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What type of account can I open with Firstrade? Firstrade offers a variety of online trading accounts to meet your investment needs:
Does Firstrade offer any account protection? Firstrade Securities Inc. is a member of the Securities Investor Protection Corporation (SIPC). SIPC provides up to $500,000 of coverage, with a limit of $100,000 for cash balances. In addition, our clearing firm, Ridge Clearing, has purchased an additional insurance policy through a group of London Underwriters (with Lloyd's of London Syndicates as the Lead Underwriter) to supplement SIPC protection. This additional insurance policy is limited to a combined return to any customer from a Trustee, SIPC and London Underwriters of $150 million, including cash of up to $2 million.These protections do not protect against a decline or loss in market value of the securities in your online trading account.How reliable is your online trading service? It is extremely reliable. Firstrade has high-speed backup connections and excess capacity to handle any unexpected increase in activity for any period of time. We have a fully functional redundant backup location to serve our clients in case of emergency. How much money do I need to open an account with Firstrade? Unlike other online brokers, there is no minimum amount required to open a Firstrade online trading account. We do require that there are cleared funds in your account prior to placing your first order. What is a margin account? A margin account allows you to increase your purchasing power by borrowing against the securities deposited in your Firstrade account. To apply for a margin account, please select and print the Margin Application & Agreement from our Forms Download Center. Margin accounts require minimum equity of $2,000 pursuant to Regulation T of the Federal Reserve Board. Who is Firstrade's clearing firm? Ridge Clearing and Outsourcing Solutions is the clearing firm for Firstrade Securities Inc. When making a deposit, please make checks payable to: Firstrade Securities. What is a clearing firm? A clearing firm works with major exchanges to facilitate the confirmation, delivery, and settlement of securities. A clearing firm also holds customer funds and securities. How long does it take for my check deposit to clear? Check deposits of $5,000 or less will be available after 2 business days. For deposits over $5,000, the first $5,000 will be available after 2 business days and the remainder will be available after 4 business days. Can a foreign resident open a Firstrade account? Yes. Although, all funds must be deposited in U.S. Dollars and drawn upon a U.S. Bank. All foreign account applications MUST include a W8-BEN Form and Online Service Agreement, which you can download from our Forms Download Center. A copy of your valid passport is required for all foreign residents. May I open an account if I am a resident of Canada? No, at this time Firstrade is unable to accept accounts for residents of Canada. Where do I send deposits for my Firstrade account? You can setup ACH electronic transfer by completing this form, and attaching a voided check. This is the fastest and easiest way to transfer funds from your bank into your Firstrade account. You may also send your check made payable to Firstrade Securities to: Firstrade Securities Inc. 133-25 37th Avenue Flushing, NY 11354 Be sure to place your account number on your check. Third party checks and checks drawn on an account under a title different from the title on the Firstrade account will not be accepted. For example, John Smith cannot write a personal check to be deposited into Mary Jones' Firstrade account. How long does it take to set up an account for ACH transfers after I send in the ACH Agreement? It can take up to five (5) business days for the profile to be established, but this is a one-time only process. If you submitted an initial transfer request with your ACH Agreement, the transfer will be processed once the profile is set up. Keep in mind that ACH deposits are subject to a 2-4 business day clearing period. Please note that ACH transfers go to and come from our clearing firm, Ridge Clearing. Ridge Clearing is the name you'll see on your bank statement after a transfer. Where can I submit an ACH transfer request online? Simply log in to your account and find the blue colored "Deposit/Withdraw" button located on the left hand side. What documents are required to amend an existing ACH profile? Provide an updated ACH Agreement with a voided check and a photocopy of your bank statement to our offices by mail. Additionally, we will require a copy of a valid Photo ID for all registered account holders (at both Firstrade and the bank). Note: If an ACH transfer was made within the past three months into your Firstrade account, a copy of the bank statement(s) showing the cleared transaction(s) is/are also required. How do I transfer my account to Firstrade? If you are transferring from another firm, you will need to complete a transfer form. Use our Account Transfer Wizard to print and complete your Account Transfer Form, and send it to Firstrade along with a copy of your most recent statement from the account you are transferring. You may also print and complete the PDF form from our Forms Center.The transfer normally takes 7 business days to complete from the time we receive your completed transfer form. Some mutual funds may take longer to transfer. How do I deposit stock certificates? To deposit stock certificates into your Firstrade account, simply endorse the back of the stock certificate, appoint 'Ridge Clearing' as Attorney to Transfer and mail the certificate(s) to: Firstrade Securities Inc. 133-25 37th Avenue Flushing, NY 11354 The name on the stock certificate(s) must match exactly to the name/title of your Firstrade account. Please note: We cannot accept deposits or transfers of stock certificates for shares priced under $0.01. How do I withdraw funds from my account? You may withdraw funds from your account by either requesting an ACH electronic transfer, wire transfer, or have a check mailed to you. ACH electronic transfers are fast and easy, simply click here to download the form and complete the one-time setup. Wire transfer requests will only be accepted via fax or regular mail. All pertinent information must be included on the request in order for it to be processed. Please note that there is a $30 fee for all outbound domestic wires and a $35 fee for all outbound international wires. Check requests can be made by clicking the Deposit/Withdraw button on the My Accounts page, then clicking on the link titled Request a Check. The check will be mailed to your address on file. There is no fee for this service. How do I get stock certificates sent to me? Securities may be registered in your name and sent to the address of record for a $75 fee. Please contact Customer Service to request a certificate to be shipped. Registration typically takes 4 to 6 weeks. What are ADR Pass-Thru Charges? ADR Pass-Thru Charges are fees charged by ADR custody agents and passed through to ADR holders. These fees are collected from Ridge Clearing by the DTC and are in turn passed through to the ADR holder. For additional information please click here. How do I change my mailing address? Please log into the Firstrade website and click on the "Change Address/Phone" link on the left side, complete the change address form and submit the information to us. The new address usually takes effect within 1 business day. What interest rate do you pay on cash balances? Please refer to our Margin Rates page for our latest credit interest. We pay interest each day your account has a free credit balance as long as interest accrued is at least $1 per month. What are the benefits of E-Documents? By choosing E-Documents, you can enjoy the convenience of retrieving documents on demand while reducing paper clutter. Also, by activating E-Documents you can save the $2 monthly paper statement fee, the $1 paper trade confirmation fee, and enjoy no inactivity fee on the account. I forgot my Password. How can I login to my account? Click on the password reset link on login screen (found under the User ID/Password entry box) to access the Password Reset feature. Once you enter your User ID with the secret question/answer that was entered when the account was opened, we will send a new password to your E-mail address on file. You can also call our Customer Support Team at 1-800-869-8800 or send us an email, and we'll reset your password after verifying your identity.
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