Im just wondering if theres a law or something.
2007-03-04 11:02:41 · 5 answers · asked by anzwr 2 in Business & Finance ➔ Investing
I think there is. It's either 21 or 18, but I'm almost positive it's 18. Though you can still trade stock's under this by having an adult do it for you, but that would grow very tiring very fast.
2007-03-04 11:11:49 · answer #1 · answered by Mr.Domino 2 · 0⤊ 0⤋
No specific law- but a contract to purchase cannot be enforced against a minor - so a brokerage firm will typically not do business with a minor / under 18
If the minor has a trust, UGMA or UTMA account, they could technically direct the custodian on what stocks to buy, sell etc, but it would still be being done by the custodian- who is required to be of legal age.
2007-03-04 11:09:08 · answer #2 · answered by pavano_carl 4 · 1⤊ 0⤋
I'm 15 and own a few stocks. Well legally my father own's stock's for me under the washington state UGMA/UTMA. But I picked the stocks did the homework etc.
2007-03-04 12:25:29 · answer #3 · answered by ? 3 · 1⤊ 0⤋
Not that I know of. I have accounts with several brokers and don't recall them asking me my age. It's all about opening up an account with real dollars that I transferred to broker for trading from real banking account. I could open an account for my 2 year old grandson if I wanted too. Issue becomes tax liabilities on dividends and profits of investments. Go for it!
2007-03-04 12:08:22 · answer #4 · answered by philsky 2 · 1⤊ 0⤋
To open any type of brokerage account you must be 18 years or older. SEC RULE (Security Exchange Commission)
2007-03-04 12:36:42 · answer #5 · answered by Thomas Z 2 · 1⤊ 1⤋