Is Firstrade Legit or a Scam? Key Questions Answered (2025)

If you are researching Firstrade, you might be confused by the mixed signals in the market. They are a widely recognized brand with high visibility, yet it is crucial to look strictly at the registration data before you deposit your hard-earned capital.

According to the latest data from WikiFX, Firstrade currently holds a Score of 1.57 (out of 10). This is considered a low score, which typically triggers a warning for potential investors.

The database lists the broker's registration year as 2018 with headquarters in the United States. While they have a strong influence in regions like China, Australia, and Argentina (rated “AA” for influence), popularity does not always equal safety. Here is a deep dive into what the data actually says about their regulation and reliability.

Question 1: Is my money safe with Firstrade?

When determining the safety of a broker, we don't look at their logo or their website design. We look for one thing: the License.

The Evidence

According to the current WikiFX database entry for this specific broker profile:

• Regulatory Status: The system indicates that no valid regulation has been found for this entity.
• License Type: Null / Unregulated.
• Safety Level: 0.

The Verdict

Based strictly on this data, you should Use Extreme Caution. The system has flagged this broker as operating without effective regulation from a major financial authority in this specific profile entry.

What Does This Mean? (The “Explain Like I'm 5” Version)

Imagine you are playing a game of soccer. Regulation is the referee. If a referee is on the field (Regulation), they ensure everyone follows the rules, and if a player gets hurt (Bankruptcy), there are medics (Compensation Funds) to help.

Trading with a broker that has “No Regulation Found” is like playing a professional soccer game without a referee.

1. Segregation of Funds: Regulated brokers are usually forced to keep your money in a separate bank account from the companys own money. Without regulation, there is no legal guarantee that your money isn't being used to pay the broker's electricity bills or CEO salaries.
2. Counterparty Risk: If an unregulated broker goes bankrupt, you often have no government agency to complain to. You become an “unsecured creditor,” meaning you are last in line to get paid back, if at all.

Question 2: Is their customer support reliable?

While the regulatory score is concerning, the data regarding their infrastructure shows a significant investment in customer accessibility.

The Evidence

According to the customerService data, Firstrade offers support in 12 different languages and maintains dedicated phone lines for multiple regions:

• United States: +1 800-869-8800
• China: +86 400-685-8589
• Taiwan: +886 801-856-958

The Analysis

This level of support is rare for scam brokers, who usually hide behind anonymous emails. The fact that they provide direct phone support and maintain social media presence on platforms like Twitter, Facebook, YouTube, and WeChat suggests a functional operational structure. However, good customer service does not replace the need for a financial license. A polite support team cannot help you if the company is not legally bound to protect your funds.

Question 3: Why aren't there any complaints listed?

We searched the specific casesText file for this review and found 0 specific user complaint details logged in this immediate dataset.

Does this mean they are safe?

No. The absence of complaints in a specific report does not automatically guarantee safety. It could simply mean:

1. Data Delay: Recent complaints haven't been processed into this specific text file yet.
2. Summary Contradiction: It is important to note that while the specific case text is empty, the broker's general summary in the database mentions “many exposure information” items. This suggests that while we don't have the specific stories to show you right now, the system has flagged issues in the past.

Comparison

Usually, legitimate Tier-1 brokers will have some complaints about minor issues (like “the app was slow”). When a broker has a very low score (1.57) but no visible complaint text, you must rely entirely on the Regulatory Status (Question 1) as your primary guide. In financial trading, the license is always more important than user reviews.

Final Verdict: Should I open an account?

Based on the data provided, here is the summary for Firstrade:

• WikiFX Score:1.57 (Warning: Low Score)
• Regulation:No valid regulation found in this entry.
• Popularity: Very High (Influence Rank AA).

The Bottom Line:

There is a significant conflict in the data. The broker is very popular and has robust contact methods, but the regulatory data is missing in this specific entry, resulting in a dangerously low safety score. In the world of online trading, a lack of regulation is usually a “dealbreaker” for safety-conscious investors.

Important Note for Investors:

Broker regulatory status and licenses can change overnight. A broker that is unregulated today might be applying for a license tomorrow, or vice versa.

Do not rely on static reviews. Before you transfer any money, take 5 seconds to open the WikiFX App, search “Firstrade”, and verify if their Live Score has improved or if a valid license has been added to their profile.