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US SHARES | INVESTOR GUIDE
A practical guide to US shares from the UK
The United States is home to some of the world’s largest and most widely followed companies, with thousands of businesses listed across major exchanges including the New York Stock Exchange and Nasdaq.
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For UK investors, the US market provides access to companies across technology, healthcare, consumer goods, financial services, industrials and many other sectors.
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This guide explains how the US stock market works, when it is open, how currency movements can affect UK investors, what the W-8BEN form is and some of the practical considerations involved in accessing US shares from the UK.
IN THIS GUIDE
01
The US stock market
NYSE, Nasdaq and where US companies are listed
For a UK investor looking at US shares for the first time, one of the first differences to understand is that there is no single US stock exchange. Most of the companies UK investors are familiar with are listed on one of two major exchanges: the New York Stock Exchange, usually referred to as the NYSE, and Nasdaq.
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Both exchanges provide access to thousands of US-listed companies, but they have developed different characteristics over time.
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New York Stock Exchange (NYSE) is traditionally associated with large, established businesses. Many well-known banks, industrial companies, healthcare businesses, energy companies and consumer brands are listed there. Companies such as JPMorgan Chase, Coca-Cola, Exxon Mobil, McDonald’s and Nike are examples of businesses listed on the NYSE.
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For a UK investor, this means that if you are researching established US companies in areas such as banking, energy, healthcare, manufacturing or consumer products, there is a good chance you will find many of them on the NYSE.
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Nasdaq has a different reputation. It has become particularly associated with technology, software, semiconductors, communications and faster-growing businesses. Many of the companies that have become familiar names to UK investors through smartphones, cloud computing, artificial intelligence and online services are listed on Nasdaq.
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Apple, Microsoft, Nvidia, Amazon, Alphabet and Tesla are all examples of major companies listed on Nasdaq.
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This does not mean that every technology company is on Nasdaq or that every traditional business is on the NYSE. Both exchanges contain companies from a wide range of industries. The distinction is better thought of as a useful guide to the character of the two markets rather than a strict division between sectors.
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When looking for a particular US share, it helps to understand three things: the company name, its ticker symbol, and the exchange on which it is listed.
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A ticker is the short code used to identify a company’s shares. Apple, for example, trades under AAPL, Microsoft under MSFT and Nvidia under NVDA. These codes are commonly used on trading platforms, financial websites and market reports.
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This is particularly useful for UK investors because a company name may appear in several places on a trading platform. You may see the underlying share alongside other instruments linked to the same company. Checking the ticker and the exchange helps you identify the investment you are actually looking for.
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The NYSE and Nasdaq also contain companies of very different sizes. At one end are some of the largest listed businesses in the world. At the other are smaller companies operating in specialist industries or developing new technologies.
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This breadth is one of the main reasons the US market attracts attention from UK investors. It provides access not only to familiar global names, but also to sectors and businesses that may have much less representation in the UK market.
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Understanding where US companies are listed is therefore a useful starting point. Once you know how the market is organised, the next question is why a UK investor might choose to look beyond the UK market in the first place.
02
Why UK investors look at US shares
Companies, sectors and diversification
Once you understand where US companies are listed, the next question is why a UK investor might choose to look beyond the UK market.
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One reason is simply the range of companies available. The US market gives investors access to businesses operating across technology, semiconductors, cloud computing, healthcare, consumer brands, financial services, industrials and energy.
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Some of the world’s largest and most widely followed companies are listed in the United States. For UK investors, this can provide access to businesses and sectors that may be less heavily represented in the UK market.
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Technology is one obvious example. Companies involved in software, artificial intelligence, semiconductors, digital advertising and cloud computing make up a much larger part of the US market than they do the UK market. Healthcare, biotechnology and specialist consumer businesses also have a significant presence.
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Investing in US shares can also broaden the range of companies held in a portfolio. Rather than relying entirely on UK-listed businesses, an investor can gain exposure to companies whose revenues, customers and operations are spread across different industries and regions.
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That does not mean that adding US shares automatically reduces risk. A portfolio can still become concentrated if too much is invested in one company, one sector or a small group of similar businesses. Large US technology companies, for example, can sometimes be affected by many of the same economic or market factors.
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US shares also introduce additional considerations for a UK investor. The shares are priced in US dollars, so movements in GBP/USD can affect their value in sterling. Different market hours, tax forms and dealing costs also need to be understood.
For many UK investors, the attraction of the US market is therefore not simply that it is bigger. It is the wider choice of companies, industries and investment opportunities available beyond the UK market.
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The next step is understanding when those markets are actually open and how US trading hours relate to the UK.
03
US market hours
When the NYSE and Nasdaq are open in UK time
The New York Stock Exchange and Nasdaq normally open at 9:30am Eastern Time and close at 4:00pm Eastern Time, Monday to Friday, excluding US market holidays.
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For most of the year, this corresponds to 2:30pm to 9:00pm UK time.
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This means UK investors can follow and trade the main US market session throughout the afternoon and into the evening, including after the London market has closed.
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There is one timing difference to be aware of. The UK and US change their clocks on different dates. During the short periods when daylight-saving changes are not aligned, the US market can temporarily open and close one hour earlier in UK time.
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Trading activity is often higher around the opening and closing periods. At the open, investors may be reacting to company announcements, economic data and developments that occurred while the market was closed. Activity can also increase towards the end of the session as investors adjust positions before the market closes.
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Some US shares are also available outside the standard market session. Through IG, selected All Session US equities can currently be accessed for share dealing from 12:00pm to 10:30pm Monday to Thursday and until 10:00pm on Friday.
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Availability outside normal market hours depends on the share and account type, and extended-hours trading can involve lower liquidity and larger price movements than the regular session.
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US exchanges also close on recognised US public holidays and may close early on certain trading days, so it is worth checking the market calendar before placing a trade.
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Understanding when the US market is open is one part of the process. The next step is understanding how UK investors can access US shares, what type of account is used and what costs may apply.
04
Ways to access US shares
Shares, costs and choosing a platform
Once you know which company you are interested in and when the US market is open, the next question is how to access its shares from the UK.
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For most UK investors who want to invest directly in a US company, this means opening a share dealing account with a broker or investment platform that provides access to US exchanges.
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With a share dealing account, you use your own money to buy shares in the company. A share represents an ownership interest in that business, and the value of your investment will rise or fall with the share price. IG, for example, provides access to US shares through its share dealing service.
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This is different from products such as CFDs or spread bets, which allow investors to take a position on movements in a share price without buying the underlying shares. These are leveraged products and have a different risk profile. If the objective is to invest in and hold US shares, it is therefore important to check that you are using the provider's share dealing service rather than a derivative product.
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Choosing a platform
US market access is widely available, but platforms can differ significantly in the service they provide.
A useful starting point is to check whether the platform offers the companies and exchanges you want to access. Large US companies are usually straightforward to find, but smaller or less frequently traded shares may not be available through every provider.
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You should also consider how you want to use the service. Some investors are comfortable using an app or online platform independently. Others may value being able to speak to someone, particularly when dealing with an unfamiliar overseas market.
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The platform itself also matters. Useful features can include live market prices, company information, charts, news, research tools, alerts and different types of order. Being able to search by both company name and ticker symbol can make it easier to identify the correct US-listed share.
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Understand the costs
Buying a US share from the UK can involve more than just the price of the shares themselves.
Depending on the provider and account, costs may include a dealing commission, foreign-exchange charges, account or custody fees and other market-related charges.
Currency conversion is particularly important. US shares are priced in dollars, so if your account is funded in sterling, pounds may need to be converted into US dollars when you buy and back into sterling when you sell. A provider may charge for that conversion.
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For that reason, two platforms advertising low or zero dealing commission do not necessarily have the same overall cost. It is worth looking at the complete charging structure rather than one headline figure.
Some providers also allow investors to hold different currencies within an account rather than converting sterling every time a US share is bought or sold. Whether that is useful will depend on how frequently you invest in overseas markets and the facilities offered by the provider.
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How you place an order
Once your account is funded and you have found the share you want, you normally choose how many shares you wish to buy and how the order should be placed.
A market order seeks to buy or sell at the best price currently available in the market. The final execution price may differ slightly from the price visible when the order is submitted, particularly when prices are moving quickly.
A limit order allows you to specify the highest price you are prepared to pay when buying, or the lowest price you are prepared to accept when selling. The order will only execute if the market reaches a price that satisfies those conditions.
Understanding the order you are using is important. The cheapest-looking price on the screen is not the only consideration, particularly in a fast-moving or less liquid share.
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Regulation and service
For a UK investor, it is also sensible to check who regulates the firm providing the service and which legal entity your account will be held with.
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You should understand who provides the dealing platform, how your shares are held, what customer support is available and where to find the provider's current charges and terms.
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Choosing how to access US shares is therefore about more than finding a platform with a familiar company name. Market access, costs, functionality, service and regulation all form part of the decision.
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Once you understand how you can access the market, the next consideration is equally important: the risks involved when investing in individual US shares.
05
Understanding US investment risk
US Company, sector and market risk
Buying shares gives you an ownership interest in a company, but the value of that investment is not guaranteed. A share price can rise or fall, and in some circumstances an investor can lose a substantial part, or potentially all, of the money invested in an individual company.
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Company Risk
One of the most important risks is company-specific risk. A business may report weaker profits, lose customers, face increased competition, experience management problems or be affected by regulatory, legal or operational issues. Any of these can change investors’ expectations about the company and cause its share price to fall.
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Company results are therefore important. US-listed companies normally publish quarterly financial results, and these announcements can lead to significant price movements. Investors often focus not only on whether profits or revenues have risen, but also on what the company says about its future prospects.
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Sector Risk
There is also sector risk. Companies operating in the same industry can be affected by many of the same developments. Semiconductor companies, for example, may respond to changes in demand for chips, while banks can be sensitive to interest rates and credit conditions. Holding several shares does not necessarily provide much diversification if they are all exposed to similar risks.
Market Risk
Broader market risk affects companies across many different sectors. Changes in interest rates, inflation, economic growth, government policy or investor sentiment can cause large parts of the US market to rise or fall together.
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The size and type of company can also influence how its shares behave. Large, established businesses can still experience substantial price movements, while smaller companies may have fewer buyers and sellers and can sometimes be more volatile. Lower liquidity can make it harder to buy or sell at the price an investor expects.
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Another consideration is concentration. Investing a large proportion of a portfolio in one company or one sector increases the effect that a fall in that investment can have on the overall portfolio. Diversification across different companies, industries and markets can reduce reliance on any single investment, but it cannot remove investment risk altogether.
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Past performance should also be treated carefully. A company whose share price has risen strongly in the past will not necessarily continue to perform in the same way. Share prices reflect expectations about the future, and those expectations can change quickly.
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For a UK investor, there is an additional consideration when buying US shares: the investment is priced in US dollars. Even if the share price itself does not change, movements between sterling and the dollar can affect what the investment is worth when measured in pounds.
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That currency effect is important enough to consider separately, which is where we turn next.
06
Currency and GBP/USD
Why exchange rates matter when buying US shares
For a UK investor, buying a US share introduces an additional factor that does not arise when buying a UK share in sterling: currency risk.
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US shares are priced in US dollars. If your money is held in pounds, sterling must effectively be converted into dollars to buy the shares, and the value of the investment will ultimately need to be considered in pounds when measuring your return.
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This means your result can be affected by two separate movements:
the change in the US company's share price, and the change in the value of the US dollar against sterling.
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Example: how currency can change your sterling return​​
In this example, the US share price does not change. The difference in the value of the investment comes entirely from movements in the GBP/USD exchange rate.
The US share price has not changed. The difference comes entirely from movements in the exchange rate.
Currency movements can therefore either increase or reduce the sterling return from a US investment.
The effect also applies when the share price itself moves. A rise in a US company's share price could be enhanced by a stronger dollar, or partly offset by a stronger pound. Equally, a falling share price combined with an unfavourable currency movement could increase the loss when measured in sterling.
There is also a practical cost to consider. Depending on the broker and account structure, converting between pounds and US dollars may involve a foreign-exchange charge. Some platforms convert currencies automatically when a trade is placed, while others may allow investors to hold US dollars within their account.
For a UK investor, it is therefore important to look at both the performance of the company and the GBP/USD exchange rate when assessing a US investment.
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Currency is only one of the additional considerations involved in investing overseas. US shares also have particular tax documentation and dividend-withholding rules, which we look at next.
07
W-8BEN and tax
What UK investors need to know
Investing in US shares from the UK introduces some tax considerations that do not normally arise when buying UK shares. One of the first things a UK investor is likely to encounter is the W-8BEN form.
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What is a W-8BEN?
The W-8BEN is a US tax form used by individuals who are not US taxpayers. It confirms your foreign tax status and allows the appropriate tax treaty rate to be applied to certain US income.
For an individual UK investor using IG to buy US shares, the W-8BEN must be completed before US share dealing is enabled. IG currently allows eligible individual UK clients to complete the form electronically within their account.
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Why does it matter?
US companies may pay dividends to their shareholders. For non-US investors, US tax is normally withheld from those dividends before the money reaches the account.
Without a valid W-8BEN, the standard US withholding rate on dividends is generally 30%.
For an eligible UK resident with a valid W-8BEN, the UK-US tax treaty normally reduces this withholding rate to 15%.
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For example, if a US company paid a $100 dividend, the difference would typically be:
The W-8BEN does not remove tax altogether. It allows the reduced treaty rate to be applied.
What about UK tax?
A UK resident may also have UK tax obligations in relation to foreign investment income and gains.
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Outside a tax-efficient account, dividends received from overseas companies may form part of your taxable dividend income. HMRC currently provides a dividend allowance, and the amount of UK tax payable above that depends on your individual circumstances and income-tax position.
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If US shares are later sold for more than they cost, the gain may also be relevant for UK Capital Gains Tax. UK residents can be liable to UK tax on gains from overseas assets as well as UK assets.
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Holding US shares in an ISA
Eligible US shares can also be held within a Stocks and Shares ISA. For the 2026/27 tax year, the overall ISA allowance is £20,000.
Investments held within an ISA are sheltered from UK tax on capital gains and investment income, which can make an ISA worth considering for UK investors building a longer-term US share portfolio.
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An ISA does not, however, remove US withholding tax on dividends. UK investors holding US shares will normally still need to complete a W-8BEN form. For eligible UK residents, a valid W-8BEN generally reduces US withholding tax on dividends from 30% to 15%.
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ISA eligibility and tax treatment depend on individual circumstances and may change. Not every investment will necessarily be eligible to be held within an ISA.
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What about UK Stamp Duty?
UK Stamp Duty or Stamp Duty Reserve Tax does not normally apply when buying foreign shares outside the UK. Other taxes and charges may still apply depending on the investment and how it is held.
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Tax treatment depends on your individual circumstances and tax rules can change. Investors who are unsure about their position should consider obtaining appropriate tax advice.
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Once the practical issues of currency and tax are understood, the next question is how to decide which US companies are actually worth researching. That is where company information, earnings, market data and research tools become important.
08
Researching US shares
News, earnings, data, charts and research
Researching a US share is about understanding both the business itself and the factors that can affect its share price. Before investing, it is useful to understand what the company does, how it makes money, what its financial position is and what expectations may already be reflected in its current price.
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A large US company can appear familiar to a UK investor because its products or services are used around the world. Even so, it is still important to go beyond the brand name and look at the underlying business, its financial results and the main risks it faces.
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Understand the business
A sensible starting point is to ask some basic questions. What does the company actually do? How does it make money? Which markets does it operate in? What makes it different from competitors?
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For example, a company such as Alphabet may be well known for Google, but an investor should still understand where revenue comes from, which business areas are growing and what challenges could affect future performance. The same principle applies whether you are looking at a technology company, a bank, a healthcare business or a consumer brand.
Understanding the business model helps you judge whether the company has strong foundations and whether it operates in an area that you are comfortable investing in.
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Read the financial results
Once you understand the business, the next step is to review its financial results. Listed US companies normally report results every quarter, and these updates are closely followed because they show how the business is performing.
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​What to look for in company results​
Five financial areas investors often review when researching a US share.
The figures themselves matter, but so does the context around them. Investors often compare results with previous periods and with market expectations. A company can report higher profits than last year and still see its share price fall if the market had expected even more.
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Look at expectations and valuation
Share prices do not only reflect what a company has already achieved. They also reflect what investors expect the company to deliver in future. This is why earnings guidance, forecasts and valuation measures are so important.
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A company with a high valuation may already have a great deal of optimism built into its share price. That means strong results may not always lead to a rise if investors were expecting even better news. Equally, a company with a lower valuation may react positively if results or outlook improve.
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For a UK investor, this means that researching a US share is not just about deciding whether a company is good. It is also about asking whether the current share price already reflects that view.
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Know what can move the share price
Company share prices are influenced by more than just results. Other factors can also affect them, including management changes, product launches, regulation, competition, economic data, interest rates and wider market sentiment.
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Sector matters too. A technology share may respond strongly to developments in artificial intelligence or chip demand. A bank may be more affected by interest-rate expectations. A healthcare company may be influenced by regulation, approvals or clinical developments.
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This is one reason why regular research matters. The investment case for a US share can change over time as new information becomes available.
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Use research tools sensibly
Most investing platforms provide tools that can help investors research companies more effectively. These often include price charts, company news, earnings calendars, analyst commentary, market data and watchlists.
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Charts can be useful for showing how a share price has behaved over time, but they should not be used in isolation. News and company announcements help explain what is driving the business, while earnings releases and investor updates provide more detailed information.
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A watchlist can also be helpful. It allows you to follow companies of interest over time rather than making rushed decisions. Watching how a share reacts to results, news and market conditions can often be more useful than looking at a single day’s price move.
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Bring the research together
Good research helps a UK investor move from a general interest in US markets to a more informed view on individual shares. It can help you understand what you are buying, what risks you are taking and what factors are most likely to affect the investment.
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Once you understand the business, its financial position, its valuation and the main risks around it, you are in a better position to judge whether a particular US share deserves further consideration.
09
Accessing US shares with Guardian
Personal UK service alongside established IG technology
Once you have researched the companies that interest you and understand the risks, costs, currency considerations and tax requirements, the next step is accessing the US market.
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Guardian combines personal UK stockbroking service with established market access and technology through IG.
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A relationship with Guardian
With Guardian, you have a named relationship manager and a UK team you can speak to.
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That personal contact can be particularly useful when investing in an overseas market, whether you have questions about the account-opening process, finding a particular market or understanding how the platform works.
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The investment decision remains yours. Guardian provides access, information and personal service, while you decide which companies you want to invest in and when.
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Access through IG
US shares can be bought through IG's share-dealing service. IG provides access to a wide range of US-listed companies through its online and mobile platforms.
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Once the relevant account is open, you can search for a company by name or ticker symbol, review the available market information and place an order through the platform.
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Before dealing in US shares, eligible UK investors also need to complete the relevant W-8BEN documentation, which can currently be completed electronically through IG for individual UK accounts.
How to get started
Open your account in a few simple steps
1
Apply
Complete the short Guardian application.
2
Open your IG account
We will introduce you to IG to open a trading account.
3
Fund your account
Add funds securely with IG.
4
Access US markets
Trade online or call your Guardian relationship manager.
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Frequently asked questions
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