For many years, I have been complacent in my investing approach in terms of geographical diversification. I always stick with investments that only require MYR and don’t intend to invest in the US market, until this year.
The reason behind my change of mind is because I just finished reading an amazing book called “Financial Freedom: A Proven Path to All the Money You Will Ever Need” by Grant Sabatier. I’ll write a review of this book in the future.
After I’ve done some research on international brokerage accounts, TD Ameritrade is what I chose. TDA is best when we only want to invest in the US.
If you are interested in investing individual US stocks or ETFs, then you come to the right place. I will share things I know about TD Ameritrade and how to register a TD Ameritrade account in Malaysia with my experience.
A little about TD Ameritrade
TD Ameritrade provides an online brokerage platform that allows investors to trade US stocks and ETFs. Currently, it allows worldwide investors (including Malaysians) to open its account for free.
TD Ameritrade currently has two headquarters: one in the US and another in Singapore. For Malaysians, we will be registering under TD Ameritrade Singapore.
Why TD Ameritrade?
- A reputable foreign broker as it established in 1971 and backed by Charles Schwab, an American multinational financial services company.
- Zero commission for all US stocks and ETFs
- thinkorswim is a powerful trading platform available for all TDA users, not to mention their well-designed app and desktop user interface.
- The abundance of free educational materials for beginners and veterans who interested in trading.
Prerequisite for the Trading Account Application
Before we get started, here are the documents you need in TD Ameritrade account registration:
- Your Malaysia Tax ID (Start with “SG/OG”)
- IC Document
- Document Proof of Address (Your Internet bill, phone bill, utility bill or bank statement)
- Payslip or EPF Statement
How to Register a TD Ameritrade Account
Visit the website of TD Ameritrade Singapore to open a new account.
The first step of registration starts with your username and password for TDA.
Completing User Profile
Next, we will key in our personal information such as our income tax number (as mention in the prerequisite)
After personal information is done, we will be keying in employment and financial information.
For the bank, choose “Other” and manually key in the main bank you will use for fund transfer.
If you are not sure which bank you will use for fund deposits, no worry. In the end, I use Maybank to deposit my fund, and they approve it too.
For investment objectives, you can take mine (in the image above) as references.
As usual, We need to declare any affiliations, disclosures, and trading experience during brokerage account registration.
On notification preferences, please make sure you choose electronic for both to avoid being charged every month.
Transaction Authorisation Code
The Transaction Authorisation Code is very important when you want to withdraw your money from TD Ameritrade. Hence you should write it down in your physical notebook or note it on your phone with a password.
You will have to create this code using 4 to 6 numbers. I recommend keying in 6 digits for maximum security.
For 2FA (Second Factor Authentication), I chose “No” as I prefer simplicity. But for that, I need to sacrifice security. If you enable 2FA, you need to download the TDA authentication app.
For the final step, review again all your user profile information before proceeding to the next section.
Signing Client Forms
Upon finish with personal details, you will be required to read all the disclosure statements.
For the NYSE Subscriber Agreement, choose “Yes” for the first question and just choose “No” all the way.
Submitting Account Forms
In this section, you will be required to submit a few forms such as W8 forms.
As a non-US citizen, we need to submit W8 form so we can qualify for a lower rate of tax withholding.
As a Malaysian, we do not have treaty benefits from the US. So choose “No”.
Tick on E-Sign acceptance and also other checkbox for W-8BEN form.
After submitted your W8 form, you will see a pop up above. You may click on the PDF icon to download it for viewing.
This is how W8 form looks like if you open it.
Here are some securities declarations you need to know.
If you reached this step, then congratulations! You have one more step left before you are done with the registration. Follow the instructions given above to download the required documents.
If you already closed this, don’t worry. Check your email inbox for similar instructions.
You need to print out those documents, fill them and then hand-sign them. Please do not use e-Signature via Adobe Reader.
When you completed the documents, scan and submit them. (If you have trouble submit the document, refresh the page)
You will see something as above when you have successfully submitted your documents.
The screenshot above is taken in January 2021 and may be outdated. Please don’t fret if you don’t see the “Customer Account Review”. Just proceed with the registration.
If you cannot find any document to download and upload buttons as above, refer to this comment by Angellica:
Thank you Angellica for your valuable feedback! 😀
Now all you need is to wait for the approval email from TDA, then only fund your account.
The approval email will look something like this:
Related Article:
- How to Fund Your TD Ameritrade Account in Malaysia
- How to Withdraw Money from TD Ameritrade Singapore
Frequently Asked Question
Q: How long do I need to wait for my account to be approved?
A: It might take at least one month or longer (up to 5 months) to have your account approved. Mine takes around 2 months 20 days.
Q: Is there any fees required to register a TD Ameritrade account?
A: Not a single cent needed. It’s free.
Q: Can I fund my TD Ameritrade account before it gets approved?
A: No. You have to wait for your account to be approved, else your transferred money may be as good as gone.
Q: Is TD Ameritrade regulated by Malaysian Security Commission?
A: Nope. However, it is regulated by the US Securities and Exchange Commission (SEC) and Singapore’s Monetary Authority of Singapore (MAS).
Q: Can I open an account without a tax number?
A: I’m not really sure, but I did not see any place that can skip this. So I think you can’t open one without it.
For more FAQs, you can check out TD Ameritrade Singapore’s FAQ.
Wrapping Up
In summary, you can consider registering a TD Ameritrade account if you:
- Only interested to invest in US Stocks/ETFs.
- Are okay to pick your own stock or ETF to invest in.
- Want the lowest brokerage fee (zero commission) for trading US Stocks/ETFs.
- Prefer a reputable foreign broker to invest for the long term (as all foreign brokerage is not regulated by Malaysian SC)
- Don’t mind a brokerage account not having fractional shares.
- Have more than RM10,000 to invest with (Check out my article on “How to Fund Your TD Ameritrade Account in Malaysia” to know why)
If you are interested to open a local brokerage account instead, these articles might help:
Great post, Marcus! The step-by-step guide made the registration process seem much easier. I appreciate the tips on the required documents and the verification process. Looking forward to trading with TD Ameritrade!
Thank you for the detailed guide, Marcus! It was really helpful to have step-by-step instructions on registering a TD Ameritrade account in Malaysia. I appreciate the tips on required documents and the mention of potential fees. Looking forward to investing soon!
Hi Marcus,
I am expat working in Malaysia. Do you know which broker I can use? Do I need to change broker if I move from Malaysia?
Hi! Depending on which country’s stocks do you want to invest. If you want to invest in MY stocks, you can register any Malaysian brokerage with your passport.
Hi Marcus, I saw your response to a comment that you no longer use TDA anymore. Could you kindly share your reasons and also which broker(s) are you using now to trade stocks/options in the US? Thanks for all your sharing.
Hi KC.
The reasons I don’t use TDA anymore is because I find other broker that is regulated by Malaysian SC.
I am currently using Rakuten Trade as my main brokerage account.
As I don’t trade stocks or options, and I only invest in ETFs, Rakuten Trade works well to me.
Hi Marcus,
Recently TD ameritrade has been integrate with Charles Schwab so we should create the account through TD or Charles? I noticed that Charles Schwab provide dividend reinvestment plan to buy fractional shares, so TD will have this after the integration?
Hi, I am not sure as I do not use TD Ameritrade anymore.
You may need to check with their customer service on this.
I’m required to do the SGX exam. how come?
Hi, did you register under Malaysia or Singapore?
Which stage did you reach before they prompt you the requirement?
Hi Marcus,
How much do I need to have in my account (USD) to day trade the E-mini S&P500?
Sorry I have never trade it before, so I have no idea
Hi Marcus
I’m not registered as a taxpayer yet in Malaysia cuz I’m still a student. Can I use the NRIC instead?
Thank you in advance and your blog helped a lot.
Hi Kristal,
I haven’t explored registering without a tax declaration.
I have a feeling that they won’t allow you to register without an income stream.
No worry, you can opt for registering a robo-advisor, an investment that is more beginner-friendly and student-friendly.
Hi Marcus,
Does TDA offer index fund investment ?
Thank you.
Hi, yes.
There are many ETF funds that track various index, includes S&P 500.
By buying this ETF stock, you are naturally investing in an index fund.
Hi Marcus. I have trouble uploading the manually signed w8 form into the system. Cannot find the upload button next to it. Emailed to help@TDA, awaiting reply. Any other suggestion?
Did you try zooming in or out on the webpage and see if the upload button appears?
hello Marcus, do u know the procedure how to transfer fund to TD Ameritrade from malayisa local bank? any charges for fund deposited?tqvm for yr answer.
I believe I already have an article for it. Maybe you can’t find it. So here is it: http://marcuskeong.com/fund-td-ameritrade/
Hi Marcus,
Do we need to renew the IRS W-8Ben form every year? It just pop-up in my TDA trading platform. If yes, how you do it…
I’m not aware of that as I am using it for less than 1 year. You may need to contact their customer service to understand more about it.
Hi Marcus,
Do you have to pay tax on the capital gain in US or Malaysia if you trade the US stocks?
Do you still enjoy zero commission fee to trade US stocks through TD Ameritrade?
Thanks,
James
Hi James,
We won’t get taxed by the capital gain in Malaysia, whether by trading US stocks or Malaysian stocks.
However, the dividends we received from our US stocks will get 30% tax deducted in prior.
Yes, now I am still enjoying the zero-commission fee from trading US stocks with TDA.
Does TD Ameritrade provide crypto currency assets for trading/investment on their platform. **
Hi Jed, unfortunately, TD Ameritrade does not offer any trading of cryptocurrency.
However, they do provide Bitcoin futures, which is a type of derivative.
Source: https://www.tdameritrade.com/investment-products/cryptocurrency-trading.html
Hi anyone has issue with TD ? Seem that I cannot download due to slower connection. I am using Unifi 300Mbps.
Unable to load necessary messages due to Internet connectivity issues – please refresh browser. If this continues to be an issue – please try again later or contact our support at (+65) 6823 2250
Thanks
Hi Fairus,
Malaysian users need to use VPN to access TD Ameritrade (I’m not sure why).
You can refer to my article to install the Free VPN Chrome extension and access their websites.
Hi Marcus,
for the last step, i did not see any button or document to download and sign..
do you mean that we need to print out our Payslip/IC/Address Form and hand-sign and then upload again?
other than that, I don’t even have the “Customer Account Review” column for me to upload, and where to download the Customer Account Review document?
Appreciate your helps
Hi SY, try to zoom in/out on the page when you’re on it (I have updated my post, please refer to Angellica’s comment)
Yes, you need to hand-sign those document and upload again.
Let me know if this helps!
I have the same problem as SY. Only 3 documents need to upload, that’s it. I also don’t have “Customer Account Review” to upload. Already tried zoom in and out.
Hi YN, I think they have removed the “Customer Account Review” as they don’t need it anymore.
Can you proceed with the registration by uploading only that 3 documents?
Let me know. Thanks!
Hi Marcus,
Yes, I submitted with the 3 documents. Let see if the account will get approved. Thank you.
Finally i get to figure why there are problems when i don’t see any attachment to download and upload buttons for my documents.
Guys, try zoom in your webpage and volla! you’ll get to see them all!
Just that easy haha! Btw, thank you Marcus for the detailed tutorial.
Appreciate your sharing and your reply! Stay safe!
Thank you Angellica for sharing this!
You’re a genius! 🙂
Hi Marcus,
I am fans of TD Amritrade too, primarily investing in US.
Just wondering does SC ban on TD Ameritrade will impact our withdrawal in future etc.
Some concern if were to invest 20 years later and money not able to withdraw or on freeze will be tough.
Hey Brandon,
I understand the concern as recently SC just slapped a ban on Binance.
AFAIK, SC will give us a buffer time like 14 days for us to withdraw our money, just like Binance.
So it shouldn’t be a concern for withdrawal.
In my opinion, TD Ameritrade is too boring for most investors and hardly gets mentioned anywhere.
Hence the probability of TD Ameritrade getting banned by SC is very minimal.
Hi Marcus,
Understood on the binance banning, but have you checked out that TD Ameritrade was also already in SC list since last year December.
Hi Brandon, yes I’m aware of that.
There are other international brokers that in the list as well, like eToro, WeBull and Tiger Brokers.
SC literally just put most of them in the alert list without any reasonable comments.
You can check out the SC Alert list and look for TD Ameritrade.
It said “Dealing in securities” lol
Hello!
I have completed all necessary steps including uploading docs required from the email received, except that W8 status remains pending – even though i have already updated.
Is this normal?
Appreciate your help! Thanks!
Hi Elvin, I’m not sure as I did not encounter that.
You may contact TD Ameritrade for more support: https://www.tdameritrade.com.sg/why-td-ameritrade/contact-us.html
Hi Marcus,
Glad I found your article on foreign brokerage. Was considering etoro. Decided to explore and read more to understand better. Does TD Ameritrade impose additional charge if we just buy stock and keep it for long term?
Hi Jane, glad you drop by my blog.
No, TD Ameritrade will not charge us any inactivity fee if we keep our stocks for the long term. That is why I choose TD Ameritrade. 🙂
Hi, when I click the “open account” link, it shows “Unable to load necessary messages due to Internet connectivity issues – please refresh browser. If this continues to be an issue – please try again later or contact our support at (+65) 6823 2250”. How can I solve the issue? Thank you i advance.
Hi Claudia, you may try using the Free VPN chrome extension and see if it helps.
Hi. Thank you for your details guide.
I am not a Malaysian but I work here and i have tax number. Can i still register with the same way as you have shown?
Hi! Yes surely you can.
Hi. I had registered the account. Would like to ask how the email looks like if TD Ameritrade approve my registration?
Thanks
Chan
Hi Alicia, I have updated my article with a screenshot of the email. Hope it helps!
Hi Marcus, thanks for the reply on my previous question. I would like to trade US Options, do you have any other platforms to recommend besides TD Ameritrade?
Thanks,
Alan
Hi Alan, I am not well researched on other platforms. So I couldn’t answer your question.
Hi Marcus, have u withdrawn money from TD Ameritrade before? If yes, please share the steps to withdraw and how long it takes from the day you request to the money is in ur local back account?
Thanks,
Alan
Hi Alan, I have not yet withdrawn money from TD Ameritrade yet.
I am very reluctant to do that as there is a withdrawal fee for that.
But for the sake of my readers, I will plan to withdraw my money from TD Ameritrade one day.
Will update you guys with a new post when I figured it out.
Hi i just registered the account. Long process. But i am confused with with the last requirement of signed paper work submission and submit again. Which documents exactly they want signed and submit? The IC, address and employment? or all the forms we clicked yes and submit? I do not find any link to download the forms for us to sign in paper. also where is the upload link? I already uploaded the IC, Address and Employment previously.
Sorry it may sound confusing as i am. Thanks for the assistance. I also emailed the support. But no response. It seems like opening an account in Ameritrade is extremely tedious.
Thanks.
Wong
You should receive an email from them with the title “You’re almost there – send us your paperwork today”. There is a link that you can download the form and required to fill and sign it in hardcopy, then submit it to them.
If you still having trouble with the registration, you may email me at hello@marcuskeong.com and I will try my best to help.