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Is there any broker, where youths can open a FX-Live-Account?

Discussion in 'Forex Company Comparisons' started by philipp, Nov 25, 2008.

  1. philipp

    philipp Recruit

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    Good evening,
    as you can see from my profile I´m not yet adult and all the brokers I know, offer FX-Live-Accounts only for adults.
    That´s why I wanted to ask you, wether you know any brokers, who accept non-adults, too?

    Of course it would be nice, if the minimum accountsize wouldn´t be too big ( 1000 or less EUR ), because as student, I have a not that big income.

    Regards,
    Philipp


    Sorry for my more or less bad English :(

    Oops...I just saw, that this thread would fit more into the FX-Services corner.
     
    #1 philipp, Nov 25, 2008
    Last edited: Nov 25, 2008
  2. Pharaoh

    Pharaoh Colonel

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    Guten tag!

    Excellent question.

    Some of the completely unregulated offshore brokers might not care how old you are. Of course, they might also suddenly make up a new age policy and lock out your account if you get too profitable.

    I traded stocks before I was 18, but the account was always set up with my name and with one of my parents serving as legal custodian.

    I see two easy options.

    1. Have a parent or other trustworthy relative open the account and you trade it. If you make some profits, you'll need to withdraw enough to cover the other person's tax liability.

    2. Ask some of the more reliable brokerages how they could deal with such an issue. Many forms of investments can be configured with parental custodians, but the rules will vary quite a bit between countries.

    Good luck. Let us know if you find out anything about this.
     
  3. philipp

    philipp Recruit

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    Thank you for the answer.

    Finding a unregulated broker from overseas - sounds good, but I haven´t found a single one, who is not interested in my age. Do you (or someone else here in the forum) happen to know a good unregulated broker? I fear, most of them won´t deliver satisfying services...

    If my thoughts about unregulated brokers should be confirmed, I´m going to ask sucden.co.uk wether they want youths as their customers or not.
    On their register-page they don´t ask for the customer´s age. Sucden - Login / Register
     
  4. philipp

    philipp Recruit

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    The idea with unregulated offshore-brokers sounds good, but I doubt, that their services will be satisfying...
    or do you happen to know a good one?

    At the moment, I think it would be the best to ask sucden for a youthaccount or something like that, because they are Germanspeaking and have a 5* rating in the review-corner.
     
  5. Pharaoh

    Pharaoh Colonel

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    Well rated, but not a lot of ratings. I'd suggest a 2 pronged approach.

    1. Check them out as if you are an adult. Open a demo account. Ask a pile of questions. Verify that they are properly registered with the correct regulators.

    2. Use a different email address and send them a question about how to legally set up an account so your "12 year old boy genius" can legally trade his own account and see what they say. (Yes, I know you're probably older than 12, but you might as well really push the edge to see what they say.)

    They may not say anything about age requirements, but almost all brokers will require a copy of your ID. Some save that little detail until you are ready to take money out, and it would be sad to have them cancel some healthy profits you made since there's some regulation somewhere that says people under 18 can't have accounts.

    Offshore brokers can pull the same stunt. Even the worst of them should require an ID at some point to avoid getting busted under Anti-Money Laundering laws. In that case, you wouldn't even have a real regulator to appeal to.

    I really hope you can get an account. Forex should be a good opportunity for people of all ages.
     
  6. fxfrench

    fxfrench FXOpen AU Representative

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    I believe international law and laws in most countries would prohibit those under 18 from having a trading account. If you really want to have a live account and are under 18, why not have an adult (mum/dad) open it for you?
     
  7. philipp

    philipp Recruit

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    If the account would be opend by my mum or dad, they would have to pay additional taxes.

    I already tried some demo-accounts for almost 15 months now and slowly start thinking, it would be time to try trade with some real money...
    Emails with my question are already sent to the brokers, where demo-trading went well. Let´s see, what happens

    The fact, that they all require a copy of the customer´s ID is logical.
    But what do they do with the customers post adress? Sending him advertisements? I don´t think/hope so, but maybe.......?

    "Forex should be a good opportunity for people of all ages."
    Yes, I absolutely agree with you. FX/CFD/shares/etc seem to be also a victim of overprotection for youths...
     
  8. Alan Kerr

    Alan Kerr Private

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    youth trading

    My 13yo daughter is trading an account opened by her mother. In legal terms it is her mothers account and she is the only one who can deposit and withdraw profits. If you get your parents to open it you should not be liable for extra taxes, the profits should only be taxed once. Good luck.

    Al Kerr
     
  9. philipp

    philipp Recruit

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    WOW ... 13 years old and already trading.

    Last weekend I convinced my parents, to open an account for me (as a christmas present) :) .


    We handle it the same way, as your daughter and her mother do
     
  10. Pharaoh

    Pharaoh Colonel

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    Congrats! I hope you do well.

    Just remember to not brag too much when you start making more money that your parents do.
    :D
     

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