Online
brokerage firm Firstrade has announced the launch of FirstradeGPT, an
artificial intelligence-driven research and analysis tool designed to help investors
make financial decisions.
Developed
in partnership with FinChat.io, an investment research platform, FirstradeGPT uses
AI to provide in-depth data on global equities and business-specific key
performance indicators (KPIs).
Firstrade Unveils
FirstradeGPT, an AI-Powered Investment Research Tool
Firstrade
is the first US broker-dealer to collaborate with FinChat.io, offering its
clients access to institutional-quality data that has been verified by human
equity analysts. The tool delivers financial insights for investors looking to
research or find investment ideas and compete with professional traders.
"AI
will rapidly transform the entire investing landscape, and we believe investors
will continue to leverage these advancements in their daily trading
activities," said Don Montanaro, President of Firstrade. "Our launch
of FirstradeGPT underscores our commitment to enhancing AI services for retail
traders, and we will relentlessly focus on delivering impactful AI technology
in the months ahead."
According
to the company’s statement, FirstradeGPT offers a range of features, including
detailed company analysis with breakdowns of revenue and performance, analyst
estimates for stock prices and earnings, a "Related Questions" feature
for beginners, data visualization through charts and graphs, and financial
language processing for more accurate responses.
"Firstrade
has been a true pioneer in this space and is once again pushing innovation
forward for the benefit of Firstrade clients," said Braden Dennis, CEO of
FinChat.io. "We are honored to be working with Firstrade to bring this
technology to every type of investor."
Although
Firstrade is the first company in the USA to create an AI assistant named with
"GPT," directly referencing the popular large language model by
OpenAI, it is not a pioneer on a global scale. Over a year ago, Tiger Brokers
introduced a similar product, an investment assistant named TigerGPT.
Six months
after its launch, Tiger Brokers shared statistics with Finance Magnates,
revealing that 11 thousand retail traders achieved 81% accuracy using the new
assistant.
Fractional Shares and New Analysis
Tools
The launch
of FirstradeGPT is part of Firstrade's ongoing efforts to apply the latest
technologies to enhance the customer experience and provide tools for more
interactive financial discussions.
In April,
Firstrade announced the launch of its Fractional Share Trading service. It is
designed to enhance investor flexibility and accessibility in the stock market
by allowing them to trade fractional shares of over 4,000 stocks and ETFs.
Although initially planned for a December launch following an October
announcement, the service faced delays but is now available to clients.
In
February, Firstrade unveiled a new partnership with Trading Central, an investment decision support tools and analytics provider. This collaboration aims to
broaden the range of analytical investment solutions available to Firstrade's
clients. Trading Central's tools are intended to assist investors
in conducting thorough research and making well-informed trading decisions.
This article was written by Damian Chmiel at www.financemagnates.com.
