Anonymous asked in Business & FinanceInvesting · 2 months ago

Using parents Robinhood account to invest?

Right now I am under 18 so I know I’m not supposed to day trade under my parents name unless I open a custodial account. My Robinhood account that I trade on is my dads. Is it legal if I invest under his name with his permission? 

2 Answers

  • kswck2
    Lv 7
    2 months ago

    Legality  is one thing, permission is something else. I would be guessing that he knows nothing about it, because if he did, you would not be asking this question here. 

  • 2 months ago

    It's legal if dad let's you use his account.  Dad is responsible for anything you do and is responsible for any taxes that are incurred.

    It's pretty stupid of dad to allow this.

    If he knows anything about investing, he should invest with you (together).  If he doesn't, then your family should just stay out of apps like Robinhood. 

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