Yes, through a company's direct stock plan, but it rarely works from abroad
Some US companies sell their shares directly to the public through a direct stock plan, usually run by a transfer agent such as Computershare rather than a broker. The SEC describes these plans on Investor.gov: you buy or sell through the plan instead of paying a broker's commission, but you may pay the plan's own fees, some plans are open only to existing shareholders or employees, and some set minimum investments.
For someone living outside the US, the plan's payment rules are usually the obstacle. Computershare's DirectStock terms say purchases must be made in US dollars drawn on a US bank, by electronic transfer from a checking or savings account; it does not accept cash, money orders or checks. IBM's plan, also run by Computershare, limits automatic investments to a US financial institution. Without a US bank account, the direct route is usually closed, and a broker that accepts residents of your country is the practical answer.
What a direct stock plan is, and what it is not
- One company at a time. Each plan covers one issuer's stock. There is no single direct plan for "US stocks"; you enrol separately with every company that offers one.
- No choice of price or time. The SEC says direct plans usually do not let you buy or sell at a specific market price or time. The plan buys in batches at set times, at an average price. DirectStock says it generally buys within five business days after your funds clear, and warns that you should not use it if you want complete control over timing or price.
- Dollar amounts, not whole shares. The SEC notes you may be able to invest a set dollar amount rather than paying for a whole share.
- Dividends can be reinvested. A dividend reinvestment plan (DRIP) uses your cash dividends to buy more shares of the same company.
What it costs: a direct plan versus a zero-commission broker
"No broker" does not mean no fees. Computershare's DirectStock fee schedule charges $5.00 plus $0.05 a share on a one-time purchase from a bank account, and $25.00 plus $0.12 a share on every sale. Applied to a few order sizes:
| Shares | Fee to buy (one-time transfer) | Fee to sell |
|---|---|---|
| 1 | $5.05 | $25.12 |
| 10 | $5.50 | $26.20 |
| 50 | $7.50 | $31.00 |
| 100 | $10.00 | $37.00 |
Fees differ from one company's plan to another, so read the plan document of the stock you want. Many brokers charge little or no commission on US stocks, but for a non-US investor the larger costs are usually currency conversion and the spread, not commission. What it really costs to trade US stocks as an international investor.
Tax: the W-8BEN still applies
Buying direct does not change US tax. DirectStock's terms say non-US persons need a Form W-8BEN on file to avoid US withholding at the full rate on dividends and sale proceeds, and that non-US participants receive Form 1042-S each year instead of a 1099. A broker asks for the same form. How to fill in the W-8BEN and what your country's treaty rate is.
Can I trade US stocks outside the US without a broker?
Not on the stock market itself. The SEC explains that investors have no direct connection to the markets: an order goes to your broker, who decides which market to send it to. Direct plans and DRIPs are the only routes without a broker, and Computershare's terms add that laws may prevent residents of certain countries from joining at all, so each participant must check their own eligibility. If you hold shares in a direct plan and later want to sell at a time you choose, the SEC notes the plan may charge a fee to move them to a broker.
The minimum to start: a direct plan or a broker
Minimums vary by plan. IBM's plan lets new investors start with as little as $500; the DirectStock fee schedule we read sets a $25 minimum first investment for non-shareholders. Of the 7 brokers we cover that sell the real share and take clients from outside the US, 5 publish no minimum deposit at all:
| Broker | Minimum deposit | Fractional shares |
|---|---|---|
| Interactive Brokers | None | Yes |
| eToro | $50 | Yes |
| Webull | None | Yes |
| Saxo | None | Whole shares only |
| IG | None | Whole shares only |
| Trading 212 | $1 | Yes |
| moomoo | None | Yes |
Not every broker accepts every country. Start with the best brokers for non-US residents, then check which brokers accept residents of your country. For a small first deposit, compare the best brokers for small accounts and the cheapest brokers for US stocks. Interactive Brokers is the usual answer for non-US investors who want to own the share.
A CFD is a third route, with no share at all
CFD brokers let you trade the price of a US stock without a US bank account, but you hold a contract with the broker, not the share, so there is nothing to register, transfer or reinvest. Our partner Capital.com offers share CFDs:
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