What are some of the low-cost brokers for global nomads who just begin to invest?

Finances
1

Hi fellow nomads,
I’m an Asian born, Australian permanent resident working in a third country (Myanmar). I recently started to look into investing index funds but I can’t seem to find a broker that lets me apply for an account.

Many brokers seem to not accept applicants who live in Myanmar and I don’t have a current phone number or address in Australia. My money is in USD and AUD.

What’s a good broker you would recommend that doesn’t require a 25,000usd minimum deposit and allow people who reside in Myanmar to apply?

I’ve tried Internaxx (rejected), Charles Schwab (25,000 USD minimum ), CBF (20,000 USD minimum). I feel I’m out of options.

2

you can try MonexBoom in Hong Kong, hopefully they would be able to help.

3

How about Interactive Brokers? They opened an account for me as an NZ citizen and resident of Thailand. No minimum.

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4

The no fixed address could be problematic. I’ve used Interactive Brokers in the past and can vouch for them although I set up when I was living in Singapore so may not be much help given the location challenges you refer to. Have you looked into Saxo?

As a side, if you haven’t already come across Andrew Hallam’s blog on expat millionaire you might be able to get more help there.

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5

I read his book and tried the brokers he recommended. Applied Internaxx but the dont’t accept residents in Myanmar. I created a practice account with Saxo but haven’t started anything yet.

6

Do they have a min. investment threshold? Have heard pretty good things on Saxo also.

Good luck!

7

I have read his book and havent’ checked out his blog. I did try to setup an account with interactive broker. Do you like their service?

8

Hi Alex. I’ve just opened an account with IBKR (approved), but seem to have the exact same problem you mention there, no fixed address. I am concerned that this could be an issue going forward and really wouldn’t want to have my account blocked. Do you know if this would be an issue with Interactive Brokers going forward, and if so, if there are reliable brokers that would have no problem with this?

Thank you so much for your help.

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