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re: [sharechat] how to open a us broker account

From: Mike Hudson <>
Date: Fri, 23 Feb 2001 14:27:46 +1300

Asbb wrote

"I want to be able to trade US securities-Can anyone advise me on the
easiest way to open an account with a US broker? 
Is it necessary to have a US based bank account"

There are heaps of brokers to choose from but I have accounts with both
Datek and Ameritrade. I find them both good but prefer Datek for its real
time information.

Trades are usually executed within seconds 

It is quite easy to open an account and you don't need an overseas bank
account, your broking account acts as a quasi bank account.

Go to <>  and then to "open an account"

Have a look at the demo and if you like what you see complete the form
online and submit it. You will then be registered and be able to use the
Streamer and research facilities.

You will also have to print out the form and send a signed copy through the
mail. You will also nee to complete a form for the US IRS. I can't remember
the ref no. of the form but you should be able to download one from the site
or if not send me an email and I will fax you one

You can fund your account with a bank draft or by TT (Telegraphic transfer)
I used a draft the first time and a TT on subsequent occasions 

Your account should be activated within about a week.

Datek has
*       a brilliant "streamer" which has real time updates on up to 100
selected stocks. You can also have your account in front of you and watch
the rise and fall in your worth real time.
*       Trades for $US 9.99
*       Margin trading
*       Options trading (for the brave!)
*       An optional cheque book on your account

Interest of about 3% is paid monthly on credit balances.

I hope this helps

Mike H


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