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TD Ameritrade for Non-US Citizens
Did you know that TD Ameritrade permits other countries residents besides Americans to open accounts? Yes, it’s true, at least in some cases. This article will give all the details you need to know and show you how to open an account if you’re inside or outside of the United States.
TD Ameritrade Countries List
TD Ameritrade has a long list of countries that are eligible to open individual and joint accounts. Although the list is too long to publish in its entirety, here are a few examples:
- Albania
- Bahamas
- Canada
- China
- Cuba
- Egypt
- Iran
- Thailand
- United Kingdom
- Vatican City
Almost every country on Earth is on the list. One of the few countries we didn’t see was North Korea.
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Eligible Accounts
Like the list of eligible nationalities, the list of accounts they can open is very long. They can open a variety of IRAs, business accounts, and individual and joint taxable accounts. Examples include:
- UTMA/UGMA accounts
- Joint tenants with rights of survivorship
- Minor Roth IRA
- Profit-sharing plan for small business
- Corporate account
Opening an Account
To open an account from overseas, just point your browser to the TD Ameritrade application form. In the top-right corner, you’ll see a link for Open New Account. Click on this to get started.
On the page that follows you see all of the accounts the broker-dealer offers in the left-hand menu. They are grouped into categories, such as Joint/Minor, Education Savings, and Business/Trust. Besides English, the page can also be displayed in Chinese. The link for this is in the upper-left corner of the page.
If you’re unsure of which account you want to open, TD Ameritrade provides another link to the right of the column. Entitled Not sure? Find an account, this tool will lead you step-by-step through a series of questions to help you make a decision.
The account selector tool asks a series of questions, such as:
- What will you use this account for?
- How do you want to manage your account?
- Who is the account for?
Answers are pre-installed; you just need to select one and the tool will move to the next question. At the end, the software will suggest an account. You can accept it or go back and change some of your answers. If you select the recommended account, it will be time to click on the green Open account button.
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Filling Out the Application
When filling out the online application, you may be asked if you’re a U.S. citizen, resident alien, or permanent resident of the U.S. If you select no, you can still open an account. Not all account applications ask this question. For example, the application for a business partnership account does, but the individual brokerage account application does not.
Besides typical details like name and phone number, you’ll also need to specify your country from a drop-down list. When specifying a foreign country, you’ll need to include the city. Postal code and province are optional. You will also need a foreign tax ID number and/or visa number.
If you already have login credentials with TD Ameritrade, you can have many of your particulars automatically filled in the online application. Just click on the Log in and prefill my application button in the middle of the online application.
If you prefer to submit your application the old-fashioned way, you do have some alternatives. At the bottom of the screen, there is a link that says Download an application instead. Just click on this and you’ll get three options:
1. Download. With this option, you can download some pdf forms, fill them out, and snail mail them back in. Be sure to use the address for new accounts:
TD Ameritrade
PO Box 2760
Omaha, NE 68103-2760
Alternatively, you can also fax your completed form to the broker at 866-468-6268.
2. Email. TD Ameritrade will email the forms to you.
3. Postal mail. You will receive a packet through the mail. This option takes the longest amount of time.
On top of all of your personal information, you may also be asked for a copy of your passport and a bank or brokerage statement (which needs to be in English). If you don’t have a statement from a financial institution, you may be able to submit a utility bill in lieu of the financial account statement. The utility bill will also need to be in English or notarized by a certified translator.
TD Ameritrade may also request a Form W-8BEN. The broker would use this form to calculate any tax withholding it needs to do.
Some Countries Will Be Redirected
Some nationalities will be redirected to non-US TD Ameritrade sites. For example, if you select Thailand as your country of residence, you will get the following pop-up message:
To open an account, you must leave the TD Ameritrade U.S. website and be directed to TD Ameritrade Singapore. TD Ameritrade, Inc. is the executing broker in the U.S. for TD Ameritrade Singapore Pte. Ltd.
Following the link, you will get the Singaporean TD Ameritrade site. During our research, we found the following TD Ameritrade international websites:
- TD Ameritrade Taiwan
- TD Ameritrade Hong Kong
- TD Ameritrade Singapore
- TD Ameritrade Canada
- TD Ameritrade China
Residents of Canada, Singapore, Malaysia, Thailand, Taiwan, Hong Kong, or China cannot use the U.S.-based TD Ameritrade website. Instead, they must use the appropriate foreign TD Ameritrade site.
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Alternative for Europeans
For a European brokerage company that provides access to U.S., EU, and Asian markets, we recommend a broker called
DEGIRO.
This is one of the largest trading firms in Europe.
Along with low fees, you get access to more than 50 exchanges across 30 countries.
Read DEGIRO Review.
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Open DEGIRO Account
Overview of ZacksTrade vs TD Ameritrade
If you’re an active trader of stocks or options, you really have to consider Zacks Trade and thinkorswim from TD Ameritrade. Good software tools await, although there are some notable differences. This article will help you pick the right broker.
Desktop Platforms
Zacks Trade’s desktop platform is aptly named Zacks Trade Pro. The software delivers some really fantastic tools, one of which is professional-level charting. During our test drive, we found several drawing tools, roughly 100 technical indicators, and the ability to save a graph as a template. Also available is right-click trading.
The order ticket on Pro incorporates many sophisticated features, including direct-access routing and several advanced order types. These include snap, adaptive, and on-the-close.
TD Ameritrade’s thinkorswim platform has a lot of the same features. Its highly developed charting program offers drawing tools, right-click trading, and the ability to save a graph. It was easier for us to find multiple display styles and to adjust the timeframe compared to Zacks Trade’s software. thinkorswim also delivers around 400 technical studies.
Moving to the order ticket, we find direct-access routing and several advanced choices, such as trailing, on-the-close, blast all, and order cancels others.
thinkorswim is the victor of the opening category.
Websites
Zacks Trade customers can use a client portal that offers simple order entry and account management. We found tools for portfolio analysis, deposits and withdrawals, setting up margin preferences, and downloading statements.
Although thinkorswim isn’t a website, we can take a look at TD Ameritrade’s site. It offers much more than Zacks Trade’s client portal. For example, there is a trade bar that is able to quickly send orders to the major exchanges. In addition to the basic account management that Zacks Trade’s site offers, TD Ameritrade’s site offers high-level investment research.
Zacks Trade loses again.
Mobile Apps
Zacks Trade offers a very good mobile app with several great features, not least of which is an advanced order ticket. It provides market-if-touched, relative, trailing, and on-the-close orders. More advanced options such as brackets, a wheel order entry system, and a profit taker are available.
Charting on the Zacks mobile app offers three graph styles, up to five years of price data, and about 40 technical studies. Horizontal mode can be used as well. Other great features include alerts, a watchlist, and iBot, a pretty good artificial intelligence.
TD Ameritrade offers thinkorswim in mobile version, and somehow manages to include the same 400 technical studies. This is the largest selection on any mobile system we have seen. Other charting features include up to 10 years of pricing data and several drawing tools, including regression lines and Fibonacci retracements.
The thinkorswim order ticket delivers advanced orders, multiple duration choices, and the ability to send an order at a specific time. Other features on the app include an economic calendar and alerts.
We’ll call it a tie here.
Extended-Hours Trading
Zacks Trade offers extended hours, pushing the total trading session from 4 o’clock in the morning until 8 o’clock in the evening, EST. thinkorswim has a pre-market session that lasts from 8:00 until 9:15; and an after-hours period that goes from 4:15 until 8:00.
Zacks Trade provides more hours and so wins the category.
Level II Quotes
On thinkorswim, a Level II window can be added to the platform (it’s not included by default). A similar layout exists on Zacks Trade Pro. The window needs to be added, but it’s there, just as on thinkorswim.
Pretty even here.
Margin
It’s possible to use margin at either brokerage firm. Zacks Trade Pro displays initial and maintenance figures for individual securities. The broker follows Reg T requirements (50% initial margin and 25% maintenance). Accounts with at least $110,000 can get up to 6:1 leverage. TD Ameritrade has a higher maintenance margin figure of 30%; and it doesn’t offer 6:1 leverage.
We like Zacks better here.
Option Tools
Option contracts can be traded at either brokerage firm. Zacks Trade’s browser platform offers direct-access routing and multi-leg strategies. Pro delivers the same features plus several very sophisticated option tools and the ability to add a stock leg to an order.
thinkorswim has an option scanner that can look for contracts based on several criteria, including Greek values. The mobile platform offers direct-access routing. Some multi-leg strategies are available on the desktop, and it’s possible to create your own on the mobile app.
This category is awarded to Zacks because we found its tools easier to use.
Financial Education and Research
Zacks Trade Pro offers tremendous researching power. We found an economic calendar, time & sales data, advanced stock and bond scanners (including foreign markets), analyst research, news articles, and professional-level option search tools. Missing on the platform is live streaming of financial video news.
On thinkorswim, we did find video news (courtesy of CNBC and TD Ameritrade’s own video channel). The platform also delivers stock and option search tools, an economic calendar, a backtesting tool, and several heat maps.
Overall, it’s pretty even here.
Other Services
Both Zacks and TD Ameritrade offer Dividend Reinvestment Programs. Zacks Trade charges for the service, whereas TD Ameritrade doesn’t.
Both companies in our survey also have IRA’s. TD Ameritrade customers can open a SIMPLE IRA, which Zacks Trade doesn’t offer.
TD Ameritrade offers automatic investing for mutual funds, but Zacks Trade does not.
Zacks Trade has a browser platform in addition to its desktop software and client portal. TD Ameritrade has retired its browser platform.
TD Ameritrade seems to have the edge in this category.
Our Recommendations
New traders should go with TD Ameritrade and thinkorswim. Long-term investors, mutual fund traders, and retirement savers should do the same.
For stock, option, and ETF trading, it’s not so easy. Zacks Trade has a commission schedule that is best used with trades that have a small number of shares or contracts; whereas TD Ameritrade would be better for trades with a large number.
Promotions
ZacksTrade:
Get margin rate as low as 8.58%.
TD Ameritrade: $0 commissions + transfer fee reimbursement.
Judgement
thinkorswim and Zacks Trade offer a lot of trading power. With this article, you should be able to choose the best broker for your
trading needs.
Updated on 8/10/2023.
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 Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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