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Firstrade review

Founded 1985HQ Flushing, New York, USAPlatforms Web, Mobile

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QuantWheel

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No integration. QuantWheel cannot read accounts at Firstrade, so you cannot use it with QuantWheel.

Fee per contract
$0 per contract
to open a contract
Exercise and assignment
Free
no fee per event
Approval
Naked puts
up to naked short options
Margin rate
11.50%
on a $50,000 balance
Countries
US persons, plus residents of 27 listed countries
from the broker's own pages

What you can trade

From the options agreement

  • 0DTE
  • Index options (SPX)
  • Options on futures, not offered
  • Spreads in an IRA, not offered
  • Portfolio margin (Not published)
  • Paper trading (Not published)
  • 24/7 support

PlatformsWeb, Mobile

Cost to open

Per-contract fee only

One cash-secured put1 contract
$0
Ten-lot iron condor40 contracts
$0
Twenty covered calls20 contracts
$0
One turn of the wheelput assigned, call exercised, 2 contracts
$0

Exchange fees and per-order minimums are extra where the fee schedule has them.

What Firstrade costs for the way you trade

A year of fees from Firstrade's published prices, checked 7 and 8 October 2026.

How you trade
8
1
$1.20
Firstrade standard price$0.04 a trade, under 0.1% of your premium
$3.67 a year
Among 21 brokers open to residents of the United StatesLowest for this pattern
1st

Not counted because Firstrade does not publish them: clearing fee, FINRA trading activity fee, platform fee, inactivity fee.

Compare every broker for this pattern

QuantWheel

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No integration. QuantWheel cannot read accounts at Firstrade, so you cannot use it with QuantWheel.

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Fees explained

What each line of the fee schedule means for an options order

Firstrade

$0 per contract, charged on each leg. A ten-lot iron condor is 40 contracts, so $0 to open, and the same again if you close it before expiry. Exchange fees and per-order minimums are extra where the fee schedule has them.

No fee per event. An assigned put or an exercised call costs nothing beyond the per-contract fee. Cost to open

The options agreement approves up to naked short options in a margin account. Spreads are not allowed in an IRA. It does not publish whether portfolio margin is offered.

Not offered.

What changed at Firstrade

Every fee, term and policy we track, with the day it moved

No change recorded since the last check. A change to a fee or a rule appears here on the day we record it.

Questions people ask

Answered from the documents above

Firstrade

No; QuantWheel cannot read accounts at Firstrade. Connect Firstrade

$0 per contract, and no fee per exercise or assignment, from the fee schedule checked 8 October 2026. Exchange fees are extra. Compare fees across brokers

0DTE trading is allowed. Index options such as SPX are offered. The options agreement approves up to naked short options in a margin account. Brokers for 0DTE

US persons, plus residents of 27 listed countries, according to Firstrade's own pages. Check with Firstrade before you open an account. Brokers by country

Facts from Firstrade's own fee schedule and options agreement, checked 8 October 2026.