28 Dec 2020
Can we open an account in Singapore for a 12-year-old to buy stocks in small amounts? Also any recommendations on what stocks for an extremely young investor like 12-year-old?
I would like to help my son get starting with investing but wondering how we can get started with it. Any advice?
Technically it is not possible to open a stock account for a 12 year-old because they are underaged and not allowed to invest in stocks. However, you may consider opening a beneficiary account where the parent/guardian is the main account holder and the child is the joint beneficiary. This means all investing decisions are made by the main holder (parents), but the assets belong to both parties. In the event anything happens to the parents, child owns 100% of the assets.
You can create such an account via iFAST:
1) If you require some advice and account services, you can consider opening an iFAST Global Markets (IGM) account and have a dedicated adviser serving your account.
2) If you prefer to have everything self-directed, you can consider opening an account via FSMOne.
Hope that helps!
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