Comparison of Webull vs Firstrade [ 2024 ]

The best brokers to invest in cryptocurrencies compared by their commissions, cryptos, security and much more. Here is theWebull vs Firstrade comparison!

Your expert: Alejandro Borja

Webull

Your expert: Xavier Tarrasó

Firstrade

Main points

Fees

Low 4,8/5

Regulated

SEC, FINRA

Demo account

Yes

Low 4/5

Fees

FINRA, SEC

Regulated

Demo account

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Buy and hold

Yes

Beginners

Trading

Passive income

Buy and hold

Comparison of fees

Rating

3.6 – Webull charges a spread of 1% on crypto trades, which is relatively high compared to some other brokers. However, the platform offers commission-free trading and a user-friendly experience .

3.5 – Firstrade charges a 1% fee on crypto trades, which is higher than some competitors. Despite this, its low fees on other investment options and user-friendly platform add value .

Level

Low 4,8/5

Low 4/5

Brief explanation

Webull offers commission-free trading on its platform, making it an attractive option for cost-conscious investors. However, it charges a 1% spread on cryptocurrency trades, which is effectively the platform’s fee. This spread is relatively high compared to some other platforms, but it ensures that users do not face additional explicit trading fees. Webull does not charge for deposits and withdrawals made via ACH transfers, although wire transfers incur fees of $8 for deposits and $25 for withdrawals. Overall, Webull’s fee structure is straightforward and competitive for a platform offering commission-free trading .

Firstrade offers competitive and straightforward commission structures for cryptocurrency trading. The platform charges a flat fee of 1% for buying or selling cryptocurrencies, which is relatively high compared to some other exchanges but remains transparent without additional hidden fees. Trading Commissions Firstrade’s trading fee for cryptocurrencies is set at 1% of the trade value. This fee applies uniformly to all cryptocurrency transactions, ensuring that users are aware of the costs upfront. The simplicity of this fee structure is advantageous for those who prefer clarity and straightforward pricing. Other Fees Firstrade does not charge any deposit fees, making it cost-effective to add funds to your account. However, while withdrawals via ACH are free, wire transfers incur a fee of $25, which is something users should be mindful of when planning their fund withdrawals. Overall, Firstrade’s commission structure is designed to be transparent and easy to understand, with the primary cost being the 1% trading fee on all cryptocurrency transactions. This can be beneficial for traders who value simplicity and predictability in their trading costs.

Webull

Year Founded: Established in 2017, Webull has rapidly gained a solid reputation in the financial market, reflecting its stability and reliability in the industry.
Number of Users: Webull boasts millions of users globally, demonstrating widespread trust and adoption among retail investors and traders.
Security Methods: Webull employs robust security measures, including two-factor authentication (2FA) and encryption protocols, ensuring the safety and protection of users' funds and personal information.
Regulation: Webull is regulated by top-tier financial authorities, including the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) in the United States, providing an extra layer of security and trust.
Customer Service: Webull offers responsive customer service through various channels, including email, phone, and live chat, ensuring users can get assistance when needed.

Firstrade

Year Founded: Firstrade was established in 1985, making it one of the most experienced brokerage firms in the industry. With nearly four decades of operation, Firstrade has demonstrated stability and reliability through various market conditions.
Number of Users: Firstrade serves a large number of clients, reflecting its broad acceptance and trust within the investment community. The significant user base is a testament to its reliability and the trust it has earned over the years.
Security Methods: Firstrade employs stringent security measures to protect client accounts and personal information. The platform is regulated by top-tier authorities such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Additionally, Firstrade provides high investor protection through the Securities Investor Protection Corporation (SIPC), covering up to $500,000, including $250,000 for cash.
Regulation: Firstrade is fully regulated by the SEC and FINRA, ensuring compliance with strict industry standards. This regulation provides an added layer of security and transparency, assuring users that their investments are managed according to rigorous guidelines.
Customer Service: Firstrade offers robust customer service options, including phone and email support. Although not available 24/7, their customer service team is dedicated to providing helpful and relevant responses. This commitment to customer care enhances user confidence and satisfaction.

Guide sponsored by the best exchange

eToro

eToro Special Offer*

Earn up to 4.90% APY on uninvested cash with eToro USA.

Account Minimum

Get started with just $100.

And 1% fee on all cryptocurrency trades.

Direct link to the website

Product selection

Native token

Webull does not have a native token.

Firstrade does not have a native token.

Earns

Webull does not offer staking or other earning options for cryptocurrencies. It focuses on trading a limited number of digital assets .

Firstrade does not offer staking or earning options for cryptocurrencies. It focuses on trading a variety of digital assets .

NFT marketplace

Webull does not have an NFT marketplace.

Firstrade does not have an NFT marketplace.

Cripto/debit card

Webull does not offer a card for its clients .

Firstrade does not offer a card for its clients .

Payment methods

Transfers

Yes, Webull accepts bank transfers for both deposits and withdrawals .

Yes, Firstrade accepts bank transfers for both deposits and withdrawals .

Mastercard

No, Webull does not accept Mastercard for deposits.

No, Firstrade does not accept Mastercard for deposits.

Wire transfer

Wise is not mentioned as a supported payment method .

Card

Information about Webull’s acceptance of credit/debit cards is not explicitly stated in the retrieved documents.

No, Firstrade does not accept credit/debit cards .

Comparative table

Webull	Features	Firstrade
Webull has a low minimum trade requirement, making it accessible for all users, particularly beginners.	Minimum Trade	Firstrade allows low minimum trade amounts, making it accessible for beginners to start investing in cryptocurrencies.
While Webull offers commission-free trading, the 1% spread on crypto trades is relatively high compared to other platforms.	Trading and Transaction Fees	The platform offers competitive trading fees, although some users might find hidden costs associated with certain transactions.
Webull supports 11 different cryptocurrencies, providing a decent variety for users to choose from.	Number of Cryptocurrencies	Firstrade supports over 30 cryptocurrencies, providing a good range of options for investors.
The platform does not support trading cryptocurrencies directly against each other, limiting trading strategies.	Crypto-to-Crypto Trading Pairs	While it offers a variety of cryptocurrencies, the number of available trading pairs is somewhat limited compared to other platforms.
The website provides clear and detailed information on fees and trading conditions, but the user experience and navigation could be improved.	Website Transparency	Firstrade’s website is transparent and informative, clearly outlining fees, security measures, and available services.
Webull does not offer a card for its clients .	Credit/Debit Card	Firstrade does not offer a card for its clients .
Webull does not offer wallet services or the ability to transfer crypto assets off the platform, limiting control over assets.	Storage Offering	Firstrade lacks a dedicated cryptocurrency wallet, requiring users to use third-party services for storing their digital assets.
There are no staking or rewards programs available for crypto holders on Webull.	Staking and Rewards	The platform currently does not offer staking or reward programs, which can be a downside for users looking to earn passive income.
Webull’s mobile app and desktop platform are excellent, featuring advanced charting tools and a user-friendly interface.	Mobile App and Desktop	Firstrade offers a highly rated mobile app and a robust desktop platform, ensuring a seamless trading experience across devices.
Customer service is available through various channels, but phone support is lacking, and response times can be slow.	Customer Service	Firstrade’s customer service is reliable but not available 24/7, which can be an inconvenience for users needing assistance outside business hours.
The process is easy, but limited to bank transfers, which can be slower and less convenient compared to other methods like credit/debit cards.	Deposit and Withdraw	Firstrade offers a variety of deposit and withdrawal options, although the lack of instant processing for some methods can be a drawback.

Key features

Analysis tools

Webull provides advanced charting and screener tools, dozens of technical indicators, and in-depth charting features. They also offer educational resources and a mobile-first trading experience .

Firstrade offers a variety of tools and resources including research reports, market data and analysis, and educational resources such as webinars and articles .

Mobile APP

Yes, Webull offers a highly rated mobile app that supports advanced features like charts, indicators, and paper trading .

Yes, Firstrade offers a mobile app available for iOS and Android devices, designed for a seamless trading experience .

Security

Webull is regulated by the SEC and FINRA in the US, providing high investor protection levels. They offer SIPC insurance up to $500,000, including a $250,000 cash limit. However, they do not provide negative balance protection.

Firstrade is regulated by the SEC and FINRA in the United States, offering a high level of security. They follow strict security measures to protect client accounts and personal information.

Additional features

Webull offers cryptocurrency trading through their Webull Pay app, which supports eight cryptocurrencies like Bitcoin, Ethereum, and Litecoin. The platform features a highly rated mobile app with advanced tools like charts and indicators. Webull provides competitive commissions and allows for fractional share trading, but lacks crypto-crypto trading pairs and wallet compatibility .

Firstrade offers trading on 38 popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Their platform is integrated with Apex Crypto for secure storage and trading. Firstrade provides a highly-rated mobile app for seamless trading on the go and features like real-time data and analytics, 24/7 trading, and instant fund access. They charge a high spot crypto fee of 1% of the trade value but provide a user-friendly experience for beginners .

Anonymity

Webull does not support anonymous accounts. Users must submit personal information and verification documents during the account opening process .

Firstrade does not support anonymous accounts. The account opening process includes submitting personal details and verification documents .

Key points

Available cryptocurrencies

Webull offers trading in cryptocurrencies but does not allow transfer of crypto assets on or off the platform. The available cryptocurrencies include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Dogecoin (DOGE), and others totaling 11 different cryptocurrencies.

Firstrade provides access to 38 cryptocurrencies. These include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Stellar (XLM), Solana (SOL), Shiba Inu (SHIB), and more.

User-friendliness

Webull offers a streamlined and user-friendly mobile app for trading cryptocurrencies. The platform’s advanced charting tools and community features enhance the user experience. However, Webull’s focus on simplicity means it may lack some advanced features found in other platforms. Overall, it’s a solid choice for those looking for an easy and accessible way to trade crypto .

Firstrade offers a highly-rated mobile app for crypto trading, designed to provide a seamless and user-friendly experience. The platform supports a wide range of cryptocurrencies and allows for easy buying and selling. While it lacks a dedicated crypto wallet and some advanced features, its simplicity and accessibility make it a good choice for beginners looking to manage their crypto investments alongside other asset classes .

Value for money

Webull provides great value for money with commission-free trading and advanced tools suitable for active traders. However, the inability to transfer cryptocurrencies off the platform could be a limitation for some users.

Firstrade offers a strong value proposition with low fees and no minimum deposit, making it accessible for beginners. However, its 1% trading fee on crypto is higher compared to some competitors, which could affect active traders.

Countries of operation

United States, India, China, South Korea, most countries that permit crypto trading .

United States, Germany, United Kingdom, China, Singapore, Hong Kong .

Best for

Webull is ideal for active traders who want a commission-free platform with advanced charting tools and a wide selection of tradable assets. It’s best for those who don’t need to transfer cryptocurrencies off the platform and value a seamless mobile experience.

Firstrade is best for US-based investors who want a straightforward, user-friendly platform to trade a variety of cryptocurrencies. Its mobile app and low fees make it a good option for beginners and those looking to manage their crypto investments alongside traditional assets.

Account

Trading

Webull allows direct cryptocurrency trading with a user-friendly interface and zero commissions. It offers a decent range of cryptocurrencies, making it a good choice for retail traders.

Firstrade has limited offerings in cryptocurrency trading, focusing primarily on traditional securities. It may not be the best option for dedicated crypto traders.

Deposit and withdrawal

Webull allows deposits and withdrawals via ACH and wire transfers. The process is free and generally quick, but wire transfers can be more expensive compared to ACH transfers.

Firstrade primarily supports deposits and withdrawals via bank transfers and checks. The process can be slower compared to other brokers, and international clients might face additional hurdles.

Account opening process

Opening an account with Webull is straightforward and fully digital. Users complete an online application, provide personal and financial information, and verify their identity. Accounts are typically approved within one to two business days.

Opening an account with Firstrade involves completing an online application and submitting personal and financial information. Verification documents are required. The process can take a bit longer compared to other brokers, especially for international clients.

KYC required?

KYC verification is mandatory at Webull. Users must provide personal identification documents and proof of address as part of the account registration process.

Firstrade mandates KYC verification. Users must provide personal identification documents and proof of address as part of the account opening process.

Customer Service

Webull offers customer support through email and in-app messaging. They also provide phone support during market hours. The support is generally responsive, though some users find the service to be slower during peak times.

Firstrade provides customer support via phone and email, but does not offer live chat. The support is available during regular business hours, and while it is generally helpful, the lack of live chat can be a drawback for some users.

Security

Firstrade is regulated by the SEC and FINRA in the United States, offering a high level of security. They follow strict security measures to protect client accounts and personal information.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I recommend Webull for those interested in cryptocurrency trading due to its commission-free model and advanced trading tools. The platform’s user-friendly interface and excellent mobile app make it suitable for both beginners and experienced traders. However, keep in mind that Webull does not allow crypto transfers off-platform, which might be a limitation for some users. Overall, Webull is a solid choice for cost-effective and convenient crypto trading.

Xavier Tarrasó

As an expert on our website, I find Firstrade to be a reliable choice for anyone looking to start investing in cryptocurrencies. The platform offers a secure and user-friendly experience, with competitive trading fees and a robust mobile app. However, the absence of a dedicated crypto wallet and 24/7 customer support are areas that could use improvement. Overall, Firstrade is a solid option for beginners and seasoned investors alike, thanks to its strong regulatory framework and extensive market experience.

Read Webull review

View all comparisons against Webull

Read Firstrade review

View all comparisons against Firstrade

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Comparison of Webull vs Firstrade [ 2024 ]

Webull

Firstrade

Main points

Recommended for

Comparison of fees

Rating

Level

Brief explanation

Webull

Firstrade

Product selection

Native token

Earns

NFT marketplace

Cripto/debit card

Company information

Full name

Regulation

Year founded

Founder

Payment methods

Transfers

Mastercard

Wire transfer

Card

Comparative table

Key features

Analysis tools

Mobile APP

Security

Additional features

Anonymity

Key points

Available cryptocurrencies

User-friendliness

Value for money

Countries of operation

Best for

Account

Trading

Deposit and withdrawal

Account opening process

KYC required?

Customer Service

Security

Which of these exchanges is for you?

How do we review crypto exchanges?

Risk Disclaimer

More comparatives Webull and Firstrade