hi, im a teen and in trying to get into forex i have been studying and doing my best. im 15 btw and i understand that i will have to open it under my parents name how do the taxes work? can someone pls explain thank youu! like how will i pay them since in underage?
You might consult the terms and conditions offered by the broker concerned. Most brokers won’t accept anyone under 18 operating an account in their own name or anyone else’s. Its really something you should think very hard about before going ahead, at least until you are 18 or whatever minimum age your broker stipulates.
There might also be relevant anti-fraud criminal legislation that you should consider, depending on which country / state you’re in.
…and tax laws are different in every country…
The taxes will be paid by your parents, as they are applicable in your region.
If the account is registered under your parent’s name then they’d be the one who’d be paying the taxes.
Even if you will open the account under your parent’s name, the taxes levied will be the same as on other accounts.