Firstrade - Five FREE trades, FREE Tranfser, Wire Transfer Fee Rebate

[This post is written and copyrighted by FIRE Finance (]

FirstradeFirstrade is still offering five commission free trades as a referral bonus for new customers opening a brokerage account. If you need a referral, please send an email with your FIRST and LAST NAME plus email id to [firegetters at gmail dot com]. We'll be happy to send you one.

Firstrade - FREE Tranfser
In addition they've stepped up the gas with a credit up to $100 for the account transfer (ACAT) fee* from other brokers. Firstrade will rebate our account transfer fee charged by another broker up to $100 when completing a full ACAT account transfer for $25,000 or more. Offer applies to new accounts first time funding only, and is not available for Retirement, Coverdell ESA, Partnership, Investment Club, and Corporate accounts.
Firstrade - Wire Transfer RebateThere is more good news. If we are planning to do a wire transfer, Firstrade will even rebate the wire fee charged, up to $25. Here's how to qualify:
  • For New Accounts - Initiate an incoming wire transfer in the amount of $5,000 or more within the first 30 days of opening our account.
  • For Existing Accounts - Initiate an incoming wire transfer in the amount of $15,000 or more.
Once the funds arrive in our Firstrade account, we've got to submit a rebate request through the website within 14 calendar days after receipt of the wire funds. Next, they will process our rebate and credit our account up to $25. Eligible credits are posted within 30 days from the online submission. Offer valid for Individual, Joint, Custodial, Corporate, Trust, Partnership, Sole Proprietorship, and LLC accounts only.

It is to be noted that our uninvested dollars at Firstrade are automatically put in a money market fund (MMF) which earns some interest. Today we received a note from Firstrade vouchsafing the fact that their MMF is immune to current market turmoils.
Dear Firstrade Customer,

The serious issues taking place within the financial services industry continue to evolve as we learn more details and come to terms with their impact on the nation's financial markets. We remind our clients that Firstrade continues to have no direct exposure to the U.S. real estate market and the associated complex financial securities that are at the root of this liquidity crisis. In fact, Firstrade does not take proprietary risk on its balance sheet.

This widespread turbulence in the financial markets has prompted a number of questions about the impact on the money market funds offered by Firstrade. These money market funds are managed by DB Advisors, a part of the Deutsche Bank Group.

As of today, the money market funds offered by Firstrade do not have any direct or indirect exposure to Lehman Brothers, American International Group (AIG) and Merrill Lynch. While these events may present challenges, they underscore the importance of a strong investment process that emphasizes credit and risk management. More recently, the funds have been using a core position in U.S. Treasury securities to gain added liquidity and flexibility.

The portfolio holdings have been updated as of 9/12/08, and you can find this information on the Deutsche Bank website ( For funds participating in money market transparency, detailed risk analytics are now available as of 8/29/08.
If you are shopping for an online brokerage account, do check out Firstrade. And if you are not pleased with them, then have a peek at Zecco which is also a strong contender and is currently offering free trades too.

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