Ep 148: How to Trade in a Foreign Account or as an International Trader
★ SUMMARY ★
Today I want to share with you some insights about how you can trade stocks if you’re living abroad or if you are an international or foreign trader.
If you live outside the USA and you want to trade in the stock market, you need to keep in mind that you have to file and get the right paperwork in order. This is a lot easier if you are a US citizen and you want to trade from a different country because you live outside the US. But, if you are not a US citizen, it’s still possible, but there are more complexities that come to it.
Keep in mind that every country has certain rules and regulations. Every broker also has certain regulations that they follow and practice when it comes to each country. So the best thing you can always do is pick up the phone, call brokers, and explain your situation, based on your documentation, based on your government ID, and your country.
What do you need to get started?
– Fill out a W-8BEN form for tax purposes
– Have a passport or some kind of government ID
– Verify your address, country of residence, with a utility bill, like gas, water or electricity.
Which countries qualify?
– Most countries can trade on the US markets (Except a handful like Iran, Nigeria, etc.)
One of the best places to sign up and get an international account is through Interactive Brokers. But keep in mind they do have some account minimums, like $10,000 and you have to trade a certain number of trades every single month, and meet other requirements, otherwise you get charge a fee.
There are other brokers you can use, such as TD Ameritrate. And in this video I’ll show you some of the paperwork they require in order to let you open an international account.
The process is not overly complicated. There are some forms you need to fill out and some additional work you need to do, as oppose of being a US citizen, but it is still very doable.
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