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rep1

Foreign ETF/stock brokerage account?

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rep1

Is such brokerage available and convenient (with online trading) here? not interested in local stocks or funds, only US ones: ishares, globalx, etc.

PS: It's preferred if some bank has such feature integrated. Not citi the saving requirement is too high (no need of bank's financial management service).

Or it'd have to be done elsewhere, such as Singapore or Hong Kong? opening offshore brokerage account? But that means a portion of saving needs to be reserved at banks there for trading yes?

Edited by rep1

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Cgu

for me there is really only one good broker in any country and this is interactivebrokers. I would say the best in the whole world and available in any country you live or reside. Any tax due can be made online (per example if you invest in US stocks and do no reside there). Not like other brokers, where you still have to fill out form and snail mail it in. Very convenient. Also I would say the best rates will ever get. Additionally 100k  (cash) are secured under law.

Plus tons of tools.- there are also API if you do algo or other trading etc,.  

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rep1
3 hours ago, Cgu said:

for me there is really only one good broker in any country and this is interactivebrokers. I would say the best in the whole world and available in any country you live or reside. Any tax due can be made online (per example if you invest in US stocks and do no reside there). Not like other brokers, where you still have to fill out form and snail mail it in. Very convenient. Also I would say the best rates will ever get. Additionally 100k  (cash) are secured under law.

Plus tons of tools.- there are also API if you do algo or other trading etc,.  

Not really an US citizen. Applying now and waiting for document processing.

Would I need an US bank account or keep cash reserve in the brokerage account? For the latter how are you supposed to transfer money in or out? (SWIFT??) My only prior experience is using my bank's stock trading feature (as agency of some sort), which requires no additional account or registration to anywhere else...

No need for API it's for long term investment only.

Edited by rep1

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Cgu
5 hours ago, rep1 said:

Not really an US citizen. Applying now and waiting for document processing.

Would I need an US bank account or keep cash reserve in the brokerage account? For the latter how are you supposed to transfer money in or out? (SWIFT??) My only prior experience is using my bank's stock trading feature (as agency of some sort), which requires no additional account or registration to anywhere else...

No need for API it's for long term investment only.

Any citizen can open an account. However, you need residency somewhere  - not necessarily the Philippines,, US etc.  but where you are taxed, otherwise you cannot open anything (no bank, brokerage in the world will open without a residency proof somewhere, citizenship is not important - of course you will be somewhere).

No bank account needed.  You just wire the money to interactive brokers - once you opened the account in the (main) currency you want -  that's it. Afterwards you trade in currency you want . Wire in and out only in your main currency. 

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rep1

But if I don't have an account in US, I'd have to use SWIFT every time for such wiring? But there are always delays. Or they are able to link the bank directly after some sort of identity confirmation?

Also for long-term investments it'd be safer to hold physical stock paper yes?

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Cgu

Why delays?  You wire in the money and then you start trading with  it. You will have a cash balance (in the main currency) where you  trade against it. Just wire in as much as you want - every time you trade the balance is reflected (as in any brokerage account or bank - nowadays all banks do that - not in the Philippines - as usual:). 

 

5 minutes ago, rep1 said:

Also for long-term investments it'd be safer to hold physical stock paper yes?

Why? Nobody holds papers - the custodian bank will hold it for you - in this case IB holds it for you.  Not even gov. bonds  or registered shares are held at home anymore But if you are worried about this, do no trade, honestly. 

Think about it  even the bank holds your cash (as a custodian - but not physically - these are only held on a ledger).  Better holding the shares at IB - if they go bust - you still ahve the share (papers) you bought - cash on the other hand is limited to 100k. A lot of people think having cash in the bank is safer - just the opposite - holding tradeable papers is much safer. since they are yours even after the bank goes bust...

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rep1
2 minutes ago, Cgu said:

Why delays?  You wire in the money and then you start trading with  it. You will have a cash balance (in the main currency) where you  trade against it. Just wire in as much as you want - every time you trade the balance is reflected (as in any brokerage account or bank - nowadays all banks do that - not in the Philippines - as usual:). 

 

Why? Nobody holds papers - the custodian bank will hold it for you - in this case IB holds it for you.  Not even gov. bonds  or registered shares are held at home anymore But if you are worried about this, do no trade, honestly. 

Think about it  even the bank holds your cash (as a custodian - but not physically - these are only held on a ledger).  Better holding the shares at IB - if they go bust - you still ahve the share (papers) you bought - cash on the other hand is limited to 100k. A lot of people think having cash in the bank is safer - just the opposite - holding tradeable papers is much safer. since they are yours even after the bank goes bust...

I meant the delay of international wiring money via SWIFT. Doesn't it always take 2-3 days? Or they'll open a cash account for me to keep cash reserve, like domestic brokerage accounts?

still waiting for their document checking.

As for proof - you mean the companies will keep my name in books directly? That's what I intend to have instead of trusting everything to the bank.

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Cgu
1 minute ago, rep1 said:

I meant the delay of international wiring money via SWIFT. Doesn't it always take 2-3 days? Or they'll open a cash account for me to keep cash reserve, like domestic brokerage accounts?

Yes exactly! Like any brokerage or bank. You always have a cash account - or several - up to you. You have the main account in the currency you open the account and then you can have cash positions in other currencies as well - like stock positions. But you always trade against your main account - but you can open several accounts in different main currencies under your name. I normally have 3 accounts in 3 different currencies.

 

4 minutes ago, rep1 said:

As for proof - you mean the companies will keep my name in books directly? That's what I intend to have instead of trusting everything to the bank.

I don't understand your question? What proof you mean? For opening the account? Or what?

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rep1
1 minute ago, Cgu said:

Yes exactly! Like any brokerage or bank. You always have a cash account - or several - up to you. You have the main account in the currency you open the account and then you can have cash positions in other currencies as well - like stock positions. But you always trade against your main account - but you can open several accounts in different main currencies under your name. I normally have 3 accounts in 3 different currencies.

Okay got it! Just like offshore bank account except for trading. :)

5 minutes ago, Cgu said:

I don't understand your question? What proof you mean? For opening the account? Or what?

Sorry for that newbie question. I meant ETF management firms and companies that I will buy stock from. What's the proof that stats I hold X shares of Y? Proof that can verified independently (not by the brokerage firm itself).

My only experience is to use bank trust for such trading and I think they hold it for me - which is the reason I need real brokerage in the first place.

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Cgu
23 minutes ago, rep1 said:

Sorry for that newbie question. I meant ETF management firms and companies that I will buy stock from. What's the proof that stats I hold X shares of Y? Proof that can verified independently (not by the brokerage firm itself).

When you buy it it will be in your account as an open (long) position or if you sell (short) it will be a credit position (negative). There is no other proof needed. Sell it and the money is debited to your account. Same as your online banking. You see the balance of your money - what proof do you need!!! IB is one of the biggest brokers in the world. Anyway, for some ETF's there is no paper anyway - as some are derivatives and are not holding the underlying papers (most...). 

If you do not trust brokerage firms (and trust banks!!) then put the money in the bank:)

23 minutes ago, rep1 said:

Okay got it! Just like offshore bank account except for trading. 

Like any bank. Offshore in the meaning of an resident having a bank account in another country like his current residencies - yes - but in the end it is just a bank account. 

But be careful in thinking it as an offshore account for a low tax jurisdiction. You have to declare this broker account according to your tax residency law. Anyway, everything is changing now with the new AEOI implementation - there is no escape of taxes anywhere. Better declare it, as any bank/brokerage information  is sent automatic to your tax residency without asking you!!! You become transparent to your tax agency - no matter where you have money around the world (it will hit especially US citizen around the world hard) 

Edited by Cgu
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Goetz1965

Forex is no problem with german passport and philippine adress. They just ask for valid visa and proof of living. 

Funding usually works with SEPA or Swift. My broker accepts also funding and withdraw usind visa or Mastercard and SKRILL. 

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rep1
1 hour ago, Goetz1965 said:

Forex is no problem with german passport and philippine adress. They just ask for valid visa and proof of living. 

Funding usually works with SEPA or Swift. My broker accepts also funding and withdraw usind visa or Mastercard and SKRILL. 

Are they for ETF and stock trading, or currencies only??

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rep1

Found "IG Group", UK-based, no minimum deposit! 

 

all right it turns out there are either monthly fees associated for inactivity or not direct stock trading at all. Not good for simple investment.

will hold back for the time being...

Edited by rep1

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Cgu
1 hour ago, rep1 said:

Found "IG Group", UK-based, no minimum deposit! 

 

all right it turns out there are either monthly fees associated for inactivity or not direct stock trading at all. Not good for simple investment.

will hold back for the time being...

Even with inactivity fees you will not find any cheaper - trust me:D

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Goetz1965

Mine are forex brokers only

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