Online stock trading donot allow Canadians in US

[skoper]

Has anyone been able to open an account with an online discount brokerage? Ive talked with Trade King all morning. They do not want to open an account for me because I am a Canadian citizen, even though I am a US resident, pay US taxes, and have an SSN. They cite a paragraph which simply mentions residents of certain countries, including Canada, not citizens. Nonetheless, they ask for cititizenship on the application and if Canada is entered, they will deny the application. First Trade has given me conflicting answers - I may try with them but they also ask for citizenship so it may be a waste of my time. Would like to hear what others have found..

[Junoon123]

While travelling to the US my brother in law opened a online trading account i think back in 99? they opened it he didn't needed a social security. I don't recall what it the account is called but in his case if he made a profit around 30% was deducted in taxes on the spot
100$ trade 30$ profile 10$ in taxes

[agnelson]

I've opened over the years (before and after 9/11, and before and after getting GC) accounts with e-trade, TDW, sharebuilder, datek, vanguard and fidelity without problem.

[Junoon123]

Just spoke with two of my colleagues both Canadians in the US didn't had a problem opening a TD Ameritrade account.

Actually one of them have a Ameritrade and is in process to open a Scottstrade account as well. I guess they never mentioned they are Canadian Citizen.

[skoper]

Hi there, just wondering if anyone else has experience with this? On the Scottrade and Tradeking applications they explicitly ask what citizenship you are, so it seems difficult to circumvent without outright lieing

[agnelson]

Cdn residents are not supposed to have a non-retirement trading account in US, and vice versa.

Cdns living in US can have such an account. One would send a W-9 to prove you are allowed.

You might not be able to set up the account on-line however. But once its up, you are fine.