To wrap up, although the purpose of this article is to help non-Japanese with the account establishment process, rather than trading, as a non-Japanese you will soon find that there is a dearth of information about listed stocks in English. As soon as the money hit the account, using the web sign-on information in the same packet, we were ready to go.
On the downside, because of heavy demand, they are slow to authorize accounts, reportedly around 10 to 14 days. Another nice thing about Monex is the volume of IPOs they handle – checking day-trader chat sites, they are supposed to be easier to get an allocation for a pre-IPO stock than most other brokers. However, its new account processing is reportedly very, very slow, taking on average about three weeks.
We chose to pay the tax ourselves, since this gives us the use of our own cash for the entire year, rather than having fees deducted from our Monex account per trade. However, in essence, you can treat your trading activities as a mini-business and deduct or carry forward losses to offset against profits in a latter year.
Once done, we pressed the send button and three or four days later an envelope containing the sign-up kit arrived by courier.
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