How to open account with US brokers

Hi all
I live in Australia, it would be great if any of you are able share your knowledge as to how to open an account with brokers in US. My questions are

1.How do i open it and who is the broker i can open with.
2.How does tax come into play if i open it in US do i pay my tax in australia or US or do i have to pay for both.
If any of you have already done that can u please share with me your experience.

Thanks a lot in advance
tradingdime

Brokers

Search the broker threads via the search facility. Interactive Brokers thread for example:
http:
Interactive Brokers UK - T2W Preferred Brokers

T2W Preferred Brokers

More BROKERS in the USA...
Direct Access Brokers

That should keep you busy for a while

Neil, thanks for that link Direct Access Brokers. I live in the UK and need to find a broker who will deal very small micro cap stocks, penny stocks under $1. Any ideas or experience with an online discount broker who are efficient at this? Thank you in advance

tradingdime said:

Hi all
I live in Australia, it would be great if any of you are able share your knowledge as to how to open an account with brokers in US. My questions are

1.How do i open it and who is the broker i can open with.
2.How does tax come into play if i open it in US do i pay my tax in australia or US or do i have to pay for both.
If any of you have already done that can u please share with me your experience.

Thanks a lot in advance
tradingdime

Click to expand...

I live in the UK and have an account with E*trade in the US. I'm not sure exactly which brokers allow foreign accounts but I'm pretty certain that quite a few do.
With regards to tax, I was told to fill in the "w8-ben" form which exempts me from paying tax in the US, so I just pay in my home country. I'm not sure if its the same form outside the UK but that would be something to look into.
Sorry for the incredibly vague post

i am in the same situation. I live in UK. Was a student, currently unemployed.
I am looking to open an account with a US broker, but want to pay my tax in the UK.
US broker because there's more choice, more discount brokers, etc. Also, i exclusively want to trade on NSE, AMEX, NASDAQ.

Also, I play poker and have extremely lucky to make $2.5k, which i will use to fund my trade account. Will this affect my chances of getting approved? I should think not.

Just to add, i am not claiming jobseekers allowance atm (living with parents), but am not paying tax either (gambling is not taxable anyways in UK).