Firstrade Has Released A Mobile Trading App That Makes Complex Trading Simple

This presentation from Firstrade Securities is from Benzinga's Virtual Options Boot Camp that took place on July 31, 2020.

Firstrade is a broker-dealer that offers a trading platform to trade assets such as stocks, options, ETFs, bonds and mutual funds.

The company recently released an iOS and android application that offers $0 commission and $0 contract fee options trading to users. Users can also manage all of their different trading accounts within the app. The latest update of the android app will be available in the near future. 

“Our customers have saluted the resulting product. They are placing record-breaking options transactions and new trades through this new iOS mobile app,” said Jeff Huang, CIO of Firstrade.

Inside The App

The Firstrade app was designed for simplicity. When creating the app, Huang notes the aesthetic choices that were made to help make the app easy to use and understand. This ease of use translates to placing any kind of trade, whether it’s a single-leg or a complex option. 

On the bottom of the screen, users will see four tabs — positions, personal watchlist, a history of all order transactions, and their account.

To start, users will select a stock, and once selected, a context manual will pop up that will give users the option to close a position. From there, users will be able to see all the details on the option strike price. At the top, users can then choose their preferred strategy (single, spread, straddle, etc.) and expiration date.

One unique and beneficial feature of the mobile app is that it provides the max loss and max profit possible for your order/options trade. Another useful feature that Firstrade added to their order status is the ability to do a quick edit to the quantity and net credit of the order.

“It takes a lot of work to make something simple and that was our mantra,” said Huang. “So we embraced the challenge and this mobile app is the result of this amazing teamwork.”

To learn more about Firstrade and to download the app, click here.

Photo by Erol Ahmed on Unsplash