The Right AccountIf you’re under 18, you can’t have your own brokerage account and trade without supervision. Ask questions about trading commissions, account fees and any minimum balance requirements. Charles Schwab, Fidelity and TD Ameritrade were pretty much unanimous in this refrain: Don’t give kids the account passwords so that they can trade on their own. And if you do, don’t come running to us for help if they make some gonzo bet that doesn’t work out. Robinhood, which does not offer custodial accounts, doesn’t want anyone handing out passwords, either.

Source: New York Times September 12, 2020 06:56 UTC