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          Financial Services

          Firstrade

          This business is NOT BBB Accredited.

          Find BBB Accredited Businesses in Financial Services.

          Complaints

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          Complaint Details

          Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.

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          Complaint Status
          Complaint Type

          • Initial Complaint

            01/18/2023

            Complaint Type:
            Service or Repair Issues
            Status:
            Answered
            December 26th, ******************************** the amount of $7,500 from my Firstrade account to my bank account in attempt to close out my Firstrade account. January 3, 2023 I logged into the app to check the status of my withdrawal transfer only to find that I wasn't able to login to my account. So I checked my emails and that morning of the 3rd I had received an email stating they cancelled my withdrawal transfer to my bank and froze my account. I've called nearly everyday since then trying to find out what I need to do to have them release my funds to my bank but every customer service agent has told me that there isn't anything they can tell me. I've asked to talk with a supervisor multiple times with getting the response that they will have a supervisor call me. I'm quite frustrated by this hold up with my own hard earned money. It is absolute nonsense and in a sense makes me feel as if this company stole my money. I'm requesting for Firstrade to immediately release my funds and continue with the withdrawal transfer to my bank account on file in my account.

            Business response

            01/19/2023

            Thank you for contacting Firstrade Securities.

            The funds are not available for withdrawal because the sending brokerage firm has recalled the funds due to unauthorized transfer to Firstrade.  The funds will be recalled to the sending brokerage firm.  You will want to contact the sending firm for further information and instructions. 

            If you have additional questions, please contact our **************** team.

            Thank you

             

          • Initial Complaint

            12/12/2022

            Complaint Type:
            Service or Repair Issues
            Status:
            Answered
            URGENT I asked that these contracts be exercised. I called this this afternoon. Firstrade without my consent made these orders and liquidated the positions. I did not place these two orders. The first is Order Ref# *********** ***** 12/09/2022 ***** Call Net Credit **** I need all these trades DK'd today also 12/09/2022 15:59:55Sell Close***** 12/09/2022 ***** CallLimit5.55DAY Sold @ **** This trade needs to be DK'd to trade Order Ref* ************, please deliver 800 shares of SAVA the contract prices that should have been assigned.You are calculating margin incorrectly. It shows $14k+ in cash. It shows over $342k in day trade buying power. It shows $21,740 margin power. Also the margin is off all the time with its calculations. Or does it not update quick enough? Now the margin shows $21,698 available both were verified numbers listed around 4pm so why should it change? It also changed the cash number $10,849 when you liquidated items so how does cash not go up? The only actions I took towards the end were sales. I did not buy anything which would obviously lower cash. The total cost of the two positions to exercise is $6,700 for 2 contracts of SAVA at $***** and $19,800 for 6 contracts of SAVA at $33. Given Firstrades own balances it posts on my account there is no possible explanation why each contract had to be liquidated completely. If we compare the numbers we get $26,500 a difference of $4,760 a liquidation of only 1 of the $***** call contract and a liquidation of only 1 of the $33 call contract at the prices you executed my contracts at would have more than covered the difference. This tragedy has happened before. This is unjust.

            Business response

            12/15/2022

            ****************,  

            Thank you for providing detailed information about the issue.  Our team is researching the situation and will contact you within 2 business days.

             

            Thank you for your patience while we review your account information.

             

            **************

            Client Service Team

            Firstrade Securities

          • Initial Complaint

            09/29/2022

            Complaint Type:
            Service or Repair Issues
            Status:
            Answered
            Keep declining my money withdrawal for many different execuses

            Business response

            10/03/2022

            Dear Valued Customer, 

            I am sorry to hear of the difficulty.  One of my team members will contact you today to discuss and resolve the issue.

            Thank you for your patience.

             

            ****************

            Firstrade ************* Team

             

             

          • Initial Complaint

            09/21/2022

            Complaint Type:
            Service or Repair Issues
            Status:
            Answered
            I had options that should have been exercised for Marathon ticker **** the option position was a put. It expired in the money at 8 cents. Even with it being on the difficult to short list this is still illegal what First Trade did. I don't remember the trade date only that the options would expire Saturday, and it was either August or July. I should have been short the stock come Monday. I wasn't, I complained & said I was going to contact *****. Well my new expectations are to contact NY AG, ************* EVEN if a stock is difficult to short there is always book entry. When you take delivery of shares in an options trade it happens on a Saturday. No markets are open then but it is a contractually agreed price. The shares are transacted on a book entry basis, no actually trade went through a live exchange & or market maker. The shares should have appeared short & EVEN if they are difficult to short and even if they noticed me of an unacceptable interest rate like 50% to still short then then it should still be shortable via book entry will an auto-closing transaction. What is undeniable is since it is in the money option & required to be delivered, I was unknowingly robbed several ways. It could have been delivered and immediately liquated at the open Monday. Just as book entry trades happen on Saturday. This is stealing. They are giving me notice of something being exercised via email & then make an illegal choice not to follow the **** rules & regs. So, this is stealing because although it was in the money, I was not given the close as a trade on Friday and nor share delivered Saturday. Stolen on the short, stolen on the close. I want to be clear I am going to make a case of this like no one has seen before. i was told to put in a formal response via ********* believe I received an email from customer service. I have looked several times but could not find. Consider this that response. I will fight to the end of time if this isn't fixed.

            Business response

            09/23/2022

            Dear Valued Customer,  

            Thank you for bringing this matter to our attention. 

            We are in the process of researching the issue and will respond to you at the email address we have on file. 

            Thank you for your patience while we work to resolve the matter for you.

             

            Firstrade **************** Team

            Customer response

            10/13/2022

            Better Business Bureau:

            I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

            This does not address the issue.  I asked for a formal date of the trades so I can submit a complaint to the regulator.  There was no response to that request. 


             

             

             

             

            In order for the BBB to appropriately process your response, you MUST answer the question above.


            Sincerely,

            ***********************




             

            Business response

            10/14/2022

            ****************,  

            Thank you for contacting us. Firstrade responded to the complaint on 10/4 and provided the transaction date of 7/29/22 as requested.

            I will resend the email to you.

            If you have any additional questions, please let us know.

             

             

          • Initial Complaint

            08/22/2022

            Complaint Type:
            Service or Repair Issues
            Status:
            Answered
            I didn't get my APE stock shares.

            Business response

            08/23/2022

            Dear Valued Customer, 

            The position was updated on your account yesterday (8/22/22).

            If you have additional questions, please let us know.



            Firstrade Securities

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          BBB Rating & Accreditation

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          Contact Information

          136-21 Roosevelt Ave.

          Flushing, NY 11354

          (718) 961-6600

          Customer Complaints Summary

          5 total complaints in the last 3 years.

          0 complaints closed in the last 12 months.

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