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FIRSTRADE REVIEW 馃搱 $0 Commission And $0 Minimum Brokerage! - YouTube
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- So in this video today, we
are going to be doing a review
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of the Firsttrade Investing Platform.
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Now, if you guys are not
familiar with who I am,
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I have my YouTube channel
over here, Ryan Scribner,
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and I also have a personal finance
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and investing blog known
as Investing Simple
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and I spend dozens of
hours every single week
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researching different investing platforms
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to help you guys make decisions
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about what platform is the best for you.
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So, essentially, I try to
do all that legwork for you.
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And Firsttrade is kind of
a funny brokerage account
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because they've been around
for a very long time.
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And often times when we're looking at
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brokerage accounts to invest with
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especially for young people,
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it comes down to Robinhood,
or Webull, or M1 Finance.
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All of these are relatively new.
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So when we're talking
about an online brokerage
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that's been around since 1985
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it is kind of funny because this is one
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of the dinosaurs out there.
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But they have transitioned
their business model
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to fit with his new age trend
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of commission free trading
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and the options they have
available to investors
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are honestly superior in many ways
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to these other free investing
platforms out there.
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So, maybe you've never
heard of them before
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or maybe you heard of them 20 years ago,
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but they're definitely worth considering
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at this point and time.
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Now, if you do decide
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that you want to open
a Firsttrade account,
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I've included that link
in the description below,
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the very top link.
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It is an affiliate link
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and you don't have to use
it if you don't want to.
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But it is a way for you to give back to me
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at no additional cost to you.
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So, your use of that link
is certainly appreciated,
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but, of course, it is never required.
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So, first of all, as we already mentioned,
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it is one of the oldest online
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discount brokers out
there starting in 1985
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and recently they transitioned
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to that commission free model
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which was ultimately
pioneered by Robinhood.
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And this is one of those scenarios
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where an old school brokerage like this
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sees where the trend is going
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and less and less people are
willing to pay commission
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for their trades and they said,
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"Okay. We have to change
our business model."
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So now, Firsttrade
offers zero dollar trades
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commission free with zero
dollar minimum account balance.
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That means you can
literally open up an account
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with $5.00 if you just want to test it out
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and see if it's for you.
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Now, as far as Firsttrade goes,
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this is what I like about them.
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First of all, they are one
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of the only free investing
platforms out there
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that offer a variety of accounts
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outside of just a taxable account.
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If you invest through
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Robinhood or Webull for example,
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your only option is the
individual taxable account.
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Through Firsttrade, you have a variety
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of different retirement accounts
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and IRA's available to
you including the Roth IRA
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which allows you to invest
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in a tax sheltered manner.
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You also have the option
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to open up a custodial account
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if you want to invest with
somebody who is younger.
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So, for example,
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let's say your son or
daughter wants to invest
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and they're 14 or 15 years old.
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You open up a custodial account
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and then once they are 18 years of age,
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you can transition the ownership
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of that account over to them.
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And then another option
is the trust account
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and all of these are different options
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that might suit your needs
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that you're not going
to have available to you
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with other free brokerages out there.
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Another thing I like about them is
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the variety of different
assets you can trade.
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Of course, they offer
the stocks and ETF's,
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but Firsttrade is one of the only
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free platforms I've come across that
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also allows you to trade options
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as well as mutual funds,
certificates of deposits,
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and other fixed income investments.
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So, if those things interest you,
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Firsttrade has them all commission free.
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Another huge pro for them
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is that they offer phone support.
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I don't know of another free
investing platform out there
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that offers phone support
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because it is extremely costly
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and time consuming.
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But during set hours of the day,
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you can call someone up at Firsttrade
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and have your questions answered.
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They also have International Accounts
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for close to two dozen different countries
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to invest in U.S. markets.
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So I always have people
commenting, asking,
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"Hey, how can I invest
from outside of the U.S.?"
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And your country may be
supported through Firsttrade.
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I don't have a complete list
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but you can always click
the link down below
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and go ahead and try
to apply for an account
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and see if your country is supported.
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But that is a great way
for international investors
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to be able to invest in U.S. markets.
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And Firsttrade is certainly
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the only free brokerage
I've come across that
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has support for international accounts.
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And then finally,
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one of the biggest
complaints people have about
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these free brokerage accounts
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whether it's M1 Finance,
Robinhood, Webull is that
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they do not offer a
dividend reinvestment plan.
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And essentially what that is that means
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when a stock pays a dividend,
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that dividend is reinvested back
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into the issuing stock allowing you
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to earn compound interest.
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Well Firsttrade offers dividend
reinvestment completely free
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and it's stock level
dividend reinvestment.
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So the exact dollar
amount of that dividend
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goes back into the issuing stock
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and they also offer the
extended trading hours
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if you do want to trade
pre-market and post-market.
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So essentially Firsttrade offers
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all these brilliant features
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of a full blown online brokerage
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but they're commission free
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with zero dollar minimum account balance.
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So they are definitely one
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that you may have overlooked in the past.
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But at this point in time they
are 100% worth considering
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for the brokerage account
you choose to invest with.
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As far as the cons go,
I only have one con.
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And that is the fact that
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because they've been around since 1985,
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their online trading platform
is a little bit outdated.
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However, they just released
the new trading apps
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for both iOS and Android
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and those are looking a lot more current
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and cutting edge.
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So I foresee this as a temporary problem
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not something we're going to be seeing
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as they roll out new designs
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for their desktop and app based platforms.
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So overall guys, those
are my thoughts on the
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Firsttrade investing platform.
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I would honestly put them
at the top of my list
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as far as the different
brokerage accounts out there
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because of all the different
features they're offering
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that you're not seeing
with other free platforms.
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Like I said, if you do
decide to open an account,
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there's a link in top of
the description below.
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It is an affiliate link
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and it gives me a small kickback
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for putting this video together
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and I would certainly
appreciate your use of that link
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but it is not required.
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Thanks so much for watching this video.
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I hope you enjoyed it
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and I hope to see you in the next one.
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