IRA accounts can be opened with the following brokers:
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What is IRA account?
IRA (Individual Retirement Account) – is one of the investment account options available to Forex traders in the U.S. that allows them to avoid taxation of their trading income and also save for the retirement.
There is a whole set of rules and requirements for IRAs. If you have not decided on whether an IRA account is for you, consider consulting your tax advisor. Also you can find information about IRA accounts at U.S. Treasury and IRS.
Traditional self-directed IRA & Roth IRA
There are two main types of IRA accounts:
– Traditional self-directed IRA – set in between a broker and an individual and controlled by an individual. The contribution is made with pretax dollars. The balance on the account accumulated tax-free until the funds are withdrawn at retirement, where the taxes on profits should be paid.
– Roth IRA – could be opened through a broker, bank or a mutual fund. The contributions are to be made with after-tax dollars. The balance on the IRA is accumulated again tax-free, and if withdrawal of funds is made at the retirement age, you won’t have to pay any taxes.
There is also an option to open a professionally managed IRA account.
Pros and Cons of different IRA accounts