T. Rowe Price: US SEC licence 801-856

The personal investing funds and accounts are offered and sold only to people residing in the United States, and every amount is quoted in US dollars. An international wire has to be routed through a United States correspondent bank first.

Outside the United States the group serves institutional investors, consultants and financial intermediaries through separate local entities and separate country sites, rather than offering the same retail accounts.

No leverage ratio is published anywhere on the firm's site. Margin is a separate feature that needs its own application and approval, and it is not available on retirement accounts at all.

Where margin is approved, interest runs from 1.75% above the clearing broker's base lending rate on debit balances under $10,000 down to 0.25% above it at $50,000 and over. Options trading also requires a separate application.

The firm publishes no settlement time for an individual deposit or withdrawal, so any specific day count should be treated with care.

What it does state is the timing around the account rather than the payment: a newly linked bank account only becomes available to receive proceeds by ACH or wire five calendar days after the connection is confirmed, proceeds will not be paid by check if the address of record changed within the past 15 calendar days, and stock, option and many mutual fund trades settle the next business day.

Online stock and ETF trades carry no commission, and T. Rowe Price ETFs are free however the order is placed. A representative assisted stock or ETF trade is $9.95 at the Summit Program Enhanced Personal Services tier and $25.00 otherwise. Options are $9.95 plus $1 per contract online at Summit Select Services and above, $19.95 plus $1 per contract otherwise, and $34.95 plus $1 per contract through a representative.

No transaction fee mutual funds are free and transaction fee funds cost $35.00. Bonds run $1 to $5 per $1,000 subject to a $35.00 minimum and a $250 maximum, and Treasury auctions and bills are $50.00. Two account charges sit on top: $30 a year on a Brokerage account and $20 a year on a mutual fund account below $10,000, each waivable through paperless delivery, a $50,000 balance or a Summit tier.

Trading is done in the account area of the firm's own website, under a Transactions menu with separate screens for stocks and ETFs, mutual funds and options. The firm publishes no product name for it, and it is an account and order screen supported by research tools, real time quotes and watchlists rather than a charting terminal.

There is also a T. Rowe Price Personal app for iOS and Android for monitoring accounts and running transactions. MetaTrader, cTrader and the other third party terminals are not offered, and neither bonds nor load funds can be traded online at all.

No. T. Rowe Price is an asset manager and a United States retail brokerage, and it publishes no currency pair trading, no contracts for difference, no spreads and no FX leverage of any kind.

What it offers instead is mutual funds and exchange traded funds, retirement and education savings accounts, and a brokerage account for stocks, options, bonds and outside funds. Anyone comparing it with a forex or CFD broker is comparing two different products.

T. Rowe Price is an asset manager and a United States brokerage rather than a currency broker. Through a Brokerage account you can trade stocks, exchange traded funds, options, bonds, certificates of deposit and both T. Rowe Price and outside no load mutual funds; a mutual fund account is limited to T. Rowe Price funds.

No currency pairs, contracts for difference or cryptocurrency trading are offered. New purchases of load funds, unit investment trusts and precious metals have not been accepted since 1 January 2018, and bonds cannot be traded online at all: the site shows inventory and the order goes through a representative. The firm's regulatory permissions sit in securities and futures dealing, investment advice and asset management rather than retail currency trading.

There is no single minimum, because it depends on the account. A taxable mutual fund account or a Brokerage account needs $2,500 to open, an IRA or a UGMA/UTMA account $1,000, the T. Rowe Price 529 and Alaska 529 plans nothing at all, and the Maryland College Investment Plan $25 per month. Adding to an existing account generally takes $100.

The firm states the Brokerage figure inconsistently: three pages give $2,500, while the mutual funds table on the commissions and fees schedule prints $5,000 initial and $1,000 subsequent for a Brokerage account.

Not for deposits. T. Rowe Price publishes no credit card, debit card, e wallet or cryptocurrency funding route of any kind, so PayPal, Skrill, Neteller, crypto and card payments are all unavailable to put money in.

One card does exist on the way out. A Brokerage Advantage account can be activated for a Visa Gold ATM debit and check card, which spends and withdraws from the account's money market sweep but cannot fund it. That option carries a $40 annual cash management service fee, and ATM withdrawals are capped at the lesser of $500 or the available balance per day.

T. Rowe Price names four ways to fund an account: a linked bank account over ACH, a check, a wire transfer, or a transfer or rollover from another firm. All are in US dollars, and an international wire must be routed through a United States correspondent bank first.

No deposit fee is published. On the withdrawal side an outgoing wire from a Brokerage account costs $15, a wire from a linked money market account is free at $5,000 or more and $5 below that, and transferring a Brokerage account out or closing it costs $50. Wire and courier fees are waived at the Summit Program Select Services tier and above.

The regulated businesses are the subsidiaries, not the listed holding company. On its own site the firm states that T. Rowe Price Investment Services, Inc. is a broker dealer registered with the SEC and a member of FINRA and SIPC, under CRD number 8348, and that T. Rowe Price Associates, Inc. and T. Rowe Price Investment Management, Inc. are SEC registered investment advisers.

Separate legal entities operate in the United Kingdom, Hong Kong, Singapore, Canada, Japan, Australia, Luxembourg and Switzerland. The authorities named for them are the Financial Conduct Authority, the Hong Kong Securities and Futures Commission, where T. Rowe Price Hong Kong Limited is named as holding licence AVY670, the Monetary Authority of Singapore and the Canadian Investment Regulatory Organization.

On client money, United States brokerage accounts are carried by Pershing LLC, a BNY Mellon company, as clearing broker, and cash sweeps into a T. Rowe Price money market fund rather than sitting as a free credit balance. SIPC membership covers a customer's securities and cash within SIPC's limits if the broker dealer fails; it is not protection against investment losses.