Firstrade offers both Custodial Roth IRAs and Custodial Traditional IRAs—retirement accounts opened and managed by an adult custodian on behalf of a minor with earned income. These accounts provide tax-advantaged long-term growth opportunities, with custodianship transferring to the minor at the age of majority (18-21, depending on state laws).
Account Types
Custodial Roth IRA: Funded with after-tax contributions; qualified withdrawals in retirement are tax-free.
Custodial Traditional IRA: Contributions may be tax-deductible, with taxes paid upon withdrawal.
Required Documents
To open a Custodial IRA, the following items must be submitted:
Traditional or Roth IRA Paper Application available in our Forms Center
Completed with the minor’s information
Signed by the custodian
The IRA Online Service Agreement, available in our Forms Center
Signed by the custodian
Copy of the Custodian’s Valid U.S. Photo ID
Copy of the minor’s W-2 or most recent pay stub
Letter Confirming the Custodian’s Information
Must include the custodian’s full name, date of birth, and full Social Security Number
How to Submit Your Documents
If you already have a Firstrade account, upload documents through:
Service → Form Center → Upload Documents
If you do not have an account yet, you may send documents by mail or fax:
Mail:
Firstrade Securities, Inc.
30-50 Whitestone Expwy
Ste. A301
Flushing, NY 11354
Fax:
1-718-961-3919
Application Review Time
Processing typically takes 2–3 business days. You will receive status updates and notifications via email from our New Accounts Team.