Firstrade IRA Review
Main Ideas:
- An Individual Retirement Account (IRA) can be opened at Firstrade.
- Firstrade’s IRAs do not have ongoing account fees.
- Firstrade offers a limited selection of educational resources for retirement investors.
Are you planning for retirement? If so, Firstrade could be worth a closer look. Below is an overview of the broker’s IRA offerings.
Overview of IRAs at Firstrade
Firstrade provides several types of retirement accounts, including:
- Roth IRA
- Traditional IRA
- Rollover IRA
For small business owners, Firstrade also offers:
Firstrade’s SEP and SIMPLE IRAs are generally offered in pre-tax (Traditional) format.
Although Firstrade does allow international customers to open accounts, these are typically limited to taxable brokerage accounts and are not available as retirement accounts.
Investment Advice
All IRAs at Firstrade are brokerage accounts. The firm does not provide advisory services, managed portfolios, or personalized investment guidance. Every IRA is self-directed, meaning investors are responsible for managing their own portfolios. This setup is best suited for do-it-yourself (DIY) investors.
Funding an IRA at Firstrade
After opening an IRA, it can be funded through contributions, transfers from other IRAs, or rollovers from employer-sponsored retirement plans. Contributions can be made via paper check, ACH transfer, or wire.
Once the account is active, it is simple to log in through Firstrade’s website or mobile app and add funds using the ACH network.
Investment Vehicles for IRAs at Firstrade
Investors with IRAs at Firstrade can access the same investment products available in standard brokerage accounts. These include stocks, bonds, mutual funds, exchange-traded funds (ETFs), closed-end funds, and options. The stock category also includes REITs and ADRs.
Target-date mutual funds are available, although Firstrade does not offer annuities.
Due to regulatory restrictions, certain strategies—such as short selling and some advanced options strategies—are not permitted in IRAs. Additionally, since Firstrade does not provide margin trading in retirement accounts, all trades must be made using settled funds.
Minimums and Fees
Firstrade IRAs do not have ongoing account fees. There are no annual, inactivity, low-balance, or maintenance charges, and there is no fee to open or close an IRA.
The account follows Firstrade’s standard commission structure. Most trades are commission-free, including stocks, ETFs, mutual funds, and options, and there are no fees for options assignments or exercises.
Using a broker-assisted trade over the phone comes with a $19.95 fee.
Retirement Education at Firstrade
Firstrade offers a relatively small collection of educational materials for retirement planning. These can be found in Firstrade’s retirement section. Some examples include:
- Understanding How Tax-Free & Tax-Deferred Retirement Accounts Differ
- Traditional IRA vs. Roth IRA
There is also an IRA calculator that estimates retirement savings based on inputs such as age and target retirement date. However, it does not include fields for current savings, and it does not indicate whether the projected amount is sufficient.
Opening an IRA
Opening an IRA at Firstrade is a straightforward process. Go to the broker’s website and click the account opening button at the top of the page. Follow the steps and provide the required information, and the account may be approved quickly.
The same process is available through the Firstrade mobile app by selecting the option to open a new account.
Firstrade also provides fillable PDF application forms for those who prefer paper-based submissions. Examples include:
Using paper forms will typically slow down the account opening process.
Managing a Firstrade IRA
After opening an IRA, it can be managed easily through Firstrade’s website. Some tools are more accessible on the desktop site than on the mobile app.
On the website, hover over the Forms tab and select Form Center. In the Retirement & Education Accounts section, you will find documents such as the Roth IRA Conversion Form, IRA Distribution Form, IRA Beneficiary Form, and others.
Additional retirement-related resources can be accessed through the Retirement tab on the website.
This section also includes FAQs and links to IRA tax information.
Recommendations
Small Accounts: Since Firstrade does not charge fees or require minimum balances, it can be a good fit for investors with smaller portfolios.
Individual Retirement Accounts: Firstrade is a solid choice for IRA investing.
Beginners: New investors may prefer stronger customer support and more educational tools. Charles Schwab
may be a better option in this case.
Mutual Fund Investors: Firstrade’s no-transaction-fee structure on mutual funds is highly competitive.
Active ETF and Stock Trading: While Firstrade’s tools are solid, advanced traders may want more powerful platforms. Webull may be a better fit.
Firstrade IRA Review Summary
Firstrade offers a solid IRA program overall. The lack of advisory services may be a limitation for some investors, and certain advanced features are not available. However, the broker still delivers strong value, especially for self-directed investors.
Written by Alex Bost
Updated on 4/22/2026.
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