Hello everyone,
I was trying to get into investing with Robinhood and/or Webull and it appears to me that DACA recipients can't/shouldn't be doing stocks?
Webull clearly states that DACA individuals can't make an account with them and therefore can't trade (https://www.webull.com/hc/categories...visitSource=10)
During sign up, you get asked for Citizenship country and if you are a Permanent Resident, if not, then you must provide valid VISA status. Are there users here trading with webull? If so, will those users get into INS issues in the future for stating that they are Permanent Residents when they weren't?
Looks like Robinhood has a similar requirement, not too sure about CashApp as they don't seem to ask for Citizenship / Resident / Visa status.
A bit confused here and just wondering.
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#2
02-08-2021, 02:07 PM
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Joined in Mar 2018
1,082 posts
hmmm... daca citizen.... never heard that designation before... If you have an ssn you should be able to trade and open an account. That is mainly for tax purposes to make sure that you are paying your capital gains taxes at EOY.
Try fidelity or some other broker. I have a Robinhood as well and they did not ask for immigration status.
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#3
02-08-2021, 02:14 PM
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From Fort Worth, Texas
Joined in Dec 2008
904 posts
Use this link and get 2 free stocks for signing up after you make your first deposit:
https://act.webull.com/po/dKGWIokuK5zh/s1j/inviteUs/
I'm daca and I have an account just fine, actually two accounts 1 margin and 1 cash. That means I signed up twice just fine!
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Last edited by john_smith; 02-08-2021 at 02:17 PM..
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#4
02-08-2021, 02:19 PM
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I use fidelity. My company uses it to manage our 401k and other things. Employees get an account that lets them buy and sell stocks. But yeah RH is fishy for asking that
Also INS? Bro INS is gone
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When you signed up for WeBull, did you select "Permanent Resident" then? Or do you have a valid VISA status.
Just because you have an account (if you lied on the PR question) doesn't mean they approve of it or may possibly remove it in the future.
Quote:
Originally Posted by john_smith
Use this link and get 2 free stocks for signing up after you make your first deposit:
https://act.webull.com/po/dKGWIokuK5zh/s1j/inviteUs/
I'm daca and I have an account just fine, actually two accounts 1 margin and 1 cash. That means I signed up twice just fine!
__________________
Hoping for a brighter future, one where worrying about my status expiring every two years is far, far behind these heavy shoulders.
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I've been calling them that for as long as I remember even after knowing that they're gone XD
Quote:
Originally Posted by Pianoswithoutfaith
I use fidelity. My company uses it to manage our 401k and other things. Employees get an account that lets them buy and sell stocks. But yeah RH is fishy for asking that
Also INS? Bro INS is gone
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Hoping for a brighter future, one where worrying about my status expiring every two years is far, far behind these heavy shoulders.
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When you go to robinhood select your country of citizenship IE mexico then country of residence US
The only way to get a webull account is to lie and select Permanent resident which I dont recommend.
Use my link if you are going to use Robinhood for a free stock.
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#8
02-08-2021, 02:44 PM
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From Fort Worth, Texas
Joined in Dec 2008
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Quote:
Originally Posted by LMM
When you signed up for WeBull, did you select "Permanent Resident" then? Or do you have a valid VISA status.
Just because you have an account (if you lied on the PR question) doesn't mean they approve of it or may possibly remove it in the future.
Legally you don't need to be a citizen or LRP in order to trade. We are permanent residents, we are not legal permanent residents, know the difference. The difference is "LEGAL"
A lot of People don't know how daca works, and they think is a Visa of some kind. Whoever answered the QA didn't know what to answer, in which case the answer would be no by default.
Last edited by john_smith; 02-08-2021 at 02:57 PM..
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Honestly lying that you're an LPR can only bite you in the ass if you say it to a CBP agent while trying to seek entry back into the US. Other than that, there's no penalties in the law for lying about it.
Do not ever lie that you're a USC in ANY context though. That sh*t will make you inadmissible for life with only something like a U-visa being able to save you.
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#10
02-08-2021, 02:54 PM
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Quote:
Originally Posted by Demise
Honestly lying that you're an LPR can only bite you in the ass if you say it to a CBP agent while trying to seek entry back into the US. Other than that, there's no penalties in the law for lying about it.
Do not ever lie that you're a USC in ANY context though. That sh*t will make you inadmissible for life with only something like a U-visa being able to save you.
This is the type of ignorance you want to stay away from.
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As a seasoned investor and enthusiast in the field, I bring a wealth of knowledge and experience to address the concerns raised in the provided article. My expertise allows me to navigate through the intricacies of investment platforms, especially in the context of the DACA (Deferred Action for Childhood Arrivals) program.
The article discusses the challenges faced by DACA recipients when attempting to engage in stock trading through platforms like Robinhood and Webull. The primary issue highlighted is the requirement for users to disclose their citizenship status and, in some cases, being denied access based on DACA status.
Firstly, it's crucial to understand that investment platforms may have varying policies and practices regarding the eligibility of DACA recipients. Webull, as mentioned in the article, explicitly states that DACA individuals cannot create accounts with them. This policy poses a potential barrier for those within the DACA program who aspire to participate in stock trading.
Contrastingly, responses from other users suggest that some have successfully created accounts on platforms like Robinhood, even without being asked about their immigration status. This prompts the question of whether there are inconsistencies in the application of these policies across different platforms.
Notably, users in the discussion have suggested alternative platforms like Fidelity, emphasizing that not all investment platforms have the same restrictions. This insight is valuable for DACA recipients seeking avenues to invest without encountering unnecessary barriers.
Additionally, there is a discussion about the legal nuances of DACA status and the distinction between being a permanent resident and a legal permanent resident. This legal clarification is crucial for users to understand the implications of their immigration status when engaging in stock trading.
Moreover, there are references to potential risks associated with providing inaccurate information about immigration status during account registration. Users advise caution against misrepresentation, especially when dealing with government entities like U.S. Customs and Border Protection (CBP), as it could have severe consequences.
In conclusion, the discussion sheds light on the challenges and considerations that DACA recipients may encounter when venturing into stock trading through various platforms. The varying policies and experiences shared by users highlight the need for careful consideration and awareness of the legal implications involved in these financial endeavors.
