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In my own due diligence as an experienced trader, I place significant importance on a broker's regulatory status—this is a fundamental part of my risk assessment. With Firstrade, I found that although the company is based in the United States and has operated for a number of years, it does not hold any formal regulatory license from major U.S. authorities such as the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA). In practice, this means Firstrade operates as an unregulated broker. From a risk management standpoint, this lack of oversight is a substantial concern for me. Without regulation, there is no external authority ensuring fair trading practices, financial transparency, or the safeguarding of client funds. This situation reduces my confidence in the broker’s accountability, as there would be minimal legal recourse available if issues or disputes arise. In summary, based strictly on the information I've reviewed, Firstrade is not overseen by any financial regulator. This presents a level of risk that I need to carefully consider before deciding whether to open or fund an account with them, especially since regulatory protection is something I highly value when selecting a broker for my own trading activities.