myTrack account application form question


3 0
Does anyone here do swing trading shares with myTrack?

I need some help with the hard copy of the form before I review, sign and return the application form with passport copy and other forms including W-8BEN.
The form came to me autofilled as I'd filled in the online version of the form.

The hard copy version has extra questions on it.
The instructions are to ensure all information in the section 'account information' concerning ID is supplied. Done.

I am opening an individual 'margin&short' share trading account.

I'm not sure I fully understand the 'service instruction' section.

The section on service instruction has boxes to check in 3 subsections.
Can I leave this section without indicating any choices?

Service instructions- subsection one is about a money market Sweep. Check box choices: 1.Cash

underneath it says 'Specify, if other than Capital Assets Funds Portfolio.
I take this to mean that everyone should be in the sweep unless specified other?
I should then check margin box?

My understanding is that this money sweep is attractive for US account holders for federal tax relief. Maybe for me there are CGT considerations-not sure how this is to my advantage.

Since I am a foreign (United Kingdom) applicant I have the tax relief through W-8BEN and I want to minimise the possible 30% withholding for tax purposes.
I read somewhere that up to 30% can be withheld if the Forms are not completed properly and in full?

The 2nd subsection is 'When securities are purchased they will be held in the firm's name'. OK fine

But need help with these checkboxes for selling securities.

'When securities are sold' check box 'Hold proceeds' or 'Send proceeds'.
I think I should check 'Hold proceeds'. Swing trading requires minimum delay in execution? so 'Hold proceeds' is what I need-? Checking 'Send proceeds' would mean some delay in sending back to the issuer for sale?

The 3rd subsection is Dividends asking to check box 'Hold' or 'Send'.
I think I should check 'Hold' for same reason above.

Any help much appreciated.

I thought I'd ask here first before emailing myTrack about these 3 sections on the form. :)
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