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Original poster

Trading account for teenager

20 replies

LaCerbiatta · 13/12/2023 10:45

My 13yo ds has asked for £50 in a stocks trading account so he can buy and sell. Is this an option at all? I have a friend in the US who did this for her son, but I can't find anything here...

Any suggestions greatly appreciated 🙂

OP posts:

TitusMoan · 13/12/2023 11:03

Are you happy for your child to start gambling?

NorthernSpirit · 13/12/2023 11:08

You want to allow a 13 year old to start gambling?

You cannot hold shares or investment funds until you are 18.

CalistoNoSolo · 13/12/2023 11:31

It's not gambling ffs. Jesus, some of the people on MN are deranged.

Free-trade is a pretty good user friendly platform. You need to hold the account for him - I have a stocks and shares isa with Freetrade, it's a cinch to set up. They allow trade in UK, US and European shares. My partner has his through harper lansdown I think, similar set up.

A friends son paid for his first year of uni after making decent money on the stock market, but you have to follow trends and have a good knowledge of world current and economic trends to make money in the short term. I see mine as a longer term investment. I think Money Saving Expert has info, but it's easy to Google and find out what you need to know - without the pearl clutching hysteria :)

Interested in this thread?

Then you might like threads about these subjects:

13 year olds Savings & investments

CalistoNoSolo · 13/12/2023 11:35

MSE info https://www.moneysavingexpert.com/savings/stocks-shares-isas/

Bingobatman · 13/12/2023 11:38

Great idea!

Ifailed · 13/12/2023 11:56

He can't trade at 13.

TitusMoan · 13/12/2023 12:39

Trading is still gambling

crozzfit · 13/12/2023 12:45

My friend's son wanted to do some small trades when he was 16 as he was interested in stocks and shares and wanted to do this as a job (he is now). She opened an account in her name and he did the trades with her overseeing them. He became really knowledgeable and did quite well

Original poster

LaCerbiatta · 13/12/2023 12:46

Thanks all for the helpful advice! I'll have a look at MSE and look into setting up a free trade account in my name that he can use 🙂

OP posts:

Christmastwine · 13/12/2023 12:50

At 13 you should start him off with paper trading if he is wanting to research trading, starting off at that age on a money account is crazy.

crozzfit · 13/12/2023 13:10

Would suggest he stays clear of crypto

Lakelandmumofthree · 13/12/2023 22:30

Have a look at trading212, my son uses this under my account as he wants to do this is a career. Only invest what he's happy to lose, rule number 1. My son started with £250 and has learnt how to have a balanced portfolio of stocks and is researching current affairs to make his choices. He's doing quite well out of it and it's educational, it isn't gambling, it's learning a valuable skill. People who say it's gambling are just ignorant to it.

Original poster

LaCerbiatta · 14/12/2023 15:34

Thanks @Lakelandmumofthree , I'll have a look at that. And of course it isn't gambling, not even responding to that!!

OP posts:

Lakelandmumofthree · 14/12/2023 15:46

Providing he doesn't invest more than £2k there's no fees, it's fascinating seeing them change before your eyes.

Mumofteenandtween · 14/12/2023 15:52

I trade for a living. Unless you are matching off your positions then it is gambling. The variability is lower than plonking it all on the 3:15 at Newmarket but you are still aiming to earn a higher reward by accepting risk.

Lakelandmumofthree · 14/12/2023 18:17

I think it depends if your investing or speculating. What I don't understand is why you would disempower a child who is interested by saying they're doing something akin to gambling. If my son loses his initial investment then he's learnt a hell of a lot in doing so, not sure the same applies to playing black jack for example!

tuttifuckinfruity · 15/12/2023 04:04

You can't trade in stocks with £50.

PlipPlopChoo · 15/12/2023 06:44

It's not gambling ffs. Jesus, some of the people on MN are deranged

You are completely missing the context. Most 13 year olds will have no understanding of investing for long term growth. Not to mention the average expected yield on £50 is pretty much pointless.

They have probably spoken to their friends or seen some crap on social media about turning £50 into £500 with no risk.

I can guarantee they will be clicking buttons left right and centre and have lost the money before you can blink.

Lakelandmumofthree · 15/12/2023 07:21

Rubbish. If you teach them how to do their research it's invaluable. Just watching the news and understanding basic economics all contribute to making choices. Most teenagers aren't idiots, give them some credit!!! My son has had some wins and some losses but he's understanding why they lost and why they won.

CalistoNoSolo · 15/12/2023 09:05

PlipPlopChoo · 15/12/2023 06:44

It's not gambling ffs. Jesus, some of the people on MN are deranged

You are completely missing the context. Most 13 year olds will have no understanding of investing for long term growth. Not to mention the average expected yield on £50 is pretty much pointless.

They have probably spoken to their friends or seen some crap on social media about turning £50 into £500 with no risk.

I can guarantee they will be clicking buttons left right and centre and have lost the money before you can blink.

Edited

What a shame you have so low an opinion of young teens. DD and her friends were not like this at all.

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