Experience in opening a brokerage account

[wyho007]

Any new immigrants here have experience opening a brokerage account, e.g. at TD bank?

I want to open one, friends told me I can't open one at a non bank brokerage since I have no credit history. Also, brokerage asks a lot of questions on the source of wealth even if you're only investing a small amount.

if anyone can share their experience, highly appreciated.

 

[19]

Hello, perhaps a bit late to answer your question but just came across this thread.

I opened a brokerage account with TD a few months back. It was a no hassle process.

I setup an appointment with the relationship manager at the branch closest to me, took my COPR, passport and SIN number. The rep gave me a couple of forms to fill out which I did. Told her about my line of work and explained what amounts I expected to be wired in after account opening etc and my investing/trading experience.

Took me about 2 hours but in that time frame the very efficient TD RM, setup 3 bank accounts, a credit card and a brokerage account.

A brokerage account should take about half an hour at the most. Without a credit history you wouldn't be allowed to trade options etc or trade on margin but ordinary stocks/trades should be fine. I prefer it actually as I don't have to worry about margin calls and make up for not being able to trade on leverage through 2x or 3x ETF's.