Can't open trading account for single member LLC (foreign)

Discussion in 'Retail Brokers' started by otctrade, Oct 5, 2019.

  1. otctrade


    I started a single member LLC in the US, got a an EIN From the IRS but E-trade and TDA refused to open an account saying the member has to be US resident. (I Have a US mailing address through the registered agent).

    Anyone had success with this as a foreign resident? Perhaps an other type of company?
  2. Hittfeld


    Both will not accept international accounts to my knowledge
    traderslair likes this.
  3. I agree in terms of E-Trade.

    However, at least in terms of an individual account when you push the "Open new account" button at Ameritrade, it says:

    "What you need:
    • Social Security Number or ITIN
    • Foreign tax ID, passport, or visa number (if you're not a U.S. citizen or permanent resident)"
    From a drop down menu you can choose between a long list of countries - including EU contries, so I assume Ameritrade is open to non-US residents.
    GregorySG9 likes this.
  4. ZBZB


    International traders all use interactive brokers as they open an account for just about anyone. Not sure about China as IB invested in Tiger brokerage.
  5. 6wives


    Tried to open an account in the past with luck for E.U customers!!!
    Maverick2608 likes this.
  6. otctrade


    No I already tried that route before I went the LLC route. On the 2nd or 3rd screen it will say "Ameritrade is not able to open an account at this time" or something similar.
    Maverick2608 likes this.
  7. otctrade


    Yes that's why I got an american LLC with an american address and IRS tax ID but even that is not enough.
  8. gkishot


    But based on the information provided you should be treated as American resident.
  9. otctrade


    I was under that impression too but they (etrade,tda,schwab) keep telling me the LLC member has to be US resident. I was gonna check with a Lawyer but I don't think there is much that can be done. I can't force them.
  10. If your motivation is commission-free trading have you considered Tradestation?
    #10     Oct 5, 2019