Digital Securities FAQ
Who can trade on Openfinance?

To trade on Openfinance, you must be an approved User. To become an approved User, you must first fully complete the Investor Passport (please see above). All approved Users are required to link their MetaMask account to their Openfinance account.


Can an approved User trade all of the securities on Openfinance?

No, not necessarily. Each individual security has its own specific regulatory characteristics. For example, some may only be available to non-US residents while others may only be available to verified, accredited U.S. Users. There are other regulatory restrictions that may prevent a User from trading certain securities on Openfinance.

Can I see the trading screens without being approved for trading activity?

Yes, you can view the trading screens by completing the Investor Passport.


Do I need to be an Accredited Investor to open a user account on Openfinance?

No, you do not need to be an accredited investor to open an account with Openfinance. However, certain securities are only available to users who are verified, accredited investors.

I am a non-accredited, U.S. resident. Can I trade the securities currently listed on Openfinance?

No. At this time, due to regulations and issuer preference, the securities listed on the platform are only available to verified accredited U.S. and non-U.S. investors. We are constantly working to bring a diverse set of listings to the platform and expect to open access to non-accredited U.S. investors in the near future.

How do I become a Verified Accredited User?

You are given the opportunity to indicate that you are an accredited investor in the Investor Passport application. If you do so, you will be prompted to upload documentation to verify your status.

What documents does Openfinance require a User to upload to qualify as verified and accredited?

Please provide documents that satisfy ONE of the following OR your country’s equivalent:

(a) Income Verification Method - Must document that earned income exceeds 200,000 USD (or 300,000 USD together with a spouse) in each of the prior two years, and that you reasonably expect the same for the current year. Depending on your registration type, the following can be used and must be provided to verify your income: W-2, tax return, form 1099, form 1065, form 1040, K-1 or any other form purporting to show income. Two years of documentation are required to demonstrate accreditation. Tax documents valid until April 30th of following year. Other documents valid for 12 months from the date on documentation.

(b) Net Worth Method -Must document a net worth over 1 million USD, either alone or together with a spouse (excluding the value of the person's primary residence). The following can be used to document your assets and liabilities and must be provided: credit report (shows all liabilities), bank statements, brokerage statements, CD, tax assessments or other statements showing assets in excess of 1 million USD. Valid for 12 months from the date on documentation.

(c) Letter Certifying Accreditation - A User may obtain a written confirmation from a registered broker-dealer, an investment adviser registered with the Securities and Exchange Commission, a licensed attorney who is in good standing under the laws of the jurisdiction in which he or she is admitted to practice law, or a certified public accountant who is duly registered and in good standing under the laws of the place of his or her residence or principal office. The written confirmation provided must certify that reasonable steps were taken to verify that the investor is an accredited investor within the prior three months and that it was actually determined that such investor is an accredited investor. Void 12 months after the date of certification or earlier if letter offers earlier expiration date.

In what countries are residents able to be approved for trading on Openfinance?

Currently we are reviewing applicants from these countries:

  • Australia
  • Austria
  • Belgium
  • Brazil
  • China
  • Czech Rep
  • Denmark
  • Finland
  • France
  • Germany
  • Hong Kong
  • India
  • Ireland
  • Israel
  • Italy
  • Japan
  • Mexico
  • Netherlands
  • New Zealand
  • Norway
  • Poland
  • Portugal
  • Romania
  • Singapore
  • Slovenia
  • South Korea
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • United Kingdom
  • United States
If I am not a U.S. resident, can I use Openfinance?

Yes. The Openfinance platform is available to residents of countries around the world. We can currently accept applications from residents of the following countries:

  • Australia
  • Austria
  • Belgium
  • Brazil
  • China
  • Czech Rep
  • Denmark
  • Finland
  • France
  • Germany
  • Hong Kong
  • India
  • Ireland
  • Israel
  • Italy
  • Japan
  • Mexico
  • Netherlands
  • New Zealand
  • Norway
  • Poland
  • Portugal
  • Romania
  • Singapore
  • Slovenia
  • South Korea
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • United Kingdom
  • United States
From which countries are residents not able to use Openfinance?

We are unable to accept Users from any country on the U.S. maintained OFAC list. Currently these countries include: Belarus, Burundi, Central African Republic, Congo, Cuba, Iran, Iraq, North Korea, Lebanon, Libya, Nicaragua, Somalia, South Sudan, Sudan, Syria, Ukraine, Venezuela, Yemen, Zimbabwe.

Additionally, Users from the following countries are currently restricted from trading on Openfinance: Cyprus, Gibraltar, Greece, Indonesia, Malaysia, Philippines, Russia, South Africa, Thailand, Ukraine, United Arab Emirates, Vietnam. We are working with our banking partner to re-open trading access for these countries.

ALL SUBJECT TO CHANGE WITHOUT NOTICE

For questions about specific countries, please email us at securities.support@inx.co

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