Best Online Stock Broker For Non-US Residents or Foreigners

Find the best stock broker for non-US residents or international investors you can open an account with no minimum account opening balance, and trade online.

best stock broker for non us residents

According to my SSI formula, I shared one of the strategies to make more money in US dollar is to invest in dollar-denominated markets like stocks and forex.
This post contains a more expanded guide on how you can access US stock exchange platform live on your system via a registered broker and start your shares trading journey in less than a week, guaranteed.


Everything I have shared here is based on my personal experience with basic requirements to make your registration easy, smooth and account funding safe.
One challenge confronting a typical Nigerian investor who want to diversify his/her portfolio to dollar-denominative currency is finding the best regulated online US stock that accept international investors, even if they accept non-US resident, you may be restricted as a Nigeria, no thanks to fraudulent guys who have dented the image of our beloved country.
The most annoying to me is even when you find a broker that accept Nigerians, the minimum account opening balance makes me wonder if this online stock brokerage agent is different from the ones mentioned above.

I had a dealing with Sogotrade few years, mehn! their minimum opening balance before you start executing trade was around $500 (estimated to be N240,000 now at N485/$1) plus additional commission on trade placed, miscellaneous fees covering paper trade confirmation, paper tax statement, options expiry management and so on. (Check Sogotrade fees here)

In a nutshell, I think Sogotrade is in business to serve institutional traders with large trading capital.

For a beginner who is resident outside the US or based in Nigeria, what you need is a good online and low-cost stock broker that accept any amount with no fund deposit restrictions; you can just do a bank transfer and get your account credit the same day like I do.

Here are steps to trade US stocks from oversea:

  • Get your government issued ID (like National ID, International Passport or Drivers License) ready for personal identity recognition.
  • Get your utility bill (any PHCN bill for almost three months) indicating your house address which must correspond with the one stated during online registration.
  • Go to ChoiceTrade.com, my recommended low-cost online stock broker for non-US retail investors who want to start with what they have.
  • Make sure all information you provide, from the personal profile, contain to investment records, correspond with the person stated on your IDs and utility bill. Any discrepancy many leads to termination of your registration.
  • You will be required to scan your documents, upload and send to ChoiceTrade customer service centre for onward processing and verification.
  • Once your registration is successful, an email will be sent to you (with your account number and login details).
  • Go back to ChoiceTrade.com, log in with your account details and get yourself familiar with their trading platform.
  • The last step is to get your account funded so that you can starting buying shares in profitable companies. While there are many ways to get your trading account funded, It's better to use the bank wiring option; very convenient, faster, and safer. The only downside is the rising cost of international transfer from Nigeria to US ($50 + whatever you are funding your account)
  • Find more information on ChoiceTrade.com
I believe this comprehensive guide, on choosing the best stock broker for non-US residents, will help you access US stock market live from home or office.

But, hold on, opening an account is just a step, what you actually need to grow your US dollar portfolio is a working strategy on how to spot great stocks to buy.
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