NY broker Firstrade offers cash bonus up to 1% for new accounts with deposits above $5,000

Rick Steves

New York-based discount broker Firstrade Securities Inc., has announced a cash bonus award for new accounts funded with a deposit between $5,000 to $1,500,000. 

Firstrade, which was one of the first online brokerage firms to offer $0 commission, will offer $50 to $4,000 USD in cash bonuses to new customers joining the broker with a deposit from $5,000 upwards.

Available to all new customers across the United States, the cash bonus seems to go as high as 1%.

Cash bonus from now through November 10, 2022

The cash bonus is being offered in the midst of a global market downturn and negative market sentiment, indicating Firstrade’s desire to drive ongoing growth in the US region.

New accounts opened from now through November 10, 2022, will get the chance to earn the bonuses associated with the new cash bonus offer.

Each of the bonus amounts have been established in tiers:

  •  The first of seven existing tiers comprises customers who deposit or transfer $5,000 to $9,999, which qualifies them for a $50 cash bonus.
  • The maximum allowable cash bonus is designated for customers who deposit or transfer $1,500,000 or more into their new Firstrade brokerage account – attributing to a $4,000 USD award.
  • Retirement accounts are also eligible for awards according to the same tiers.

Funds added to new accounts can be invested in various products on the Firstrade platform.

Customers can use deposited or transferred funds to invest in stocks, ETFs, options, mutual funds and fixed income via the Firstrade investment platform either through the mobile application or the web platform.

Firstrade added Crypto to its offering

Firstrade has recently added crypto trading to its platform in a milestone move for the New York-based traditional online brokerage that offers a wide range of investment products and now cryptocurrencies in one place.

The digital asset offering is provided by Apex Crypto LLC, which takes care of execution and custody services through a software licensing agreement.  Cryptocurrencies are not securities and are not FDIC or SIPC insured.

Firstrade is a US broker with one of the fastest trade execution capabilities. For most of 2018, the firm recorded an average trade execution speed of 0.068 seconds, beating everyone else, according to a blind comparison report of most online brokerages from S3 Matching Technologies through Apex Clearing Corporation.

Firstrade has also gave beginner and advanced options traders free access to hourly covered call, short put and credit spread reports to help them make smarter, actionable trading decisions.

Powered by OptionsPlay, Firstrade’s Options Trade Ideas Reports does the work for investors, eliminating the chore of searching through thousands of optionable symbols.

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