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A Begginer's Investment for $1,000 CAD? |
Hi, You have to be 18 to open a account with discount brokers like tradeking. Usually you can't begin buying stocks unless you have 8000 - 10000 collateral in the bank. You have to sign up with an online broker and it costs 10 dollars for every transaction. Most brokerages have a $5K min to start . The age limit to open an account in your name is 18, but you can have one of your parents open an account under the uniform gifts to minors law. Scottrade requires $500 minimum. Most mutual funds are at least $2500 minimum. I started at age 16 with $300, so in my opinion at least you are not starting too soon. Back then there were not so many laws to deal with. If you do hanker for a MF there are plenty of closed end funds that are traded like stocks. You can buy as many shares of one of those as you wish. |
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