Firstrade Account Cancellation Fee
Firstrade charges no account closing fee for both non-IRA brokerage joint or individual accounts. To
learn how to terminate Firstrade account, continue reading below.
Firstrade IRA Closing Fee
At Firstrade, IRA's have a $50 charge to close an account.
Promotions
If you are transferring your Firstrade account to another firm, make sure to check whether that company offers promotions for opening a new account.
Here is the list of current deals – Stock Broker Promotions »
Firstrade Transfer Fee (ACAT Fee)
Firstrade ACAT fee is $75 for a full account transfer and $55 for a partial account transfer (stock positions, mutual funds, and ETFs). This Firstrade
transfer fee applies also to all IRA accounts: ROTH, traditional IRA, SEP, and SIMPLE IRA. If you transfer your Firstrade account to
Robinhood,
they will cover this ACAT fee.
Free Robinhood Account
Open Robinhood Account
Firstrade Wire Transfer Fees
Outgoing wire transfers at Firstrade are $30 per domestic transfer and $50 per international wire transfer. Incoming wire transfers are no charge.
How To Close Firstrade Account
If you have decided to close your Firstrade securities account, the process is fairly straightforward.
You need to contact the broker and request that your account be closed. A representative can be
reached over the phone Monday through Friday from 8:00 am to 6:00 pm, EST, at 1-800-869-8800.
The broker can also be contacted via an on-line chat system on its website during the same hours.
Unfortunately, customer service cannot be reached on the weekend; although the firm does have office
hours on Saturday at its Queens, New York location. Firstrade will also accept closure requests via
fax, e-mail, or snail mail.
Firstrade's website has a form for transferring an account from another broker. If you want to
transfer a Firstrade account to another firm, you will need to contact that broker and start the
move with them.
Keep in mind that while closing a Firstrade non-retirement account is free, closing an IRA carries a
$50 fee. This charge is about average by industry standards. WellsTrade customers, for example,
pay $49.95; Merrill Edge charges $49.95; and Vanguard traders pay nothing to close an IRA.
Transferring a Firstrade account, whether retirement or non-retirement, to another firm carries some
steep fees. A full transfer of an entire account costs $75.
A partial transfer of only certain securities in an account, whether retirement or non-retirement,
costs $55. This is above-average in the brokerage world. IB, for example, charges nothing
for partial transfers. Ally Invest clients pay $50.
Before you transfer or close your Firstrade account, decide what you want to do with the assets in
the account. If you're going to close the account, you'll want to liquidate all the securities first.
If you plan to transfer the account, you can leave assets in the account. But you want to be sure
not to trade while the transfer takes place. Doing so can cause problems with the move.
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