Firstrade vs Robinhood 2024
In this head to head comparison of Firstrade vs Robinhood, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.
In this head to head comparison of Firstrade vs Robinhood, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.
When comparing Firstrade to Robinhood for investment options, Firstrade emerges as the more robust platform with a rating of 4.5 stars, while Robinhood garners 3.5 stars. According to StockBrokers.com, Firstrade ranks 6th among 18 brokers, whereas Robinhood takes the 14th spot. Both platforms offer stock trading, margin trading, fractional shares, and options trading. However, Firstrade outshines Robinhood by providing access to OTC stocks and mutual funds, options that Robinhood does not offer. Conversely, Robinhood provides cryptocurrency trading with access to 20 different coins, whereas Firstrade does not offer any crypto trading options.
Firstrade and Robinhood both support traditional and Roth IRA accounts but neither offers advisory services. While both platforms equally provide options for securities like stocks, margins, and options, Firstrade gives investors added flexibility with offerings in OTC stocks and mutual funds. This is a significant advantage for diverse investment approaches that are not focused solely on popular market securities.
On the other hand, Robinhood's inclusion of cryptocurrency acts as a compelling feature for those interested in digital asset investments, making it appealing for the tech-savvy or those looking to diversify with alternative investments. Traders and investors will find both platforms cater well to varying needs, but Firstrade's broader range in traditional securities might be better suited for more comprehensive portfolio strategies.
Feature |
Firstrade
|
Robinhood
|
---|---|---|
Stock Trading | Yes | Yes |
Margin Trading | Yes | Yes |
Fractional Shares | Yes | Yes |
OTC Stocks | Yes | No |
Mutual Funds | Yes | No |
Options Trading | Yes | Yes |
Futures Trading | No | No |
Crypto Trading | No | Yes |
Crypto Trading - Total Coins | 0 | 20 |
Investment Options |
Dive deeper: Best Options Trading Platforms & Brokers, 5 Best Futures Trading Platforms of 2024
When comparing the trading platforms and tools offered by Firstrade and Robinhood, Firstrade emerges as the slightly better option for users focusing on charting capabilities and watch list customization. With a higher rating of 3.5 stars, Firstrade ranks 9th out of 18 brokers in StockBrokers.com’s assessment, surpassing Robinhood, which holds 13th place with 3 stars. However, Robinhood's edge lies in its interactive chart features, allowing users to adjust open orders, add notes, and customize date ranges directly on charts, providing a more dynamic trading experience.
Both Firstrade and Robinhood do not offer downloadable platforms for Windows or Mac, making their browser-based platforms and mobile access the main trading touchpoints. Firstrade supports an extensive range of 102 technical indicators compared to Robinhood's 16, but Robinhood offers more drawing tools, boasting 23 compared to Firstrade's 8, and provides users the ability to save multiple chart profiles, enhancing personalization.
While neither Firstrade nor Robinhood offers paper trading or a trading journal, Firstrade stands out with 50 customizable columns for watch lists, in sharp contrast to Robinhood's meager 3. However, Robinhood incorporates unique chart features such as the ability to add notes and display index overlays, adding a layer of interactivity that may appeal to certain types of traders. Both platforms lack advanced chart functionalities like showing historical trades or corporate events, and neither allows the creation of custom studies, limiting the scope of chart-based analysis.
Feature |
Firstrade
|
Robinhood
|
---|---|---|
Web Trading Platform | Yes | Yes |
Desktop Trading Platform | No | No |
Desktop Platform (Mac) | No | No |
Paper Trading | No | No |
Watch Lists - Total Fields | 50 | 3 |
Charting - Indicators / Studies | 102 | 16 |
Charting - Drawing Tools | 8 | 23 |
Platforms & Tools |
Dive deeper: Best Stock Brokers for 2024, Best Paper Trading Platforms of 2024
When comparing Firstrade and Robinhood for their educational resources geared towards beginners and investors, both platforms offer a variety of materials but also have some limitations. Firstrade provides educational content on stocks and options, along with engaging educational videos and webinars to aid learning. However, it falls short by not offering resources on ETFs, mutual funds, or bonds. On the other hand, Robinhood delivers stock, ETF, and options education but lacks education on mutual funds and bonds. Robinhood also does not provide educational videos, while it does include webinars. Both platforms notably miss out on paper trading features, educational quizzes, and tracking tools for learning progress.
In terms of ratings, both Firstrade and Robinhood have received a 3.5-star rating for their education capabilities. However, according to StockBrokers.com, Robinhood slightly edges out Firstrade in ranking, coming in at 10th place among 18 brokers, while Firstrade takes the 12th spot. This comparison highlights that while both brokers offer a foundation for beginner education, neither excels across all educational opportunities, and potential investors may need to consider additional resources to achieve comprehensive financial literacy.
Feature |
Firstrade
|
Robinhood
|
---|---|---|
Education (Stocks) | Yes | Yes |
Education (ETFs) | No | Yes |
Education (Options) | Yes | Yes |
Education (Mutual Funds) | No | No |
Education (Bonds) | No | No |
Paper Trading | No | No |
Videos | Yes | No |
Webinars | Yes | Yes |
Education |
Dive deeper: Best Stock Trading Platforms for Beginners of 2024
Firstrade and Robinhood are both highly rated stock trading apps, each earning a commendable 4.5 stars. However, when evaluated by StockBrokers.com among 18 brokers, Firstrade ranks 6th, outpacing Robinhood, which holds the 9th spot. This suggests that users might find Firstrade slightly more robust for certain features, although both apps provide a solid trading experience overall.
Both Firstrade and Robinhood offer iPhone and Android apps, ensuring accessibility for most mobile users, yet only Robinhood extends to an Apple Watch app. Additionally, both platforms offer mobile options trading, streaming quotes, stock alerts, and allow for custom watch lists and column customization. However, an edge in trading insights may be found with Firstrade's 81 technical studies for charting compared to Robinhood's 6, although Robinhood provides after-hours charting, a feature missing from Firstrade.
For traders requiring advanced charting capabilities, Firstrade allows viewing in landscape mode and supports multiple time frames, while Robinhood lacks landscape view support. Neither platform offers streaming live TV or videos on demand, nor do they support displaying stock comparisons on charts. Each platform has strengths, leaving the choice to trader preference and specific feature needs.
Feature |
Firstrade
|
Robinhood
|
---|---|---|
iPhone App | Yes | Yes |
Android App | Yes | Yes |
Apple Watch App | No | Yes |
Stock Alerts | Yes | Yes |
Charting - After-Hours | No | Yes |
Charting - Technical Studies | 81 | 6 |
Mobile Trading Apps |
Dive deeper: Best Stock Trading Apps of 2024
When comparing Firstrade and Robinhood, both platforms offer commission-free trading with no minimum deposit requirements, making them attractive choices for cost-conscious investors. They also charge no fees for options contracts, IRA annual fees, IRA closure fees, options exercise, or assignment fees. However, when it comes to margin trading, Robinhood offers more favorable rates across all balance tiers, with a low of 5.8% for balances between $50,000 and $99,999, as opposed to Firstrade's 13.00%. Although Robinhood's rates for account transfers are noticeably higher, Firstrade maintains a lower cost for both partial and full account transfers.
Firstrade and Robinhood align closely in terms of primary trading features, providing fee-free services for stock trades, options contracts, and retirement account services. Both platforms have eliminated minimum deposit requirements, making them accessible for beginner investors and those looking to minimize upfront costs. Importantly, they also offer zero-cost scenarios for options exercises and assignments, maintaining a competitive edge in fee transparency and simplicity.
Despite these similarities, the critical difference lies in margin rate offerings. Firstrade charges significantly higher margin interest rates when compared to Robinhood. For investors utilizing margin, Robinhood's edge becomes evident with interest rates nearly half that of Firstrade's across various tiers. While Robinhood's account transfer fees remain higher at $100 for both partial and full transfers, Firstrade's charges of $55 and $75 respectively reflect a slight advantage for those considering moving accounts. Thus, investors seeking lower margin costs might gravitate towards Robinhood, while those focusing on lower transfer fees might find Firstrade more appealing.
Feature |
Firstrade
|
Robinhood
|
---|---|---|
Minimum Deposit | $0.00 | $0.00 |
Stock Trades | $0.00 | $0.00 |
Options (Per Contract) | $0.00 | $0.00 |
Options Exercise Fee | $0.00 | $0.00 |
Options Assignment Fee | $0.00 | $0.00 |
IRA Annual Fee | $0.00 | $0.00 |
IRA Closure Fee | $0.00 | $0.00 |
Commissions & Fees |
Dive deeper: Best Brokers for Free Stock Trading of 2024
When it comes to day trading capabilities, both Firstrade and Robinhood provide a basic suite of services, yet neither offers some important tools that more advanced traders might appreciate. Firstrade and Robinhood do not currently offer streaming time and sales data for stocks, streaming live TV, or direct market routing. While both platforms provide a user-friendly experience for general investing, these omissions may impact their appeal to those who highly value real-time data and advanced trading features.
Additionally, Firstrade lacks ladder trading—an area where Robinhood has a slight edge by offering this feature. However, both platforms fall short in other advanced functionalities, such as trading hotkeys for keyboard trade entries, level 2 quotes, and strategy backtesting, whether basic or advanced. Neither broker provides a short locator tool to view the real-time availability of shares to short or offers order liquidity (maker/taker) rebates. As a result, active traders seeking these specific capabilities might find Firstrade and Robinhood less suitable for day trading compared to platforms that cater to professional or high-frequency trading needs.
Feature |
Firstrade
|
Robinhood
|
---|---|---|
Streaming Time & Sales | No | No |
Streaming TV | No | No |
Direct Market Routing - Stocks | No | No |
Level 2 Quotes - Stocks | No | No |
Trade Ideas - Backtesting | No | No |
Trade Ideas - Backtesting Adv | No | No |
Short Locator | No | No |
Dive deeper: Best Day Trading Platforms of 2024
When it comes to market research capabilities, Firstrade clearly takes the lead over Robinhood. Firstrade offers comprehensive research tools and resources, allowing users to delve into various asset classes, utilize social media sentiment data, and access ESG research, earning it a rating of 4.5 out of 5 stars and a #6 ranking by StockBrokers.com. Robinhood, on the other hand, while offering basic research capabilities for stocks and ETFs, lacks depth in mutual funds and bonds research, resulting in a lower market research rating of 2.5 stars and a #14 ranking.
Both Firstrade and Robinhood provide stock and ETF research, making them accessible for novice investors looking to diversify their portfolios. Firstrade, however, extends its offerings with mutual funds and bonds research, along with providing downloadable PDF reports for stocks and ETFs, which Robinhood doesn't offer. Firstrade's capability to analyze portfolio allocation by asset class gives investors a more detailed perspective on their holdings, a feature not available with Robinhood.
For those utilizing advanced research tools such as social media sentiment data and ESG evaluations, Firstrade stands out as the preferred choice. It also offers stock and ETF screeners for trade ideas, plus the added versatility of mutual fund and bond screeners. In contrast, Robinhood provides a stock screener but lacks a comprehensive offering in other asset classes, making Firstrade the go-to platform for in-depth market analysis.
Feature |
Firstrade
|
Robinhood
|
---|---|---|
Research - Stocks | Yes | Yes |
Screener - Stocks | Yes | Yes |
Research - ETFs | Yes | Yes |
Screener - ETFs | Yes | No |
Research - Mutual Funds | Yes | No |
Screener - Mutual Funds | Yes | No |
Research - Bonds | Yes | No |
Screener - Bonds | Yes | No |
Research |
In comparing the banking capabilities of online brokers Firstrade and Robinhood, Firstrade takes the lead with a more diversified offering. Firstrade provides checking accounts and issues debit cards, distinguishing itself from Robinhood, which does not offer checking accounts, yet also allows customers to access debit cards. However, neither Firstrade nor Robinhood extends to offering savings accounts or credit cards, keeping their focus primarily on investment services. Additionally, Firstrade enhances its suite of financial products by offering Certificates of Deposit (CDs), a service absent from Robinhood’s repertoire. Lastly, neither platform facilitates mortgage loans, aligning their core functions more closely with brokerage services rather than traditional banking. Overall, Firstrade stands out with its limited yet notable banking services, particularly with the availability of checking accounts and CDs.
Feature |
Firstrade
|
Robinhood
|
---|---|---|
Checking Accounts | Yes | No |
Savings Accounts | No | No |
Debit Cards | Yes | Yes |
Credit Cards | No | No |
Mortgage Loans | No | No |
CDs | Yes | No |
Dive deeper: Best Bank Brokerages of 2024
After opening live accounts and testing 18 of the best online brokers, our research and live account testing finds that Firstrade is better than Robinhood. Firstrade finished with an overall score of 87.7%, while Robinhood finished with a score of 84.5%.
Firstrade scored well for penny stock trading in our 2024 Annual Awards, and is a great choice for Chinese-speaking investors. However, it lags behind the competition in certain areas, especially platforms, tools and education.
When comparing Firstrade to Robinhood for crypto trading, Firstrade does not offer cryptocurrency trading options, while Robinhood provides access to 20 different coins, making Robinhood a more suitable choice for crypto investors.
Dive deeper: Best Crypto Trading Platforms of 2024
Both Firstrade and Robinhood offer traditional and Roth IRA accounts with no annual or closure fees, providing cost-effective options for investors seeking retirement savings solutions.
Dive deeper: Best IRA Accounts of 2024
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0 of 5Overall Rating | Firstrade | Robinhood | |
---|---|---|---|
Overall | |||
Commissions & Fees | |||
Investment Options | |||
Platforms & Tools | |||
Mobile Trading Apps | |||
Research | |||
Customer Service | N/A | ||
Education | |||
Ease Of Use | |||
Winner | check_circle | ||
Review | Firstrade Review | Robinhood Review |
Broker Screenshots | Firstrade | Robinhood | |
---|---|---|---|
Trading Platform & Tools Gallery (click to expand) | |||
Research Gallery (click to expand) | |||
Mobile Trading Apps Gallery (click to expand) | |||
Education Gallery (click to expand) |
Trading Fees | Firstrade | Robinhood | |
---|---|---|---|
Minimum Deposit | $0.00 | $0.00 | |
Stock Trades | $0.00 | $0.00 | |
Penny Stock Fees (OTC) | $0.00 | N/A | |
Mutual Fund Trade Fee | $0 | N/A | |
Options (Per Contract) | $0.00 | $0.00 | |
Futures (Per Contract) | (Not offered) | (Not offered) | |
Broker Assisted Trade Fee | $19.95 | N/A |
Margin Rates | Firstrade | Robinhood | |
---|---|---|---|
Margin Rate Under $25,000 | 13.75% | 6.25% | |
Margin Rate $25,000 to $49,999.99 | 13.50% | 6.05% | |
Margin Rate $50,000 to $99,999.99 | 13.00% | 5.8% | |
Margin Rate $100,000 to $249,999.99 | 12.50% | 5.75% | |
Margin Rate $250,000 to $499,999.99 | 12.50% | 5.75% | |
Margin Rate $500,000 to $999,999.99 | 12.50% | 5.75% | |
Margin Rate Above $1,000,000 | 12.50% | 5.5% |
Account Fees | Firstrade | Robinhood | |
---|---|---|---|
IRA Annual Fee | $0.00 | $0.00 | |
IRA Closure Fee | $0.00 | $0.00 | |
Account Transfer Out (Partial) | $55.00 | $100.00 | |
Account Transfer Out (Full) | $75.00 | $100.00 | |
Options Exercise Fee | $0.00 | $0.00 | |
Options Assignment Fee | $0.00 | $0.00 |
Investment Options | Firstrade | Robinhood | |
---|---|---|---|
Stock Trading | Yes | Yes | |
Margin Trading | Yes | Yes | |
Fractional Shares | Yes | Yes | |
OTC Stocks | Yes | No | |
Options Trading | Yes | Yes | |
Complex Options Max Legs | 4 | 4 | |
Futures Trading | No | No | |
Forex Trading | No | No | |
Crypto Trading | No | Yes | |
Crypto Trading - Total Coins | 0 | 20 | |
Mutual Funds (No Load) | 15460 | 0 | |
Mutual Funds (Total) | 19666 | 0 | |
Bonds (US Treasury) | Yes | No | |
Bonds (Corporate) | Yes | No | |
Bonds (Municipal) | Yes | No | |
Traditional IRAs | Yes | Yes | |
Roth IRAs | Yes | Yes | |
Advisor Services | No | No | |
International Countries (Stocks) | 0 | 0 |
Order Types | Firstrade | Robinhood | |
---|---|---|---|
Order Type - Market | Yes | Yes | |
Order Type - Limit | Yes | Yes | |
Order Type - After Hours | Yes | Yes | |
Order Type - Stop | Yes | Yes | |
Order Type - Trailing Stop | Yes | Yes | |
Order Type - OCO | Yes | No | |
Order Type - OTO | Yes | No | |
Order Type - Broker Assisted | Yes | No |
Beginners | Firstrade | Robinhood | |
---|---|---|---|
Education (Stocks) | Yes | Yes | |
Education (ETFs) | No | Yes | |
Education (Options) | Yes | Yes | |
Education (Mutual Funds) | No | No | |
Education (Bonds) | No | No | |
Education (Retirement) | Yes | No | |
Retirement Calculator | Yes | No | |
Investor Dictionary | Yes | Yes | |
Paper Trading | No | No | |
Videos | Yes | No | |
Webinars | Yes | Yes | |
Webinars (Archived) | Yes | No | |
Progress Tracking | No | No | |
Interactive Learning - Quizzes | No | No |
Stock Trading Apps | Firstrade | Robinhood | |
---|---|---|---|
iPhone App | Yes | Yes | |
Android App | Yes | Yes | |
Apple Watch App | No | Yes | |
Trading - Stocks | Yes | Yes | |
Trading - After-Hours | Yes | Yes | |
Trading - Simple Options | Yes | Yes | |
Trading - Complex Options | Yes | Yes | |
Order Ticket RT Quotes | Yes | Yes | |
Order Ticket SRT Quotes | Yes | Yes |
Stock App Features | Firstrade | Robinhood | |
---|---|---|---|
Market Movers (Top Gainers) | Yes | Yes | |
Stream Live TV | No | No | |
Videos on Demand | No | No | |
Stock Alerts | Yes | Yes | |
Option Chains Viewable | Yes | Yes | |
Watch List (Real-time) | Yes | Yes | |
Watch List (Streaming) | Yes | Yes | |
Watch Lists - Create & Manage | Yes | Yes | |
Watch Lists - Column Customization | Yes | Yes |
Stock App Charting | Firstrade | Robinhood | |
---|---|---|---|
Charting - After-Hours | No | Yes | |
Charting - Can Turn Horizontally | Yes | No | |
Charting - Multiple Time Frames | Yes | Yes | |
Charting - Technical Studies | 81 | 6 | |
Charting - Study Customizations | Yes | Yes | |
Charting - Stock Comparisons | No | No |
Trading Platforms | Firstrade | Robinhood | |
---|---|---|---|
Active Trading Platform | Robinhood Legend | ||
Desktop Trading Platform | No | No | |
Desktop Platform (Mac) | No | No | |
Web Trading Platform | Yes | Yes | |
Paper Trading | No | No | |
Trade Journal | No | No | |
Watch Lists - Total Fields | 50 | 3 |
Stock Chart Features | Firstrade | Robinhood | |
---|---|---|---|
Charting - Adjust Trades on Chart | No | Yes | |
Charting - Indicators / Studies | 102 | 16 | |
Charting - Drawing Tools | 8 | 23 | |
Charting - Notes | No | Yes | |
Charting - Index Overlays | Yes | Yes | |
Charting - Historical Trades | No | No | |
Charting - Corporate Events | No | No | |
Charting - Custom Date Range | No | Yes | |
Charting - Custom Time Bars | No | Yes | |
Charting - Automated Analysis | No | No | |
Charting - Save Profiles | No | Yes | |
Trade Ideas - Technical Analysis | Yes | No | |
Charting - Study Customizations | 6 | 1 | |
Charting - Custom Studies | No | No |
Day Trading | Firstrade | Robinhood | |
---|---|---|---|
Streaming Time & Sales | No | No | |
Streaming TV | No | No | |
Direct Market Routing - Stocks | No | No | |
Ladder Trading | No | Yes | |
Trade Hotkeys | No | No | |
Level 2 Quotes - Stocks | No | No | |
Trade Ideas - Backtesting | No | No | |
Trade Ideas - Backtesting Adv | No | No | |
Short Locator | No | No | |
Order Liquidity Rebates | No | No |
Research Overview | Firstrade | Robinhood | |
---|---|---|---|
Research - Stocks | Yes | Yes | |
Research - ETFs | Yes | Yes | |
Research - Mutual Funds | Yes | No | |
Research - Pink Sheets / OTCBB | Yes | Yes | |
Research - Bonds | Yes | No | |
Screener - Stocks | Yes | Yes | |
Screener - ETFs | Yes | No | |
Screener - Mutual Funds | Yes | No | |
Screener - Bonds | Yes | No | |
Misc - Portfolio Allocation | Yes | No |
Stock Research | Firstrade | Robinhood | |
---|---|---|---|
Stock Research - PDF Reports | 1 | 0 | |
Stock Research - Earnings | Yes | Yes | |
Stock Research - Insiders | Yes | No | |
Stock Research - Social | Yes | No | |
Stock Research - News | Yes | Yes | |
Stock Research - ESG | Yes | No | |
Stock Research - SEC Filings | Yes | No |
ETF Research | Firstrade | Robinhood | |
---|---|---|---|
ETFs - Strategy Overview | Yes | Yes | |
ETF Fund Facts - Inception Date | Yes | Yes | |
ETF Fund Facts - Expense Ratio | Yes | Yes | |
ETF Fund Facts - Net Assets | Yes | Yes | |
ETF Fund Facts - Total Holdings | Yes | Yes | |
ETFs - Top 10 Holdings | Yes | Yes | |
ETFs - Sector Exposure | Yes | Yes | |
ETFs - Risk Analysis | Yes | No | |
ETFs - Ratings | Yes | No | |
ETFs - Morningstar StyleMap | Yes | No | |
ETFs - PDF Reports | Yes | No |
Mutual Fund Research | Firstrade | Robinhood | |
---|---|---|---|
Mutual Funds - Strategy Overview | Yes | No | |
Mutual Funds - Performance Chart | Yes | No | |
Mutual Funds - Performance Analysis | Yes | No | |
Mutual Funds - Prospectus | Yes | No | |
Mutual Funds - 3rd Party Ratings | Yes | No | |
Mutual Funds - Fees Breakdown | Yes | No | |
Mutual Funds - Top 10 Holdings | Yes | No | |
Mutual Funds - Asset Allocation | Yes | No | |
Mutual Funds - Sector Allocation | Yes | No | |
Mutual Funds - Country Allocation | Yes | No | |
Mutual Funds - StyleMap | Yes | No |
Options Trading | Firstrade | Robinhood | |
---|---|---|---|
Option Chains - Basic View | Yes | Yes | |
Option Chains - Strategy View | Yes | Yes | |
Option Chains - Streaming | No | Yes | |
Option Chains - Total Columns | 8 | 17 | |
Option Chains - Greeks | 5 | 5 | |
Option Chains - Quick Analysis | No | Yes | |
Option Analysis - P&L Charts | Yes | Yes | |
Option Probability Analysis | No | No | |
Option Probability Analysis Adv | Yes | No | |
Option Positions - Greeks | No | Yes | |
Option Positions - Greeks Streaming | No | Yes | |
Option Positions - Adv Analysis | No | No | |
Option Positions - Rolling | Yes | Yes | |
Option Positions - Grouping | No | Yes |
Banking | Firstrade | Robinhood | |
---|---|---|---|
Bank (Member FDIC) | No | No | |
Checking Accounts | Yes | No | |
Savings Accounts | No | No | |
Credit Cards | No | No | |
Debit Cards | Yes | Yes | |
Mortgage Loans | No | No |
Customer Service | Firstrade | Robinhood | |
---|---|---|---|
Phone Support (Prospect Customers) | Yes | No | |
Phone Support (Current Customers) | Yes | Yes | |
Email Support | Yes | Yes | |
Live Chat (Prospect Customers) | Yes | No | |
Live Chat (Current Customers) | Yes | Yes | |
24/7 Support | No | Yes |
Overall | Firstrade | Robinhood | |
---|---|---|---|
Overall | |||
Commissions & Fees | |||
Investment Options | |||
Platforms & Tools | |||
Mobile Trading Apps | |||
Research | |||
Education | |||
Ease Of Use | |||
Winner | check_circle | ||
Review | Firstrade Review | Robinhood Review |