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HappyPip

Wow, it's nice that you're already interested in forex at such a young age! But before you can open a live account, I think you need to be of legal age (18+) so you might need your parents consent first. Check out some brokers' sites to see their requirements (because these can differ per broker). At the very least, you'd have to submit some legal documents and open a bank account, from which you can withdraw your profits from trading. Also, make sure that you have practiced with a demo account first and made consistent gains. You don't want to lose all your savings when you start trading, right? With that said, good luck and welcome to the forex world!

about 1 year ago

NiLeTrader

I believe that the earlier the better. The younger you are, the more able you will be to change your personality and traits to be the ones of a great trader. (ever hear the expression you can't teach and old dog new tricks?) Same goes for here I think. I'm not saying that adult can't start trading, I'm just saying if you are the spontaneous, indecisive, risky and wreckless type of person, I don't think you can change yourself to better your trading if you are older.
This isn't the only reason. When you start young, you will have more time.
Anyway, back to answering your question.

I was 16 when i started trading so you are in my shoes 4 years ago.

Legal age I think is usually age you can vote. So 18 in the US.
Most brokers will accept you once your 18, but I have tryed applying to brokers that will only accept you if you are 21+
Since you are 16 most brokers probably won't accept you. Open up a joint account with one of your parents. But first open up a demo account and show them you are profitable and responsible. This will make it easier for them to trust you with a live trading account that is also under their names. Some brokers may not have joint accounts, but will have you sign a POA (power of attorney) that will give you control over the account as well.

I use Oanda, excellent because there is no minimum and you can trade however many units. I started off with GFT Forex though when I was 16. With Oanda you can withdraw with wire transfer, check, or paypal. Most brokers will charge you a fee for wire transfer (around 35$). Check is often free, but some brokers will charge you 10 or 15 for the second time you withdraw with check in a month. With paypal, Most brokers will charge a 2.9% fee.

I usually withdraw with check. If I withdraw twice I will use Paypal or Wire (whichever is cheaper)

about 1 year ago

Source(s):

• http://www.oanda.com
• http://www.gftforex.com