Best Brokers That Accept ITIN

In the United States of America, there is a limit placed on the access of citizens and residents to trade the financial markets through a broker. Such limits are only removed if the citizen or resident has an ITIN (Individual Taxpayer Identification Number). However, the major challenge is that there are only a few brokers that accept an ITIN as a valid means of identification.

This further limits the available broker options that prospective investors resident in the US can choose from. In accordance with our research, there are currently only about 8 brokers that accept ITIN. We will mention them at the end of the article. Now, let's talk about the use of ITIN and what the pros and cons of using ITIN are when opening a new brokerage account.

Overview

Brokers that accept ITIN for identification are brokers that offer financial services to US residents and citizens and accept their ITIN as a valid means of identification when they open trading accounts. The requirement for the ITIN only became compulsory decades ago, and since then, financial institutions have been required to accept it instead for identification.

The acceptance of ITIN by brokers opens up benefits for both the broker and the trader, and the government. For the broker, the client’s details can be easily verified, and from the client’s end, the number of documents required for identification is reduced. The government also benefits by having a way to regulate the brokerage services.

Why is there an ITIN option for Identification?

The requirement for US citizens and residents to have an ITIN before they can operate trading accounts is guided by law. This law is set by the government to combat tax evasion, money laundering, terrorism funding, and also to keep accurate records and determine suitable investments. Brokers are required by this law to obtain personal information from registrants.

Brokers that are licensed to operate in the US are required to go through rigorous processes before obtaining a license. They are also mandated to require US clients to provide their SSN (Social Security Number) or ITIN before live trading accounts can be opened. The ITIN is a primary form of identification in the US for all earners. It is linked to practically every information of a taxpayer, and an individual can be immediately identified from his or her ITIN.

Although the usual identification number required is the SSN, individuals who do not have permission to work in the US (for instance, a child under 25 years of an immigrant permanent resident) can request and obtain an ITIN, which can then be used to open accounts with an online broker.

The 2001 US Patriot Act helps financial institutions to verify the identity of account holders, making it easy to prevent known criminals and barred individuals from opening such accounts.

Brokers That Accept ITIN

For individuals looking to open an account with a broker that accepts an ITIN, options are somewhat limited. Fortunately, most major US brokers work with ITIN holders, so many of the brands listed below are well-known and widely recognized in the industry. These eight well-known brokers in the US are likely to accept clients with ITIN numbers. However, it is important to verify this directly with each broker before opening an account..

OANDA

OANDA has been providing financial services since 1997 and is recognized as one of the leading brokers in the US. It offers trading on more than 68 currency pairs, as well as a variety of cryptocurrencies against the US Dollar. The broker is a member of the National Futures Association (NFA) and is registered with the Commodity Futures Trading Commission (CFTC) as both a Futures Commission Merchant and a Retail Foreign Exchange Dealer.

Traders on OANDA benefit from competitive, industry-standard spreads, with major currency pairs available from as low as 1.4 pips. The broker supports multiple trading platforms, including MetaTrader 4, TradingView, and its proprietary OANDA platform, catering to both beginner and experienced traders. Additionally, OANDA’s comprehensive educational resources help investors expand their knowledge while actively trading.

Ad. Your capital is at risk. Leveraged products may not be suitable for everyone.

Plus500

Plus500 is a globally recognized online broker, trusted by over 30 million customers worldwide for its reliable trading services. An official partner of the Chicago Bulls, the company offers US clients access to a wide range of futures markets, including Forex, Crypto, Equity Indices, Energy, Metals, Agriculture, and Interest Rates. The broker charges competitive commissions and requires a minimum deposit of $100.

It provides 24/7 customer support, and Plus500 Ltd is listed on the London Stock Exchange’s Main Market for Listed Companies and included in the FTSE 250. With over 17,000 customer reviews on TrustPilot and an average rating of 4.2 out of 5, the broker’s services are well-validated by users.

Plus500, through its subsidiary Plus500US Financial Services LLC, is licensed for futures trading and is a registered Futures Commission Merchant with the US Commodity Futures Trading Commission. It is also a full member of the National Futures Association and the CME Group.

Ad. Trading futures, Forex, and other leveraged products carries a high risk of loss and may not be suitable for all investors. Past performance is not indicative of future results.

eToro

eToro is a globally recognized online broker and the world’s leading social trading platform, trusted by over 40 million users worldwide. It offers innovative social and investment services that allow traders to follow and copy other investors while accessing a wide range of markets.

The platform provides US clients with access to a wide range of markets, including Stocks, ETFs, Options, and Cryptocurrencies. eToro offers competitive fees and requires a minimum deposit of $50 for US clients.In the United States, securities trading on eToro is conducted through eToro USA Securities Inc., a self-directed broker-dealer and member of FINRA and SIPC.

This entity does not provide investment advice or recommendations, and options trading is available through its platform. Cryptocurrency trading is offered through eToro USA LLC, which is not a registered broker-dealer and not a FINRA member. Crypto trading is unavailable in New York, Nevada, Hawaii, Puerto Rico, and the US Virgin Islands, and cryptocurrency holdings are not FDIC or SIPC insured.

Ad. Your capital is at risk. Past performance does not guarantee future results.

Other popular brokers likely to accept ITIN

IG Group

ATC Brokers

Interactive brokers

TD Ameritrade

Schwab.com

All trading involves risk. Only risk capital you're prepared to lose.