Are there any implications or declarations needed if I open accounts on multiple trading platforms?

Hi anon,

Short of regulatory restrictions, you don't have to declare anything. For example, I have clients who work in banks and they can only open trading accounts with POEMS. In this case they had to close down what they currently have. Some of my clients even have to open an account with a specific remisier from Phillip. Other than such restrictions, you don't have to declare anything.

You can have multiple accounts with various platforms and try them out to find one that you like, as well as to find a broker or advisor you can work with.

Declarations to be made would probably be related to tax residency as some brokers do not allow you to open an account if you are a US Tax-resident, for example.

You can open accounts with multiple brokerages, no worries about that. I myself have accounts with 5 (!) different brokers. Each broker has their strengths and weaknesses, and some have better offerings than others in different markets.

The only declaration you will need to make is when you sign up with the broker and complete the customer review process. It is very important that your tax status is declared correctly (on the W-8BEN form) or your dividends may get taxed incorrectly and you might get into trouble with tax authorities!