Does anyone have the name, phone number, or website of a Taiwanese stockbroker which deals with US stocks? I would like to avoid opening an account with a US based broker, if possible.
I’m just curious, but why not? Online brokerage fees are very low, and a local broker will simply end up passing his fees on to you, plus some on top. Besides, having met a couple of local brokers/fund managers socially, I wouldn’t trust them as far as I could spit Taipei101.
I’m just curious, but why not? Online brokerage fees are very low, and a local broker will simply end up passing his fees on to you, plus some on top. Besides, having met a couple of local brokers/fund managers socially, I wouldn’t trust them as far as I could spit Taipei101.[/quote]
Tons of paperwork, international electronic fund transfers, IRS registration, etc. I dont need their advice, I only need them to buy / sell stocks for me. Would prefer to deal with local contact as opposed to a web based platform.
Open an account with citi and tell them to leave you alone, once you open the account you will be able to do everything online or call your citi associate to do so for you if you prefer.
[quote=“bigblue”]Actually, there’s really not much paperwork and there’s more than a few firms that allow you to trade online with good reputation. Also, local brokers charge higher fees when the online platforms offer no-fee selections.
However, if you insist. Open an account with citi and told them to leave you alone, you can still do everything online or call your citi associate to do so for you if you prefer.[/quote]
Will try Citi, thanks.
Which online brokers do you recommend? DO I need to be a tax payer and hold a bank account in the country in which the online broker is based/registered?
My status is somehow messed up: I hold a passport form my birth country, but as I left there when i was 11 I am signed out of the registry (so no tax/social security number), I had Permanent Residency in the country I grew up in, but as I have not been there for 15 years that has expired. So, right now I am a permanent resident of Taiwan, with an EU passport, but no EU tax number.
I will soon put some money in an ETF via my Taiwan bank…I think that is my best option, but I also want to buy some US stocks.
Any suggestions?
If you speak Mandarin I would go into one of the larger broker companies to see if they offer options for buying US stocks.
Another option is to open a USA broker account as a foreigner. My cousin who is Taiwanese and never been a citizen or resident of the USA has a TD Ameritrade account. Every company is different. I believe that my Fidelity account is only good for US citizens. I would make inquires directly with the company you are thinking of so there is no confusion. I’ve been with TD Ameritrade before and they have good customer service.
interactive brokers has a good online platform and commission is low relative to other brokerages. The help line is good and they have desks in Europe, HK and the US.
You can trade most countries from the account.
If you don’t mind, I would like to offer a piece of advice. Don’t margin (they give you the option), and also learn to read the Commitment of Traders report ( you can find free reports published every week). Once you can understand the reports, you will have a better idea of how the market is positioned for the precious metals you want to buy. Even if you are not interested in trading, it helps you to hold for the longer term and not get shaken out by short term volatility.
I used TDAmeritrade,… it’s pretty good but some options not available to overseas or non-residents of the US.
[quote=“PaMaFanAiFangBian”]interactive brokers has a good online platform and commission is low relative to other brokerages. The help line is good and they have desks in Europe, HK and the US.
You can trade most countries from the account.[/quote]
Interactive Brokers are great if you’re an active trader with lots of cash. Their comms are low, but they require you trade enough to waive your monthly maintenance fee. What it boils down to is that you’re probably gonna have to pay a small monthly fee to use them if you’re not a heavy trader.
Another thing about them is their minimum balance requirement: US$10,000. That’s pretty steep for opening a brokerage account. Scottrade only needs US$500, and so do most other discount brokers.
I think they’re awesome and their customer service is great. Another thing about them is that you can switch between currencies (for a fee, of course).
Check out their website for the fine print.
Happy investing, everyone.
QuestTrade worked pretty good for me while in Canada and trading US equities.
Be very very careful of the fine print with all these trading platforms. e.g. transferring out fees, extra costs on round-trip trades, etc
I’ve emailed some if those online traders, waiting for replies. The problem I’m having is that i don’t have a tax number from my country of citizenship.
Also just went to Citibank (in Keelung) and was told that I (a non USA citizen, Taiwan PR) cannot open a stock trading account with them.
If you’re a permanent resident of Taiwan right now, that’s all they care about. It’s all about your current residency.
I.e. They don’t care about tax numbers from countries of citizenship.
If you’re a permanent resident of Taiwan right now, that’s all they care about. It’s all about your current residency.
I.e. They don’t care about tax numbers from countries of citizenship.[/quote]
I can confirm this based on my experience with two online trading houses. You will need to send copies of passport/id/ and a bill showing your current address, no tax info.
You can also open an account with hong kong based brokers. You also need a passport and utility bills in the same name to open an account ( the utility bill can be a taiwan adress). Since all the communication is in english it has its advantages.
You’re better off avoiding Taiwan brokerage houses anyway and just sticking to the major ones as an international account holder. I have both Interactive Brokers and TD Ameritrade as a Canadian citizen / Taiwan resident. Both just required a passport and a copy of something with your address in Taiwan on it. I used a photo copy of my rental agreement in Taiwan, that red booklet thingy, but a cell phone or utility bill is just fine also. TD Ameritrade has better looking software and a more intuitive platform, but if you’re an active trader you might want to place your trades through IB since commissions can be quite a bit lower if you trade often.
I opened an Interactive Brokers account with no money down. I funded it now with 100 USD.
So things have changed?
Excited to finally be free of Taiwan brokers!!!
Could you list out the documents they asked for opening the account.? And did you need to get any of them notarized?
IIRC, Interactive Brokers charges an activity fee of $10 - commissions paid per month if your cash and equity is less than $100,000. The first three months are free, but after that you’ll want to increase your funds.
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