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    Thread: Trading at 16 years old UK

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      Default Trading at 16 years old UK

      I want to open a live Forex account with a broker. I was thinking the best option would be to register an account under a parents name, but in that case who would be liable to pay taxes? Me or my parent? I am already registered for self-assessment as I own a business so I would need to file the tax information. Are there any brokers that would allow this or how could I go about doing it?


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      Quote Originally Posted by LaFlare View Post
      I want to open a live Forex account with a broker. I was thinking the best option would be to register an account under a parents name, but in that case who would be liable to pay taxes? Me or my parent? I am already registered for self-assessment as I own a business so I would need to file the tax information. Are there any brokers that would allow this or how could I go about doing it?
      i think it will depend on which jurisdiction the broker operates from. If you are going with offshore broker then must probably they will allow you to use your parents name or even allow a minor to trade. Best to consult with the broker you chose on how to solve this issue.


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      I remember my first time when i found out forex and what it's mean , iwas like 17 years old , so i opened an account with my father document after i explained to him what i'll do , but i dont know what about paying taxes , I guess its don't exists in my country , so i advice you to start learning about analysis and knowing more forex marker I mean you have to wait two years to open an account in a professional broker with your own document , so use that time to be a good trader in the future , good luck


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      I do not recommend you to do this without your parents knowledge. You have to use their information to open an account and at the end of the day they should pay taxes.


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      I would definitely not do it without my parents knowledge. I just can't wait two years to start properly trading, I just see it as a complete waste of two years of my life. I'll learn 2x faster trading with real money than I will on a demo account. My only problem now is figuring out how to make myself liable for the taxes and not my parents. I know a few people who have started trading before 18, so sure it must be possible somehow.


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      Quote Originally Posted by LaFlare View Post
      I would definitely not do it without my parents knowledge. I just can't wait two years to start properly trading, I just see it as a complete waste of two years of my life. I'll learn 2x faster trading with real money than I will on a demo account. My only problem now is figuring out how to make myself liable for the taxes and not my parents. I know a few people who have started trading before 18, so sure it must be possible somehow.
      Waste of time if you don't do anything in your life, if you work or you study then it won't be a waste of time . In this 2 years you can start learning forex , and practicing in demo account. But if you feel that you're ready for real trading, you can open your account under your parents name, that's the only way because no broker accept traders under 18.


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      Quote Originally Posted by cambiste View Post
      Waste of time if you don't do anything in your life, if you work or you study then it won't be a waste of time . In this 2 years you can start learning forex , and practicing in demo account. But if you feel that you're ready for real trading, you can open your account under your parents name, that's the only way because no broker accept traders under 18.
      Yeah I'm confident I'm ready. I know about opening it under a parents name, but who would be held liable to file the tax returns for the account? Me or my parent? This is my only problem now.


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      Quote Originally Posted by LaFlare View Post
      I want to open a live Forex account with a broker. I was thinking the best option would be to register an account under a parents name, but in that case who would be liable to pay taxes? Me or my parent? I am already registered for self-assessment as I own a business so I would need to file the tax information. Are there any brokers that would allow this or how could I go about doing it?
      If you'll open an account with us, You need to use your name in order to register.
      Best regards,
      PR Manager
      InstaForex Group
      Live help online


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      not good idea to trade market 16 years old i am afraid because of legal issue you can face. also taking other persons identify, even family is too dangerous and breach the law that can cause you lots of trouble especially with person identification law. be wise and do not do that.


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      Quote Originally Posted by LaFlare View Post
      I want to open a live Forex account with a broker. I was thinking the best option would be to register an account under a parents name, but in that case who would be liable to pay taxes? Me or my parent? I am already registered for self-assessment as I own a business so I would need to file the tax information. Are there any brokers that would allow this or how could I go about doing it?
      Oh to be 16 again!
      That's great that you have started looking into trading forex but remember you have SO MUCH time ahead of you. Don't rush, take it steady, learn from all your experiences and go for it!
      All the best :-)
      TS


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