Firstrade Account Cancellation Fee
Firstrade does not charge a fee to close non-IRA brokerage joint or individual accounts. To learn how to close a Firstrade account, continue reading below.
Firstrade IRA Closing Fee
At Firstrade, closing an IRA account carries a $50 fee.
Promotions
If you are transferring your Firstrade account to another firm, check if 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 charges a $75 fee for a full account transfer and $55 for a partial account transfer (including
stock positions, mutual funds, and ETFs). This fee applies to all IRA accounts: ROTH, traditional IRA,
SEP, and SIMPLE IRA. If you transfer your Firstrade account to Charles Schwab, they will cover this ACAT fee.
Free Charles Schwab Account
Open Schwab Account
Firstrade Wire Transfer Fees
Firstrade charges $30 for outgoing domestic wire transfers and $50 for international wire transfers. Incoming wire transfers are free of charge.
How To Close Firstrade Account
If you have decided to close your Firstrade account, the process is straightforward. You need to contact the broker and request that your account be closed. A representative can be reached by 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 online chat on its website during the same hours. Unfortunately, customer service is not available on the weekend, although the firm does have office hours on Saturday at its Queens, New York location. Firstrade also accepts closure requests via fax, email, or regular mail.
Firstrade's website provides 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 initiate the transfer with them.
Keep in mind that while closing a Firstrade non-retirement account is free, closing an IRA incurs a $50 fee. This charge is about average in the industry. For example, WellsTrade and Merrill Edge both charge $49.95, while Vanguard does not charge for closing an IRA.
Transferring a Firstrade account, whether retirement or non-retirement, to another firm comes with significant fees. A full account transfer costs $75.
A partial transfer of only certain securities in an account, whether retirement or non-retirement, costs $55. This is higher than average in the brokerage industry. For instance, IB charges nothing for partial transfers, while Ally Invest clients pay $50.
Before you transfer or close your Firstrade account, decide what to do with the assets in the account. If you're closing the account, you'll need to sell all the securities first. If you plan to transfer the account, you can leave the assets in place. However, be sure not to trade while the transfer is in progress, as this can cause complications.
Updated on 8/31/2024.
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