Hello.This is Papazon of the Nomad family.(@nomadkazoku)
Currently, our family is working to obtain an MM2H visa with the aim of moving to Malaysia.
If you become an overseas resident, you will not be able to trade at a Japanese securities company, so we have opened an account with Firstrade, an American securities company that can trade and maintain accounts for free regardless of where you live.
Since there is a lot of old information about opening a firstrade account, we’ve compiled the steps for the latest 2020 version.
- Procedures for Opening an account of Firstrade, a U.S.
- Advantages and disadvantages of “Firstrade”
Procedures for Opening an account of Firstrade, a U.S.
Firstrade’s account opening and account maintenance costs are free!If you prepare what you need to open an account first, the registration process will be completed in about 15 minutes.
What you need to prepare in advance
Please prepare the following three points in advance.
- (1) Mobile phone
- (2) Passport
- (3) My Number
Account opening work
(1) Go to firstrade official website and click “OPEN AN ACCOUNT”
(2) Click “Open International Account”
(3) Enter your mobile phone number, click “Get Verification Code”, then enter the “authentication code” sent to your mobile phone and click “CONTINUE”
(4) Since what you need to open an account is presented, confirm and click “NEXT”
(5) Upload passport image Click on the square image to select the file, so select the top: photo page, bottom: sign page, respectively, click “SAVE NEXT”
(6) Enter each item of additional information and click “SAVE NEXT”
(7) Enter any user ID, password, PIN (PIN)
(8) Read the terms and conditions and sign (using mouse, etc.) and you’re done.
Since the securities account number is displayed at the end, let’s make a note just in case.
What to do after logging in for the first time
After opening an account, you can log in immediately by entering Username, Password on the top page.
I forgot to capture、、、but the agreement of “Account Use Agreement” is necessary at the time of the first login.
A. Do You Use Market Data Solely for Your Personal, Non-business Use ? (Market data is used only for personal use, and not in business, right?)
You only need to answer “Yes”, otherwise agree with “No”.
After the agreement,
STEP1 Enter pin
STEP2 Setting up a secret question
to complete the account opening process.
After a few days of review, if you receive an email with the subject line “Your Account Is Ready to Fund”, you will be satisfied with your securities account approval!
Advantages and disadvantages of “Firstrade”
The advantages and disadvantages of Firstrade are also summarized.
To be honest, I think the disadvantages are greater for those who live in Japan.
(1) Free transaction fee
(2) Maintenance fee is free
(3) Available regardless of residence (*1)
(Features of U.S. securities accounts not limited to Firstrade)
(4) Rich in securities options
(5) DRIP (dividend reinvestment) available
(6) Dollar-denominated (asset diversification effect)
*1 Supported areas China, Hong Kong, Japan, Korea (South), Macau, Malaysia, Singapore, Taiwan India, Israel, Mexico, New Zealand, Saudi Arabia, United Arab Emirates
The official business model for free transaction fees does not seem to be announced.
It seems to generate revenue through top-secret corporate efforts, but I could only see the rumor level.
As for the low fee, I explain further deeply.
(1) Correspondence in English
(2) Overseas remit tance cost
(3) Cannot use a specific account (with withholding tax)
– If you live in Japan, you need to file a final tax return.
From the perspective of overseas residents,
(1) English support, (2) overseas remittances are inevitable issues, and (3) tax returns will be virtually invalid because there is no taxation in Japan if the tax return is foreign source income of non-residents of Japan.
Impressions of opening a “Firstrade” account
I was able to open an account easily with only a very simple input work.
Even if you move abroad, you can trade stocks without missing a chance.
If you plan to live abroad, please consider opening an account with Firstrade Securities.
But in fact, in order to efficiently deposit funds into a securities account after opening an account, I learned later that it is good to make a U.S. bank account and make ACH remittances ^^;
Related |We’ve compiled the basics of Firstade
Three months have passed since the opening of the Firstrade securities account, so I became familiar with the basic operation, so I tried to make the usage a manual for sharing information with my daughter-in-law.