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Is it safe to give my social insurance number when opening an online stock trading account?

Question by ~Happy~: Is it safe to give my social insurance number when opening an online stock trading account?
It won’t let me put 000-000-000…Why MUST I give my SIN? Is this safe?

Best answer:

Answer by bkc99xx
It is not only safe, it will be required for you to provide it to them. You may be able to set that part up manually if they will allow that by mail. But, if I couldn’t trust them with handling my SSN securely, then I wouldn’t trust them to handle my investments either. Be sure to stick with a well-known company and not some fly-by-night you just saw first on the internet and you will be fine.

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Is it safe to give my social insurance number when opening an online stock trading account?

by sputnik-

Question by ~Happy~: Is it safe to give my social insurance number when opening an online stock trading account?
It won’t let me put 000-000-000…Why MUST I give my SIN? Is this safe?

Best answer:

Answer by daw999999
You have to give them your SSN because the federal government requires it. Hopefully, you’ll be making money trading, and the IRS wants to be sure that they know how much you made. At the end of every calendar year, the brokerage will file a form 1099, miscellaneous income statement with the IRS telling them (and you) how much you made.

As far as the safety goes, you have very little to worry about. These firms rely on their reputations of safeguarding your personal information, and go to great lengths to keep your privacy intact. Don’t worry about it.

Know better? Leave your own answer in the comments!