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Age Requirement: How Old Do You Have To Be To Open a Webull Account
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Webull Age Requirement to Open an Account
The minimum age to open a Webull brokerage account is 18. If you are considering Webull for a minor's account, you are not alone. Webull has many investment products and services, and it might seem like a great place for an account designed for minors.
Unfortunately, it is not. Here's why.
Key Takeaways
• Webull does not offer brokerage accounts for minors.
• Schwab is a good option for custodial accounts, Coverdell accounts, and 529 Savings accounts, offering many similar advantages.
• Schwab has some of the most adaptable trading tools available, along with a wide selection of investments for long-term strategies.
Minor Accounts at Webull
Webull does not offer custodial accounts or any other account type for children and teenagers, including the
529 Savings and the Coverdell Education Savings Account (ESA) account.
If you're looking for a broker to open a minor's account, you should look at other choices. Schwab is an excellent alternative because it not only has advanced trading features like Webull, but it also offers several minor-focused accounts.
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Schwab as an Alternative
The first thing to know about Schwab as a substitute for minor accounts is that it offers all the usual options.
Whether you want a custodial account or another account to help save for a minor's future, Schwab has
you covered. Schwab's custodial account is called by the company the Schwab One account.
The Schwab One Custodial Account
The Schwab One custodial account follows either the Uniform Gifts to Minors Act (UGMA) or the Uniform Transfers to Minors Act (UTMA). Which rule applies depends on your state.
If you aren't sure how UGMA/UTMA accounts work, here is a quick summary.
Under these rules, a custodian can open and manage a Schwab One account on behalf of a minor. The minor doesn't have to be a direct relative, but you do need ID details for the minor when you set up the account. The custodian can make deposits, manage the portfolio, and place trades, but all assets belong to the minor.
When the minor reaches legal age, they gain full control of the account, taking over all management and responsibilities from the custodian.
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Why Schwab Appeals to Investors
Charles Schwab has several features that are helpful for long-term investors, including those managing custodial accounts. Here are some highlights:
Zero Fees and Commissions: Schwab provides zero-commission trading and does not require minimum trades, annual fees, or a minimum balance.
Advanced Trading Software: Schwab offers web, desktop, and mobile platforms that benefit both the custodian and the minor. There are many educational resources, and the platforms include all the tools needed to learn about investing and managing a portfolio.
Variety of Investment Choices: Schwab has a wide selection of stocks, ETFs, bonds, mutual funds, and options.
Educational Resources: Schwab has many resources, such as live seminars, a content library, and recorded videos on various investing topics and trends.
Updated on 1/2/2025.
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