ThinkOrSwim closing all Australian accounts: Where to now?

boliu said:

I have try the optionsxpress as well, my problem is not commission, is the execution. if i setup a credit spread at 0.5 credit in dough, and enter order in optionsxpress, the order couldn't be filled. i found over 50% orders couldn't be filled. if i drop the premium to 50-80% of dough, the orders can be filled. So i change to IB, from paper trading account, i found same problem. Also IB required more capital to trade. For example, for SPX option credit spread -1950/+1945 put 5 contract, IB required $3680 and dough require $2100. I decide change to IB is the deposit is AUD, Optionxpress's account only has USD. i don't want to have another risk from exchange rate.

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my mistake for the fund requirement. IB should be same with dough. $2100 to $2500 usd for 5 contract of SPX

I am using Trade Station even so it is not as good as TOS and I have been using TOS to paper trade now I can not even do this where to from here. Is there a better way than Aussie Forum to talk about this. ROSS

Just a note on opening an LLC in the USA. Firstly, this can easily be done online these days. There are a number of services that will not only set it all up for you, but provide you with tax registration and a legitimate US address. It will cost you around $500-800 to establish, plus annual accounting fees, but this should simply be considered a "cost of doing business". Australia has double-tax agreeements with the US, so you would end up only paying Australian tax (I think) on your US profits.

However, may I suggest that you don't limit yourself to only creating a US company. All you need, is to establish a legal entity in ANY country where TOS will accept accounts. New Zealand for example.

The reason why these American brokers are ruling out Australia, is because of some Australian laws which make it difficult for them. The problem is not at their end.

PeteLikesIt said:

However, may I suggest that you don't limit yourself to only creating a US company. All you need, is to establish a legal entity in ANY country where TOS will accept accounts. New Zealand for example..

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Is there any advantage that you know of using a non-US company? I was going to create a US LLC but have found opening the bank account might be difficult. Thanks

dreads said:

Is there any advantage that you know of using a non-US company? I was going to create a US LLC but have found opening the bank account might be difficult. Thanks

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It would depend on which country you have in mind - and in that regard ... (1) whether there is any likelihood that TOS might abandon that country in the future, and (2) how that country's tax laws in relation to the US will apply.
As for your problem with the US LLC, I believe that Stripe Atlas will handle everything for you - company setup, bank accounts, tax registrations ... the lot, all for one fee. Stripe is an alternative to Paypal and "Atlas" is the associated company that handles new LLC's for foreign applicants. If you look them up in the search engines, you can read all the blurb about it. Hope this helps.

Thinkorswim is now available for Australian traders, if anybody is interested, please contact me