Is it legal to invest in the stock market if im not yet 18?
Monday, November 30th, 2009 at
5:03 pm
Caljuggling asked:
I am 17 years old and want to invest but all of the trading websites wont let me until im 18. If you know of any places that will let me invest, please let me know. thanks.
I am 17 years old and want to invest but all of the trading websites wont let me until im 18. If you know of any places that will let me invest, please let me know. thanks.
i was thinking of trading currency or stocks
what are the limitations of a custodial acount, if any, and how does it work?
Filed under: Forex
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Absolutly not! i have a cousin who is 9, and has invested into the stock market, were? how? not a clue, but i can tell you, you dont need to be 18!
You will need to have a person who is over 18 be your custodian until you turn 18 but you certainly can open the account.
My daughter started trading stocks at 13 but it had to be in a custodial account. At 18 she was free of all shackles.
You need to wait until you are 18
To the above: allowing a 13yo to trade stocks is not responsible as a parent. Nothing like taking a child to the casino and saying “have fun”. Not only is it gambling, but they are also OWNING a company and have legal say in decisions… something that a 13 year old cannot and should not be apart of. Minors cannot gamble (casino’s or lotto tickets) until their 18th birthday, and also cannot enter contracts (cell phones etc) so the same applies to owning stocks.
Teach them all about trading, sure, that’s great. But let them learn and save up until they are of legal age then do as they wish. Custodial accounts are supposed to be used for retirement planning (IRA’s etc) not owning a company’s shares.
Legally you have to be 18 to own stock or corporate bonds. However, you CAN buy US treasury bonds if you’re under 18.