To buy and sell U.S. stocks, you need two prerequisites: opening a U.S. stock account; and having U.S. dollars in the account. Generally speaking, a U.S. stock account is just a securities account, and you also need to have an overseas bank account to transfer U.S. dollars (some bank accounts also directly provide U.S. stock accounts).
How to open a US stock account?
1. Choose a brokerage
The U.S. stock brokerages commonly used by Chinese people include E-trade, Scottrade, Firstrade, Interactive Brokers (Interactive Brokers), etc. You can also trade U.S. stocks through financial institutions in Hong Kong, such as CMB International, Bank of China, HSBC, etc., all of which provide U.S. stock trading functions.
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Commission: Several U.S. stock brokerages above all provide online transactions, with different transaction fees. U.S. stock trading commissions are different from those in China and are set by individual brokerages.
Minimum capital requirements: Different securities companies have different minimum capital requirements for opening an account. From US$500 to US$10,000, please refer to the introduction of each brokerage.
Margin account and day trading account: In addition to meeting the minimum capital requirements, brokers (or the SEC) also have capital limit requirements for margin accounts and day trading accounts. Generally speaking, as long as the capital is higher than 25,000 US dollars, it can be satisfied.
2. Open an account online
If you cannot visit overseas in person, you can complete the account opening operation through the Internet. Most brokerages provide online account opening functions, and have callback phone services specifically for Mandarin users. The documents required to open an account include:
(1) Account opening application form;
(2) Tax-free form (tax-free form filled out by non-U.S. residents. Your U.S. stock gains can be tax-free in the U.S. ; One of the documents of name and address, such as credit card monthly statement, mobile phone/telephone monthly statement, water or electricity bill or property management bill, etc.;
Fill out the above form and prepare relevant information After that, you first need to fax or scan it to the account opening number or email address designated by the brokerage. After it is approved, the original copy will be mailed to Hong Kong, China or the United States. After the brokerage reviews it and it is correct, it will contact you to open your U.S. stock securities account.
3. Method of transferring funds
(1) If you have a bank account overseas, you can transfer it from this bank account to a securities account. If you do not have an overseas bank account, you need to contact the brokerage company to resolve the transfer problem.
(2) If you need to use domestic RMB to buy US stocks, then you need to go to the bank to buy foreign exchange. There is a quota limit on the purchase of foreign exchange, and each person is limited to 50,000 US dollars per year.
Notes:
1. The trading hours are longer, ranging from 9:30 a.m. to 4 p.m. Eastern Time in the United States, which is 10:30 p.m. to 5 a.m. Beijing time. Because the United States has daylight saving time, the trading time in summer will be one hour earlier than in winter. , from 9:30 pm to 4 am Beijing time.
2． There are no price limits on U.S. stocks.
3. There are risks in online trading.
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