How much does it cost to open brokerage or IRA account at Robinhood? Sign up minimum initial deposit requirements.

How to Open a Robinhood Account

Robinhood Financial has been one of the fastest growing mobile-based brokers over the past couple years, gaining traction because of its leadership position among low/no-cost brokers. If you are interested in a Robinhood account you don’t want to skip this article, which will show you what you’ll need to open an account and any costs involved. Opening an account is free and if you use their promo link you'll also get a free random stock!

To get started just click on their promotion link Open account and get one free $3-$6 value stock. and it should take you to their account opening page below.

How to Open a Robinhood Account

All you’ll need is basic personal information, such as your name, address, phone number, and social security number. They will also ask you if you or a direct family member are a director, 10% shareholder, senior officer of a publicly traded company, or employed by or associated with a member firm of a stock exchange or FINRA. Most people are not, and if any of these do apply to you, you should know it.

Robinhood Account Opening, Maintenance, and Transfer Fees

If you’ve heard about and are interested in Robinhood, chances are you are already aware of the fact that they don’t charge any commissions – that’s right, trading is completely commission-free. Their whole competitive positioning in the market is based around offering a basic brokerage account to investors that is entirely free, and they do a very good job of this. They don’t charge any account opening, maintenance, or incoming transfer fees (outgoing account transfers incur a $75 fee).

Robinhood Minimum Deposit

Robinhood doesn’t require any account minimums for their basic brokerage account, but if you enroll in Robinhood Gold (their margin-enabled account) there is a $2,000 account minimum you must meet and maintain. This is standard across the industry for any broker that offers margin. Robinhood also charges a monthly fee for their Gold accounts, with higher fee levels corresponding to higher margin limits.

Fees for Retirement Accounts

Some brokers charge fees for certain types of accounts, like an IRA or 401K, however Robinhood doesn’t offer retirement accounts. Part of the reason they can offer free trading is because Robinhood only offers standard, taxable investor accounts.

Firstrade has become a popular broker, mostly due to its $0 commissions. If you are considering opening a Firstrade account but aren’t sure who qualifies and which type of Firstrade account is right for you, then you’ve come to the right place. This article will offer an overview of the different Firstrade accounts and what to expect during the account opening process.

Firstrade Minimum Initial Deposit

One of the great things about Firstrade is that not only are most types of trades commission-free, but it’s also completely free to open your Firstrade account as there are no minimum balance requirements or maintenance fees. Any U.S. residents that are legal adults (usually 18 years and up) are eligible to open an account.

Firstrade also makes it easy for many non-U.S. residents to open an international account with them in order to access the U.S. markets. In order to open an international account, you must not be a U.S. citizen or resident and must reside in one of the dozen or so authorized countries listed on their website. In addition to the standard account application, international traders will also have to submit a copy of their valid passport, a W-8BEN Form, and Firstrade’s online service agreement form.


Open Firstrade Account

Firstrade Account Types

You will find that Firstrade offers the same standard account types that you would find with most U.S. brokers, including taxable accounts, individual retirement accounts (IRA), business accounts, and custodial accounts.

FirstTrade account types

Taxable Account

Firstrade’s most popular account is the standard taxable brokerage account. Many individuals and families use this account type to invest extra money and savings which have already been taxed. Firstrade lets you buy stocks, ETFs, options, mutual funds, bonds, and CDs with your taxable account. Any realized capital gains or dividends received from this account are will be subject to taxes.

Traditional IRA

When it comes to saving and investing for retirement, IRAs are a popular choice. Firstrade offers both traditional and Roth IRA accounts. The traditional IRA account is funded with pre-tax income, meaning that you will report less taxable income to the IRS in any year where you make an IRA contribution. You can invest your contributions as you wish using all the same securities available in a taxable account, and it will grow tax-free. However, once you are ready to withdraw money from your traditional IRA, you will owe taxes on the full amount – both the contributions and any capital gains.

Roth IRA

A Roth IRA has all the same investing options as the traditional IRA, however it is funded with income that you’ve already paid taxes on, which means you won’t realize any tax savings when you make contributions. On the other hand, the nice thing about a Roth IRA is that once you are ready to withdraw your money, you won’t owe any taxes on it – neither the contributions (since this was after-tax) nor the capital gains. Both the traditional and Roth IRAs have some sweet tax advantages to help you reach your retirement goals faster, which is also why the U.S. government limits the amount you can contribute in any year – currently $6,000 in 2019.

Business Accounts

Firstrade also offers the flexibility to setup a business account for a variety of different types of business, partnerships, and clubs. These account types come with all the features and options of individual accounts, but allow for multiple owners or partners to take investing actions in the account. This is a popular account option for investment clubs or businesses that have investments.

Custodial Accounts

A custodial account is an investing account that an adult can setup for the benefit of a child or other minor once they reach the age of 18. When you setup your Firstrade custodial account you dictate who will be the custodian (usually you, the person opening the account) and that person will have full discretion over managing the account until the minor has reached adulthood, after which they will have full legal ownership of the account and its assets. Custodial accounts come with some tax advantages, such that the first $1,000 in investment income is not taxed, and the next $1,000 is taxed at the minor’s tax rate until they reach adulthood, at which point all income is taxed at their tax rate.

Account Transfer Fee Reimbursement

If you are seriously considering opening one of the various account types we discussed at Firstrade, we though you should also know that they have a sweet promotion right now for anyone who transfers their existing brokerage account to Firstrade. Most brokers will charge you a transfer fee for partial or full outgoing account transfers, and Firstrade will reimburse this fee (up to $200) when you transfer an account to them.

Open Account

Open Firstrade Account


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