Online Brokerages

[Digitalbanana]

Online Brokerages – Any expats trading US markets from Thailand?

I am curious what other expats living in Thailand use with regards online brokerages, trading and investing. What services do you find easiest to use as an expat living in a foreign country and which markets do you trade on? I myself have traded just the US stock exchange as this has always seemed easiest and cheapest to operate and I have most access to market news by TV, Internet etc.

I am a UK expat, with a mailing address in Thailand and I have been using Citi Investment Services until 30June based in New York to trade but since they were taken over by Smith Barney the online per trade rate has risen. E.g buying 10,000USD of stock cost 24.95$ before 30June and now it would cost over 600$. I can make the same trade on E-Trade for 9.95$ so now I only use E-Trade as the Smith Barney rates seem ludicrous. However, with the current market conditions in the US, failing banks etc, I am reluctant to put all my eggs in one E-Trade basket.

Both Citi and E-trade accept me as members for their USA based service with just a Thai mailing addresses and W-8BEN foreign status forms. I am only familiar with these two companies offering such to foreign expats and was wondering what others may use to invest or trade their savings with?

Edited July 16, 2008 by Digitalbanana

[engrin]

www.scottrade.com

[lannarebirth]

interactivebrokers.com is the best global brokerage I've ever run across. They're going nuts on security features at present however and I've been having to corresond with them far more than I'd like.

[Digitalbanana]

www.scottrade.com

Appreciate the answer, but might I refine my question further for clarity and say online brokerages in the US for non US citizens living outside the US? I'm a Brit living in Thailand. Scotrade fails on their home page (Open An Account) link by immediately asking for an address in the USA?

[engrin]

chinese.scottrade.com/

I opened an account with Scottrade while i was living in Taiwan. (Will work if you have a non US address). But it wont work for Thailand, I don't think. You might want to try though....It does work for Hong Kong, Taiwan and a few other countries in Asia.

[Digitalbanana]

All, thanks for the ideas. The China Scottrade looks difficult, as the site is all Chinese language, not my native tongue, so I guess Scottrade is no use.

The Interactive Brokers looks promising, but I cannot get a registration cert off their web site to my email account maybe becuase I have to go through proxy onto net from work site (where I am stuck for 3 weeks more!)... have sent them an email to see if this is reason and no answer so far.

Cheers

[wintermute]

I use thinkorswim and they have by far one of the best standalone software packages for a broker. They specialize in options trading but it is great for just about everything. Highly recommended and they often bring in professionals into their chatrooms to talk about various technical trading methods.

[PCA]

I use thinkorswim and they have by far one of the best standalone software packages for a broker. They specialize in options trading but it is great for just about everything. Highly recommended and they often bring in professionals into their chatrooms to talk about various technical trading methods.

absolutely, TOS and/or IB is all you need.

[Digitalbanana]

I use thinkorswim and they have by far one of the best standalone software packages for a broker. They specialize in options trading but it is great for just about everything. Highly recommended and they often bring in professionals into their chatrooms to talk about various technical trading methods.

absolutely, TOS and/or IB is all you need.

Excellent ideas guys.. I've already signed up with IB today... so very easy.... looks just what I need...cheers

[awakened]

Thinkorswim. Fantastic software. Great customer support. An online and offline package. Margin available and voted best online broker last time I checked. Trades as low as $5.

[teej]

Lanna, PCA, you two recommend InteractiveBrokers? I've been searching for a new brokerage, but I've come across some unfavorable reviews of IB. You guys give it the thumbs up, though?

I'm assuming you can trade all markets? I'm mostly interested in the Hang Seng equity, futures, and warrant markets only. Currencies, possible.

Any idea on the commission structure for size trades? What would be commissions for a single 250K USD equity fill-or-kill trade, for instance? Ballpark is ok.

[lannarebirth]

Lanna, PCA, you two recommend InteractiveBrokers? I've been searching for a new brokerage, but I've come across some unfavorable reviews of IB. You guys give it the thumbs up, though?

I'm assuming you can trade all markets? I'm mostly interested in the Hang Seng equity, futures, and warrant markets only. Currencies, possible.

Any idea on the commission structure for size trades? What would be commissions for a single 250K USD equity fill-or-kill trade, for instance? Ballpark is ok.

I've been with IB for 5 years and I think it's the best brokerage going. Their fees are very good and executions instantaneous. I only trade shares as a core position so can't be of much help there. I trade options rarely, but executions are good. I trade front month index futures almost exclusively and I've been more than pleased with their fees and service in that regard. Their charting is pretty primitive so you'll need an Esignal or Tradestation service for that. For HK you'll also need to purchase the data feed.

The past few months I've had a few issues with IB owing to their drastically upping security measures and the fact that I never told them I live overseas. The fact that you lve abroad is a non issue but it's a hassle if you have to chamge your resident status, so be upfront about that from the start.

http://individuals.interactivebrokers.com/...p?ib_entity=llc

[teej]

Many thanks Lanna. I will check it out.

Digitalbanana: you signed up today, how was/is it? What is the method of money transfer to open the account? (sorry, I haven't looked at the site yet)

[PCA]

Lanna, PCA, you two recommend InteractiveBrokers? I've been searching for a new brokerage, but I've come across some unfavorable reviews of IB. You guys give it the thumbs up, though?

I'm assuming you can trade all markets? I'm mostly interested in the Hang Seng equity, futures, and warrant markets only. Currencies, possible.

Any idea on the commission structure for size trades? What would be commissions for a single 250K USD equity fill-or-kill trade, for instance? Ballpark is ok.

IB charges per share for example 100 shares is 1$ commission, 1000 is 5$. I have been using them more than 10 years but like TOS better tough its a bit more expensive.

IB fees and offered markets you better lock up at their website. If you do a lot of size you can negotiate fees down. Customer support is not the best but if you know what you are doing you should be fine at IB.

[Digitalbanana]

Many thanks Lanna. I will check it out.

Digitalbanana: you signed up today, how was/is it? What is the method of money transfer to open the account? (sorry, I haven't looked at the site yet)

Sign up was very easy and entirely web based all done within one day (you need about one hour to answer all online questions - but my net access is slow where I am using VSAT). No papers to mail or ID's to post, just emailed scans in PDF will do. They now allow 45 days to make a deposit or I will have to sign up again.

Until I send money (min 10,000USD) I cannot see the trading web pages I think or see what service is like at all. I also need to be sure how the wire money back out works... this isn't my real line of work, so need to look at this within 45 days to make full comment.

I am still using E-Trade US and very pleased with that.

I will also try Thinkorswim when I get time.

Edited July 18, 2008 by Digitalbanana

[Lefty]

www.scottrade.com

Appreciate the answer, but might I refine my question further for clarity and say online brokerages in the US for non US citizens living outside the US? I'm a Brit living in Thailand. Scotrade fails on their home page (Open An Account) link by immediately asking for an address in the USA?

u.s. citizen in Thailand and have account with TDAmeritrade in wifes Thai name with Thai address. file w8ben. no problems.

Lefty

[Trollster]

I have been using E-trade and TD Waterhouse for last 5 years. Spent most of that time in Thailand and was never any issues in that regard. As far as service I would say that they are average at best and I have had issues with both brokers. best I ever had was Ameritrade but they were bought out by TD. They are all consolidating it seems - my E-trade in Canada just bought by Bank of Nova Scotia. I am a Canadian citizen.

[Chuks]

I travel to a lot of countries including some in Africa. I am still able to trade stocks, options and futures using my accounts at Optionsxpress, IB and thinkorswim wherever there is internet access. I try to avoid using web or browser-based trading software. IB and TOS have excellent workstation-based software for you to use.

The only problem with TOS is that one cannot trade many European listed futures products like the DAX, CAC40 and FTSE through them while IB does allow you to trade them. The commissions from all 3 are very reasonable though they seem sometimes different for accounts that do not have US addresses especially for optionsxpress.

[AsiaCheese]

TDAmeritrade. With them for something like 8 years now, $9.99/trade regardless of volume/price. Good software (life tickers), very fast response to orders, trade triggers, all sorts of nice features.

Security: good. They introduced a "name-of-your-first-dog" type Q&A a while ago, which comes into play when you're using a different computer once in a while (or IP address in a different range? dunno). Last year, I had signed in just normally and was about to make a trade, when a message said that the account was suspended for trades and that I should contact their customer service [in the US]. They gave me a free AT&T number from Thailand (!!!) and we were on the phone for 30 minutes. They explained that I had been online from a suspect IP address (or an IP address in a suspect range), which translated to having gone to an Internet café in BKK for a quick check... Had to change login and password, and the account was re-enabled as we spoke. The customer service guy said that Thailand was in the top ranks for things like password sniffers etc. ... Never had a problem since, but then, I'm exclusively using ADSL from home...

[goatfarmer]

I used Boom in Hongkong. But dividends in the account are taxed at 30% (corporate rate) rather than the 15% rate available to Thai residents with other brokers. So I'm phasing out this account. Their execution speed is not so good for US.

I use tradingdirect based in New York. Their execution speed is good. They won't accept Australians for some reason. Brits are welcomed. Dividends are taxed at 15%.

I also use Schwab in Hongkong for US markets. Dividends taxed at 15%. Execution good.

Edited July 21, 2008 by goatfarmer

[lannarebirth]

I travel to a lot of countries including some in Africa. I am still able to trade stocks, options and futures using my accounts at Optionsxpress, IB and thinkorswim wherever there is internet access. I try to avoid using web or browser-based trading software. IB and TOS have excellent workstation-based software for you to use.

The only problem with TOS is that one cannot trade many European listed futures products like the DAX, CAC40 and FTSE through them while IB does allow you to trade them. The commissions from all 3 are very reasonable though they seem sometimes different for accounts that do not have US addresses especially for optionsxpress.

If you trade a lot of options, consider Regal's fees:

http://www.eregal.com/products-services.htm

[HappyT90]

You should check out Firstrade. They're much cheaper than Etrade or Ameritrade. Visit here for more information: http://www.firstrade.com/public/en_us/prod...ionalinvestors/.

[Straight8]

Choicetrader is another.

I am from Oz, and was about to open up an account with them.

They open account for international clients as well.

[seancbk]

All, thanks for the ideas. The China Scottrade looks difficult, as the site is all Chinese language, not my native tongue, so I guess Scottrade is no use.

The Interactive Brokers looks promising, but I cannot get a registration cert off their web site to my email account maybe becuase I have to go through proxy onto net from work site (where I am stuck for 3 weeks more!)... have sent them an email to see if this is reason and no answer so far.

Cheers

The application form on the Chinese Scott Trade Site is bilingual - http://chinese.scottrade.com/www/w8_apply.aspx

You may still need to have an address in Hong Kong to sign up. The nationality field is a pulldown with China, Hong Kong and Taiwan as the options.

I'm not sure if by Hong Kong they means resident or actually means nationality (I am a permanent HK resident but English not Chinese)