I am looking for stock brokers from the following countries willing to open accounts for a U.S. LLC: - Australia - Canada - Japan I know I could have access to all these markets from Interactive Brokers or another U.S. broker but I want to diversify between countries. Thank you for any hints.
You should scratch Canada off that list unless the tax laws changed in Canada involving LLC. They treat such very differently in comparison to the U.S. on the Federal and Provincial level. The owner of the LLC...what country is he / she a legal resident ? Your diversification attempt may get you flagged...problem in the future of opening an account with a another broker back in the U.S. if something happens with IB. Have you talked to a tax lawyer or randomly called any broker in Canada about this ? P.S. U.S. and Canada tax treaty has changed multiple times in the past 30 years. wrbtrader
Doubt you’ll find any in Canada atleast. Issue I believe is just the amount of regulatory needed to keep IRS happy. No one wants that. In Canada your looking at the banks and Questrade(other then IBKR Canada). Well theirs wealthsimple which is no commission but no USD holdings, 1.5% conversion rate, no real time data. Banks are all at 9.99 for most part per trade. Most lack any real platform, just some basic web stuff. Questrade .01 share and 4.95 minimum. Pretty poor platform, ECN fees for taking liquidity but no rebate for providing. I’d skip the Canada one atleast.
I've never understood with all the money that these Banks have here in Canada...why they don't have much better trade execution platforms beyond the basic web stuff that really doesn't even qualify as basic in my opinion. wrbtrader
It is kind blowing. Would think it’d be busy to just buy out any of the platforms out there today if you wanted the technology. TD direct investing using TOS though is just embarrassing. I have no idea how they can justify 9.99 for a trade when they have to be tying into TD Ameritrade. Never used but under impression that funds are tied to a TOS account with TD DI and cant be changed to say CAD and TSX on the fly.
Agree. Shameful how crappy all the bank trading platforms are - for stocks, nevermind options! They're like faulty geocities websites from the 90's. And if you have a corp account many insist on sending you paper statements for taxes etc. (no PDF). Thank god for IB.
I have bank accounts in France, U.S. and Canada. All have crappy trade execution platforms for those wanting to trade thru them. Yet, France has the best of the crappy platforms. Not sure who created all those platforms but jokingly I say it must have been the same guy or same firm and then he then died to explain why there's never been any upgrades since the 90's. If anyone doesn't understand, there's been discussions here at ET about the CME trade execution platform that it designates for their simulation trading competition. The banks use the same type of outdated trade execution platform. wrbtrader
@wrbtrader Not going into your personal circumstances, can a non-resident open a bank account in France or Canada? Did you open it online or after a personal visit?
I'm not sure about non-residents. In contrast, I'm a citizen of France and U.S. (born in France...mother French and father Indigenous American). Spent most of my school years in the U.S. and a few years in France. Served in the military in the U.S. after graduation from college. Relocated to Québec, Canada with family as a legal resident...now a citizen. I have a home in France, U.S. and Canada. Simply, accounts were open in person. Not online. Yet, I think in France if you married a natural citizen...you can open a bank account in France even if you and your spouse are not living in France but I think you need to be married like 3 years. wrbtrader