E-trade using paypal for stock market trading?
Im 15 and I’m looking for a way to make money… Can I use paypal to use for depositing and withdrawing money on etrade or other stock market trading sites? Any other suggestions? I use ebay.. I don’t want any links to survey sites!
First, I’m sorry but a 15 year old can not legally sign a contract, which is necessary to open a brokerage account. If you parents opened on and then gave you the online password, there would be nothing eTrade could do about it, but your parents would be responsible for anything that was done in the account.
Second, pay-pal is for making payments on small retail transactions. A place like eTrade stays in business by keeping costs down. I would be surprised if any broker was willing to absorb pay-pal’s fees. Just mail them a check. The day or two for the payment to post won’t make any difference to you in the long run.
Comments
First, I’m sorry but a 15 year old can not legally sign a contract, which is necessary to open a brokerage account. If you parents opened on and then gave you the online password, there would be nothing eTrade could do about it, but your parents would be responsible for anything that was done in the account.
Second, pay-pal is for making payments on small retail transactions. A place like eTrade stays in business by keeping costs down. I would be surprised if any broker was willing to absorb pay-pal’s fees. Just mail them a check. The day or two for the payment to post won’t make any difference to you in the long run.
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April 5th, 2010 at 6:33 pm
You’ll have to ask e-trade. BTW: ETrade is pretty mediocre as a broker. You’d be surprised how many good traders don’t use ETrade.
Why don’t you spend some time learning trading instead of just immediately trading.
There are some great books out there. There’s also some great stuff on Twitter, especially StockTwits.
http://www.stocktwits.tv/
http://twitter.com/alphatrends
http://twitter.com/apextrader
Good luck. It may take years to do well (if at all)…….. but it’s a great way to earn a living.
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