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Investing in the New York Stock Exchange as a Kenyan
Rank: Member Joined: 3/26/2012 Posts: 830
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Hello. How can I invest in the New York Stock Exchange while still in Kenya? Which is the cheapest and easiest way to go about it? I want to take investing as a full-time career, and I need exposure to at least 2 markets. I have narrowed down to our NSE and NYSE so that when there is a bear market here, I can have an alternative market and thousands of stocks to choose from. If any wazuan knows or invests in the NYSE while still in Kenya (online), shed some light. Thank you A successful man is not he who gets the best, it is he who makes the best from what he gets.
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Rank: New-farer Joined: 5/19/2014 Posts: 68 Location: Migori
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S.Mutaga III wrote:Hello. How can I invest in the New York Stock Exchange while still in Kenya? Which is the cheapest and easiest way to go about it? I want to take investing as a full-time career, and I need exposure to at least 2 markets. I have narrowed down to our NSE and NYSE so that when there is a bear market here, I can have an alternative market and thousands of stocks to choose from. If any wazuan knows or invests in the NYSE while still in Kenya (online), shed some light. Thank you I'd also like to have this info. Tried searching online but couldn't find anything substantive. Learning to sit on my hands
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Rank: Veteran Joined: 8/30/2007 Posts: 1,558 Location: Nairobi
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ombaalbt wrote:S.Mutaga III wrote:Hello. How can I invest in the New York Stock Exchange while still in Kenya? Which is the cheapest and easiest way to go about it? I want to take investing as a full-time career, and I need exposure to at least 2 markets. I have narrowed down to our NSE and NYSE so that when there is a bear market here, I can have an alternative market and thousands of stocks to choose from. If any wazuan knows or invests in the NYSE while still in Kenya (online), shed some light. Thank you So I used to deal with Tdameritrade and Fidelity and due to being Kenyan, they didnt let us trade anymore. Interactive Brokers and Charles Schwab still open accounts with a minimum portfolio value/Opening cash balance of $25k I'd also like to have this info. Tried searching online but couldn't find anything substantive.
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Rank: New-farer Joined: 2/14/2015 Posts: 97 Location: Kenya
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Horton wrote:ombaalbt wrote:S.Mutaga III wrote:Hello. How can I invest in the New York Stock Exchange while still in Kenya? Which is the cheapest and easiest way to go about it? I want to take investing as a full-time career, and I need exposure to at least 2 markets. I have narrowed down to our NSE and NYSE so that when there is a bear market here, I can have an alternative market and thousands of stocks to choose from. If any wazuan knows or invests in the NYSE while still in Kenya (online), shed some light. Thank you So I used to deal with Tdameritrade and Fidelity and due to being Kenyan, they didnt let us trade anymore. Interactive Brokers and Charles Schwab still open accounts with a minimum portfolio value/Opening cash balance of $25k I'd also like to have this info. Tried searching online but couldn't find anything substantive. I think its difficulty to trade stocks in NYSE without a US social security number or a tax number (ITN). Because ultimately you have to file US tax returns to report your net profit/loss - which you cannot do without tax identification numbers.
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Rank: Elder Joined: 6/23/2009 Posts: 13,503 Location: nairobi
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Xymalos wrote:Horton wrote:ombaalbt wrote:S.Mutaga III wrote:Hello. How can I invest in the New York Stock Exchange while still in Kenya? Which is the cheapest and easiest way to go about it? I want to take investing as a full-time career, and I need exposure to at least 2 markets. I have narrowed down to our NSE and NYSE so that when there is a bear market here, I can have an alternative market and thousands of stocks to choose from. If any wazuan knows or invests in the NYSE while still in Kenya (online), shed some light. Thank you So I used to deal with Tdameritrade and Fidelity and due to being Kenyan, they didnt let us trade anymore. Interactive Brokers and Charles Schwab still open accounts with a minimum portfolio value/Opening cash balance of $25k I'd also like to have this info. Tried searching online but couldn't find anything substantive. I think its difficulty to trade stocks in NYSE without a US social security number or a tax number (ITN). Because ultimately you have to file US tax returns to report your net profit/loss - which you cannot do without tax identification numbers. It's possible but only via a nominee account in one of the major investment banks, whereby Citi offers this in Kenya. Option two would be Black rock asset managers which offers an ETF, similar to a balanced fund. However, if taking a solo route, current share price of most notable NYSE stocks are out of the park.. Administratively, unless you have over $30,000 it may be a gain less effort
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 1/8/2018 Posts: 2,211 Location: DC (Dustbowl County)
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It's easy peasy. Just find a discount broker online that caters to foreign clients as well. I highly recommend TD Ameritrade. You don't need a SSN to do so, just your passport details. The million dollar question, however is, why are you hungering to invest in a sinking ship whose own corporations all left it loooong ago for the new super power on the block; China? Mainland America exports nothing but war and hollywood movies these days. They stopped building major highways well over 50 years ago! You should be thinking of investing in the Kings of the East instead.
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Rank: Veteran Joined: 8/30/2007 Posts: 1,558 Location: Nairobi
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MugundaMan wrote:It's easy peasy. Just find a discount broker online that caters to foreign clients as well. I highly recommend TD Ameritrade. You don't need a SSN to do so, just your passport details. The million dollar question, however is, why are you hungering to invest in a sinking ship whose own corporations all left it loooong ago for the new super power on the block; China? Mainland America exports nothing but war and hollywood movies these days. They stopped building major highways well over 50 years ago! You should be thinking of investing in the Kings of the East instead. Thats no true. TD restricted my account and that of several of my friends as we are kenyans.
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Rank: Veteran Joined: 4/4/2016 Posts: 1,997 Location: Kitale
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S.Mutaga III wrote:Hello. How can I invest in the New York Stock Exchange while still in Kenya? Which is the cheapest and easiest way to go about it? I want to take investing as a full-time career, and I need exposure to at least 2 markets. I have narrowed down to our NSE and NYSE so that when there is a bear market here, I can have an alternative market and thousands of stocks to choose from. If any wazuan knows or invests in the NYSE while still in Kenya (online), shed some light. Thank you You could still invest in our own NSE full time at first.Then when you are stronger enough,you can go to New york in person and stay their as a resident while investing in NYSE. Towards the goal of financial freedom
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Rank: Elder Joined: 1/8/2018 Posts: 2,211 Location: DC (Dustbowl County)
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Horton wrote:
Thats no true. TD restricted my account and that of several of my friends as we are kenyans.
Why so? Did you file a W8-BEN when you opened your account? Were you FATCA compliant? There should be absolutely no good reason why a non-US person (non-citizen, non-PR or non-physical resident- illegal alien included) cannot open an account with TDA. Warm regards
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Rank: Veteran Joined: 8/30/2007 Posts: 1,558 Location: Nairobi
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MugundaMan wrote:Horton wrote:
Thats no true. TD restricted my account and that of several of my friends as we are kenyans.
Why so? Did you file a W8-BEN when you opened your account? Were you FATCA compliant? There should be absolutely no good reason why a non-US person (non-citizen, non-PR or non-physical resident- illegal alien included) cannot open an account with TDA. Warm regards yep, all compliant, a friend even called them a month back....he also tried with fidelity when he went to Ohio and shwab too
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Rank: Elder Joined: 1/8/2018 Posts: 2,211 Location: DC (Dustbowl County)
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Horton wrote:
yep, all compliant, a friend even called them a month back....he also tried with fidelity when he went to Ohio and shwab too
Super strange. What reason were you and your friend given for the denial of services? So many people around the world who are non-US persons are doing it as we speak.
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Rank: New-farer Joined: 4/12/2019 Posts: 18
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I also dont think that you will be able to trade on NYSE as physical entity. However, you should try to do it over a local broker. It would be feasible as broker company is legal entity and can conduct transactions with US based brokers. Last resource would be for you to open an offshore account
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