Most online brokers have a "sign up" or "open account" option somewhere on the site. When you click on that it will ask you what type of brokerage account.... There are 3 main types:
- Individual Account - This is designated for one person, over 18.
-Dual or Joint Account - These are if you are married, or if you are over 18 and would like to share your account with someone, and have equal power over it.
-Custodial Account - This type of an account it designed so that it is in the name of that person under 18 it is still your parents option to allow you to run it or not, though I am assuming they will.
If you are a teenage investor then you are looking at a Custodial Account, some brokers have these and some not. Say for example, Sharebuilder does, but Zecco does not. If you would like to trade with Zecco and not Sharebuilder then you will have to have your parent open it in their name, and allow you to use it as yours, but it is still under your name.
Also, just to remember if your parent already has a brokerage account, make sure that they know that they can have multiple accounts, it's not illegal, it's actually legal.
There are many other types of Brokerage accounts such as ESA (Educational Savings Account), or IRA (Individual Retirement Account), I will not go into detail on these accounts for the moment since they are not apart of the "Popular 3".
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