I am a 20 year old, dying to get my hands on real cash trading, my only concern (besides the cash) is the Law!
The dreadful law that could so deny me of my profits. I live in Singapore you see, FX market here isn’t that big, I’ve called government institutions and they all could not answer this simple question.
Where can i find such information? I have asked Forex.com and also FX solutions on their Live chat, and all i got was, " Maybe you should set up a practice account." and i have already done 2, coming to 3 months of FX trading (I trade on divergence, very profitable! with an equity level of 614% as of now). This is what FX solutions said, “anyone, anywhere around the world, its 18 years of age.”
To: i quote “anyone, anywhere around the world”: i need your help/confirmation!"
In the United States, minimum age requirements vary for different transactions, but to open a brokerage account in one’s own name (for the presumptive purpose of trading with it) the age is 18. I point at that is in the US, though, to illustrate that the requirement is specific to each country.
Singapore is a growing financial center in Asia - surely you can contact any brokerage firm and inquire about opening an account to get the information. There’s nothing peculiar about forex that would prevent you from opening a forex brokerage account as opposed to a brokerage account for equities/options, etc. There are also other Singaporeans who post here (trader123 comes to mind) who probably know this answer.
Thanks you both for your kind replies as i really needed some directions.
I have called up “IG markets”, the only one that is dealing with Forex really; or at least the only one i can find in the net. and their age limit to set up an account is limited to 21 years of age(I know its only a year away but it is killing me to sit and watch!)
Thus, my plan was to actually trade with a US based company (FX solutions [Lovin’ the platform!]) and they too, confirmed with me that the age limit is set at 18.
Finally, my concern is, before i put my money in there) if i traded half way across the globe, would/could the singapore government deny me of my profits/losses citing age as an excuse?
I just checked with the legal department of my company and was told that the age limit for operating a FX-account in SIN was 18 years.
Same applies to financial transaction from USA to SIN.
20 seems old enough to me. Here in Canada and the US, the age of majority is 18, it seems to be a fairly worldwide idea that you become an adult when you are 18.
The easiest way to check is to ask what the age is to open a bank account by yourself in your country. That will tell you the age you must be to form a binding contract on your own, not “in trust” with your parents, and this will be the same age to open a forex account.
This trigger another question: HOW? How can they deny you of your profit/loss?
You trade half way across the globe (which most of us do right now), your government couldn’t know whether you profit or loss unless they put your activities under microscope. And you must be a highly dangerous person to be treated like that.
Furthermore, say you profit and withdraw some of it. Your broker will send it directly to your bank account, not to some finance branch of your government for permission or anything. Unless your bank report the transaction to your government, they won’t know it. One exception though: if your country impose an overseas limit for financial transaction, you better withdraw below the limit so the bank won’t have to report it.
with an equity level of 614% as of now). This is what FX solutions said, “anyone, anywhere around the world, its 18 years of age.”