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Experience in opening a brokerage account

wyho007

Hero Member
Dec 14, 2015
381
20
Category........
Visa Office......
Hong Kong
Job Offer........
Pre-Assessed..
App. Filed.......
18-04-2016
Doc's Request.
08-06-2016
AOR Received.
07-05-2016
File Transfer...
30-05-2016
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DM on ECAS: 14-01-2017
VISA ISSUED...
COPR rec'd 04-02-2017
Any new immigrants here have experience opening a brokerage account, e.g. at TD bank?

I want to open one, friends told me I can't open one at a non bank brokerage since I have no credit history. Also, brokerage asks a lot of questions on the source of wealth even if you're only investing a small amount.

if anyone can share their experience, highly appreciated.
 

19

Full Member
Nov 16, 2015
34
64
Hello, perhaps a bit late to answer your question but just came across this thread.

I opened a brokerage account with TD a few months back. It was a no hassle process.

I setup an appointment with the relationship manager at the branch closest to me, took my COPR, passport and SIN number. The rep gave me a couple of forms to fill out which I did. Told her about my line of work and explained what amounts I expected to be wired in after account opening etc and my investing/trading experience.

Took me about 2 hours but in that time frame the very efficient TD RM, setup 3 bank accounts, a credit card and a brokerage account.

A brokerage account should take about half an hour at the most. Without a credit history you wouldn't be allowed to trade options etc or trade on margin but ordinary stocks/trades should be fine. I prefer it actually as I don't have to worry about margin calls and make up for not being able to trade on leverage through 2x or 3x ETF's.