Australian (ASX) Stock Market Forum

Can USA citizen trade on ASX with Aussie broker?

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I pay Chas Schwab way too much to buy ASX stocks...is there a legal way to open an account w an Aussie brokerage and trade directly?
 
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Re: Can USA citizen trade on ASX w aus brkr?

Yep, fly to Australia.
Open a bank account (within 14 days of arrival you don't need any proof of address) and open a broking account.
You'd need a residential address (maybe a friends?) then when you go back just notify your broker of your new postal address. (They will still require an Australian residential address even if you don't live there???)

I think it's legal:)
 
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to open a bank account,they need 100 points ID document. Passport will account for 70 points. how can American citizen get the other 30 points document? i.e. Bills from water company, gas company, etc, medicare card, students card, Australian credit card etc?
 

YELNATS

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to open a bank account,they need 100 points ID document. Passport will account for 70 points. how can American citizen get the other 30 points document? i.e. Bills from water company, gas company, etc, medicare card, students card, Australian credit card etc?
Drivers licence counts as 40 points, with passport = 110 points.
 

doctorj

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how can American citizen get the other 30 points document?
From memory an overseas drivers licence is worth 25. Credit card will get you another 25.

Passport + credit card + foreign d/l = 120 points
 
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to open a bank account,they need 100 points ID document. Passport will account for 70 points. how can American citizen get the other 30 points document? i.e. Bills from water company, gas company, etc, medicare card, students card, Australian credit card etc?
Other points can come from OS credit cards or ID cards with their name on in english. If you are a new arrival withing 14 days or 10 business days (forget exact number) then you don't have to show any bills addressed to you in OZ because it would be impossible to do so in such a short time. After the 10-14 days you must show a bill or similar addressed to you in Australia.
I've done this myself for my wife who wasn't a resident at the time and I get all my students that I send to Australia to do the same in their first week.
 
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Open a CFD trading account with www.cmcmarkets.com.au and buy them? All you need to do is convert your currency, which they'll do for you automatically.

lol since when did you need to fly over to own shares of other countries..
 
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lol since when did you need to fly over to own shares of other countries..
You don't need to fly anywhere to own shares but usually you have to be present when opening a bank account so that you can link it to your broking account.
If there is another easier way around it, I'd love to know because I want to open a bank & broking account for my sister in law.
 
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The reverse question is something I have wondered about - what is the best way to trade overseas shares? Commsec appear to charge a small fortune for trading overseas markets.

This is an area where globalisation is failing - it should be just as easy to trade any market in the world as it is to trade your home markets.
 
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Stevo,

I trade the US market via Interactive Brokers. Extremely low brokerage fees and and an excellent trading platform.

Regards
 
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zgary,

you can join Interactive Brokers in the US and trade the ASX market:cool:

no need to open a seperate bank account in Australia
 
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yep, IB is also in the United Kingdom:)
thanks guys

OMG..the application process like applying for the CIA (Not that I ever have!)

Questions such as:

"Do you consent to us sending your information around the world?"

I quit after they asked for my inside leg measurement. Will reattempt after a few rums
:coffee:
 
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Re: Can USA citizen trade on ASX w aus brkr?

Yep, fly to Australia.
Open a bank account (within 14 days of arrival you don't need any proof of address) and open a broking account.
You'd need a residential address (maybe a friends?) then when you go back just notify your broker of your new postal address. (They will still require an Australian residential address even if you don't live there???)

I think it's legal:)
Isn't it part of the broker application process, that an applicant confirm that they are an Australian resident for tax purposes?:confused:
 
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US residents can't open CFD's due to the wire fraud laws (I think)

A new arrival in Australia (8weeks if i remember correctly) can open an account with just passport.

O/S drivers licence is 25 points
Credit card is also 25 points
 
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Originally Posted by Pommiegranite
Anybody trading the ASX from the UK?

Anyone know how?

Cheers
TD Waterhouse offer phone-only trading of ASX stocks, but by March 2008 hope to have it online as well. Last year they converted most of the European markets from phone only to online trading. Sucden also offer the ASX (online).
 
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This is an old thread but i thought i'd add my 2 cents here.

I'm an Australian citizen however my country of residency is Germany
and I trade CFDs with an Australian CFD Broker.

A non-Australian resident can open a CFD or bank account
in Australia however you will need to do the ID check.
This is however possible without entering the country.
Westpac or any other bank will let non-residents open
accounts however the ID check in your own country
can be complicated i.e. letter from bank manager,
or Tax Accountant/Lawyer.

On a taxation level there is a considerable advantage
to openning the account in Australia (with a non-Australian address)
and trading from this account. The Howard government introduced
the Tax Laws Amendment (2006 Measures No. 4) Bill 2006.
Basically, foreign investors that trade Australia shares
are not required to pay the Australian Capital Gains Tax.

More here:

Australia: tax-free for foreigners
http://www.smh.com.au/business/australia-taxfree-for-foreigners-20091116-ihf7.html

or

What the hell were we allowing the foreign equity fund owners of Myer et
al to do?
http://petermartin.blogspot.com/2009/11/what-hell-were-we-allowing-foreign.html

As to the specific question about American citizens,
as I understand the issue US Brokers are not permitted
to offer CFDs, due to regulation there
(more here http://en.wikipedia.org/wiki/Contract_for_difference)
however that would not necessarily restrict US citizens
from trading CFDs with a non-US broker.
Guess one would need to speak to a US lawyer
to clarify that.
 
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