How to open a US stock account?
1. Select a brokerage company.
China's commonly used U.S. stock brokers include E-Trade (Yichuang Securities), Scott (Scott Securities), Firstrade (First Financial Management) and Interactive Brokers (Yingtong Securities). You can also buy and sell US stocks through financial institutions in Hong Kong, such as CMB International, BOC and HSBC, which all provide the function of trading US stocks.
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Commission: All the above US stock brokers provide online trading, and the transaction fees are different. The commission for US stock trading is different from that in China, which is set by various brokers.
Minimum capital requirements: Different brokers have different minimum capital requirements for opening accounts. From $500 to $ 10000, please refer to the introduction of each broker.
Financing account and daily trading account: In addition to meeting the minimum capital requirements, brokers (or SEC) also have requirements on the amount of funds in financing accounts and daily trading accounts. Generally speaking, as long as the capital is higher than $25,000, it can be satisfied.
2. Open an account online
If you can't go overseas in person, you can open an account through the internet. The vast majority of brokers provide the function of online account opening, and there is also a callback service specifically for Mandarin users. The documents required for opening an account include:
(1) account opening application form;
(2) tax exemption form (tax exemption form filled out by non-US residents, and your US stock income can be tax-free in the United States);
(3) Identification document: a copy of a valid personal ID card or passport;
(4) Address certification documents: one of the documents containing the applicant's name and address in the last three months, such as credit card monthly statement, mobile phone/telephone monthly statement, water or electricity bill or property management fee bill, etc.
After filling in the above form and preparing relevant materials, you need to fax or scan the account or email address designated by the brokerage firm. After approval, you can mail the original to China, Hongkong or the United States. The brokerage firm will contact you to open your U.S. stock account after the review is correct.
3. Methods of transferring funds
(1) If you have a bank account overseas, you can transfer it from this bank account to a securities account. If there is no overseas bank account, you need to contact the brokerage firm to solve 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 limit to the purchase of foreign exchange, and each person buys 50 thousand dollars a year.
Precautions:
1. The trading time is long, from 9: 30 a.m. to 4: 00 p.m. Eastern Time, that is, from 10: 30 p.m. to 5: 00 a.m. Beijing time. Due to the implementation of daylight saving time in the United States, the trading hours in summer will be one hour earlier than in winter, from 9: 30 pm to 4: 00 am Beijing time.
2. There is no price limit for US stocks.
3. Online trading is risky.
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