Custodial Account?

Discussion in 'Forex Brokers' started by nixad, Aug 8, 2005.

  1. nixad


    Do any forex brokers offer a custodial account?
    If so which ones? I am in search of one right now but I can not find any, I am even talking to a few brokers over live chat explaining my case and they do not offer anything to suit me.

    Now if I were to open a account with my elder brothers permition under his name, how would this effect his taxes? I think i've heard of soemthing called captial gain that will be on there due to profit in trading currencies?

    Thanks for your time, I really appreciate it.

    I plan on contacting my dad's freind that does our taxes shortly if he is aware of how this would work but it is highly doubfull he knows, even though he did file taxes on my mutual fund, the more I look into this the more I see it is a differnt situation.
  2. How old are you? Maybe you could practice on a demo account and start trading live when you turn 18?
  3. nixad


    17 years 3 months, been paper trading for 1 month, managed a 30% profit my first week of forex trading then began to trade with differnt styles and using differnt indicators, still trying new ways reading gigs of ebooks.

    But after researching taxes on forex trading, I think it will be possible for me to trade under my dads name (and if the IRS is reading this I mean advice my father on what trades to make)