Opening a trading account with us is easy. However, if you happen to be a non-US citizen or resident, the process may take a little longer.
In 2001, the rules changed for any business conducted between a US entity and non-US residents. Some countries were no longer allowed, and the requirements for “due diligence” and “Know Your Client (KYC)” were expanded. The gist of the law is that every broker-dealer needs to make a reasonable effort to understand who their client is. The broker-dealer is required to keep “essential facts” on each client and those authorized to transact on their behalf.
We could list the countries where residents are welcome to open an account with us, but it’s more efficient to list the ones that are not currently allowed. The list includes:
- Afghanistan
- Australia
- Belarus
- Burkina Faso
- Benin
- Burundi
- Cambodia
- Cameroon
- Canada
- Central African Republic
- Chad
- China
- Comoros
- Congo, Democratic Republic of the
- Congo, Republic of the
- Cuba
- Côte d’Ivoire
- Djibouti
- Eritrea
- Ethiopia
- The Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Haiti
- Honduras
- Iran
- Iraq
- Kenya
- Kiribati
- Kyrgyzstan
- Lebanon
- Lesotho
- Liberia
- Libya
- Mali
- Malawi
- Mozambique
- Myanmar (Burma)
- Nauru
- Nicaragua
- Niger
- North Korea
- Pakistan
- Russia
- Rwanda
- Sao Tome and Principe
- Sierra Leone
- Solomon Islands
- Somalia
- Sudan
- Sudan, South
- Syria
- Tajikistan
- Taiwan
- Tanzania
- Tonga
- Togo
- Uganda
- Ukraine
- Venezuela
- Yemen
- Zambia
- Zimbabwe
The due diligence process, which is essentially an identity check, is conducted by us. Once the identity of a foreign citizen has been confirmed and cleared, their account will be approved.
So be aware that it may take longer to have your account set up if you are a resident of a foreign country. Please be patient with us as we go through this process, and feel free to contact us if you have any questions. We’ll be happy to help get you started!
