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Original poster

UK trading platform for teens

33 replies

Opp · 23/12/2023 15:29

Hi, I've been trying to download a custodial trading platform to help my 15 year to learn about investing and trading, but none of the ones I've tried so far (all US based I think) are loading or they cannot be used in the UK (greenlight, Acorns, Stockpile etc). I use 212 myself but it doesnt have a custodial facility. Can anyone recommend one?

Otherwise I'll sign him up in my name, in which case can anyone recommend a good beginners/teaching app?

OP posts:
Sunflower8848 · 23/12/2023 20:16

Gambling?

Original poster
Opp · 27/12/2023 00:49

To learn about different funds, investing and trading, stocks and shares, futures and options, assets etc, how money works

OP posts:
aramox1 · 27/12/2023 06:45

Why ?

missmollygreen · 27/12/2023 20:29

Im not sure how making random trades will teach him any of those things.

Its not as sexy, but there are plenty of books that will do a much better job

TheSuggestedAmendment · 27/12/2023 20:30

OP, young brains can be really affected by gambling. Go carefully.

missmollygreen · 27/12/2023 20:37

TheSuggestedAmendment · 27/12/2023 20:30

OP, young brains can be really affected by gambling. Go carefully.

A really good point.

What is he view on investing? Is he looking at a long term (5-10 years minimum) horizon of holding onto quality, dependable stocks.
Or does he watch the tiktok forex traders?

Original poster
Opp · 29/12/2023 15:04

I do not view it in such a sweeping and binary way. I believe understanding money is very important. I want him to access opportunities to play around and learn and think about what money actually is, why it exists, what is represents, what influences its value, the different layers of economic demographics perception of value and what influences that etc. Also how to get in front of it and learn how to make informed decisions as to the different sides of money and what side of money he wants to be on; think about his personal values, whether to be a borrower or an investor, or both, or neither, how much it will cost him to keep money sitting in the bank vs property vs any of the world's assets or burgeoning tech/science etc. Money underpins and profoundly affects every single one of us at every level; access to healthcare, housing, fuel, food: things a lot of us take for granted and what way too many people have had stripped away. I want him to know all about it and about hedging and protecting it if he ever acquires any. Etc

OP posts:
Original poster
Opp · 29/12/2023 15:06

*sweeping and binary as in calling it "gambling"

OP posts:
scoutingfor · 29/12/2023 15:07

I read this a few weeks ago. There is probably a reason you haven't managed to solve it OP.

puncheur · 29/12/2023 15:10

@Opp yeah he’s not going to learn any of those things online trading. Get him to get a weekend job in a naice shop and volunteer at the foodbank in the evenings - that’ll teach him more about money and economics than dicking about trading.

Whataretheodds · 29/12/2023 15:11

I think Halifax share dealing may offer a dummy account- sort of fantasy share dealing.

Original poster
Opp · 29/12/2023 15:11

In my opinion, people that know a lot about money and markets and what drives them lead comfortable lives and know how to make good decisions. People that don't know this stuff are the ones who make bad decisions like throwing money away into short term feel good or status items or on huge risks instead of weighing things up and using that money more usefully.

OP posts:
scoutingfor · 29/12/2023 15:17

Opp · 29/12/2023 15:11

In my opinion, people that know a lot about money and markets and what drives them lead comfortable lives and know how to make good decisions. People that don't know this stuff are the ones who make bad decisions like throwing money away into short term feel good or status items or on huge risks instead of weighing things up and using that money more usefully.

Good god what garbage. Your kid is 15, tell him to get a paper round.

GotthroughChristmas · 29/12/2023 15:18

OP if you do find something please share . I trade within an ISA but do want to do some trading with my teens too . Just small amounts of money well diversified so that they see how it works and learn .

Original poster
Opp · 29/12/2023 15:18

puncheur · 29/12/2023 15:10

@Opp yeah he’s not going to learn any of those things online trading. Get him to get a weekend job in a naice shop and volunteer at the foodbank in the evenings - that’ll teach him more about money and economics than dicking about trading.

What makes you think it won't teach him anything? You're assuming he is not capable of deeper thinking beyond momentary figures on a screen? Of course he will think about what is influencing those figures. And there are no jobs for 15 year olds I've looked, it's not like in my day. No one's insured to employ them. And I'm not middle class if your use of "naice " implies you think I am, I'm poor from a poor "working class" background and work very long hours for a pittance and I feel like a fucking mug for it which is why I want him to know this very important stuff which I didn't even know I needed to know at his age

OP posts:
puncheur · 29/12/2023 15:20

If you want him to avoid short term feel good purchases don’t get him a trading account. Get him a junior ISA or SIPP and let him research long term investments to put in it. Day traders are basically just gamblers - it’s exactly the same mindset and psychology and it’s something I wouldn’t be letting a 16yo near.

McDonaldsEater · 29/12/2023 15:21

You can build a dummy portfolio on the LSE website.
A 15yo can't legally own shares in the UK so you won't find a real trading site he can use.

musiquo · 29/12/2023 15:22

Op my son has been trading since he was 16 (in my name at first) and now has his own portfolio at 20. He worked weekend jobs from aged 15, took a job cleaning the school in 6th form in the pandemic days to earn extra cash. He's money motivated and extremely financially savvy. Trading didn't teach him this though, he trades because he's savvy. I don't know where he learned any of this from as it wasn't his parents or school. He does trade ethically too.

Original poster
Opp · 29/12/2023 15:23

@missmollygreen. He doesn't have an opinion yet because he doesn't know enough about it. He is of course exposed to TikTok forextraders, also crypto investing, investing platform marketing, you name it, so he needs to learn what is going on

OP posts:
Original poster
Opp · 29/12/2023 15:38

puncheur · 29/12/2023 15:20

If you want him to avoid short term feel good purchases don’t get him a trading account. Get him a junior ISA or SIPP and let him research long term investments to put in it. Day traders are basically just gamblers - it’s exactly the same mindset and psychology and it’s something I wouldn’t be letting a 16yo near.

I really meant a platform like eToro where he can play around with the scope of long term funds, stocks, shares isas as well as short term trading, cfds etc so he can get a feel for the advantages and risks of everything

OP posts:
Original poster
Opp · 29/12/2023 15:39

McDonaldsEater · 29/12/2023 15:21

You can build a dummy portfolio on the LSE website.
A 15yo can't legally own shares in the UK so you won't find a real trading site he can use.

Thank you I'll have a look. Ideally he'd have a dummy eToro. They do have a virtual version but he is too young for it. It's annoying g because they are available to his age group in USA

OP posts:
Sunseed · 29/12/2023 15:42

@Opp Websites like Interactive Investor carry a huge amount of information and articles that your son might find interesting. I can't see that they offer a practice account though, which is a pity. London Stock Exchange does do a free virtual portfolio, and there will be others.

He could also build up his general financial and economic knowledge by reading the business pages of a daily newspaper, and the personal finance sections of the weekend papers.

Martin Lewis (Money Saving Expert) has written a really comprehensive Financial Education textbook for schools covering all aspects of personal and consumer finance that would be worth downloading - it's free to download from the MSE website. I agree with you that this is all really important stuff that teenagers should learn about.

Original poster
Opp · 29/12/2023 15:58

musiquo · 29/12/2023 15:22

Op my son has been trading since he was 16 (in my name at first) and now has his own portfolio at 20. He worked weekend jobs from aged 15, took a job cleaning the school in 6th form in the pandemic days to earn extra cash. He's money motivated and extremely financially savvy. Trading didn't teach him this though, he trades because he's savvy. I don't know where he learned any of this from as it wasn't his parents or school. He does trade ethically too.

I know trading won't teach him per se but the idea is that it gets him involved and more focused on money, stimulates him to look at what influences the markets, the bigger picture etc. Currently he thinks money grows on trees. He's a bit lazy tbh, he had a half hearted look for a job earlier this year but we couldn't find anywhere that would take him at his age. He won't get a paper round because he won't get out of bed before midday if he's not at school. He spends a lot of time gaming and watching box sets otherwise he's flexing label hauls (funded by me) with his friends or at the gym. I'm trying to help him to evolve. He's really not motivated by money as has energised your son. nit much seems to energise him actually 🙈

OP posts:
musiquo · 29/12/2023 16:21

In that case Op I'd leave markets alone for now and let him find a way of funding his own label hauls. Only when he learns that if he earns, he gets, will he ever get motivated. I'm very generous to my son, he's an avid saver for specific goals and so I do financially support him too to help him get there quicker, but if I thought he was wasting his money I wouldn't.

ChristmasEvemaddness · 29/12/2023 17:03

Op read him grandpa's guide to investing.

Get him to open or you can :a junior isa and buy some shares within that.
Far far more educational than the other thing.