With the rise of mobile investing apps, more investors, especially young people and foreigners, are looking for ways to invest without providing social security number (SSN). While most mainstream investing platforms require SSN for account opening, there are still some viable options for those who want to get started in investing but don’t have or don’t want to provide their SSN. This article will explore some investing apps that don’t require SSN and the pros and cons of investing without SSN.
Use international or bitcoin investing platforms
Many international investing platforms that target global users, such as eToro, Plus500, IQ Option, do not require SSN for account opening. These apps allow you to trade CFDs, forex, cryptocurrencies, and more. The downside is that they offer limited assets compared to US brokerages. Bitcoin and crypto investing apps like Coinbase also only need basic ID for small accounts. You can invest in bitcoin and major cryptocurrencies without SSN on these platforms.
Open a custodial investment account
If you are a minor under 18 in the US, you can open a custodial investment account with a parent/guardian’s SSN. The parent will be the custodian until you turn 18 and gain full control. All major US brokerages like Fidelity, Charles Schwab, and Vanguard offer custodial accounts. This allows teens to start investing and managing their portfolios early with oversight.
Use individual retirement accounts
Individual retirement accounts like Traditional IRA and Roth IRA only require your tax ID number instead of SSN. This makes them accessible to foreign investors or those without SSN. You can open IRAs with most US brokerages and enjoy tax-advantaged investing for retirement. The downside is contribution limits and restrictions on withdrawals.
Consider automated robo-advisors
Robo-advisors like Betterment and Wealthfront rely on algorithms to automate investing. They generally have easier account opening requirements and some may not need SSN. However, the investment choices are limited to ETFs and funds, and service is purely online with no human advisors.
While investing without providing SSN locks people out of many mainstream US brokerages, several solid options exist like international platforms, bitcoin investing, custodial accounts, and robo-advisors. Each comes with unique pros and cons to evaluate.