Can You Trade Stocks Without SSN?
Although a Social Security Number is required for some activities in America, trading stocks is not
one of them. It’s possible to trade U.S.-listed stocks without an SSN. To
learn how exactly invest without a Social Security Number, keep reading.
Invest in Stocks Without a SSN: Method #1
The first loophole around the need for a Social Security Number is to open an investment account with
a foreign brokerage firm that offers access to the U.S. exchanges. There are several possibilities,
including
Webull in Canada and
Firstrade in Europe.
An account with one of these offshore brokerage houses can be opened with a foreign tax ID number (in
the case of Degiro, it must be opened with a foreign tax ID number). Once the account is opened, it will have access to multiple exchanges, including the major U.S. exchanges. In some cases, the OTC marketplace in the U.S. will also be available.
Obviously, a tax identification number of some kind must be used to open one of these accounts. The main downside of this method is that the brokerage account won’t be overseen by U.S. securities regulators such as FINRA and the SEC.
Buy Stocks Without a SSN: Method #2
If you don’t have a foreign tax ID of any kind, or if you prefer the safeguards of U.S.-based regulators, you could opt for an Individual Taxpayer Identification Number (ITIN) instead. This is an American tax ID that can be used in lieu of an SSN. It is available to certain resident and nonresident aliens who cannot get an SSN. It is also available to their spouses and dependents.
It’s easy to spot an ITIN because it has the same format as an SSN (XXX-XX-XXXX) and begins with the number 9. Because it has the same format as a Social Security Number, it’s really easy to open financial accounts, brokerage or otherwise, with an ITIN.
The ITIN is a really good option for people who don’t have permission to work inside the United States. Once the ITIN is issued and used to open an investment account, taxes will be billed and paid under the number.
Getting an ITIN requires a little bit of legwork because there is no online application. Nevertheless, the process can begin digitally.
You’ll want to download Form W-7 from the IRS’s website and mail it, along with foreign status documents, proof of identity, and a tax return to:
Internal Revenue Service
Austin Service Center
ITIN Operation
P.O. Box 149342
Austin, TX 78714-9342
If you don’t have all of the above documents, you can instead apply through a Certifying Acceptance Agent or Taxpayer Assistance Center.
A great broker to open a brokerage account with ITIN is
Webull.
Buy Stocks Without a SSN: Method #3
Another way around the SSN requirement is to obtain an EIN (employer identification number) for a business of some kind. This can be a self-employed operation, a sole proprietorship, or a small LLC. Once obtained, it’s possible to open a brokerage account with this number. The account will be held under the business.
Getting an EIN is much easier than obtaining an ITIN because the IRS has an online form for an EIN. It takes just a few minutes to fill out the digital paperwork. The EIN is created immediately, which really speeds up the process of applying for a brokerage account.
There are several brokerage firms based in the United States that will open securities accounts under an EIN. These broker-dealers include Vanguard, Schwab, Fidelity, and E*Trade. Besides self-employed 401k plans, taxable business accounts and the SEP IRA could also be opened using an EIN.
Previously, the IRS permitted self-employed 401k plans with just one employee to be opened with either an SSN or an EIN. That policy recently changed, and today, an individual 401k can be opened with an EIN only.
A great broker to open a brokerage account with ITIN is
Charles Schwab.
Investing Without a SSN: Method #4
Non-Americans living outside the United States can open brokerage accounts with a few U.S.-based firms.
Examples of brokers that offer these types of foreign accounts include
Zacks Trade. Not all countries are eligible for this service, but many are. The UK and EU countries are usually eligible.
This method does require quite a bit of red tape, which is its primary downside. A foreign account will always require Form W-8BEN with any broker-dealer. This form establishes the tax status of the foreign account, which means it’s pretty important to fill out correctly.
Form W-8BEN can be downloaded from the IRS website. It should be submitted to the brokerage firm, not the IRS. It must be updated once every three years. The amount of tax withholding of a foreign account opened with Form W-8BEN will depend on the tax treaty, if any, the U.S. government has with the account owner’s country of tax residence.
Other documents are usually required to get a foreign account open. These forms can include proof of residency in the form of a utility bill or similar document, copy of passport and/or visa, and employer’s name and mailing address.
Once the foreign account is open, it will be able to trade securities listed on the U.S. exchanges just like an account opened in Wichita, Kansas.
How to Trade Stocks Without a SSN: Method #5
If none of the other ideas will work for you, the final workaround may be to apply for a Social Security Number. Non-citizens in some cases can get one. Typically, residency in the United States is required along with authorization to work inside the country. This authorization can be obtained from the Department of Homeland Security (DHS).
It’s also possible to apply for a Social Security Number at the same time you submit an application for an immigrant visa with the U.S. Department of State.
Open Charles Schwab Account
Open Schwab Account
Updated on 3/7/2025.
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