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International Account FAQs
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Find answers to all the commonly asked questions for our international accounts.
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Does Firstrade accept applications from international residents?
Yes, we accept international applications. However at this time, we do not accept applications from Balkans, Burma, Canada, Cuba, Iran, Iraq, Liberia, Libya, Nigeria, North Korea, Sierra Leone, Sudan, Syria and Zimbabwe.
Can international customers enjoy the same low commission rates posted on your website?
Our commission structure is the same for all Firstrade customers, regardless of where you live.
What types of documents do you require to open an account?
- Brokerage Account Application
- W-8BEN **must be the mailed to our offices**
- Valid Passport photocopy
- Proof of foreign residency (if the mailing address differs from the permanent address)
I currently do not have a passport, or my passport is expired. Can you accept other documentation instead?
We can accept a driver's license or a government issued photo ID.
I am a U.S. Citizen living abroad permanently. What type of account should I open?
U.S. Citizens must open a domestic account with us, even though they are living outside of the United States.
Can international accounts file a beneficiary form?
At this time, you will not be able to file a beneficiary form. However, we encourage you to open a joint account WROS (with rights of survivorship) in the event you pass away. The assets can then be transferred to the surviving account holder.
I do not have a bank in the United States. How can I deposit funds?
Many of our international customers prefer the Wire Transfer method because it is safer, faster and more secure. Wire funds can be sent to almost any bank around the world. Please download the Wire Instructions Form and provide this information along with your Firstrade account number to your local bank. It is highly recommended that you convert your local currency to U.S. Dollars before initiating the wire.
Can my friend or relative in the United States deposit a check on my behalf?
No, we do not accept third party checks for deposit.
What types of securities can I trade with my international account?
You may trade stocks listed on the U.S. Exchanges/U.S. Markets with Firstrade. Some mutual funds may be traded also, but please consult with the fund��s prospectus for any restrictions. In general, most fixed income securities are open to international investors.
What is the minimum deposit?
We do not have a minimum deposit requirement. Therefore, you are welcome to deposit as much or as little as you wish.
Do I need to report taxes to the U.S. Internal Revenue Service?
If a valid W-8BEN is filed for the account, the U.S. IRS only withholds a small amount of tax on dividends received. The rate varies from country to country but it does not exceed 30%. Investors are responsible to report any capital gains or capital losses to your local tax authorities. However, a separate tax return is not required to be filed in the United States. A Form 1042 is mailed in April.
Can I set up ACH electronic transfers with my local bank in my country?
In most cases, we will not be able to set up an ACH profile for bank accounts outside of the United States. This is because we require a 9-digit ABA number to set up the profile. If your bank utilizes a SWIFT code, please initiate a wire transfer request instead.
How can I contact Firstrade?
You may contact Firstrade in one of many ways:
- Telephone: 718-961-6600 Hours: Monday to Friday 8:30AM to 9:00PM EST, Saturday: 10:00AM to 2:00PM EST.
- E-mail: service@firstrade.com
- Live Chat: Monday to Friday 8:30AM to 6:00PM EST **Account specific inquiries cannot be answered through the Live Chat sessions. We recommend that you e-mail or call us if you have any questions about your account.
What methods can I submit my documents?
Most documents are accepted by fax (718-961-3919), by e-mail as scanned attachments (service@firstrade.com) or by regular mail:
Firstrade Securities Inc.
133-25 37 th Avenue
Flushing NY 11354
**Please keep in mind that the original W-8BEN must be mailed to our offices. Faxed or scanned copies of the W-8BEN are not acceptable.**
Do you offer accounts with a debit card and/or check writing privileges?
We offer a special type of account called a Valet Asset Management Account. Further information can be obtained here. There is an annual fee of $80.00 and a minimum equity requirement of $10,000.00.
What if I am traveling? How can I manage my account?
As long as you have internet connection, you will be able to access your account from anywhere in the world.
I have an account with a broker in my country. Can I transfer my U.S. securities to Firstrade?
Please ask your current broker if they participate in the ACAT, DTC or DWAC transfer systems. Many international brokerage firms may have affiliations with a domestic U.S. transfer agent. If that is the case, we can accept the securities transfer.
Can I trade on international exchanges such as the Toronto Stock Exchange, London Stock Exchange etc?
No, not at this time. We currently handle securities listed on the U.S. Markets/U.S. Exchanges only.
I mailed in my documents already. How can I check if they were received and successfully processed?
Please give us a call or send us an e-mail. Our representatives will gladly assist you.
How do I withdraw funds?
The preferred method for international customers is by wire transfer. There is a fee of $30.00/domestic or $35.00/international wire request.
Another method would be to request a check withdrawal. Firstrade does not charge a fee for check requests. However, please check with your local bank for their clearing procedures and fees for U.S. Dollar checks that clear through a U.S. bank.
Due to the time zone differences, I do not always have time to stay up in the evening to watch the markets. Can I place an order for consideration for the following day?
Yes. You can enter the order during closed market hours. When regular trading hours resume the following day, your order will be submitted to the market for consideration.
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No Volume Requirements |
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No Postage or Handling Fees |
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No Inactivity Account Fees |
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No Annual, Setup or Termination Fees for IRA |
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No Account Use, Connection or Access Fees |
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No Account Maintenance Fees |
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