Access to NYSE and NASDAQ is standard, but the real differences between brokers are in currency conversion costs, W-8BEN handling, and whether real-time US quotes are included or cost extra. These add up significantly for anyone investing regularly in US markets.
NYSE & NASDAQ direct access
Currency conversion fee (EUR/USD)
W-8BEN form handling
US dividend withholding tax rate
Real-time US market data
PRIIPs / KID document for US ETFs
Can European investors buy US stocks directly?
Yes — most European brokers offer access to NYSE and NASDAQ-listed stocks. The practical differences come down to currency conversion fees (every EUR-to-USD trade has a cost), whether you can hold USD in the account or are always converted back, and how the broker handles the W-8BEN form that determines your US dividend withholding tax rate.
Why can't I buy US ETFs like SPY or QQQ in Europe?
US-domiciled ETFs (SPY, QQQ, VOO, etc.) are not available to European retail investors because they don't meet the PRIIPs regulation's Key Information Document requirement — US ETF providers don't produce the KID documents required for European distribution. European-domiciled equivalents (IE or LU ISIN ETFs tracking the same indices) are available. Most brokers that access US markets still block US ETF purchases for European accounts.
How does the W-8BEN form affect my US dividends?
Without a W-8BEN, the IRS default withholding rate on US-source dividends is 30%. With a completed W-8BEN, investors in most European countries can claim treaty-reduced rates — typically 15% for German and Dutch residents, also 15% for UK investors (on most US stocks, different for REITs). The broker's handling of this form — whether they complete it automatically, request it periodically, or leave it to you — affects your after-tax dividend income meaningfully.
