Personal Finance

Minimum age to buy/trade stocks

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  • Aug 6th, 2007 8:35 pm
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Jr. Member
Dec 22, 2004
149 posts
28 upvotes

Minimum age to buy/trade stocks

Specifically what is the minimum age to create a online brokering account to buy/trade stocks, if I'm not of the minimum age, what can I do?
8 replies
Member
User avatar
Mar 12, 2006
423 posts
4 upvotes
There are some online brokerages that min. age is 18, but usually you need bank checks to put in the first initial amount.

Word of advice, it's too risky out there. Stick to the term deposits, gic's, and pcf savings account. Unless you have been paper trading for years and have studied alot about technical analysis, and studying the vocab, don't risk your money.
Sr. Member
Jan 5, 2006
889 posts
37 upvotes
Mississauga
Rifle wrote:
Jun 24th, 2007 5:10 am
There are some online brokerages that min. age is 18, but usually you need bank checks to put in the first initial amount.

Word of advice, it's too risky out there. Stick to the term deposits, gic's, and pcf savings account. Unless you have been paper trading for years and have studied alot about technical analysis, and studying the vocab, don't risk your money.
+++

I remember making excel spreadsheets and picking at stocks just to see how I'd do in a fantasy exchange. I also joined some of those on-line sites for competitions. I think the Toronto Star did that one year. I didn't want to see my hard-earned minimum wage money lost in the stock market - I'd rather eat a big fat juicy burger instead with my friends.
Newbie
Jan 20, 2007
19 posts
Discount brokerages require a minimum age of 18. However, you can create a sub-account under your dads name (as long as he signs some sort of consent form) and these sub-accounts don't have a minimum age requirement.
[OP]
Jr. Member
Dec 22, 2004
149 posts
28 upvotes
so say if i wanted to open an account with ETRADE Canada, Questrade, or IB what form would it be on their site?
Member
User avatar
Mar 12, 2006
423 posts
4 upvotes
It would just be the regular forms that they use for new applicants. It's on their sites with a simple search. Most of the time, you need to print the application out and then photocopy some picture identification, include a check, and mail it to the place.
Member
Oct 21, 2006
277 posts
23 upvotes
South Etobicoke
shawnly1000 wrote:
Jun 24th, 2007 3:30 am
Specifically what is the minimum age to create a online brokering account to buy/trade stocks, if I'm not of the minimum age, what can I do?
Min age is the Legal age of the province you reside in.
Deal Addict
User avatar
Jul 31, 2007
1938 posts
2 upvotes
Earth
shawnly1000 wrote:
Jun 24th, 2007 3:30 am
Specifically what is the minimum age to create a online brokering account to buy/trade stocks, if I'm not of the minimum age, what can I do?
Invest in index funds instead. Read the following two books:

1. The Intelligent Asset Allocator
http://www.amazon.ca/Intelligent-Asset- ... 261&sr=8-1

2. Why smart people make big money mistakes
http://www.amazon.ca/Smart-People-Money ... 301&sr=1-1

The first book will teach you a lot about investment in clear and understandable language, without skipping over the "details". The second book is more about human psychology of money and why we screw it up so often. Read both and you'll be a far better investor than most adults.
Newbie
Dec 20, 2006
10 posts
shawnly1000 wrote:
Jun 24th, 2007 3:30 am
Specifically what is the minimum age to create a online brokering account to buy/trade stocks, if I'm not of the minimum age, what can I do?

I just wanted to recommend that it is always a good idea to read about trading, learn how to understand charts, and practice for a couple of years before jumping into trading stocks with real money. Perhaps you have done that already, and if so, then please excuse this post.

If not, then keep in mind that there will be about a 95% chance that you will have exhausted your funds within 1 year. By that time, you will have lost a lot of money, but gained a lot of knowledge. I'm not trying to be cynical or anything, I'm just stating what the statisics are.

Basically, I would say learn before you earn.
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