Opening account at Charles Schwab for foreign residents, E.U. and non-U.S. citizens. Can investors from other countries use Charles Schwab without SSN?

If you are a foreign investor outside the U.S. who wants to take advantage of Charles Schwab’s services, you are in luck because the broker is currently accepting candidates from other countries. You can find application form and instructions here.

There is, however, a broker that offers $0 commission trading not just on stocks and ETFs like Schwab but also on all mutual funds and options. And the company is open to many foreign investors - Zackstrade.

Zackstrade Website

Open ZacksTrade Account

ZacksTrade Pricing

InvestmentsCommissions
Stocks and ETFs $0.01 per share with $1 minimum
Stocks and ETFs (less than $1 per share) 1% of trade value with $1 minimum
Options $1 for first contract + $0.75 per additional
Options exercise/assignment fee free
Mutual funds $27.50
Corporate and municipal bonds 0.1% * face value + $3 per bond if <= $10,000 face value; 0.025% * face value + $3 per bond if > $10,000 face value
Treasuries (bills, notes, bonds) 0.025% * face value + $3 per bond if <= $1,000,000 face value; 0.005% * face value + $3 per bond if > $1,000,000 face value


Account Requirements and Charges

ZacksTrade doesn’t charge an account maintenance fee, but they do require you maintain a minimum account balance of $2,500. However, they do charge you a data subscription fee ($10/month for U.S. stock data is an example of one package), but this can be waived if you trade at least $30 in commission per month.

While most brokers don’t charge for ACH transfers, ZacksTrade only gives you one free ACH transfer per month, with each additional one costing $1. There are additional fees if you want to make a wire transfer or send a physical check.

Margin rates at ZacksTrade are extremely low compared to the competition. The borrowing rates currently range from 4.3% to 5.7% depending on the margin balance.


ZacksTrade Promotion


Trading Platforms

The ZacksTrade website is strictly used for account management and doesn’t support trading. Users can choose between a web-based browser, a desktop and mobile app to do their trading. The web browser and desktop platforms offer most of the features you’d expect from any online broker, but the charting capabilities on the desktop platform are notably superior. The mobile app is straightforward in appearance and offers basic charting and real-time quotes. One notable functionality is they offer direct access routing on the app, which is a feature that many other mobile trading platforms don’t offer.

Investor Education

One of the stronger features of a ZacksTrade account is the free investor education and research resources it offers through partnerships with investment companies, such as Zacks Investment Research. They have partnerships with other online research providers as well, such as Morningstar, 24/7 Wall Street, and Seeking Alpha. The information on many of these sites is subscription only and so getting it for free through your brokerage account is a bonus.

Zackstrade Website

Open ZacksTrade Account



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