I moved to Canada 4 months back (to maintain my residency obligations) and I am currently working for my US employer remotely on h1b. I am still tradings stocks using robinhood. Wondering if that is allowed/legal? Is anybody in the same boat?
Working remote on h1b in Canada Robinhood
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I don't know. I just know the app is not licensed for trading in Canada.
I would find a product that is legal in Canada, call them tomorrow and see if the can tell you. Maybe you can transfer what you hold.
I wouldn't do any further trades on robinhood (either buys or sells).
you can keep what you have. But robinhood may choose to close your account. Only few brokers like schwab allow you to keep your accounts, but restrict new trades other than selling. There are a lot of tax implications and anti money laundering laws behind this and some brokers might not want to deal with it. Recommend moving to brokers that allow you to keep your current portfolio.
Also why are you rude? You asked a question about legality and you got a response.
Sorry If I came across as rude. I am actually just stressed and scared. Thank you for your answer.
harirajmohan
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Call robinhood and find out.
Many uses the app while being outside but if you have concern then you should be asking them first.
You can transfer to a Canadian brokerage (do the assets, if you have cash, do a bank transfer instead). Beware Canadian brokerages charge hefty commissions on trades so depending on what instruments you trade pick a broker accordingly. I did get a notification on RH to prove my US residency while I was logging in from Canada after a while so I'm guessing they do monitor traffic.
How about Coinbase? i had few litecoins purchase long back in 2017 and they are left like that in my Coinbase account. I never purchased any crypto after that/ignored that they are existing. Should i be selling of them too asap? My bad i am not at all aware of this.I just googled, Coinbase is present in canada! please suggest.
similar boat i believe you should open a canadian trading account and ask them to move al stocks out from RH to the canadian a/c...could take 10-15days and during that period you might not have access to stocks
look at the some youtube videos on canadian brokerages, you'll most often than not get some promo code to sign up with the brokerage