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HelpImSurrounded

(509 posts)
Tue Sep 22, 2020, 11:41 PM Sep 2020

Online brokerages outside US

Anybody use an online broker that is not located in the US? I'm feeling a need to move at least some of my assets somewhere safer than the US if the worst happens. Looking for recommendations.

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Online brokerages outside US (Original Post) HelpImSurrounded Sep 2020 OP
I think you might be worrying about the wrong thing. A HERETIC I AM Sep 2020 #1

A HERETIC I AM

(24,600 posts)
1. I think you might be worrying about the wrong thing.
Wed Sep 23, 2020, 12:00 AM
Sep 2020

This question is sort of like asking if anyone would use a Real Estate Broker located in another state from where you are looking to buy a home.

Sure, you could, but at the end of it, the broker is just that - a BROKER, facilitating bringing together the purchaser and the seller of an asset.

Are you interested in purchasing strictly overseas based securities? Are you looking to divest from US Based companies and only invest in foreign companies, their equity shares and/or their debt?

If that’s the case, most full service brokers in this country can help you do that, so you don’t need to do business/set up an account with a brokerage firm based in Brussels or Zurich, for example.

If your concern is that a US based securities brokerage might go under, and you don’t want your investments to follow, you don’t have anything to worry about.

Unless your entire portfolio is made up of shares of Raymond James stock, held in an account at Raymond James as an example, the demise of a brokerage firm does not affect the securities held in an account at that firm.

Having said all that, if you want to move a sum to a foreign firm, like Barclays or a Swiss or German firm, look into any restrictions that might be placed on wiring funds to such a firm.

The direct answer to your question from my perspective is No, I haven't, primarily because I don’t see the need.

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