Firstrade Account Types

Firstrade offers a variety of account types to meet different investment needs. Here are the main types of accounts available:

1. Brokerage Accounts:

• Individual Account: For single ownership.
• Joint Accounts: Includes joint tenants with rights of survivorship and tenants in common.
• Custodial Accounts: For minors managed by an adult custodian.
• Coverdell Education Savings Account (ESA): For saving for a child's education.
• Trust Accounts: Managed by a trustee for the benefit of a beneficiary.

2. Retirement Accounts:

• Traditional IRA: Tax-deductible contributions, taxes on withdrawals.
• Roth IRA: Contributions are not tax-deductible, but withdrawals in retirement are tax-free.
• Rollover IRA: For transferring funds from a qualified retirement plan.
• SEP IRA: For self-employed individuals and small business owners.
• Simple IRA: For small businesses to provide retirement benefits.

3. International Accounts: Available for non-U.S. citizens and residents from specific countries.

4. Cash Management Account: Combines banking and brokerage services.

5. Business Accounts: For small business retirement plans.

Firstrade Broker Account Opening Process

Opening an account with Firstrade is a straightforward process that can be completed online. Here are the steps involved:

1. Visit the Firstrade Website: Click on the “Open an Account” option.
2. Select Account Type: Choose the type of account you wish to open (Individual, Joint, Custodial, etc.).
3. Provide Personal Information: Fill out your name, email address, and other required details.
4. Identity Verification: Upload identification documents (e.g., driver’s license, passport).
5. Financial Information: Provide details about your employment status and financial situation.
6. Set Up Funding Preferences: Link your bank account for deposits and withdrawals.
7. Review and Submit: Confirm all information and submit your application.

The entire process typically takes about 5-15 minutes, and account approval usually occurs within 1-3 business days.