Can you invest without a social security number?

One crucial question for those not US citizens interested in investments is, can you invest without a social security number? 

You can invest without a social security number, but you will need a means of tax identification. Some brokerages will allow you to set up accounts using taxpayer identification numbers or using a W-8BEN. Brokers for non-US residents include TD Ameritrade, Charles Schwab, and Forex.com.

Investing for non-US citizens doesn’t have to be complicated.

Luckily for you, I’ll show you if you can invest without a social security number. I’ll show you the required documentation you need and how to open your first brokerage account. You’ll be on your way to investing in no time.

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Can you invest without a social security number?

You can invest without a social security number (SSN). In some cases, online brokers will allow you to apply via mail without giving your social security information. Other brokers may accept taxpayer identification numbers (TINs) or W-8BEN for those outside the United States.

For example, TD Ameritrade will let you open up an individual account with a Foreign tax ID, passport, or visa number. You will still need an ITIN, employer’s name, address, and a phone number.

An individual taxpayer identification number (ITIN) is used for tax purposes. This helps the IRS identify you and is available to nonresidents or resident aliens, their spouses, and others not able to get a social security number.

Some brokers will allow W-8BEN for those outside the US. W-8BEN collects nonresident Alien information for reporting taxes.

Keep in mind that, with any investments, you’ll need some identifier and a way to keep track of your earnings. Every non-US citizen will need to fill out the proper paperwork and document earnings.

How to invest without a social security number

The process is simple to start investing in US stocks without an SSN, though it does require finding the right broker. Brokers like TD Ameritrade, Forex.com, and Charles Schwab will allow you to open an account without a SSN. You will then need to fill out the paperwork to open an account and link your bank account information to transfer funds.

To begin the process, follow these three steps.

Step #1. Find a broker

The first thing you’ll need to do is find a broker. Make sure that you find one that will allow you to start investing without an SSN and offers competitive services. You may want to give them a call first and discuss your options to be sure, which will most likely include a TIN or other form of identification.

Apart from finding out if they allow accounts without SSNs, you should also consider looking at a few other features, including:

• Commissions
• Reputation
• Account minimums
• Account fees
• Access to educational features and tools

Step #2. Paperwork

One thing is for sure, all accounts require paperwork before investing. You may be able to fill it out online, or you may have to send your application and documents via mail. This may include income statements, identification cards, and banking information if you have an account open.

Because some information is sensitive, ensure that your connection is secure and you’re sending it to the correct address. 

Step #3. Start investing

You may have to wait a bit before everything is approved, but you can start investing as soon as it is. Choose your stocks wisely and add funds to your account to start enjoying the market and attempting to make your money work for you.

Which investing apps do not require a social security number?

If you’re on the hunt for apps that don’t require an SSN, you’ll discover that you’ll have limited choices. Many brokers will allow investors with a TIN to signup, though they may limit the trades and investments they can purchase.

For 2022, the best investing apps that you can sign up with without an SSN include:

TD Ameritrade

TD Ameritrade will allow traders from outside of the US. To open up an account, clients will need to have a TIN, foreign tax ID, passport, or visa. From there, it’s all paperwork and processing to get started.

Forex.com

Forex will accept clients outside of the US, but only if they have a TIN. The paperwork is extensive and may require more time for processing than opening an account with an SSN.

Charles Schwab

Those looking to open a brokerage account with Charles Schwab without an SSN are encouraged to call a representative. They will walk potential clients through the process and tell them precisely what they need to get started.

Before taking off and opening an account, users should first consider giving these top three a glimpse. That’s because each of them has their way of dealing with investments and has their own set of fees and more attached to their accounts.

Also, you’ll want to discuss your options as a new member without an SSN, making sure that you have all the paperwork and documentation required to open an account.

Summary: Invest without a social security number

Investing without an SSN is possible, though you will have to have a TIN or other accepted documentation. Before opening your brokerage account, try to find a broker that fits your needs and then check out their requirements for opening an account.

Brokers that allow you to invest without a social security number include:

• TD Ameritrade
• Charles Schwab
• Forex.com

These brokers should have customer service numbers you can call if you’re stuck or need clarification of requirements.

Finally, getting in and investing in the US stock market is possible, though you have to be sure to have all of the required documentation before you do so.