Broker for 16 Y/O

Beginner Questions
1

Hey all! I need a broker that accepts 16+ instead of 18+. I am in Canada where he legal age to trade is 16

2

Get someone else to open the account for you i doubt any broker is going to accept a 16 yr old unless its a scam broker.

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3

I agree with @A1lenTrader. I know someone who had the same problem and he was advised to have an adult open an account for him. :confused: But I think it’s super awesome that you’ve already learned about forex trading at such a young age! :smiley: How long have you been trading?

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4

Same thought. Maybe he didn’t trade yet, which may be reason why he’s looking for broker to open a demo account. Maybe he learned the basic lessons about trading. Curious to hear from him.

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5

I’ve been studying and trading demo for 2 months :slight_smile:

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6

Yeah lol no brokers for me, my parents are traditional European so to them entrepreneurship is a scam lol, but I got my girlfriends sisters boyfriend to do it :sweat_smile:

7

No I’ve been trading demo with fxchoice for two months, but now I had the issue of opening a live account. But I got somone to do it for me :grin:

8

Ooooh! :blush: You’re lucky you found out about this very early on. Haha. :smiley: How were you introduced to trading btw? :slight_smile:

9

I was recruited into IML by a man named Drew Humphrey

10

IML? :confused: I’m not sure I’ve heard of that before. :smiley: Haha. Is that a club?

11

Custodian account, some brokers offer them. What about brokers in Canada have you considered them?

12

Hello @hlamazda, we are glad to hear that you have managed to open a live account. However, we would really appreciate it if you could share with us the reason as the process of opening a live account is very simple and takes only a few minutes. In case you ever face any trouble, please do not hesitate to contact our experienced and friendly 24/5 Support Team via Live Chat from our home page, they would be happy to assist you and answer any questions you may have.

13

Personally I would spend 2 years studying then open an account. Think how good you could be by then!

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14

It’s an online acadamy :slight_smile:

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15

Oooh. :smile: Sounds interesting! How’s it going so far for you? :smiley: I hope they didn’t charge you so much for that though. :sweat:

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16

Huh, I had no idea that Canada allowed trading for 16 year olds. You learn something new every day.

17

this is really bad advice, from which nothing good can come - only breaches of regulations (pertaining to the “know your customer” rules increasingly imposed worldwide on regulated brokers) and possibly even breaking laws, too

there are brokers (in some countries) who will let you open a demo (i.e. not a funded) account at the age of 16, and that’s surely what you need, anyway?

18

I don’t think so it can be a good start. You may rather try to acquire knowledge of forex so that you can make a good start at the right stage. If there is anyone older who trades currencies, you can overview their strategies. Best of luck.

19

@flamingoproxy

  1. He said he’d already practiced on a demo

  2. was reading about a 16 year old who started trading at that age got his parents to open an account then went on to work for Goldman sachs

  3. what you the forex police or something…

  4. so I cant open an account and let someone else trade for me…?

20

you can with the broker’s knowledge and consent, and indeed these days many brokerages offer specific set-ups to facilitate that (such as Interactive Brokers’ “friends and family accounts”)

under these circumstances, though, they require knowledge (meaning “paperwork”) of the person trading the account as well as the person in whose name the money is held

this is imposed on them by regulators, of course, and is something they take very seriously indeed

from the questioner’s perspective, if thinking of deceiving the broker by opening an account in someone else’s name in circumstances under which they don’t know the person trading the account is under age, this is something absolutely NEVER to take a chance over without running the risk of ending up on a blacklist and never being able to trade at all … an unthinkable risk, obviously, for someone keen on trading

which is why this subject’s so important

“mistakes” (i.e. deceptive ones) are easily made by those without any experience, and can have awful consequences

so advising people to open accounts “in someone else’s name” is just awful advice

on the contrary - there are far too many “forex police” about, these days, and their powers are getting stronger and stronger all the time

let’s try to avoid our fellow members here getting into any unnecessary trouble with them, shall we?

i know you meant well and were trying to help, but the advice you offered can actually have horrible consequences