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TD Ameritrade, Think or Swim closes HK accounts.

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  1. #11

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    Interactive Brokers subject you to an application approval process, which prefers volume, day traders etc, as their fee structure is one of the lowest.

    Im with IB, although when I had my account approved, they were more picky. They maybe more flexible now.

    Book an appointment and see how you go.


  2. #12

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    After 45 minutes on the phone to them last night it's confirmed that China and Singapore accounts have been closed.

    Hong Kong accounts are not subject to the ban, but if when you signed up, or sent in the latest W8-BEN with your address as Hong Kong, SAR, China, you need to send them new W8-BEN omitting the words SAR and China and the account will be unlocked.


  3. #13

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    Quote Originally Posted by Cwbguy:
    After 45 minutes on the phone to them last night it's confirmed that China and Singapore accounts have been closed.
    But why? Any light to the mystery?
    Hong Kong accounts are not subject to the ban, but if when you signed up, or sent in the latest W8-BEN with your address as Hong Kong, SAR, China, you need to send them new W8-BEN omitting the words SAR and China and the account will be unlocked.
    Because the regulators cannot tell the difference between Hong Kong, Hong Kong SAR and HongKong-China?
    I wonder who is the waste-of-skin making up such requirements.

  4. #14

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    Quote Originally Posted by HowardCoombs:
    But why? Any light to the mystery?

    Because the regulators cannot tell the difference between Hong Kong, Hong Kong SAR and HongKong-China?
    I wonder who is the waste-of-skin making up such requirements.
    "Regrettably, TD Ameritrade is currently unable to service accounts for your country. This is a result of a thorough legal review of established brokerage regulations in your country, among many other countries"

    That's the line I got from the sales team, no one could expand on it, nor could anyone on the trading blogs.

    What did not help is my address being input incorrectly on their system. Someone decided that SAR actually meant Peoples Republic of China.

    I did ask if they could post a list on their website listing all the banned countries, but for reasons best known to them, they declined.
    Last edited by Cwbguy; 28-04-2016 at 11:29 AM.

  5. #15

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    Do you still have to send them a W8 BEN and how, by email/fax/ or original ?

    A friend of mine is with Scott and he said he did it online.


  6. #16

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    Quote Originally Posted by Morrison:
    Do you still have to send them a W8 BEN and how, by email/fax/ or original ?

    A friend of mine is with Scott and he said he did it online.
    Last year they finally agreed for the W8 to go online through their internal mail.
    Morrison likes this.

  7. #17

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    Original Post Deleted
    That's what I am led to believe, yes. Am doing the W8 now with no mention of that pesky China, and will see what happens.

    Will let you know.

  8. #18

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    Original Post Deleted
    Bit of wishful thinking there I think. Took over 45 minutes last night to get an answer speaking with three customer service reps.

    I asked for Michael Sondag, who signed off on the emails to be told he does not speak to us humble clients.

    Rep. no.2 tried to insist that since his computer said People Republic of China on it, that proved that Hong Kong was in China.

    Rep.3 talked more sense but still took over 15 minutes , most of which I was on hold listening to irritating music, to agree HK was not in China.

    Once the account is up again I would still like some sort of explanation why their message to me was so aggressive as reported in post #11 and what was so urgent they had to put it on liquidation only that very day with no notice.

    "We value your custom etc Have a nice day" rings a bit hollow after this.

  9. #19

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    Hope you can keep the tax savings that you got all these years.........


  10. #20

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    I have looked further into this matter, out of paranoia.
    With Etrade existing customers in China can maintain their accounts, but branches closed down.
    Perhaps it is the same with Ameritrade. Will write them as well.