Can you invest in Robinhood under 18? (2024)

Can you invest in Robinhood under 18?

Be 18 years or older. Have a valid Social Security Number (not a Taxpayer Identification Number) Have a legal U.S. residential address within the 50 states or Puerto Rico (exceptions may apply for active U.S. military personnel stationed abroad) Be a U.S. citizen, U.S. permanent resident, or have a valid U.S. visa*

Can a 16 year old have a Robinhood account?

Investment platforms like Public, robo-advisors like Wealthfront and Betterment, as well as free investing choices like Robinhood are only available to adults. Investing as a teen under a parent's name is illegal. Investing money under someone else's name is illegal unless you have a brokerage license.

Do you have to be 18 to invest on Robinhood?

To open a brokerage account with Robinhood, you don't need to put any money down. However, you must be age 18 or older, have a valid Social Security number and legal US residential address, and either be a US citizen, US permanent resident, or have a valid US visa.

Can a 16 year old invest in stocks?

No matter the investments, a teen investor under 18 years old can' t make his or her own investment. They need the involvement of an adult — typically a parent — to open a custodial brokerage account or to authorize or to authorize the purchase of an investment.

How to trade stocks at 17?

The easiest way for a person under 18 to trade stocks is for an adult to open a custodial account with a brokerage on behalf of a child and then invest in stocks on the child's behalf, with the child directing the investments if they want.

Can I use Robinhood if I'm 17?

Be 18 years or older. Have a valid Social Security Number (not a Taxpayer Identification Number) Have a legal U.S. residential address within the 50 states or Puerto Rico (exceptions may apply for active U.S. military personnel stationed abroad) Be a U.S. citizen, U.S. permanent resident, or have a valid U.S. visa*

Can a 14 year old have a Robinhood account?

No, you can't open a Robinhood account for your child. Robinhood doesn't offer custodial accounts. Can I open a Schwab account for my child? Yes, you can open a Schwab account for your child.

Is investing in stocks under 18 illegal?

How old does my child have to be to buy stocks? To start investing in stocks on their own, your kid will need a brokerage account, and they must be at least 18 years old to open one. They can start earlier than this, but they'll need a parent or guardian to open a custodial account for them.

Is day trading illegal?

Day trading is not illegal when it is done within normal trade hours and properly recorded. However, a similar practice known as late day trading is illegal and can be prosecuted under commodities fraud law.

Can you use Robinhood at 13?

Minimum Age

You represent that you are at least 18 years of age (or the age of majority in the State in which you reside).

Is it illegal for a 16 year old to invest?

You usually need to be at least 18 years old to participate in the stock market. However, there are some ways around that. Adults can open a custodial account with a brokerage on behalf of a child and then, in the role of custodian, invest in the stock market for them, with or without the teenager's input.

What stocks should a 16 year old invest in?

Stock Index Funds for Kids

These funds represent a collection of stocks but trade like individual stocks. The ETFs most appropriate for teen investors are those that track well-known stock market indexes like the Dow Jones Industrial Average (the Dow), the S&P 500, and the NASDAQ.

How can I make a lot of money at 16?

Is trading stocks illegal at 17?

If you're under 18 and want to open an individual brokerage account, IRA, or other type of investment account all by your lonesome, we're sorry. You have to be at least 18 years old to tackle everything on your own. But several accounts allow minors to invest if they have the help of a parent, guardian, or other adult.

Can I open a Robinhood account for my child?

Robinhood does not offer a brokerage account (also known as a custodial account) for kids or anyone under the age of 18.

Can I day trade at 17?

As a minor, you can make investments only under the supervision of your parent (or an adult) through a custodial account. Your parent will have to sign you up for a custodial account offered by an online broker.

Does Robinhood require SSN?

To verify your identity, Robinhood will need your Social Security number. If you're wary of giving out your SSN, just know the app is encrypted and the number will be transmitted in an airtight connection.

What happens if I trade stocks under 18?

But if you're under 18, you'll usually need an adult to open a Roth IRA or brokerage account you're buying stocks in. That adult will serve as a custodian on your account, so they'll technically maintain control over investment decisions. They'll also receive copies of your account statements.

Why does Robinhood ask for SSN?

Robinhood complies with an SEC customer identification rule of the USA Patriot Act of 2001. This rule requires Robinhood to verify the identity of any person seeking to open an account and to maintain records of their information.

How to invest $1,000 for a child?

Can f1 students use Robinhood?

A: As an international student in the USA, you generally have the ability to buy and exchange stocks on platforms like Robinhood.

How to buy stock for a baby?

Things to consider when giving a stock to a child

Minors can't own stock outright until they reach the age of majority in their state, which in most states is 18. Until then, their investments must be held under the supervision of an adult in what's known as a custodial account.

Can you day trade under 18?

Key takeaway: An individual must be at least 18 to open their own brokerage account and buy stocks, but an adult can help set up a custodial investment account on a minor's behalf.

Can I trade under my parents account?

Like traditional brokerage accounts, many of these investment tools provide a way to buy and sell stocks, bonds, exchange-traded funds (ETFs), and other instruments. Because minors are not eligible to open their own brokerage accounts, parents and guardians can open and manage custodial accounts in a child's name.

Is Robinhood safe to use?

Robinhood is considered safe for investors. It's a member for the Securities Investor Protection Corp. (SIPC), is regulated by the SEC, and has additional financial protection per customer up to certain amounts for cash and securities.