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Investment platform for international trading info and advice please
OK, please be warned I know nothing at all about this subject, a big fat zero, but am relaying a question from the OH since we thought the international community might have some experience on this.
He is looking for a stock trading platform (not a broker, like Charles Schwab), that would allow him to buy and sell stocks (very modest amounts of money) himself and - the complicating bit - allow him to buy/sell US and UK (and possibly other?) stocks from either country. If it makes a difference, we are both currently full-time US residents, but hope to become full-time UK residents at some point in 2022. if I can make the gods and the planets behave. I am dual citizen, he is a British citizen, green-card-holding permanent US resident, we file joint taxes, and understand we are about to complicate our tax lives by changing countries. I have found an accountant to help with that bit. But we need info on the trading platform. Is there such a thing, and if so has anyone used one? Also, I'm guessing, but don't know, that there may also be some special requirement to allow non-residents (of either country) to buy and sell? Thanks for any help the hive mind can offer |
Re: Investment platform for international trading info and advice please
I use and recommend Tradestation. I am US LPR and UK Citizen, I trade in the US and am moving back to the UK where I wish to continue trading US stocks. I'll be expected to file a W8-BEN form to continue doing so once I become domiciled within the UK. Tradestation allow international addresses and also allow clients to be self managing of their tax affairs. i.e. They do not automatically withhold tax at 30% like some brokerages such as Fidelity do or used to. I don't think you can trade UK stocks but I can look them up. Otherwise, try the Interactive Brokers platform.
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Re: Investment platform for international trading info and advice please
Originally Posted by djsoul
(Post 13015095)
I use and recommend Tradestation. I am US LPR and UK Citizen, I trade in the US and am moving back to the UK where I wish to continue trading US stocks. I'll be expected to file a W8-BEN form to continue doing so once I become domiciled within the UK. Tradestation allow international addresses and also allow clients to be self managing of their tax affairs. i.e. They do not automatically withhold tax at 30% like some brokerages such as Fidelity do or used to. I don't think you can trade UK stocks but I can look them up. Otherwise, try the Interactive Brokers platform.
Thank you, very helpful. Once resident in the UK, would that mean that any investment income is reportable and tax payable in the US as well, for my non-US-citizen OH? I report for life, obv. |
Re: Investment platform for international trading info and advice please
Originally Posted by Lion in Winter
(Post 12992435)
OK, please be warned I know nothing at all about this subject, a big fat zero, but am relaying a question from the OH since we thought the international community might have some experience on this.
He is looking for a stock trading platform (not a broker, like Charles Schwab), that would allow him to buy and sell stocks (very modest amounts of money) himself and - the complicating bit - allow him to buy/sell US and UK (and possibly other?) stocks from either country. If it makes a difference, we are both currently full-time US residents, but hope to become full-time UK residents at some point in 2022. if I can make the gods and the planets behave. I am dual citizen, he is a British citizen, green-card-holding permanent US resident, we file joint taxes, and understand we are about to complicate our tax lives by changing countries. I have found an accountant to help with that bit. But we need info on the trading platform. Is there such a thing, and if so has anyone used one? Also, I'm guessing, but don't know, that there may also be some special requirement to allow non-residents (of either country) to buy and sell? Thanks for any help the hive mind can offer The sign up was a piece of cake and whilst it sometimes looks complicated there are loads of guides and they answered the phone to help when I got in a pickle. Note - registering in the US has more complicated items I believe as they're more grabby with tax, so signing up as a US citizen vs UK will be different, but they must have people who are in one and then change to another....might be worth a call. |
Re: Investment platform for international trading info and advice please
Originally Posted by Scamp
(Post 13054311)
I signed up with Interactive Brokers. Seems to be well recognised and used internationally. I buy ETFs (and the odd individual stock - the last being in the US), but can buy from most major stock exchanges I believe.
The sign up was a piece of cake and whilst it sometimes looks complicated there are loads of guides and they answered the phone to help when I got in a pickle. Note - registering in the US has more complicated items I believe as they're more grabby with tax, so signing up as a US citizen vs UK will be different, but they must have people who are in one and then change to another....might be worth a call. Thanks, will check them out. |
Re: Investment platform for international trading info and advice please
Just tell him it would be far easier to just trade Baseball Cards:lol::nod:
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Re: Investment platform for international trading info and advice please
Originally Posted by Sugarmooma
(Post 13054538)
Just tell him it would be far easier to just trade Baseball Cards:lol::nod:
The Little Lion, on the other hand, used to play Magic, The Gathering. He has some cards in never-played, mint condition that are apparently now selling for anything from $50 to $600. :blink: |
Re: Investment platform for international trading info and advice please
Originally Posted by Lion in Winter
(Post 13054596)
He knows even less about baseball than I do, and that's saying something.
The Little Lion, on the other hand, used to play Magic, The Gathering. He has some cards in never-played, mint condition that are apparently now selling for anything from $50 to $600. :blink: We have a wooden box full of Baseball cards that were given to my son by a guy that used to work with M. I have no idea if they are worth anything. When he finally visits II am going to get him to figure out if they are worth keeping. |
Re: Investment platform for international trading info and advice please
Originally Posted by Sugarmooma
(Post 13054634)
That could be a nice nest egg for LL!:thumbup:
We have a wooden box full of Baseball cards that were given to my son by a guy that used to work with M. I have no idea if they are worth anything. When he finally visits II am going to get him to figure out if they are worth keeping. https://waxpackgods.com/most-expensive-baseball-cards/ |
Re: Investment platform for international trading info and advice please
Originally Posted by Lion in Winter
(Post 12992435)
OK, please be warned I know nothing at all about this subject, a big fat zero, but am relaying a question from the OH since we thought the international community might have some experience on this.
He is looking for a stock trading platform (not a broker, like Charles Schwab), that would allow him to buy and sell stocks (very modest amounts of money) himself and - the complicating bit - allow him to buy/sell US and UK (and possibly other?) stocks from either country. If it makes a difference, we are both currently full-time US residents, but hope to become full-time UK residents at some point in 2022. if I can make the gods and the planets behave. I am dual citizen, he is a British citizen, green-card-holding permanent US resident, we file joint taxes, and understand we are about to complicate our tax lives by changing countries. I have found an accountant to help with that bit. But we need info on the trading platform. Is there such a thing, and if so has anyone used one? Also, I'm guessing, but don't know, that there may also be some special requirement to allow non-residents (of either country) to buy and sell? Thanks for any help the hive mind can offer The other issue with international brokerages is for you to determine who you would trust with your money. If they fold, how well is your money protected? Shares - prices and news on over 8,000 stocks and shares (hl.co.uk) |
Re: Investment platform for international trading info and advice please
Originally Posted by Johnboyuk
(Post 13057850)
Trading platforms are always owned and operated by an independent broker or a bank brokerage in a specific country. As far as I am aware, there is no such thing as a standalone trading account not attached to a bank or brokerage. These accounts are usually highly regulated in the country they are based so there is certain criteria to be met (such as residency) when opening an account. There are international brokerages and some will not accept US clients as part of an agreement with the US financial regulators. This is to prevent financial fraud and for every government to make sure it gets its share of the taxes due. Hargreaves Lansdown is the most popular brokerage in the UK but there are many others. As far as I am aware, all brokerages in the UK allow you to trade on international and US markets. Remember, when trading, there is considerable tax reporting involved for capital gains and dividend tax, etc. If you are living in the UK and using a UK brokerage, they will compile most of this information for you at the end of the tax year and issue you with a tax certificate. If you are using an overseas, brokerage, it may not be as simple. For starters, the tax year ending in the UK is different (05 April) to just about everywhere else in the World but you can blame the Romans and calendar reform across Europe for that.
The other issue with international brokerages is for you to determine who you would trust with your money. If they fold, how well is your money protected? Shares - prices and news on over 8,000 stocks and shares (hl.co.uk) Thank you, all interesting stuff. We currently have a tiny amount invested in individual stocks through Fidelity. OH and I will become UK residents again (after a very long time) next year, and I am a US citizen while he is only a green card holder. At least for the first year, we will pro tax people help us until we learn the ropes. |
Re: Investment platform for international trading info and advice please
Originally Posted by Lion in Winter
(Post 13058408)
Thank you, all interesting stuff. We currently have a tiny amount invested in individual stocks through Fidelity. OH and I will become UK residents again (after a very long time) next year, and I am a US citizen while he is only a green card holder. At least for the first year, we will pro tax people help us until we learn the ropes.
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Re: Investment platform for international trading info and advice please
Originally Posted by Lion in Winter
(Post 13058408)
Thank you, all interesting stuff. We currently have a tiny amount invested in individual stocks through Fidelity. OH and I will become UK residents again (after a very long time) next year, and I am a US citizen while he is only a green card holder. At least for the first year, we will pro tax people help us until we learn the ropes.
For the past five years I have been trading with interactive brokers from our Canadian home. For various unrelated reasons I have declared UK tax residency as of Jan 1 2022. However for the next few months we will be travelling outside the UK and Canada. This means I don’t have a Canadian or a UK address. Is there a way I can obtain a UK address so I can change my domicile to the UK with Interactive Brokers prior our physical arrival in in the UK in September. Feel free to PM me or answer in the forum. |
Re: Investment platform for international trading info and advice please
Originally Posted by calgarycarole
(Post 13092777)
Hi there. You obviously know the trading world well. I am a UK citizen - been living overseas for many years. Planing to arrive in the UK in September 2022 to retire and our goods have been shipped.
For the past five years I have been trading with interactive brokers from our Canadian home. For various unrelated reasons I have declared UK tax residency as of Jan 1 2022. However for the next few months we will be travelling outside the UK and Canada. This means I don’t have a Canadian or a UK address. Is there a way I can obtain a UK address so I can change my domicile to the UK with Interactive Brokers prior our physical arrival in in the UK in September. Feel free to PM me or answer in the forum. Whoa, no, sorry, I don't know the trading world well at all. Or tax arrangements. As for getting a UK address without being there, there are plenty of "virtual address" services out there, just google, but I have zero idea whether this is legal or otherwise advisable for what you want to do. Essentially, I am useless to you :o Someone who does know what they are talking about may be along though. |
Re: Investment platform for international trading info and advice please
Originally Posted by calgarycarole
(Post 13092777)
Hi there. You obviously know the trading world well. I am a UK citizen - been living overseas for many years. Planing to arrive in the UK in September 2022 to retire and our goods have been shipped.
For the past five years I have been trading with interactive brokers from our Canadian home. For various unrelated reasons I have declared UK tax residency as of Jan 1 2022. However for the next few months we will be travelling outside the UK and Canada. This means I don’t have a Canadian or a UK address. Is there a way I can obtain a UK address so I can change my domicile to the UK with Interactive Brokers prior our physical arrival in in the UK in September. Feel free to PM me or answer in the forum. |
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