HawkTrader
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Hello Interactive Brokers,
On your "new accounts" page, this is written: "Customers who wish to trade on behalf of their children are encouraged to open a Friends & Family Advisor Account with a Trust client account for each child".
Are there any regulations about who or how someone can open an account? Is there a minimum age for the child? Can a parent open an account with little or no trading experience? Who is taxed on winnings (hopefully not losses!), the child or the Trustee? Could I perhaps see a contract please?
Thanks in advance for taking the time to read.
On your "new accounts" page, this is written: "Customers who wish to trade on behalf of their children are encouraged to open a Friends & Family Advisor Account with a Trust client account for each child".
Are there any regulations about who or how someone can open an account? Is there a minimum age for the child? Can a parent open an account with little or no trading experience? Who is taxed on winnings (hopefully not losses!), the child or the Trustee? Could I perhaps see a contract please?
Thanks in advance for taking the time to read.