Opening an Interactive Brokers (IBKR) Account

I previously opened accounts with uSMART (SG/HK) and Futu. While I primarily use Futu MooMoo, uSMART serves as my backup, where I keep $50 to maintain the account. Recently, I’ve seen many recommendations for IBKR (Interactive Brokers) due to its low fees. I decided to open an IBKR account while it’s still accessible for mainland users—having multiple disaster recovery options is always a good idea.

Advantages of IBKR

• No CRS: Currently, IBKR US does not report under the Common Reporting Standard (CRS).
• Identity Support: It still supports account opening using mainland Chinese identification.
• Low Commissions: The commission rates are extremely low, making it ideal for long-term investors.

Account Opening Process

1. Visit the IBKR Official Website. I recommend selecting Chinese as the language to ensure you accurately understand technical terms.
2. Click the “Open Account” button and fill in your personal information, including name, address, and contact details.
   • When selecting China as your country, you might see a prompt stating: You will need to provide documentation to prove you live or work outside of mainland China for a long period. You can ignore this and proceed to the next step.

     

   • Ensure your address is accurate and matches your ID card or passport.
   • Tax ID: Your Tax Identification Number is simply your Chinese ID number.
   • Tax Document: You can provide a record from the Chinese Individual Income Tax (IIT) app. Choose the last 3 months to keep the file size small; IBKR usually only allows uploading a single file.
   • Signature: Note that the signature format is often “First Name Last Name,” which is the reverse of Chinese convention. Don’t worry about this.
3. Once submitted, wait for review, which typically takes 1-3 business days.
   • If approved, you will receive an email like the one below:

     

   • Your account number will start with the letter “U”.
4. Log in and deposit funds. Since I have a Hong Kong bank card, I recommend depositing HKD via eDDA, which is nearly instantaneous and fee-free.
   • Be careful to fill in the correct account details during the transfer.

Platforms

• PC: I recommend using the web portal directly for trading; it’s feature-rich and convenient.
• Mobile: Download “IBKR Mobile”. iOS users will need to log in to a non-mainland Apple ID to find it in the App Store.

Deposit Workflow

Here is my typical process:

1. Use “Cross-border Payment” (跨境支付通) to send HKD to my Hong Kong bank card.
2. Use eDDA within the IBKR app to deposit HKD from the HK card.
3. If I want to buy US stocks, I simply convert the HKD to USD within the IBKR platform.

Maintaining Account Activity

1. Based on community experience, keeping at least 100 HKD is recommended; I personally keep $50.
2. You can also set up a recurring investment (DCA) strategy for a fund to keep the account active.

Final Thoughts

1. Some users on social media (like Xiaohongshu or X) claim you need an overseas address (like Payoneer). However, I used my mainland address, and it was approved without issue. The key is providing authentic and verifiable information. Many brokerages are tightening their policies for mainland users, so I suggest opening an account sooner rather than later. Even if you don’t use it immediately, keep a small balance to maintain it. It’s better to have it and not need it than to need it and not have it.
2. During registration, I recall receiving a rejection email first, but I can’t find it now—maybe I misread it, or they retracted it. Shortly after, I received the approval email. If you get a rejection, wait a bit and see.