# Broker for buying US shares



## Warreng (20 January 2017)

Gday. I am an Australian living in Australia. I have USA bank account and ITIN number. I would like to buy US penny shares. Can anyone advise me where to find a US broker I can use.


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## So_Cynical (20 January 2017)

Warreng said:


> Gday. I am an Australian living in Australia. I have USA bank account and ITIN number. I would like to buy US penny shares. *Can anyone advise me where to find a US broker I can use.*




I would like to suggest the Internet.

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But seriously if you have a US bank account for settlement and transfers thats half the battle, do you have a US residential address you can use? if so should be no prob at all to open online, may have to use a VPN so it looks like your in the US.


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## Warreng (21 January 2017)

So_Cynical said:


> I would like to suggest the Internet.
> ------------------------------------
> 
> But seriously if you have a US bank account for settlement and transfers thats half the battle, do you have a US residential address you can use? if so should be no prob at all to open online, may have to use a VPN so it looks like your in the US.




I don't have an address I can use. I have contacted several US brokers and all have said they connot open an account for Australians. That surprised me.


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## So_Cynical (21 January 2017)

No US address leaves you with using Aussie brokers, Interactive brokers cost $6 per trade - you need 10K to open an account, Commsec and some of the others have just reduced their US prices i believe, down to around $30 per trade.


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## willy1111 (22 January 2017)

Perhaps take a look at interactive brokers.


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## skyQuake (25 January 2017)

Try to set up a local US broker - these are the ones that charge $x for trade value $y
Most international brokers (esp in aus) are on a cents/share system which makes penny stocks simply untradable.


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## adrianchy (9 February 2017)

skyQuake said:


> Try to set up a local US broker - these are the ones that charge $x for trade value $y
> Most international brokers (esp in aus) are on a cents/share system which makes penny stocks simply untradable.




Hi Skyquake could you explain more on what a cents/share system mean?>


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## skyQuake (11 February 2017)

adrianchy said:


> Hi Skyquake could you explain more on what a cents/share system mean?>



It simply means the commission you pay is dependent on the number of shares bought/sold. In general its around 2c a share.
A bargain if youre buying AAPL @ $132, however if you're buying a $0.10 small fry the commission will be 20%!


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## tradaa (19 February 2018)

how long does it take to set up an IB account?  I hear mixed reviews and heard its very painful to set one up.  Anyone else set up account with them or another broker?


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