What documents do I need to open a brokerage account in USA?

Short Answer

To open a brokerage account in USA, you’ll need to provide your full name and driver's license, passport information, or information from other government-issued identification and some personal details including financial and tax identification information.

Detailed Answer

US-based online stock brokers mostly allow you to open a new account through their website or via their mobile application. With so many alternatives around, and the easy online account opening process, you simply have to follow few steps for opening a brokerage account.

How to set up a brokerage account USA?

To open a US brokerage account, keep in mind these 4 steps:

  1. Choose the sort of account you wish to open based on your financial objectives. Analyze your goals, you want to use the money for retirement or other purposes.
  1. If available, complete the online account opening application or go to a nearby branch to open the account in person.
  1. Using a bank transfer, cheque, or a transfer of assets from another brokerage firm, you can fund the account.
  1. Select the investments you'll make, such as ETFs or mutual funds.

Setting up your account comes next after choosing the finest brokerage company for you. There are various sorts of brokerage accounts, including joint owners or individual non-retirement accounts, individual retirement accounts, and even accounts for college (such as 529 accounts) or health savings (such as HSAs).

You must be aware of your investment goals in order to decide what kind of brokerage account to open. Know what you want your money for. What purpose do you have for the funds?

This will determine the kind of account you use, such as a Roth (individual retirement account), health savings account, or a general brokerage account, and it will alter how you see the brokerage fee structure.

With one significant exception, creating a brokerage account USA is comparable to opening a bank account.

In order to create an investor profile, you will be required to complete new account forms for brokerage accounts. These forms will ask you about your risk tolerance, investment objectives, time horizon, and level of financial understanding.

What documents are required to open a Brokerage Account in USA?

  • Your contact information
  • Social Security number or employer identification number,
  • Marital status,
  • Mother's name,
  • A financial statement outlining any assets or money you might want to transfer,
  • Information from your driver's license are also often required.

So, now that you know the pre-requisites of opening a brokerage account in The Unites States of America, are you heading towards investing or trading? Get all useful insights about it here. Feel free to ask any queries.

Tagged With: brokerage account usabrokerage accountus stock marketus stock exchangeus brokerage account
Categories: USA
Ask your query and our expert community would be happy to help
Discussion (0)
Related FAQs
How to invest in Indian Stock Market from USA?

There are various ways in which you can invest in Indian stock market from USA. Let's see how you can invest in Indian stocks from United States of America.

Which is the Best Broker to invest in US stocks from India?

INDmoney seems to be ranking high amongst best stock brokers to invest in US stocks from India. You can begin investing in US stocks by opening a commission-free account. Additionally, it provides a safe platform for investing in IPOs of US companies and offers a lot more features.

What is difference between Thinkorswim vs TD Ameritrade?

The primary difference between Thinkorswim and TD Ameritrade is that TD Ameritrade is an online US broker. Whereas Thinkorswim is an online trading platform powered by TD Ameritrade.

Is Thinkorswim free in USA?

TD Ameritrade doesn't charge any platform or data fees. It costs nothing to trade stocks and Exchange Traded Funds (ETFs). However, you can't consider Thinkorswim to be completely free in USA. A $0.65 per contract fee applies for options trades.

What happens when you sell US stocks in Canada?

When you sell US shares in Canada, you incur capital gains tax. Read more to know terms, conditions and exemptions when you sell US stocks in Canada.

Can I use TradingView for free?

TradingView offers a 30 days free trial. You can start with their Free Basic Plan to explore this interesting trading platform. In fact, TradingView is a high-end data analysis software, it's understandable even if it charges for its premium features.

What is better than TradingView?

TradingView is a web-based stock picker and screener designed for both novice and experienced brokers. It allows users to add different cloud-based charting methods of data analysis.

Can non-US citizens open a brokerage account with a US broker?

Non-U.S citizens cannot directly open an account with a U.S based broker as they would not possess the necessary documents, required to open an account with a U.S broker. But there are many U.S based international brokers like 'Interactive Brokers', etc, who allow users from multiple countries to open an account with them. Using that account you can easily gain access to the U.S markets.

Can you trade stocks using Investing.com?

Although you cannot buy and sell actual stocks using Investing.com, you can sign in and create a demo account where you can buy build portfolios, and trade stocks in a virtual manner. There will be no real money involved but you can practice and gain skills before you start with actual money.

How many stock exchanges are there in USA?

There are currently 13 US stock exchanges, 12 of which are run by Intercontinental Exchange Inc's ICE.N NYSE, Nasdaq Inc NDAQ.O, and Cboe Global Markets CBOE.Z. While IEX Group runs the only independent exchange.

Your finances on track

Select Country