Irvine, CA asked in Banking, Business Formation, Business Law and Contracts for California

Q: As a 17yo, can I start a funded forex trading account, and then withdraw the profits I earned when I turn 18?

I don't have a bank account but when I turn 18 I plan on creating one and linking it to my trading account.

1 Lawyer Answer
James L. Arrasmith
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  • Business Law Lawyer
  • Sacramento, CA
  • Licensed in California

A: As a 17-year-old, it may be difficult for you to open a funded forex trading account as most brokers require their clients to be at least 18 years old. Additionally, you may need to provide proof of identification and a bank account in your name to start trading.

Even if you manage to open a trading account, there may be restrictions on your ability to withdraw profits until you turn 18 and provide proper identification and banking information.

It's also worth noting that forex trading can be highly risky, and it's important to have a good understanding of the market and trading strategies before investing any money. You should also be aware of the potential for significant losses and the importance of proper risk management.

If you're interested in forex trading, it may be a good idea to spend some time learning about the market and trading strategies through online resources, courses, or demo accounts before investing any money. Additionally, it's always a good idea to consult with a financial advisor or experienced trader before making any investment decisions.

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