Forex trading has become a popular way of making money online. However, many young people are curious about whether they can trade forex at the age of 17. In this article, we will discuss the legal requirements for trading forex at 17 and the steps you can take to start trading.
Before you can start trading forex, you must be of legal age. In most countries, the legal age for forex trading is 18 years old. This means that if you are 17 years old, you cannot trade forex legally.
Can You Trade Forex If You Are Under 18?
While the legal age for forex trading is 18 years old, some brokers may allow you to open a trading account if you are under 18. However, you will need to have permission from your parents or legal guardian to do so. Additionally, you will need to provide proof of identity and address.
Steps to Start Trading Forex at 17
If you are 17 years old and want to start trading forex, there are a few steps you can take to prepare yourself for when you turn 18.
Learn About Forex Trading
Before you start trading, you need to learn about forex trading. There are many resources available online that can help you learn the basics of forex trading. You can also consider taking a course or reading books on the subject.
Once you have learned the basics of forex trading, you can start practicing. Many brokers offer demo accounts that allow you to practice trading with virtual money. This is a great way to gain experience and learn more about trading strategies.
Trading forex requires capital. As a 17-year-old, you may not have much money to invest, but you can start saving. Set aside a portion of your earnings from your part-time job or allowance to build up your trading capital.
Get a Job
If you don’t have a job, consider getting one. Working part-time can help you earn money that you can use to invest in forex trading when you turn 18.
In conclusion, while you cannot trade forex legally at the age of 17, there are steps you can take to prepare yourself for when you turn 18. Learning about forex trading, practicing trading, saving money, and getting a job are all steps you can take to start trading forex when you are of legal age. Remember to always do your research and trade responsibly.