How do I buy stocks Online? (Minor)?
I would like to start buying stocks and investing. But i’m under the age of 18. Getting my parents consent is no issue.
Most of the stocks I would like to invest in would just be “Penny Stocks” with the acception of a couple real stocks (Or whatever you’d call a stock that wasn’t a penny-stock). Also i’d like to be able to check these stocks on an iPhone (Can you check penny-stocks on an iPhone?)
Also, one more question, which site would you recommend me opening the account into? Is there any difference? Which would you recommend and why. Thanks so Much
In the United States you must be 18 to open a brokerage account in your name, a parent can open a custodian account for you using your social security number and when you turn 18 the assets in the account can be moved to an account in your name
Even though a parent opens a custodian account for you, the account must be managed and operated by the parent, a minor CAN NOT make trading/investment decisions,
Not only do all major brokerage firms offer on-line services for their clients, many have apps that are available, to their clients.
Customer need to select the site that is best for them. Traders have requirements in a site, while investors have other requirements.
Although most sites are geared to general securities and commodities, however customers may have special needs for the types of products they trade, and the markets in which they trade. For example I use Fidelity for investing. Scottrade for equities trading and ThinkorSwim for option trading
It seems that the most popular firms for on-line investing/trading all of which provide excellent platforms and services are; Scottrade; Chas.Schwab; TDAmeritrade; Fidelity; E-Trade and Thinkorswim
However most major firms discoureage their clients from “trading” in penny stocks since these stocks do not trade in a regulated market. Not only do firms have problems with trading there are major problems with clearing and holding the securities, not to mention the lack of experience penny stock traders have in the markets.
Here’s a list of penny stock websites, if you see a brokerage firm advertising on any of these site you could contact them, but no respectable firm will advertise for penny stock trades.
Penny Stocks For Beginners How to Buy Cheap Penny Stocks