Are there any restrictions or limitations for child accounts in cryptocurrency trading on Ally?

3 answers

• Skaaning MayerJun 10, 2024 · a year ago
  Yes, there are restrictions and limitations for child accounts in cryptocurrency trading on Ally. As a safety measure, Ally requires that the primary account holder be at least 18 years old. This means that minors cannot directly trade cryptocurrencies on Ally. However, parents or legal guardians can open custodial accounts for their children, allowing them to indirectly invest in cryptocurrencies through the parent's account. It's important to note that the parent or legal guardian will have full control over the custodial account and its transactions.
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• aradMay 15, 2023 · 2 years ago
  Absolutely! Ally has implemented restrictions and limitations for child accounts in cryptocurrency trading. To comply with regulations and ensure the safety of young investors, Ally requires the primary account holder to be at least 18 years old. This means that minors cannot directly engage in cryptocurrency trading on Ally. However, parents or legal guardians can open custodial accounts on behalf of their children, allowing them to indirectly participate in cryptocurrency investments. The custodial account gives parents control over the funds and transactions, ensuring a secure and supervised trading environment for minors.
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• Alya Fatin Fadhiyah Muhaimin PFeb 12, 2022 · 3 years ago
  Yes, there are restrictions and limitations for child accounts in cryptocurrency trading on Ally. According to Ally's policy, individuals under the age of 18 are not eligible to open their own cryptocurrency trading accounts. However, parents or legal guardians can open custodial accounts for their children, which allows them to invest in cryptocurrencies indirectly. The custodial account gives parents control over the funds and trading activities, ensuring that minors can still participate in the cryptocurrency market under supervision. It's a great way to introduce young investors to the world of cryptocurrencies while maintaining a safe and responsible trading environment.
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