Burnt_toast
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Hi all,
This is my first post on this site so be kind
I’m just curious how many people in the UK regularly swing trade on the US markets with a US broker like Charles Schwab?
I ask this because there seems to be some advantages to trade on the NYSE compared to the LSE. I mean, there appears to me to be more liquidity in the NYSE with very tight spreads, and of course no SDRT to pay. The SDRT may not be much to many traders but I have a little less than £10k to invest and the 05% for every trade adds up. Sometimes this is the difference between making a profit or a loss.
At least having a US broker account means my capital is converted to dollars only once and stays that way for trading. Being as the dollar is currently weak, my capital will most likely grow when the dollar gets stronger. Another advantage is the US markets don’t open until 2:30pm GMT which is ideal for me as I can do my regular work and get back in time for trading. It also lets me see how the same sectors I’m interested in are doing on the LSE first. They don’t always mirror, but it’s a good indicator.
Because of this I have been looking to open a US account with Charles Schwab, who for an opening balance of $10k allows free access to their trading platform and high quality research. Flat trading fee might be slightly higher than many other US brokers, but it’s still comparable to what I pay my broker (X-O) here in the UK.
So I’m sitting here with my completed Schwab One International account form and the W-8BEN, but undecided if I should make the jump. To me it looks like it’s a no-brainer, yet I keep asking myself if I’m missing something here, am I?
Any feedback on anyone doing this or has opened a Schwab One International account would be appreciated.
Cheers,
Rob
This is my first post on this site so be kind
I’m just curious how many people in the UK regularly swing trade on the US markets with a US broker like Charles Schwab?
I ask this because there seems to be some advantages to trade on the NYSE compared to the LSE. I mean, there appears to me to be more liquidity in the NYSE with very tight spreads, and of course no SDRT to pay. The SDRT may not be much to many traders but I have a little less than £10k to invest and the 05% for every trade adds up. Sometimes this is the difference between making a profit or a loss.
At least having a US broker account means my capital is converted to dollars only once and stays that way for trading. Being as the dollar is currently weak, my capital will most likely grow when the dollar gets stronger. Another advantage is the US markets don’t open until 2:30pm GMT which is ideal for me as I can do my regular work and get back in time for trading. It also lets me see how the same sectors I’m interested in are doing on the LSE first. They don’t always mirror, but it’s a good indicator.
Because of this I have been looking to open a US account with Charles Schwab, who for an opening balance of $10k allows free access to their trading platform and high quality research. Flat trading fee might be slightly higher than many other US brokers, but it’s still comparable to what I pay my broker (X-O) here in the UK.
So I’m sitting here with my completed Schwab One International account form and the W-8BEN, but undecided if I should make the jump. To me it looks like it’s a no-brainer, yet I keep asking myself if I’m missing something here, am I?
Any feedback on anyone doing this or has opened a Schwab One International account would be appreciated.
Cheers,
Rob
