Firstrade made an unauthorized withdrawal from my checking account. It seems to me that they ARE HAVING LIQUIDITY PROBLEMS. While I investigated the withdrawal, i tried to transfer the money back into my checking account. Firstrade’s policies clearly state that ACH deposits are available for withdrawal after 7 days (or 10 days I don’t recall from top of my mind). However, Firstrade refused to give the money back for more than two months. When I asked Firstrade to send me a copy of their policies, they send me back an email confirming that the money should be available after 7/10 days (that was the actual text of the policy). But then ignoring their own message they stated that the policy was to witheld deposits for 2 months. After I complained with FINRA and the SEC was money was returned promptly (by the deadline stated by FINRA)… Morale of the story: stay away from FIRSTRADE. It seems that they are about to go under.
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This complaint and/or review was posted on HolySmoke.org on 13:41 pm, January 06, 2020 (CST) and is a permanent record located at: https://www.holysmoke.org/scam/firstrade/.
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Firstrade Reviews & Complaints
Having dealt with brokers for many years these guys are the absolute bottom of the barrel. Unusual fees, exceptions buried in the fine print, and customer service which becomes adversarial as soon as they realize you won”t stop asking questions. Terrible, terrible experience. Counting the days until I am free to leave without being penalized.