Mr. Zhao from Hangzhou wanted to open a U.S. stock account in early 2026 to buy NVIDIA shares. When he tapped “Open an Account Now” on the Futu app, the page immediately displayed a message stating, “Online account openings are not currently supported for users within mainland China.” Only then did he realize that Futu Niuniu and Tiger Brokers had already stopped allowing mainland residents to open new U.S. stock accounts online as part of regulatory crackdowns.

He still has some spare cash set aside and is torn between going with the Hong Kong/Singapore compliant version or switching to a local brokerage firm. The choices in 2026 are far more complicated than they were three years ago—regulation, taxation, and deposit/withdrawal channels; every single step could throw a wrench in the works.

This article clearly explains the criteria for selecting U.S. stockbrokers in 2026, compares the major platforms, and outlines the red flags to watch out for when opening an account. If you’re planning to invest in the U.S. market, we recommend reading this first before taking any action.

01

The First Fact About Opening an Account in 2026

When choosing a U.S. stock brokerage in 2026, the first step isn’t to look for the lowest commissions, but to confirm whether you’re legally eligible to open an account. Eight government ministries and commissions are continuing their crackdown on illegal cross-border securities activities; Futu and Tiger Brokers have already shut down their domestic online account-opening channels, and the option to open an account online directly with a mainland ID card is essentially no longer viable.

There are two main viable options: First, opening an account through a brokerage firm’s compliant branches in Hong Kong, Singapore, or other regions (which requires the account holder’s identity and compliance with the relevant regional regulations); second, using U.S.-based online brokerage firms, though these generally require funds to be deposited via an overseas bank account (such as a Hong Kong bank card), and identity verification for mainland China residents is extremely strict.

So, the correct sequence for opening an account in 2026 is: first, confirm whether you can legally open an account in your place of residence; second, verify the brokerage firm’s corporate entity and regulatory authority; and finally, compare the app interfaces and account-opening promotions. If you get the order wrong, everything that follows will be a detour.

02

How Do the Three Main Types of Platforms Compare?

Interactive Brokers (IBKR): Offers the broadest global market coverage, spanning 160 markets and 28 currencies. It features robust professional tools, low margin rates, is not a PFOF brokerage, and provides transparent execution quality. Drawbacks include an app geared toward professional traders and average Chinese-language customer service; opening an account generally requires funding via a Hong Kong bank card. It is suitable for mature investors willing to learn.

Firstrade: Zero commissions on U.S. stock and ETF trades, no platform fees, and no minimum deposit requirement. It offers a comprehensive Chinese-language interface and customer service, and supports W-8BEN filing for non-U.S. tax residents. It is suitable for long-term beginners who only want to invest in S&P 500 and Nasdaq ETF. However, it focuses primarily on U.S. stocks and offers a limited selection of other securities, such as Hong Kong stocks.

Futuhui/Tiger (Hong Kong and Singapore Compliant Version): Features a Chinese interface, comprehensive market data, and rich community functions, making it user-friendly for Chinese users. However, new online account openings from mainland China are currently restricted; users must register through a Hong Kong or Singapore entity. In a nutshell: Choose Interactive Brokers for global access, First Securities for hassle-free trading, and the compliant version of Futuhui/Tiger for a Chinese-language experience.

If you’re facing a similar situation—feeling overwhelmed by the many U.S. stock brokerage options and unsure how to choose between Futu’s Tiger Compliance Edition and Interactive Brokers—feel free to scan the QR code to add Qicaiying’s online customer service (WeChat/Phone: 18620388671). We’ll help you select the right platform based on your investment capital. Feel free to scan the QR code to contact Qicaiying’s online customer service (WeChat/Phone: 18620388671), and we’ll help you sort through this entire process from start to finish.

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03

U.S. Regulation and Asset Security

U.S. domestic brokerage firms are subject to dual regulation by the SEC and FINRA, and the SIPC provides coverage of up to $500,000 per account (including $250,000 in cash). This coverage applies only to the loss of assets due to brokerage firm bankruptcy and does not cover investment losses. T+1 settlement, Reg BI, and payment for order flow (PFOF) will be the norm in 2026.

Important Note: Most zero-commission brokers generate revenue through PFOF (selling order flow to market makers). Platforms like Robinhood and Webull rely heavily on PFOF, so their execution prices may not be the best available; in contrast, Interactive Brokers and Charles Schwab disclose lower PFOF reliance, which is more favorable to investors. This isn’t to say that commission-free trading is a bad thing, but rather that you should be aware of the trade-offs involved.

By 2026, the EU will have largely banned PFOF, while it remains legal in the U.S. When choosing a platform, check whether it discloses its SEC Form 605/606 execution quality reports—this is far more reliable than simply looking for the words “commission-free.”

04

Tax and Deposit/Withdrawal Limits

Non-U.S. tax residents investing in U.S. stocks are exempt from U.S. withholding tax on capital gains (the difference between the buying and selling prices), but dividends are subject to withholding tax—if you fill out Form W-8BEN correctly, the treatment follows the U.S.-China tax treaty’s 10%; if not, it follows 30%. We covered this topic in the previous issue; the focus of this issue is: When opening an account, be sure to select “China” as your tax residency status—do not enter anything else.

Deposits and withdrawals are the biggest hidden hurdles in 2026. U.S. stockbrokers generally require deposits to be made using a Hong Kong bank card or an overseas card registered in the account holder’s name. The Mainland’s annual foreign exchange purchase quota of $50,000 is limited to current account transactions (such as travel and study abroad) and cannot be used for overseas securities investments; falsely declaring the purpose of such transactions constitutes a violation.

So, “Get a Hong Kong bank card first, then open a U.S. stock account” is the practical order of things in 2026. Without a Hong Kong bank card, you won’t be able to deposit funds—no matter how good your brokerage firm is.

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05

How to Manage Your Account Stably

First, verify the compliant channel: Use a brokerage firm’s compliant branch in Hong Kong or Singapore, or a U.S.-based brokerage firm. Do not trust intermediaries that claim to “handle the entire process of opening a U.S. stock account from mainland China.” Second, prepare a Hong Kong bank card: A Hong Kong bank card is essential for depositing funds, so plan ahead to travel to Hong Kong or have your account opened in person.

Third, make sure your tax identification is correct: Select “China” on Form W-8BEN, choose treaty treatment 10%, ensure your name and address match those on your passport, and renew the form every three years. Fourth, when calculating total costs, don’t be tempted by apparent commission-free offers: Factor in all costs—including deposits, currency exchange, trading, and withdrawals—before deciding whether the app is user-friendly.

In a nutshell: The key changes for opening a U.S. stock account in 2026 are “compliance first, a Hong Kong ID card as a must-have, and tax transparency.” Only with the correct sequence, clear identity, and a stable process can the account be used safely over the long term.

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