Firstrade has announced that they changed how the transfer rebate program works. Previously, it only applied to full account transfers. However, starting from July 12th, even partial account transfers to Firstrade can qualify for a rebate, of up to $250!
Transfer process
To simplify your transfer process, Firstrade provided a One-Click Transfer service. Once you select from the list the brokerage firm you want to transfer from and provide the account number from that broker, it is advertised as the ‘easy 1-Click Transfer’. It is described in detail here.
The process of switching brokerage accounts should take 3-4 business days to complete from the time you initiate it online. Some brokerage firms are not ACATS (Automated Customer Account Transfer Service) eligible but you can still submit your request manually here.
When the transfer is ongoing, you may still see stock positions in your previous brokerage account. Firstrade will not charge any fees for incoming transfers. If your existing brokerage firm charges you an account transfer fee, you may avail of the Firstrade Transfer Rebate offer.
Benefits beyond Firstrade rebate
We provide a summary of the general Firstrade offering to not focus only on the rebate:
- Commission-free trading of stocks, ETFs, options, and mutual funds
- Possibility to invest in fixed-income products, like bonds
- Option to activate automatic reinvesting of dividends in a variety of stocks and ETFs, including ADR stocks and bonds ETFs
- Access to free authoritative research reports such as Morningstar to help you understand market trends and potential investment opportunities better
- Once your assets reach $25,000, you may be eligible for a Cash Management Account and receive a VISA Debit card that can be used for withdrawals and purchases around the world
- Even when you live outside of North America (especially in Europe), this is one of only a few brokers that provide access to American ETFs