I've seen EU citizens on forums posting about using TD Ameritrade up until about 2017, then they were shut down (going by comments). Something must have changed. Maybe it was the MiFID II
Schwab allegedly accepted new accounts from across the EU up until March 2019. Today it seems Schwab only accepts new accounts from the UK, Germany, Spain and Switzerland. However, my impression is that existing accounts have been allowed to stay onboard no matter the location. A bit strange.
Thanks. Hmm thats odd. I get Switzerland but don't see why they make a distinction between some EU countries. Any idea if people who opened before march 2019 could keep their account or if they were forced to close them?
I called Schwab a couple of times when they introduced zero commission. It was my clear impression that they distinguish between new and old accounts and that people who opened accounts before March 2019 has been allowed to keep their accounts.
Furthermore it is my impression that brokers operating in the EU are now allowed to sell order flow under MiFID II. However, if a US broker without physical presence in the UE does not solicit clients in the EU and an EU client opens an account with the US broker, the broker is allowed to open the account and sell the client's order flow due to international trade agreements.