Firstrade (First Securities) is an American brokerage firm founded by Chinese Americans in 1985, known for its all-Chinese interface services, is one of the first to provide such services, and has won many awards in the industry.。In 2018, Firstrade was named the best online brokerage firm of the year by Kiplinger's Personal Finance, and was continuously recognized as one of the best online brokerage firms in the United States by financial magazines such as Barron's Weekly and Forbes.。

As a member of the U.S. Financial Industry Regulatory Authority (FINRA) and the U.S. Securities Investor Protection Organization (SIPC), Firstrade guarantees that securities in user accounts are covered by the U.S. Securities Investor Protection Organization with a cap of $500,000 and $250,000 in cash insurance.。This guarantee system ensures that users have legal security in their Firstrade transactions, proving that the broker is legal and safe and reliable.。

Currently, Firstrade offers financial investment products covering equities, ETFs, REITs, options, bonds and more than 11,000 funds.。In addition, the broker offers cryptocurrency trading services in specific countries.。Firstrade implements a "zero fee" policy for trading stocks, ETFs and other financial products to help users effectively reduce investment costs.。This move makes Firstrade one of the preferred platforms for investors, providing them with a convenient and affordable investment experience.。

Today, this article shares the complete process of Firstrade account opening, and takes you to open a Firstrade personal account in a multi-graphic form, which takes only 3 minutes to open an online account.。

Content includes:

① Firstrade Account Opening Preparation

② Precautions for Firstrade account opening

③ Account opening process (multi-graphic)

④ Time required to open an account

⑤ Common account opening problems

Firstrade First Securities Account Opening Preparation

Before opening a Firstrade account, you need to prepare the following documents and information. It is recommended that you open an account smoothly in a place with a stable network:

① Valid passport

② Tax Number (Nombor Cukai Pendapatan / Income Tax Number) Firstrade

First Securities Account Opening Considerations

Securities account type

Firstrade offers two types of securities accounts, a cash account (Cash Account) and a margin account (Margin Account, also known as a financing account)。

Opening an account is free and there is no minimum deposit threshold。

Cash Account

Cash Account (Cash Account) only allows you to use the cash you have to purchase financial products such as stocks, ETFs, REITs, options, etc.。

Margin Account / Financing Account

Margin Account (Margin Account) allows investors to trade margin trading, tradable investment products, including stocks, options, etc.。The options trading levels are divided into 4 levels, and the options options available at each level are described separately below.。

First level	第二级	Third level	第四级
✓ Sell the right to buy and sell (Write Covered Calls) ✓ Write Cash-Secured Equity Puts	✓ Sell the right to buy and sell (Write Covered Calls) ✓ Write Cash-Secured Equity Puts ✓ Purchase Puts / Calls	✓ Sell the right to buy and sell (Write Covered Calls) ✓ Write Cash-Secured Equity Puts ✓ Double Options (Spreads / Straddles) ✓ Butterfly and Condor ✓ A financing account with a minimum asset of $2,000 is required	✓ Sell the right to buy and sell (Write Covered Calls) ✓ Write Cash-Secured Equity Puts ✓ Duplex Options (Spreads / Straddles) ✓ Butterfly and Condor ✓ Naked Equity Puts A financing account is required, with a minimum asset requirement of $10,000.

Commission charges

Stocks and ETFs

Stocks listed on U.S. exchanges, ETFs, REITs and OTC (over-the-counter) stocks have zero trading commissions and are a "zero fee" trading platform.。

Option

Zero trading commission and contract fee per option。

Account Opening Qualification

The minimum age requirement for Firstrade to open an account is 18。

Firstrade account opening process teaching (multi-figure)

Estimate Cost: zero

Time Needed: 1-2 working days

Firstrade's account opening process is just 7 simple steps:

① Enter the official website and click on the account opening link

② Use the mobile phone to obtain the verification code for authentication

③ Fill in personal data

④ Fill in occupational information

⑤ Fill in personal assets and investment information and select option trading level

⑥ Set new account login information

Read and agree to all agreements and disclosures and attach a digital signature

Users can only open an account on the official website of Firstrade。The Firstrade mobile app does not support account opening, only allows users to log in and make investment transactions after opening an account.。

Step 1: Enter the official website and click on the account opening link

After entering the home page, click "Open An Account" in the upper right corner to register a new account。In addition, you can also click "Simplified Chinese" / "Traditional Chinese" in the upper right corner to switch languages.。

Here, the account opening will be explained in simplified Chinese.。

Step 2: Use your phone to get the verification code for authentication

After clicking to open an account, you need to select its phone code according to your country and。Then, enter the mobile phone number and click "Get Verification Code"。Firstrade will send you a verification code via SMS, enter the verification code and click "Continue."。

Here, choose your citizenship and country of birth and click "Next"。Firstrade also details simple account opening requirements, such as a valid international passport, age 18 or above.。At the same time, Firstrade also suggested that you need to have a good Internet to open an account, and revealed that the whole process only takes 3 minutes。

Next, you need to upload the passport photo page, signature page, and make sure that the passport information is clear and readable, not affected by light and obscured some important information。Then, click "Save, Next"。

Step 3: Fill in your personal data

Firstrade will extract your passport name and date of birth and automatically fill in the form。You must confirm that the information is correct.。

At the same time, you need to provide the following information:

Residency tax return number, known as Tax Identification Number in Malaysia。The Malaysian tax number is SG 11-digit number, such as SG12345678901, which can be found in tax return documents such as Borang BE or Borang B, or check with the Inland Revenue Department (LHDN)

② Residential address

③ Email, Firstrade will contact you by email

④ Marital status and employment situation

⑤ Other information, this refers to adding a trusted person, you don't have to tick, and then you can contact Firstrade customer service if you want to add it.。The main purpose of entrusting a trusted person is to authorize Firstrade, which can contact this person and disclose user account information when necessary in order to clarify and resolve possible financial issues.。

Make sure the data is complete and click "Save, Next"。

Step 4: Fill in the career information

Select the employment situation, please select "employment," and select the company industry, fill in the company name, job title。No need to tick in the "Additional Information" section。Click "Save, Next" when finished。

Step 5: Fill in your personal assets and investment information and select the option trading level

Choose your annual income, current assets, total assets。Then, choose your investment experience, according to personal preferences, choose investment objectives, including speculation, value-added, income, value preservation。

If you want to open the "financing and financing authority," your annual income, current assets and total assets must reach at least 2.More than $50,000。For newcomers to investing, it is recommended here to try not to open the margin trading authority。This is because if you buy more shares than you hold in cash, Firstrade will automatically raise money for you without notice, then you will have to pay interest on the financing.。

If you want to open "options trading rights," your investment objectives must include speculation.。Here you can choose the level of options trading, options trading experience, average number of options trades per year, risk tolerance, depending on your qualifications and personal preferences.。There are four levels of options trading, please refer to the explanation at the beginning of this article for more information.。

If you want to trade before and after the market, you can open "extended session trading," then the trading hours will be 8 a.m. to 8 p.m.。If it doesn't open, you can only do it at 9 a.m. EDT..30 to 4 pm for trading。

Alternatively, you can open a Securities Lending Income Scheme to enjoy additional income opportunities.。If you participate in this program, it means that when the market has a "need to borrow stock," Firstrade may borrow from your holdings and then calculate interest on a daily basis.。You are still free to sell shares during the lending period and will not be bound。

Finally, if you and your family are not government officials, non-brokerage related staff, non-U.S. listed companies holding more than 10% of the major shareholders, you can click "Save, Next" after the completion of the grid ✔。

Step 6: Set up new account login information

Next, set up and fill in the login username, login password, and 4-digit PIN for the new account。Enter the login password and 4-digit PIN twice。Click "Save, Next" when finished。

Step 7: Read and agree to all agreements and disclosures and attach a digital signature

Read all agreements and related disclosures, and after reading, click the "+" symbol below to attach a digital signature to indicate consent to all agreements and related disclosures。After that, click "Submit account opening application" to complete the account opening steps and get your new account number。

Firstrade will review your application and open your account within 1 to 2 business days。You will receive an email from Firstrade titled "Welcome to Firstrade" informing you that your account has been opened.。You can use the previously set user name and password, the official login Firstrade official website / mobile phone application, start the stock investment journey。

It is recommended to use the official website for the first login, because you need to choose the security questions and answers that you remember. In the future, if you have security concerns (such as the wrong login password), Firstrade will use security questions to confirm your identity to ensure the security of your account.。Click "Login" to successfully log in to your account。

Firstrade Account Opening Experience Sharing

Compared to other brokerages such as Tiger Brokers and TD Ameritrade, Firstrade's account opening steps are simpler and the account opening page design is smoother, allowing users to complete the account opening process in a short time。However, unlike some brokerages, Firstrade requires that only valid passports be accepted when opening an account, while some others offer the option of using a Malaysian identity card.。

Firstrade's official website claims that account opening review only takes 1 to 2 working days to complete account activation。According to the author's actual test, the application for opening an account was submitted on Saturday night, and by the first working day (i.e. Monday night), an email notification of a successful account opening had been received.。

If you encounter any problems during the account opening process, readers can contact us in the message area and our team will do their best to assist。I hope this information can provide some reference for investors who are about to open an account.。

Firstrade Account Opening FAQ

How long does it take to open an account?？

The official statement is 1 to 2 working days, as long as the documents and information are complete and meet the requirements, the audit will not take too long。The author measured that he applied for an account within 1 working day and received an email notification that the account was approved.。

Is there a minimum deposit threshold for opening an account?？

No minimum deposit requirement。

What I need to know about Form W-8BEN？

Form W-8BEN is a required form for non-Americans to open an account with a broker.。The first time you open an account, Firstrade will automatically help you submit this form。W-8BEN must be resubmitted every three years。

When you need to resubmit this form, Firstrade will notify you in advance by email。You can also check your account status through account settings.。To log in to your account, click My Account > Settings > Account Status > Required Documents。

I currently do not have a passport, or my passport has expired, whether other documents can be replaced？

Photocopies of valid passports (photo pages and signature pages) must be submitted every three years to open an international account.。When you need to resubmit, you cannot use other documents instead.。