Firstrade vs Bakeryswap: Fees, Security, Features & Which to Choose (2025)

Trying to choose between Firstrade and Bakeryswap This side-by-side comparison reveals total cost (fees + spreads), security & licenses, coins/derivatives, deposits/withdrawals, and app quality. In 2 minutes you’ll see who wins for beginners, active traders, and long-term holders. Clear pros/cons, a quick verdict, and safe links to get started.

Last updated on September 1, 2025

Firstrade

Bakeryswap

Legal Name: BakerySwap (officially goes by the name of its platform)
Number of Cryptocurrencies: Over 50 tokens
Regulator: Unregulated (it's a decentralized exchange)
Founded: 2020
Verified & Secure

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Available Countries

United States

Yes

Europe

Latin America

India

China

Canada

United Kingdom

Yes

United States

Yes

Europe

Yes

Latin America

Yes

India

China

Yes

Canada

Yes

United Kingdom

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Firstrade is ideal if:

Perfect if you value simplicity and self-led growth — Firstrade shines for investors who want a straightforward platform enhanced by rich educational content and intuitive tools like Options Wizard and FirstradeGPT.
Great for cost-conscious traders focused on the US market — It delivers commission-free trading across stocks, ETFs, options, and mutual funds, ideal if you prioritize low ongoing costs and trade U.S. securities.
Not ideal if you need advanced or global asset access — The platform doesn’t offer futures, forex, crypto, IPOs, or international markets, so it's not suited for highly diversified or exotic investment strategies.

Bakeryswap is ideal if:

You want low-fee, fast DeFi: BakerySwap runs on Binance Smart Chain and several other chains, offering cost-efficient, speedy transactions—notably cheaper and faster than Ethereum-based platforms.
You enjoy integrated DeFi + NFTs: It seamlessly blends decentralized exchange features with an NFT marketplace and themed "combo" staking pools, making it a one-stop hub for DeFi and collectibles.
You value governance and community input: Operates under a DAO structure with a deflationary token model, empowering BAKE holders to participate in decision-making and ecosystem shaping.

Firstrade isn’t ideal if:

If you seek automated or advisor-led services — Firstrade doesn’t provide AI-driven trading automation, robo-advice, or personalized financial planning options.
If you need access to non-U.S. or exotic markets — It excludes futures, forex, international equities, and advanced asset classes, limiting your global exposure opportunities.
If you prioritize sleek navigation and advanced macroscopic insights — The platform’s layout can feel cluttered, with limited portfolio tracking and broader market analytics visible at a glance.

Bakeryswap isn’t ideal if:

You rely on fiat on-ramps or advanced order types: It’s purely a DeFi AMM DEX with no fiat deposits, no traditional order book, and lacks advanced trading tools.
You’re new to crypto and need handholding: There’s no direct customer support and the interface isn’t as beginner-friendly compared to some other platforms.
You seek broad token variety or deep liquidity: Token selection is limited, and liquidity can be thinner than on more established DEXs, which may affect trade execution.

Fees & Total Costs

Spot Maker/Take

Firstrade does not operate on a crypto exchange-style maker/taker fee model since it primarily offers commission-free trading for stocks, ETFs, options, and mutual funds; there are no volume-based discounts tied to a native token.

BakerySwap uses a flat swap fee of 0.30% per transaction—there are no separate maker or taker tiers or volume discounts tied to trading volume or native token holdings.

Futures/Derivatives

Firstrade does not support trading in futures, options on crypto, or any leveraged derivative contracts, so there are no maker/taker or funding fees in this category.

BakerySwap does not offer futures or derivative instruments—only spot token swaps are available. Therefore, there are no maker/taker or funding fees applicable.

Average Spreads on Liquid Pairs

As Firstrade does not currently offer direct spot cryptocurrency trading, there are no applicable spreads for BTC/USDT or ETH/USDT pairs within its platform.

As an AMM-based decentralized exchange, BakerySwap doesn’t quote traditional spreads—instead, price differences stem from automated pool-based pricing and probable minimal slippage on highly liquid BEP-20 pairs.

Fiat Deposits & Withdrawals

Deposits and withdrawals are processed via ACH, wire transfers, and check requests; ACH is typically free and fast (1–2 business days), while wires may have a fee and take 1–3 days depending on the bank.

BakerySwap does not support fiat currency—there are no deposit or withdrawal methods, fees, or wait times for euros, dollars, or other fiat, as it’s a purely crypto-native platform.

On-chain Withdrawals

Since Firstrade does not facilitate direct on-chain crypto transfers, there are no blockchain network withdrawal fees for BTC, ETH, TRX, or other tokens.

There are no platform-set withdrawal fees—users only pay standard network gas fees when transferring assets like BTC (via wrapped tokens), ETH, BNB, TRX, etc., depending on the network’s current demand.

Hidden Costs

The main extra cost to be aware of is currency conversion for non-USD accounts; Firstrade does not charge inactivity or expedited account verification fees.

There are generally no hidden fees—no currency conversion fees, no inactivity fees, and no KYC express charges, as BakerySwap is decentralized and doesn’t require KYC or impose dormant account penalties.

Real-World Cost Example: “€500 BTC

This action cannot be performed directly on Firstrade, as it does not provide native crypto purchasing; acquiring BTC would require an external platform, where costs would depend on that provider’s commission, spread, and withdrawal fee structure.

If you swapped the equivalent of €500 worth of BEP-20 BTC on BakerySwap, you’d incur a flat 0.30% swap fee and whatever minor slippage the AMM mechanics impose, plus pay standard BSC network gas when withdrawing the tokens—there would be no additional platform or fiat conversion charges.

Crypto Offering & Trading Features

Number of Coins & Pairs

Firstrade offers trading in approximately 38–41 cryptocurrencies, focusing on spot pairs only—there’s no full order book with crypto-to-crypto pairings, just single-asset buys priced in USD on their platform.

BakerySwap supports a moderate selection of BEP-20 tokens (dozens) rather than hundreds, and does not provide an explicit ranked top-20 by trading volume; its focus is on popular Binance Smart Chain pairs rather than exhaustive listings.

Product Range

Firstrade supports only spot cryptocurrency trading; it does not support margin, perpetuals, futures, options, ETFs on crypto, staking, lending, copy trading, grid bot tools, or automated DCA programs.

The platform strictly offers spot swaps via AMM, NFT minting and marketplace, staking/farming (liquidity provision), and a token/NFT launchpad; it does not support margin, perpetuals, options, ETFs, lending, copy trading, grid bots, or auto-DCA.

Liquidity

Firstrade does not disclose actual 24-hour volume or order book depth data for crypto; trading occurs via their internal system with instant settlement but without traditional exchange-level liquidity metrics.

On-chain liquidity is decentralized—24-hour volumes exist per pool but are not aggregated or publicly ranked for BTC/ETH pairs, and there is no order-book depth as pricing is determined through pool reserves and AMM mechanics.

Tools

Their crypto offering includes basic order types, real-time quotes, charts, and research features, but lacks advanced tools such as stop/OCO orders, advanced charting, native TradingView integration, alerts, or API/WS access for crypto.

BakerySwap does not use order types like limit, stop, or OCO, does not offer alert systems, advanced charts, API/WebSocket, or native TradingView integration; transactions and analytics are handled directly in the DEX interface or via external analytics platforms.

Geographic Restrictions by Product

Crypto trading is available only to users in the United States; there are no crypto markets or services offered outside U.S. jurisdictions.

Being a decentralized platform, BakerySwap generally does not restrict access by region; however, anecdotal reports suggest that availability may vary based on local regulations and individual wallet jurisdiction—not enforced by the platform directly.

Innovation

Firstrade has not rolled out innovation tools like launchpad/launchpool, nor any flexible vs blocked crypto-earned programs—its crypto offerings remain simple and limited to direct spot purchases.

The platform is strong in innovation with its integrated NFT launchpad (focused on NFTs rather than tokens), dual-mode staking options (flexible yield farming with variable-themed pools), and a curated NFT gallery for creators and collectors.

Security, Regulation & Custody

Operating Entity & Jurisdiction

The crypto service is delivered through Firstrade Crypto LLC, a U.S.-based subsidiary operating under parent company Firstrade Securities Inc., founded in 1985 and headquartered in Flushing, New York.

BakerySwap operates under a decentralized autonomous organization (DAO) structure with no centralized legal entity disclosed, launched in 2020, and primarily functions on the Binance Smart Chain ecosystem.

Licenses/Registration

Firstrade Securities operates as a registered broker-dealer under FINRA and the SEC; crypto trading itself is facilitated by Apex Crypto LLC, acting under regulatory standards but without explicit VASP or MiCA licensing.

As a decentralized protocol, BakerySwap operates without formal licensing or VASP/ MiCA registrations; it does not fall under traditional regulatory frameworks applicable to centralized platforms.

Custody

Cryptocurrency custody is handled by Apex Crypto LLC as a third-party provider—not held on Firstrade’s own infrastructure. There’s no publicly shared proof of reserves, audit reports, or stated cold-storage percentages.

Funds remain with users in their own wallets (non-custodial model); the smart contracts have undergone security audits (e.g., via CertiK) and benefit from on-chain monitoring, though there’s no formal proof of reserves or specified cold storage protocol.

Insurance & Protection Funds

While traditional account assets benefit from SIPC and possibly FDIC protections, crypto holdings are not covered under these programs and have no dedicated insurance or extra custodian protection.

BakerySwap does not offer insurance or protective funds—there’s no compensation scheme in place for losses linked to smart contract bugs or exploits.

Incident History

Firstrade hasn’t suffered publicized hacks or major suspensions tied to its crypto platform; however, it recently received FINRA censure and a fine for misleading communications about crypto offerings via an affiliate.

There are no known incidents involving hacks, service suspensions, asset freezes, or regulatory fines associated with BakerySwap to date.

Risk Controls

Firstrade enforces strong security measures including multi-factor authentication, SSL encryption, firewalls, fraud detection systems, phishing education, and a secure security center, but doesn’t highlight features like API permissions or sub-accounts for crypto.

As a decentralized app, BakerySwap includes standard blockchain wallet security (2FA or anti-phishing tools are dependent on the user’s wallet, not the platform), and it lacks features like whitelists, sub-accounts, or granular API permissions.

Transparency

There’s no public monthly reporting or wallet audit data available for crypto holdings. Users rely on Firstrade’s Online Protection Guarantee for unauthorized trades, yet there’s no SLA or public wallet addresses disclosed.

The platform provides public smart contract information and governance participation, but it does not issue regular reports, maintain a public wallet for protocol funds, or advertise any formal service-level agreements (SLA).

Deposits, Withdrawals, KYC & Support

Fiat Deposit Methods

Firstrade supports fiat deposits via ACH, wire transfer, check, and transfers from other brokerages; ACH from U.S. bank accounts is fee-free and takes a couple of business days, wires are faster but involve sending-bank fees, and check deposits vary by type and processing, with some available immediately.

BakerySwap does not support any fiat deposit methods such as bank transfers, cards, or e-wallets—since it’s a purely decentralized crypto platform, there are no fiat minimums, maximums, or processing times.

Supported Fiat Currencies & Conversion

KYC (Verification Levels)

There’s no formal tiered KYC structure; account opening requires ID verification, and once verified, users can access full services—there are no intermediate “basic” or “advanced” levels with differing limits.

There is no KYC process of any kind; BakerySwap operates entirely without identity verification or account-level limits tied to KYC tiers.

Withdrawals

Withdrawals are available via ACH, check, or wire—ACH (up to $50,000 per day) is free and takes 1–2 business days, checks may take up to two weeks depending on delivery, and wires cost a fee and take several days; crypto token withdrawals (e.g. ERC20/TRC20) are not supported.

Withdrawals are simply crypto transfers initiated from users’ wallets—there are no platform-imposed limits or specific network restrictions; transaction times depend on blockchain network speed.

Customer Support

Support is offered via email and U.S. phone during business hours, complemented by a Help Center with FAQs—there’s no 24/7 live chat, and response times and knowledge base depth are moderate and office-hour dependent.

There is no built-in 24/7 chat or direct email support; users rely on the help center with guides and FAQs, and support is primarily through the community via forums, Telegram, Twitter, and other social channels.

Languages & Localization

The platform and mobile app support English, Simplified Chinese, and Traditional Chinese; the interface displays USD values only, with no localized support for Spanish or Euro-based users—reflecting its U.S.-centric design.

The platform does not provide a localized Spanish-native interface or display fees in euros, nor does it tailor operations to Paraguayan or other local regulations—the interface remains largely global and English-focused.

App Quality & Stability

The Firstrade app (iOS/Android) is well-rated, noted for intuitive navigation and sync across devices, though some users report occasional crashes; regular updates enhance features and UX, but no official crash-rate metrics are disclosed.

BakerySwap does not offer a dedicated mobile app—usage is through web-based dApp access via wallets like MetaMask; though user feedback suggests generally stable performance, there are no formal crash rate metrics or update logs provided.

Experience, Performance & Ecosystem

UX/UI

Firstrade delivers a clean, beginner-friendly interface that helps new users get started quickly, though it doesn’t offer distinct “Lite” or “Pro” modes; advanced traders may find the layout functional but not deeply customizable.

BakerySwap’s interface is functional but minimalist—there’s no distinct “Lite” or “Pro” mode; the design leans on simplicity but may feel dense for new users, with no built-in mode-switching to ease the learning curve.

Performance

Firstrade offers solid performance under normal conditions, but during high-volatility events, users sometimes note slight delays in order execution; account verification remains swift even during surges, with KYC queues rarely causing major hold-ups.

Its decentralized execution means actions are generally fast under normal conditions, though performance can slow slightly during extreme volatility—there are no fallbacks like centralized queueing or KYC delays impacting usability.

Education

The platform provides a rich library of written and video educational resources for investing concepts, though it lacks a dedicated simulator or demo trading environment and does not yet offer educational content in Spanish.

The platform lacks a dedicated academy, demo tools, or simulators, and educational content in Spanish is limited—most users learn through community channels or external guides rather than official platform resources.

Community

Firstrade does not operate official community channels like Discord or Telegram. It did run a referral program in the past, but that has been discontinued, and users must rely on formal help centers rather than peer-driven forums.

Active participation from users happens through official Telegram and Twitter channels, supplemented by forums; referral or ambassador programs may exist informally but are not prominently featured.

Integrations

Firstrade recently integrated advanced research tools from Trading Central, but doesn’t support direct TradingView charting, bot trading, or built-in tax/accounting integrations—users rely on manual methods or third-party tools.

BakerySwap supports emerging cross-chain use (e.g., Arbitrum, Polygon, Base) and integrates with DEX aggregators like 1inch, although it doesn’t offer direct TradingView charts, external bot connections, or built-in tax/accounting tools.

Who Each One Is Best For

Firstrade shines with investors who value a reliable, easy-to-use platform with educational support and occasional advanced tools—ideal for self-directed U.S. investors prioritizing simplicity over complex trading setups.

The platform is well-suited to DeFi-savvy users who appreciate token/NFT combos, multi-chain capabilities, and novel AI/creative integrations; it’s less ideal for traders seeking learning aids, advanced tools, or a highly guided experience.