to buy whole shares
Investors wanting a full ecosystem — no banking, no credit cards, no robo-advisor. Fidelity or Schwab do that better

How It Compares

Against the big names, Firstrade's value proposition is narrow but sharp:

vs. Schwab/Fidelity: Both charge $0 for stocks and ETFs but $0.65 per options contract. Firstrade wins on options cost, loses on breadth of services, banking integration, and platform polish.

vs. Robinhood/Webull: Similar zero-commission structure. Robinhood offers crypto and fractional shares. Webull charges $0 per contract too but has limited mutual fund access. Firstrade wins on mutual fund selection and research tools.

vs. tastytrade: Both target options traders. Tastytrade caps options at $10/leg and has superior options-specific tools. Firstrade is cheaper on options but less specialized.

Firstrade's secret weapon is the combination: $0 options contracts PLUS 11,000+ mutual funds PLUS overnight trading. No other broker bundles all three at zero cost.

Conclusion

Firstrade is the unglamorous broker that quietly does the important things right. Zero commissions across the board — including $0 per options contract — is genuinely rare. The mutual fund library is massive. Overnight trading is a real differentiator. And it's been around since 1985, which counts for something in an industry full of startups.

The trade-offs are real: no crypto, no fractional shares, no robo-advisor, and an interface that prioritizes function over form. The lack of published margin rates is frustrating. But if your priority is minimizing trading costs — especially on options — Firstrade deserves serious consideration.

Would I use it? For an options-focused account or a mutual fund IRA, absolutely. For a primary all-in-one brokerage, I'd still lean toward Fidelity or Schwab. Firstrade is a specialist, and specialists tend to excel at what they do.

Frequently Asked Questions

Sources & References

Firstrade Securities Official Website

www.firstrade.com

Firstrade Pricing & Fees

www.firstrade.com

Firstrade Account Types

www.firstrade.com

Firstrade Review: Zero-Fee Trading Since 1985

Key Takeaways

Fees

Accounts and Trading

Tools and Research

Who It's For

How It Compares

Conclusion

Frequently Asked Questions

Sources & References

Related Topics

Explore More

Related Articles

HSA Explained: Triple Tax Advantage for 2026