- REGISTER AND ACCESS
- COSTS AND TAXES
- PRODUCTS AND SERVICES
- CUSTOMER SERVICE AVENUE
We always value our client's safety. You can change your bank’s information through our website with the confirmation of the SMS token to your registered mobile phone. Just log into your account and follow to:
Profile > Bank Accounts > New Account > Insert Information > Update
Your password can also be changed in your profile. For more information please check the security topic below.
To modify other data such as spouse's name, marital status, and others, it will be necessary to forward the request by email. Then, for security reasons, the change may be validated by phone.
Changing the registered address requires sending a new proof of residence, valid within the last three months.
It is important to note that the type of account (individual or joint) cannot be modified.
All accounts opened with Avenue are cash accounts. This type of account, “cash account”, does not allow transactions on credit to purchases stocks. The purchase and sale are permitted based on the full receipt of the cash payment for purchases and delivery of securities for sales. It is not permitted operations on credit or uncovered sales of stock, as well as leverage.
The joint account offered by Avenue Securities is of the Joint Tenants with Rights of Survivorship (JTWROS) - American structure in which each party is entitled equal to the assets of the account. Each party also has the right to "survive" (right of survivorship) - when a co-owner dies, all account assets automatically go to the other(s) co-owner(s) without through the inventory in the American account.
In the individual account, the customer is the sole owner of the account and the assets. The customer is who controls the investments and only he can request withdrawal and send resources.
In both cases (joint or individual account), deposits and withdrawals from/to the current account in the bank should be exclusively from an account of the same ownership as the principle owner of the Avenue account.
The W8 form, issued by the IRS-Internal Revenue System (U.S. Federal revenue), is a foreign Status certificate for the purposes of the U.S. income tax statement. By completing the W8 you confirm that you are not a taxpayer (tax resident) in the USA. Completing the W8 form is mandatory for all foreign customers.
This form will be automatically completed according to the information stated at the time of your registration and will be available for electronic signature along with your registration file.
The W8 form can be viewed in your account:
Profile > Disclosures - Registrations Form
The W8 is available in the same document, after the customer's personal information.
There is no cost to open an account. However, in the first remittance of dollars to the U.S. investment Account, a single cost of $2.00 is charged for the W-8 Ben form required by the U.S. tax authorities.
See all of our costs here
- Up to US$ 1,000.00 * - Cost: US$ 2.50
- Up to US$ 2,000.00 * - Cost: US$ 5.00
- Above US$ 2,000.00 * - Cost: US$ 10.00
- Execution of orders carried out by the operating table: cost of 0.5% per operated volume or minimum of US$ 20.00 each operation.
* Volume operated.
- With Avenue you are investing in the American market as a foreign investor (That's the reason for filling out the W-8 form in your registration). In the U.S. you can invest in the market as a tax resident of another country, knowing that part of the income (dividends) on your investments will be taxed at the source.
- The information/declaration in his country of residence about values of income and capital gains is the individual responsibility of the shareholder.
We will provide general information and reports to assist in the investment income tax statement.
Our main goal is to provide investors with practical and objective information on how to fulfill the obligations related to investments made in the USA.
However, we always recommend that the customer seek the guidance of a specialized and reliable professional to follow the procedures required by the tax regulations of his country. Avenue Securities shall not be liable for any losses arising from misunderstandings in the calculation, collection and reporting of investments, income and capital gains earned abroad by the investor.
This information is a general view and is not intended to be a substitute for specific tax advice, legal or investment planning. Investors should seek information and, when appropriate, seek a professional advisor on potential tax consequences associated with the purchase, sale, detention or disposal of shares under the laws of their country of citizenship, residence, domicile or Incorporation. Legislative, administrative or judicial changes may change the tax consequences and, as in the case of any investment, there can be no guarantee that the proposed tax position at the time an investment is made will last indefinitely.
Avenue offers its clients access to more than 3000 securities traded on major US exchanges (NYSE and NASDAQ) that include:
ADRs (American Depositary Receipts)
REITs (Real Estate Investment Trust)
ETFs (Exchange Traded Fund)
The current criteria for inclusion of new securities are:
- Market value above US$ 1 billion or has an average daily volume in the last three months exceeding US$ 500,000 dollars.
- Companies with stock values above US$ 1 if the stock price of a company falls below US $1, Avenue Securities will put the asset on an observation list. If the asset remains below US$ 1 for 30 (thirty) calendar days, customers who own it may be informed that the asset can be removed from the list. If the asset remains below US$ 1 for 60 (sixty) calendar days, the investors will only have the option to leave an existing position in this security (liquidation only).
- Sponsored ADRs (American Depositary Receipts) listed on the NYSE or NASDAQ
- Unlevered ETFs
You can search for the desired asset as follows: Operations > Search Asset. If you do not find a specific asset within the established criteria, please contact our service requesting information about the possibility to include the asset that you are interested in.
With Avenue it is possible to purchase fraction of securities. For example, if a stock is priced at US $ 1,000.00 you may request the purchase of US $ 300.00 worth of that stock. In this example your purchase will correspond to 0.30 shares.
It is important to understand that the trading of fractional shares has additional risks and limitations that you must understand before executing.
Cost: The execution of a fractional order (less than 1 share) will have the same execution cost of a regular order. Brokerage commission will follow our current table, please see in cost and taxes.
Rounding of fractional shares: You can buy and hold up in your account up to four decimal places. This can affect the purchase of a fixed dollar order. For example, if you request a value of US$100 on security, your transaction may not be exactly US$100 due to rounding (it may be a penny less, but it will never be more than the order amount before commission is charged).
Rounding may also affect your ability to be credited for cash dividends, stock dividends and stock splits. For example, if you own .0001 of a share of stock that pays a one cent dividend per share, we will not credit your cash balance a fraction of a cent.
Avenue will only accept market orders for fractional shares. Orders entered outside normal trading hours cannot be executed.
Transfer of Fractional Shares: Fractional shares are not transferrable. If you close your account or transfer your account to another company, the fractional share will need to be liquidated, resulting in potential commission charges. Fractional shares cannot be put into certificate form and mailed. They will need to be sold. The commission charge for liquidation may match the value of the fractional share if less than our minimum commission.
Voting Rights: The fractional share holders will not be entitled to vote for the fraction of a share held, even if you have more than 0.50 shares in your account.
All shares traded on the Avenue Securities platform are known as common shares, and there are currently no preferred shares as an investment option. Although all shares are of the same type, some companies may submit two or more different classes of shares with different voting rights for each category. The structure of more than one share class is common for companies that want to keep equity control in the hands of founders or specific executives.
REITs (Real Estate Investment Trust), are companies that possess or finance property that generates income. The REITs allow anyone to invest in large-scale real estate portfolios in the same way they do with other sectors, i.e. by purchasing shares in the financial market.
Read more: FINRA
ADRs (American Depositary Receipts) are certificates of deposit, issued and traded, backed by securities issued by foreign companies. In the case of the American market, these assets are called ADRs. These deposit certificates allow you to invest in foreign shares without having to open an account at a broker in the country where the stock is traded, operate in currencies other than the dollar, or transfer funds to another country besides the USA.
ETFs (Exchange Traded Fund) are investment funds traded on the stock exchange, as well as shares, but which consist of different assets (such as stocks, REITs, fixed income securities, commodities, options, currencies, swap contracts, etc). ETFs from different sectors and countries are available on the Avenue platform.
By clicking on the "Exchange" tab you can make the conversion from Real to Dollars or vice-versa.
Select the currency, and choose between transfer times detailed below:
- Instantly (available on weekdays between 09:00 a.m. and 03:25 p.m. – Brasilia time) – The value will be immediately available for purchases on the American market.
- Next day (D+1) - Delivery will be on the following business day, if requested until 06:00 p.m. – Brasilia time)
Fill in the gross amount for transfer, check the IOF (0.38%), the net value, and click the button "Make Exchange".
Done! You just changed your currency. Amazing, isn't it? When your balance is net in dollars you can start investing .
While in "Exchange" you can also check your available limit. This is individual for each customer according to the delivered documentation. Check below how this limit works.
- Approved accounts without the submission of documentation (automatic validation of the information filled out on the record) will have the annual exchange limit (remittance to the US) of US$3.000;
- Approved accounts with valid document submission (RG/CNH + CR), will have the annual exchange limit of US$ 18,000;
- For annual remittances with values higher than those mentioned above, you will need to submit your last income tax statement (with the delivery receipt), and the amount for remittances will be updated according to your assets and amounts received in the last year.
In the “Exchange” tab you can consult your available limit, which is unique to every client based on submitted documentation. You can verify below how the limits work.
You can request a limit increase in the exchange through the following path:
Exchange > Change Limit or through your Profile (icon available at the top corner of the page next to the chat) > Exchange Limits.
You must upload a copy of your RG or CNH documents, proof of residence from the past three months, on your behalf. We will not accept proof of residence on behalf of a third party (except on behalf of your spouse or on behalf of your parents if you are single).
With these uploaded documents, you will have the amount available for updated annual remittances for up to US$ 18,000 dollars/year.
If you already have this limit approved and want to increase, you will need to upload your last income tax statement along with the delivery receipt, so that this limit is adjusted according to the income and goods/rights declared.
After uploading any document, it is necessary to return to the "Exchange Limits" tab and request the appropriate increase by clicking "Request Change". The process is simple and fast!
In "My Account" tab you will find your complete portfolio, with the current value of your investment portfolio. At the top of the page, you also have quick access to your last orders sent and the current status.
Below, you will see your available balance - funds available, both in reais and in dollars.
In "Stocks" you can consult your positions in stocks, REITs or ADRs that you have acquired, their value, quantity and profitability.
In "ETFs" you have access to investment funds in your portfolio.
By clicking on the stock icon, you will have the following information: Chart view, Position, Additional Information, and Company. On the right side of the screen, the order form will be available for purchase and sale of assets.
Below is a step by step to assist in the execution of your purchase and sale operations on the platform:
1 - After logging in go to the "Operations" tab.
2 - To include new ones, you can search for the company’s name or the stock code (ticker). Click on the plus (+) sign to include a new asset, type the name of the company or code you are looking for, and then click on the positive sign. If you just want to see the securities information, click on "Search Active".
All assets included will be in the "Operations" tab for you to track quotations. If at any time you want to delete some previously selected asset, just click on the top corner of the grid and delete from your selection.
3 - After inclusion of the stock return to the "Operations" tab, and the security will already be available in your selection grid, separating stocks from the ETFS.
To send an order, you need to click on the company frame, where you will open more information about the security. Below the chart you will be able to obtain information about the position, as well as additional and company information – such as market value, invoicing, dividend income and others.
4 - Once the asset is selected for purchase or sale, you can choose from three types of orders:
- Limit order- a limit order consists in determining the value by which the investor intends to purchase or sell the asset. The execution will be subject to the value of the asset in the market to be equal or below what the investor priced.
- Market Order - immediately executes at the best available price, without guaranteeing a specific price. The best price follows the "National Best Bid and Offer" (NBBO) that in the United States is the regulation that imposes the brokers to negotiate the best "bid" and "ask" available in the market to their customers at the time of execution.
- Stop Order - the stop order means placing a trigger on the market so that when the price of a stock reaches or passes the stipulated value this mechanism is triggered and an order is sent to the market.
IMPORTANT - No orders will be accepted by Chat or by email. To send orders through Avenue Securities, the customer must send the order directly through the site in the login environment. Or, if necessary, contact us by phone *.
* Orders requested by phone will be subject to differentiated charges
Please see all of our costs and taxes here.
Go to the "Orders" tab, where you can cancel only orders that have the status of "Open" and "Partially Complete". Click "Cancel" and a confirmation window will appear with the description of the asset and the order value. To finish, click on “Cancel Order”.
Also, in the "Orders" tab you will be able to see all orders requested, with the option to classify them by:
- Type: All, Buy or Sell.
- Status: All, Open, Partially Complete, Complete, Cancelled or Rejected.
- Period: All, Today, Yesterday, Last Week, Last Month, or Last 12 Months.
By clicking on each order, you will have access to all the details.
The rules for the payment of securities transactions executed in accounts are established under the "Regulation T" of the Federal Reserve Board. These rules allow the acceptance of cash account purchases only if there are sufficient net resources in the account to fully pay for the purchase.
Due to these current account transaction settlement rules and, to prevent any trading violations, Avenue customers may invest only with settled funds in the account on the day of execution of the order.
Uncovered sales are not allowed through Avenue.
The settlement date for both purchase and for sale of assets is two (2) business days after the trading date, usually referred to as T+2.
“Good Faith Violation" occurs when you buy a security and sell it before paying for the full initial purchase with settled funds. Only the money or proceeds of the sale of fully paid securities qualify as "settled funds".
Selling a position before it is paid with liquidated funds is considered a Good Faith Violation because no good-faith effort has been made to deposit additional cash into the account before the settlement date. The following examples illustrate situations that may incur Good Faith Violation.
IMPORTANT! Accounts with three violations of Good Faith Violation in a period of 12 months must be restricted to the purchase of securities with cash liquidated for a period of 12 months.
Available cash = US$ 0.00
- On Monday morning, a customer sells Y stocks, getting US$ 5,000 in account resources.
- On Monday afternoon, the customer buys X stocks for US$ 5,000.
- If the X stocks are sold before Wednesday (sale date of stock Y), there will be a violation of good faith, since the actions X are not considered fully paid before the sale.
Available cash = US$ 5.000
- On Monday morning, a purchase is made by US$ 5,000 of stock X.
- On Monday at noon, the customer sells stock X for US$ 5,500.
- Near the market close, the customer buys stock Y for US$ $5,500.
- At this point, no good-faith infringement occurred because the client had sufficient funds for the purchase of the X.
- If Y is sold before being paid (liquidation), a violation of "Good Faith" will have occurred.
Available cash = US$ 10.000
Unsettled sales cash Credit = US$ 5.000
(referring to the sale made on Friday – liquidation on Tuesday/T+2)
- On Monday morning, the customer buys US$ 15,000 stock Y.
- A "Good Faith" violation occurs if that customer sells stock Y on Monday.
- The purchase is not deemed to be fully paid because the US$ 5,000 are not considered sufficient funds until they are settled on Tuesday.
Read more: INVESTOR ALERTS AND BULLETINS
If you have recently sold any of your positions, it will take 2 business days for the funds to be liquidated before they become available for withdrawal. This relates to the T + 2 settlement process of the Securities and Exchange Commission (SEC).
Two business days after the trading date, the cash balance in your account will be available for withdrawal.
The partial or total redemption request of the balances available in the account must be made directly by the site. You must login to the platform and access the tab "my Account". Simply click on the item "balances" and "withdrawal", inform the amount to be transferred and choose the target account previously registered.
If the available balance is in US dollars it will be necessary to make the exchange before requesting the withdrawal (becoming available in Reais (R$) only on the business day following the request). If you want to redeem the available US dollars amounts for a domestic bank (US) you will need to send a wire form requesting the withdrawal to [email protected]
Redemptions are requested from Monday to Friday (excluding holidays) until 3:30PM will be credited in minutes.
Transactions requested after this time, or weekends and holidays will be credited on the next business day.
IMPORTANT: The withdrawal will only be performed for an account of the same account owner previously registered on the platform.
This report contains all trades and movement in dollars made in the account.
Please note that you will also receive official statements for your account on a monthly basis. If there is no activity in the account, statements will be sent quarterly. You can retrieve your official statements by going to “Reports” > Clearing Account Statement.
List of all current investment positions and open orders.
List of all your orders executed.
List of the brokerage fees with all the order information. Here you can download the confirmation of all transactions executed, including details such as the day of execution and settlement, price, and other information.
Available on a monthly basis. Account Statements display a complete summary of your account’s information, including your positions. This report summarizes your positions and asset allocation.
Reports of income and capital gains are available. These reports provide the necessary tax forms and statements for you to properly report and file your taxes. They will be available on the 5th business day of the subsequent month. Clients who transfer custody or deposit funds directly in US dollars will not have access to these reports.
Always talk to your tax advisor or tax account as each situation, including your own, has its peculiarities.
This statement contains Deposits, Withdrawals, Exchange, and Adjustments in the account in Reais.
List of all currency exchange orders executed.
Next to the "Reports" tab, there is a warning sign for notifications. You will receive a warning whenever an activity related to your account occurs, such as deposits, orders executed or cancelled, withdrawals, among others. You can view all by clicking "View All" and check them as read.
Our customer service is available from Monday to Friday from 8:00 am to 5:00 pm, New York time (EST time) through chat, phone, and email. Our service follows the standard calendar of US national holidays and is always available on stock exchange trading days (NYSE and NASDAQ).
We have dozens of content aimed at investors who want to know more about overseas investments. You can access them through our website and on our social networks. Avenue does not yet offer investment advice, but we are available to provide all the information necessary to execute your self-directed orders.
We are working to offer this service to our customers. As soon as we are able to establish this, we'll inform our clients.
NYSE market Trading Hours: Monday to Friday from 09:30 a.m. to 4:00p.m. (New York time - EST time).
There is no After Hours (post market).
July 3 *
November 26th **
November 27th **
December 24th ***
December 25th ***
New Year's Day
Martin Luther King, Jr. Day
Birthday of Washington (President's Day)
Friday Holy (Good Friday)
Thanksgiving Day (day after)
* Market closes early at 1:00pm on Friday, July 3, 2020. New York (EST time) schedule.
** Market will close early at 1:00pm. On Friday, November 27, 2020 (the day after Thanksgiving). New York time (EST time).
*** Market will close early at 1:00pm on Thursday, December 24, 2020. New York(EST time).
Log in to your account and follow to Profile > Security. Here you can find some important features:
- Enable code via SMS or via APP (available soon).
- Enable MFA - Sending the authentication SMS (token) can be disabled by logging into your account. Although we offer this option, we do not recommend it, as SMS authentication makes access to your account more secure. If you choose to disable SMS, know that only you (customer) have the power to disable this functionality.
- Change your password – Enter your current password, the new password, and confirm it. Click on "Change Password" to finish. It is important to emphasize that the password must contain at least 8 characters, an uppercase character and at least one of the symbols: @ # $% &
If you have started your registration and do not remember the password you registered, you can click on "Forgot Password", enter your e-mail and a token (code) will be sent via SMS to your registered phone that will allow the new password to be created.
This is a term used when a client's securities are held under the broker or clearing firm’s name, rather than the name of the individual who is the legal owner of a security.
Although the name on a certificate is not that of the individual, it is still listed as the actual owner and beneficiary and has the rights associated with the asset.
In almost all cases, when you buy or sell securities at an American brokerage firm, your name is not actually in the stock certificate or securities. The name that appears on the certificate is the name of the brokerage or clearing firm, and this is called in the US as "street name".
In this way, whenever a customer needs to buy or sell shares, the brokerage firm is readily able to allocate a portion of its stock as needed.
Avenue Securities is a fully disclosed introducing broker to its clearing firm DriveWealth. Avenue Securities does not hold any of its client’s assets or cash. Investors who open an account at Avenue Securities will be holding their funds and assets at DriveWealth.
Brokerage or clearing firms usually hold street name titles because of the complexity of tracking each share certificate for each individual. Almost all brokers or clearing firms hold securities electronically, not possessing the physical certificates.
The custody of individual titles in street name is done for several reasons, we highlight the two main reasons:
Convenience: It is much more convenient for brokerage or clearing firms to carry securities on their behalf, as securities can be easily transferred between the parties. Imagine the additional amount of work that would occur if the actions were individually on behalf of each client.
Whenever the client had to sell shares, the broker would have to find the exact stock that the broker possesses and give them to the buyer, who would then have to send the shares back to the company so that the name in the certificates could be changed to the new name of the owners. By maintaining the titles on street name, the broker can avoid most delays associated with the transfer of ownership and quickly settle the negotiations.
Security: If the brokerage houses had physical security certificates, there would be a greater risk of physical damage, loss, and theft. By keeping them on street name, brokerages are able to hold the bonds electronically, effectively reducing the likelihood of anything negative happening. This security is also extended to secure payment. By maintaining the titles on street name, the brokerage firm is ensuring that a security will be delivered immediately when a transaction occurs. This eliminates any uncertainty that would exist if the customer were responsible for delivering security every time a transaction occurred
Often, when a brokerage firm ceases to operate, the client's assets are transferred in an orderly manner to another registered brokerage firm. Multiple layers of protection are designed to protect investor assets. For example, registered brokerages or clearing firms keep their clients’ securities and money separate from their own so that even if a company fails, the clients' assets are safe. Brokers are also required to be a member of the Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to US$ 500,000 (including US$ 250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org
If you are a non-US customer, your cash balance may be held by an affiliate or a third-party business partner of Avenue Securities LLC. Funds held by affiliates or third-party business partners are not covered by SIPC.
SIPC is a non-profit organization created in 1970 under the Securities Investor Protection Act (SIPA) that provides limited coverage to investors’ brokerage accounts if its brokerage becomes insolvent. All brokerages that do business with the investing public should be members of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at SIPC
However, it only does so when a business is deactivated because of financial circumstances in which the customer's assets are absent - due to theft, conversion or unauthorized trading - or are at risk because of the company's failure.
If you are a non-US customer, your cash balance may be held by an affiliate or a third-party business partner of Avenue Securities LLC. Funds held by affiliates or third-party business partners are not covered by SIPC. You hereby authorize Avenue Securities, LLC, its affiliates and third-party business partners to perform any transfers necessary for the purpose of executing securities transactions in your account and of servicing your account.