• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 40,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

FirstTrade offering free trades?

Discussion in 'Investing/Trading/Cryptocurrency/Altcoins' started by Traction, Aug 23, 2018.

  1. Traction
    Offline

    Traction New Contributor

    Messages:
    39
    Likes Received:
    8
    Joined:
    Oct 13, 2013
    Rep Bank:
    $66
    So whats the deal with FirstTrade offering completely free trades?
    There has to be a catch here, does anyone know anything about them? I searched their pricing page and its very vague. How could they make money then?
     
  2. lludwig
    Offline

    lludwig Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    98
    Likes Received:
    354
    Joined:
    Aug 18, 2018
    Gender:
    Male
    Location:
    New York
    Rep Bank:
    $4,017
    Yes it appears legit.

    How can they make money? A number of ways:
    • Sell order info (like Robinhood does)
    • Margin interest
    • Fees paid to them when an individual uses an ETF/Mutual fund
    • Managed services (I don't think they have this though)
     
    Traction likes this.
  3. Traction
    Offline

    Traction New Contributor

    Messages:
    39
    Likes Received:
    8
    Joined:
    Oct 13, 2013
    Rep Bank:
    $66
    Im with Interactive Brokers which I think is supposed to be the cheapest and my fees were $6k for the year.

    Im pretty small fish but image them dropping me + every other investors trading fees in the hope of making it back in others ways as above, which I do not utilise.

    Could this company be doing this to get people on their books and then they suddenly go bust?
     
  4. lludwig
    Offline

    lludwig Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    98
    Likes Received:
    354
    Joined:
    Aug 18, 2018
    Gender:
    Male
    Location:
    New York
    Rep Bank:
    $4,017
    SPIC insurance protects you from fraud by the broker. So no technically your money deposited isn't touched by the broker. Meaning if they went bust you would eventually get your money back but it's nowhere near as fast as say FDIC insurance.
     
    papi016 likes this.

Share This Page