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NotreDame | I am 16 with a debit card, can i buy stock online? |
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NYC_Since_the_90s
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I do not even know where to start.
Just don't do it. |
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Scott S
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You are too young at this stage. Set up a practice portfolio and see how that does before you do it for real money. |
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lapyramid
 |
Not necessarily. Most online stock services require direct transfers from your bank account. So you would need your routing number and bank account number and possibly a canceled check. The other thing barring you is that the age to purchase most items online is still 18 especially stocks. You would hate to invest in a great stock, make "lots of money" from it, and then be barred from receiving the dividends because you weren't of the legal age of consent. |
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cajun4talk2u
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Call a stock broker and ask them. I think in most states you are too young but you can have a guardian or legal representative buy in your name. Good luck! |
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Chris P
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In most state you must be 18 to own a business, which is basically the same as owning stock. Check with your city's business office or a stock broker. |
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dreamy_traveller
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I don't know which country are you based in, or which country are you planning to buy in.
So, my answer is regarding the buying of shares in UK. I don't know much about the other countries, or their legislations surrounding the purchases of stocks.
I am assuming you refer to stocks as those shares on Stock Exchanges etc.
In that case, you are not allowed to buy the stock while you are 16 yrs old.
However, since you are 16 yrs old, you can buy some trusts or bonds though. You may need to get a signature from your parents or guardian for some but quite few bonds or trusts. For example, you can buy "ISA" trusts, or "Premium" bonds while you are 16 yrs old. Just go to your local Post office and pick up its leaflets - you will find lots of information about these bonds, so you can make your own decision.
As for shares on the Stock Exchange - you need to wait for two more years until you become 18 yrs old, as legal adult. If you are that desperate, then you need an adult (18+ yrs old) to buy it for you.
I suggest you to read your country's legislation about buying shares and some rules about tax on your share and so on.
Hope that helps. |
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Peaches
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Your having a debit card is irrelevant.
If you are 16, in the U.S., you need your parents name, in addition to your own, on the account. (The parent will usually be a custodian, but it could also be a joint account) |
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Richard C
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Join the club. I have trying to find a place that will let me open an account but to no avail. Worst case scenario, open a joint guardian account at TD Waterhouse or TD ameritrade. good luck |
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Brad B
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I'm not realy sure. But I would think so...you would electronically connect you bank account the to broker service, ie scottrade, etrade, etc. I would recommend that you look into mutual funds instead of single stocks.....they offer less risk and if oyu do your homeowrk you can make a good 10-12% return reliably.
Depending on what the stock is for you might also look into ROTH IRA if it is a start of a retirement fund. But don;t put money in the stock market that you will need within 5 years.....if its for college or a car then I would recommend that you look at a Money Market account. If you have less than 5 years you run alot of risk.
Lastly and most importantly....awesome job!!! I wish I was thinking about the financial future when I was 16 (outside of hoping to be rich) I know you hate hearing to find an adult to help, but I would. Not a broke adult, but someone who has reseonable experience and can help you pick a winner. |
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