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  • FIRST POST
    • stylus360
    • By stylus360 15th Apr 19, 4:22 PM
    • 387Posts
    • 24Thanks
    stylus360
    SHAREs - Buying in on the NASDAQ ?
    • #1
    • 15th Apr 19, 4:22 PM
    SHAREs - Buying in on the NASDAQ ? 15th Apr 19 at 4:22 PM
    Hi All

    I am looking to invest in the USA/NASDAQ.

    I traded on the LSE with X-O for over 15 years and done well.

    I am aware of tax implications and /$ fluctuations.

    I have downloaded the relevant W8-BEN form for Foreign Tax status.

    Where do i go from here?

    I am even unsure on what to put on parts 5,6,7 and 10 ( i have an idea but not 100%).

    Are there any sites similar to Jarvis Invetments/X-O

    It will be a long term investment.

    Anyone advise.

    Thanks
Page 1
    • AnotherJoe
    • By AnotherJoe 15th Apr 19, 4:34 PM
    • 13,417 Posts
    • 15,835 Thanks
    AnotherJoe
    • #2
    • 15th Apr 19, 4:34 PM
    • #2
    • 15th Apr 19, 4:34 PM
    ii ? (expensive IMO unless you are trading frequently) lets you have dollar accounts which is nice.
    From memory,
    5 i leave blank,

    6 I put UK NI number

    7 it says "see instructions" but I think I"ve used the account number in the stockbroker
    10 leave blank
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • LobsterMemory
    • By LobsterMemory 15th Apr 19, 5:01 PM
    • 114 Posts
    • 68 Thanks
    LobsterMemory
    • #3
    • 15th Apr 19, 5:01 PM
    • #3
    • 15th Apr 19, 5:01 PM
    The full US instructions are available on the Jarvis site

    http://www.x-o.co.uk/wp-content/W8BEN_Instructions.pdf

    However, here is how AJ Bell interpret what should be entered in the form for their clients which you can presumably adapt

    https://www.youinvest.co.uk/sites/default/files/useful-forms/AJBYI_Guidelines_for_completion_of_Form_W-8BEN.PDF

    Once you've filled in the form, you'll need to send it to Jarvis
    Last edited by LobsterMemory; 15-04-2019 at 5:04 PM.
    • stylus360
    • By stylus360 15th Apr 19, 5:32 PM
    • 387 Posts
    • 24 Thanks
    stylus360
    • #4
    • 15th Apr 19, 5:32 PM
    • #4
    • 15th Apr 19, 5:32 PM
    ii ? (expensive IMO unless you are trading frequently) lets you have dollar accounts which is nice.
    From memory,
    5 i leave blank,

    6 I put UK NI number

    7 it says "see instructions" but I think I"ve used the account number in the stockbroker
    10 leave blank
    Originally posted by AnotherJoe
    I forgot about ii, used to use them years ago...

    How would i have a stockbroker No. with ii though??

    It will be a long tem investment..No trading usual.


    Thanks
    • stylus360
    • By stylus360 15th Apr 19, 5:33 PM
    • 387 Posts
    • 24 Thanks
    stylus360
    • #5
    • 15th Apr 19, 5:33 PM
    • #5
    • 15th Apr 19, 5:33 PM
    The full US instructions are available on the Jarvis site

    http://www.x-o.co.uk/wp-content/W8BEN_Instructions.pdf

    However, here is how AJ Bell interpret what should be entered in the form for their clients which you can presumably adapt

    https://www.youinvest.co.uk/sites/default/files/useful-forms/AJBYI_Guidelines_for_completion_of_Form_W-8BEN.PDF

    Once you've filled in the form, you'll need to send it to Jarvis
    Originally posted by LobsterMemory
    Thanks, i did check the Jarvis help part but missed the PDF, will have a read tomorrow and give them a ring.
    • Alexland
    • By Alexland 15th Apr 19, 5:38 PM
    • 4,884 Posts
    • 4,216 Thanks
    Alexland
    • #6
    • 15th Apr 19, 5:38 PM
    • #6
    • 15th Apr 19, 5:38 PM
    I traded on the LSE with X-O for over 15 years and done well.
    Originally posted by stylus360
    Appreciate you didn't ask for investment advice but have you considered if your trading activity has yielded a return greater than a simple low cost index tracker? I was once part of a share club and we thought we were doing well (as our money was going up) but in reality we were taking greater risk and cost to underperform in a rising market.

    Alex
    • bowlhead99
    • By bowlhead99 15th Apr 19, 6:26 PM
    • 8,602 Posts
    • 15,739 Thanks
    bowlhead99
    • #7
    • 15th Apr 19, 6:26 PM
    • #7
    • 15th Apr 19, 6:26 PM
    On the W-8BEN:

    5 you can leave blank if you don't have one;
    6 you can use national insurance number or UTR;
    7 leave blank because if you deliberately give them a specific reference in the form they should only associate it with that specific purpose (and you might for example want to have an ISA account and a separate general investment account). If you are sending it to them by pose or email you will presumably tell them who you are and why you're sending it to them.

    10 is only to be used if you personally meet a specific criteria in your country's tax treaty which entitles you to a special lower rate of tax withholding than a normal person in your country of residence would get. So for example if you were a UK parent company which owned more than a tenth of the voting power of the US company from which you were getting dividends, you could get access to a special low 5% rate of withholding on those dividends instead of the normal 15% that the rest of us need to suffer. You're not, so you don't

    You'll find all the UK brokers that are dealing in international markets generally charge more than X-O.co.uk would charge for UK trades, because X-O are deliberately offering a no frills UK stock exchange only service, which is cheaper to provide than an international dealing platform.

    As mentioned up the thread, ii have access to lots of overseas markets and a convenient multi currency account functionality which a lot of other UK brokers don't bother to offer, although FX commissions are still reasonably high. The ISA rules prohibit them from allowing multi currency cash in an ISA though, so it's only an advantage for non ISA holdings . Their fixed ongoing fees for having the account (see thread on their recently-announced fee increases) is higher than it used to be which may put you off if you're a long term buy and hold sort of person, but effectively it's an inactivity fee because the monthly/quarterly fixed payments you make are available as trading fee credit for a limited period.

    If you're not too hung up on needing multi currency facilities there are a number of other brokers or DIY investment platforms that can handle NASDAQ / NYSE stocks. I have international shares in both my ISA and SIPP with AJ Bell Youinvest and they are fine, though sometimes a live online quote isn't available which can be annoying as there's no facility to leave an online 'at best' or 'limit' order on non-sterling stocks; and telephone orders cost 30 a time.

    Another service is IG.com, they have decent systems though I've only used them for spread betting and CFDs rather than actual shares.

    If you don't want ISA or pension facilities and are just dealing in a general account with no protection from the UK tax man, you won't need to restrict yourself to UK brokers and you could try other European service providers such as Saxobank or Fineco. Some like Degiro are super cheap, though if investing large amounts I would generally look at trusted UK names so you are dealing with UK institutions if something goes wrong
    • AnotherJoe
    • By AnotherJoe 15th Apr 19, 6:47 PM
    • 13,417 Posts
    • 15,835 Thanks
    AnotherJoe
    • #8
    • 15th Apr 19, 6:47 PM
    • #8
    • 15th Apr 19, 6:47 PM
    I forgot about ii, used to use them years ago...

    How would i have a stockbroker No. with ii though??
    It woudl be your account number


    It will be a long term investment..No trading usual.
    Then ii is an expensive place try HL, no charge to hold shares



    Thanks
    Originally posted by stylus360

    HTH. extra text
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • stylus360
    • By stylus360 17th Apr 19, 10:03 AM
    • 387 Posts
    • 24 Thanks
    stylus360
    • #9
    • 17th Apr 19, 10:03 AM
    • #9
    • 17th Apr 19, 10:03 AM
    HTH. extra text
    Originally posted by AnotherJoe
    Just sent ii a message -

    Hi I want to add funds and purchase shares on the NASDAQ. I have only ever purchased shares on the LSE before now. I filled in the your online form as required to be able to enter the 'international trade' section. I am just purchasing as a single person for my own personal investment. I am confused as what to do with or if i even need to fill in a W-8BEN form or am i ok as i have filled in your online form (as above). I have a copy of W-8BEN form, do i need fill it in? If so what do i put on sections 5, 6, 7 and 10? and who would i send it to?? I presume it needs filling in and returning to you?? Can you advise please. Here is link to the form - https://www.irs.gov/pub/irs-pdf/fw8ben.pdf I am thinking - 5. Leave blank (does not apply) 6. I put UK NI number 7. Tt says "see instructions" put in my account number from here xxxxx or do i put in your details?? 10. leave blank (does not apply) Regards

    I'm pretty sure i know what i'm doing the above is more for confirmation.

    Thanks
    • stphnstevey
    • By stphnstevey 18th Apr 19, 8:12 PM
    • 2,966 Posts
    • 484 Thanks
    stphnstevey
    If you have more than $100k (74k), Interactive Brokers is as little as $1 a trade and they waive the inactivity fee. They have great exchange rates and full FSCS and UK based company.

    You may also want to consider a NASDAQ 100 ETF which can be purchased in on most low cost platforms and has around a 50% exposure to the FAANGs
    Last edited by stphnstevey; 18-04-2019 at 8:20 PM.
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