cwah
Member of DD Central
Posts: 949 
Likes: 468
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Post by cwah on Apr 3, 2019 0:34:31 GMT
Hello,
I'd like to buy US ETF such as PFFL. But I can't find any platform where I can buy this.
Understanding that Interactive Broker may have a bigger palette, I registered. However, it still doesn't allow me to buy. I contacted the customer service and I received this:
"The contract you are trying to trade PFFL (US90274E1745) is a US ETF. IB - UK Retail clients cannot trade in US ETF due to the PRIIPs regulation. However, you can upgrade your account to a 'Professional' to trade in products that are not available to Retail clients if you are eligible."
So I tried to change my status to professional, but it's asking me to prove that I have:
A) Trade at least 10 times per quarter
B) Have a portfolio of $500k+
C) Work professionally in the financial sector
And I need to send them paperwork to prove it!!!
Is there any way to bypass that? or by somewhere else? It shouldn't be that hard to buy some US eft!
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macq
Member of DD Central
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Likes: 1,199
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Post by macq on Apr 3, 2019 7:39:32 GMT
Hello, I'd like to buy US ETF such as PFFL. But I can't find any platform where I can buy this. Understanding that Interactive Broker may have a bigger palette, I registered. However, it still doesn't allow me to buy. I contacted the customer service and I received this: "The contract you are trying to trade PFFL (US90274E1745) is a US ETF. IB - UK Retail clients cannot trade in US ETF due to the PRIIPs regulation. However, you can upgrade your account to a 'Professional' to trade in products that are not available to Retail clients if you are eligible." So I tried to change my status to professional, but it's asking me to prove that I have: A) Trade at least 10 times per quarter B) Have a portfolio of $500k+ C) Work professionally in the financial sector And I need to send them paperwork to prove it!!! Is there any way to bypass that? or by somewhere else? It shouldn't be that hard to buy some US eft! Not sure it helps (and there could be away around it) but do remember the likes of HL removing American ETF's/funds from sale at the start of 2018 when new European laws came in as they do not comply with the KID under that PRIIP rule you mentioned.But some platforms let you hold them if you already were invested but you can't add more money.A quick search under "why can i not buy a American ETF in Europe" seems to suggest as you have found it's not possible but did note that a couple of articles JustETF for example suggest it would not be a good thing with tax etc anyway - so could be worth another look maybe
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james100
Member of DD Central
Posts: 1,086
Likes: 1,288
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Post by james100 on Apr 3, 2019 7:59:20 GMT
Hello, I'd like to buy US ETF such as PFFL. But I can't find any platform where I can buy this. Understanding that Interactive Broker may have a bigger palette, I registered. However, it still doesn't allow me to buy. I contacted the customer service and I received this: "The contract you are trying to trade PFFL (US90274E1745) is a US ETF. IB - UK Retail clients cannot trade in US ETF due to the PRIIPs regulation. However, you can upgrade your account to a 'Professional' to trade in products that are not available to Retail clients if you are eligible." So I tried to change my status to professional, but it's asking me to prove that I have: A) Trade at least 10 times per quarter B) Have a portfolio of $500k+ C) Work professionally in the financial sector And I need to send them paperwork to prove it!!! Is there any way to bypass that? or by somewhere else? It shouldn't be that hard to buy some US eft! You can buy US ETFs inc PFFL through ii (both UK and Lux subsidiaries, so not a UK issue). It does require signing new agreements but these are presented and completed online - takes less than a minute - and requires no further docs.
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cwah
Member of DD Central
Posts: 949
Likes: 468
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Post by cwah on Apr 3, 2019 8:47:47 GMT
Hello, I'd like to buy US ETF such as PFFL. But I can't find any platform where I can buy this. Understanding that Interactive Broker may have a bigger palette, I registered. However, it still doesn't allow me to buy. I contacted the customer service and I received this: "The contract you are trying to trade PFFL (US90274E1745) is a US ETF. IB - UK Retail clients cannot trade in US ETF due to the PRIIPs regulation. However, you can upgrade your account to a 'Professional' to trade in products that are not available to Retail clients if you are eligible." So I tried to change my status to professional, but it's asking me to prove that I have: A) Trade at least 10 times per quarter B) Have a portfolio of $500k+ C) Work professionally in the financial sector And I need to send them paperwork to prove it!!! Is there any way to bypass that? or by somewhere else? It shouldn't be that hard to buy some US eft! You can buy US ETFs inc PFFL through ii (both UK and Lux subsidiaries, so not a UK issue). It does require signing new agreements but these are presented and completed online - takes less than a minute - and requires no further docs. Sounds good. Will look at that tonight. Thank you
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cwah
Member of DD Central
Posts: 949
Likes: 468
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Post by cwah on Apr 4, 2019 21:11:50 GMT
Hello, I'd like to buy US ETF such as PFFL. But I can't find any platform where I can buy this. Understanding that Interactive Broker may have a bigger palette, I registered. However, it still doesn't allow me to buy. I contacted the customer service and I received this: "The contract you are trying to trade PFFL (US90274E1745) is a US ETF. IB - UK Retail clients cannot trade in US ETF due to the PRIIPs regulation. However, you can upgrade your account to a 'Professional' to trade in products that are not available to Retail clients if you are eligible." So I tried to change my status to professional, but it's asking me to prove that I have: A) Trade at least 10 times per quarter B) Have a portfolio of $500k+ C) Work professionally in the financial sector And I need to send them paperwork to prove it!!! Is there any way to bypass that? or by somewhere else? It shouldn't be that hard to buy some US eft! You can buy US ETFs inc PFFL through ii (both UK and Lux subsidiaries, so not a UK issue). It does require signing new agreements but these are presented and completed online - takes less than a minute - and requires no further docs.Th Thanks James. I registered to ii and it all seems to work. Except that they have very poor exchange rate. I'd loose lots of money on bigger amount to exchange from GBP to USD. Is is there an easy way to directly transfer USD to the account? It looks like I can only add 1 UK bank 
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