Merrill Edge for Non-U.S. International Residents in 2022

U.S. Brokers For Non-U.S. Residents

Because of laws and regulations introduced in the recent years, it became increasingly difficult for U.S. brokerage firms to maintain international investors who are non-U.S. citizens or residents. That's the reason American brokerage companies don't accept new account applications from non-U.S. residents.

Merrill Edge is one of the companies that do not accept account applications from non-U.S. residents aliens (including EU citizens and expats).

Fortunately, there is a U.S. brokerage firm that welcomes international investors - Zackstrade. The company has some of the lowest margin rates in the industry, offers a professional trading platform, and access to 91 exchanges around the world. Learn more about the company in the 2022 Zackstrade Review.

Open Zackstrade Account

Open ZacksTrade Account

For a European brokerage firm, we suggest a company called DEGIRO, one of the largest brokers in Europe. Along with low fees, you get access to more than 50 exchanges across 30 countries.

Open DEGIRO Account

Open DEGIRO Account

Is Zackstrade Legitimate?

If you have any concerns about the safety and reliability of Zackstrade, keep reading. We’re going to go through this company top to bottom and let you know all the details of whether Zackstrade is a legitimate broker.

Is Zackstrade Safe?

Zackstrade is a safe broker. Of course, if you invest your money in securities, there is always the risk that your principal can go down. So Zackstrade is only as safe as all of the other brokerage firms out there.

Say, for example, you deposit $5,000 in your Zackstrade account and then purchase $5,000 worth of Facebook stock. Because Zackstrade is a trustworthy broker, you can be confident the brokerage has actually completed the purchase for you and hasn’t stolen your money. However, Facebook stock, like any other equity, could go down in price; and this would reduce your $5,000 investment. There are always risks in the stock market, and no brokerage firm can avoid these.

Does Zackstrade Protect My Privacy?

In addition to the integrity of Zackstrade, there are also technological safeguards that the broker has implemented. For example, the Zackstrade gives all clients a security code device that creates a single-use number that has to be entered at every login. Some traders may consider this overkill and somewhat of a nuisance. If you happen to be one of them, Zackstrade will let you use a mobile app that produces a unique, random number to serve the same purpose. In either case, you have to have this number in addition to your regular password and user ID.

There are other safety features available. For instance, the broker’s desktop platform, Zackstrade Pro, is able to permit logins only from certain IP addresses. After a specific number of failed login attempts, Zackstrade will lock an account. The broker uses 128-bit SSL encryption anytime you do login.

Zackstrade has a fraud detection team that uses advanced software to monitor accounts and look for any suspicious activity.

IBKR Lite Stocks Trading Review

Is Zackstrade FDIC/SIPC Insured?

Zackstrade is not a bank. Therefore, it does not offer any FDIC insurance. It is a broker-dealer, and it does offer SIPC coverage. This protects each account up to a maximum of $500,000, of which $250,000 can be applied to cash balances.

One great policy we really liked about Zackstrade is that it offers supplemental insurance beyond SIPC protection. Not all brokerage houses do this. Zackstrade has partnered with Lloyd’s of London to provide an extra $30 million of coverage for each account, with a total brokerage limit of $150 million. This means that your own individual account would have an absolute maximum coverage of $30 million, but Lloyd’s wouldn’t cover more than $150 million across all Zackstrade accounts.

Merrill Edge For Foreign Citizens Summary

In conclusion, if you are a non-US investor (and don’t hold a U.S. visa) you cannot currently open an account with Merrill Edge. Firstrade and Zackstrade are two popular U.S. brokers with comparable offerings that offer international accounts to citizens of most countries.

Open Zackstrade Account

Open ZacksTrade Account

About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for, Chad can usually be found managing his portfolio or building a new home computer.