Brokers for non US residents

[Kim 7,943]

There is a very long and detailed discussion in Brokers and commissions discussing different brokers and commissions structures.

However, as we currently have members from over 60 counties accounting for almost third of our members, it is only appropriate to start a separate discussion for non US traders. With commissions going down steadily in the last few years, paying around 0.50/contract or even less with no fixed fee became pretty much the norm. US traders can select between a few excellent alternatives, like IB, tastyworks, Tradier, TOS, Fedelity etc.

However, many non US traders have very limited options, and I see many of them still paying $2-3/contract. They probably consider all the discussions and doubts of US traders as first world problems..

The purpose of this discussion is to share alternatives available to non US traders. Members are welcome to share their experience

[Patricio 136]

Hello @Kim

I'm in Mexico and can say that both TD Ameritrade and TastyWorks are eligible for us and that setting up an account is easy. It's easier for TW since all can be done online, TD Ameritrade requires to send physical copies of signed documents. Both of the brokers mentioned before have no minimum deposit required. I've seen that Trdier also affers accounts for international clients but I have no experience with them.

[Kim 7,943]

4 minutes ago, Patricio said:

Hello @Kim

I'm in Mexico and can say that both TD Ameritrade and TastyWorks are eligible for us and that setting up an account is easy. It's easier for TW since all can be done online, TD Ameritrade requires to send physical copies of signed documents. Both of the brokers mentioned before have no minimum deposit required. I've seen that Trdier also affers accounts for international clients but I have no experience with them.

And the commissions are the same as for US clients? In Canada, TD Ameritrade used to have much higher commissions than in US. If the commissions are the same, then you are in a good shape.

[Patricio 136]

7 minutes ago, Kim said:

And the commissions are the same as for US clients? In Canada, TD Ameritrade used to have much higher commissions than in US. If the commissions are the same, then you are in a good shape.

Commisions are exactly the same as in the US.

[t'pee 541]

Thanks @Kim much appreciate you setting this up. it’s important since some trades will end in a net loss after paying for the round trip, you have pointed this out in the related must read but its more substantial hurdle for non US residents like myself.

After some direct discussions with other members (to whom I’m very grateful for their advice and info) for the Netherlands at least the two best alternatives appear to be:

-Interactive Brokers UK at 65 cents/contract.

 

-Tasty Trades which maintains the same very reasonable pricing structure for non US residents*
 

*They currently support accounts in the following non US countries:

https://tastyworks.freshdesk.com/support/solutions/articles/43000435355-which-countries-can-open-tastyworks-accounts-international-accounts-

 

I will add this: as long as I don't have access to lower commissions I will need to assess whether I participate in a trade based on the high commissions I currently pay. This is a point Kim has made extensively in Brokers and commissions and really applies to everyone but the hurdle is much lower for for those with access to low commissions. The glass is half full: this additional challenge forces one to think about the trade (offs) more carefully:)

Edited August 13, 2020 by t'pee

[SuccessinOptions 39]

I live in Canada and I  contacted IB to negotiate and get a better rate. Since  I trade 30-40 cheap contracts, it costs me a fortune to pay their commission.

They did not discount or change anything. They simply said that they are the best option commission. Any other way for a Canadian to reduce the options commission? I know that TastyWorks plans to come here, but until then I prefer to switch to less costly brokers.

[Kim 7,943]

Unfortunately, I don't think there is an alternative to IB in Canada at this point, and they know it very well.

[rasar 1,998]

28 minutes ago, Kim said:

Unfortunately, I don't think there is an alternative to IB in Canada at this point, and they know it very well.

Out of idle curiosity, are you saying that TD Ameritrade (as in TD=TorontoDominion) doesn't provide brokerage services in Canada ?

[Kim 7,943]

https://www.tdameritrade.com/home.page

 

I was their customer years ago (paid $29 commissions per trade..) but I believe it changed at some point after one of the acquisitions. More info: https://www.reddit.com/r/PersonalFinanceCanada/comments/d1ndwf/how_to_open_td_ameritrade_account_as_canadian/ 

[SuccessinOptions 39]

On 8/15/2020 at 5:36 PM, Kim said:

Unfortunately, I don't think there is an alternative to IB in Canada at this point, and they know it very well.

Very sad that as Canadians we pay more for the same item almost everywhere. Cars are much more expensive here, the internet and cell phone plans are pricier and even Amazon.ca has prices far more than Amazon.com for the exact item.

As a positive note, I contacted Tasty Works and they gave good News of coming here soon.

 

Edited August 17, 2020 by SuccessinOptions

[rasar 1,998]

On 8/15/2020 at 5:13 PM, Kim said:

$29 commissions per trade

😮 I had to look at it carefully to see where the decimal point was. There wasn't.

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