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Is it legal for minors to purchase and sell stocks?

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Is it legal for minors to purchase and sell stocks?

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  1. No . They can only be bought or sold by a person at least 21 years old. Unless you want a visit by the Securities Exchange Commission and the Internal Revenue Service.


  2. NO, minors can open a brokerage account, nor buy and sell securities.

    In the United States you must be 18 years old to open you own brokerage account

    Thomas C gave you some BAD information,

    You cannot open the account, the parent can open a custodian account now for you But when you are 18 the custodian account is closed and you must open a new account.  It is against the law for any minor to "manage" a brokerage account, and it is illegal for any brokerage firm to accept instructions from a minor

  3. No.

    Parents (or other custodians) can set up a UGMA/UTMA account for the child.  The parent manages the account, the income is the child's.

  4. yes but your its in your parents name. im 17 now and when i turn 18, (not 21) i take over my account which i managed anyway

  5. No.  How old are you?

  6. No, but it is imperative that you check the restrictions in your state.  You may also like to email the customer service desk at TradeKing.com at support@tradeking.com . They will give you this information for you, and it is an excellent company ran by the same company of the Wall Street Journal, Barron's, etc.

    http://stockmarketresources.blogspot.com...

    Scroll down to the links on custodial accounts in order to learn.  In this situation, you parent or guardian would technically control what is to become your money, and you can purchase and sell stocks through them.

    If you have earned income, and can prove it to the IRS, you can open an IRA.  Minors are still allowed to purchase mutual funds, although there may be restrictions such as holding period.

    The stock market is infinitely complicated, and includes all kinds of businesses, mathematics and statistics, psychology, and even weather (drives commodities, etc. - not a big factor in investing decisions but everything changes the market).  You may be better off just learning about the market.

    It takes years to be good in this game.  The earlier you start learning, the earlier you can start winning.  One step at a time.

    Good luck.

  7. Minors cannot buy/sell securities, they can not open an account with a brokerage firm nor can they enter into any contracts.
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