how to buy crypto under 18
Cryptocurrency has been gaining popularity over the years, with many investors and traders looking to invest in digital assets. However, one major challenge faced by young investors is the inability to buy crypto under 18. In many jurisdictions, the legal age to participate in cryptocurrency exchanges is 18 or older, which limits access to this market for younger investors. This article will discuss some possible ways for minors to buy cryptocurrency without violating legal regulations.
How to Buy Crypto Under 18:
Use a Custodial Account
One way for minors to invest in cryptocurrency is to use a custodial account. These accounts are managed by a custodian who is usually a parent or legal guardian. The custodian creates the account, transfers funds, and makes trades on behalf of the minor. The custodian has control over the account until the minor reaches the legal age in their jurisdiction. Some cryptocurrency exchanges offer custodial accounts for minors, such as Coinbase and Gemini.
Peer-to-Peer (P2P) Transactions
Another option is to use peer-to-peer (P2P) transactions to buy cryptocurrency. P2P transactions involve buying or selling cryptocurrency directly from another person without the need for a third-party exchange. This method can be done through social media, online forums, or other platforms that allow P2P transactions. However, it’s important to exercise caution when engaging in P2P transactions as there is a risk of scams and frauds.
Use a Prepaid Card
Minors can also buy cryptocurrency using a prepaid card. These cards can be purchased from various retailers and can be used to fund an account on a cryptocurrency exchange. However, not all exchanges accept prepaid cards, and some may have restrictions on the use of such cards. It’s important to check with the exchange beforehand to ensure that prepaid cards are accepted.
Use a Bitcoin ATM
Bitcoin ATMs are another option for minors to buy cryptocurrency. These ATMs allow users to buy or sell bitcoin using cash. However, not all ATMs allow users under 18 to use their services, so it’s important to check with the ATM operator beforehand.
Use a Parent’s or Guardian’s Account
Lastly, minors can use their parent’s or guardian’s cryptocurrency account to buy cryptocurrency. This method is only possible if the parent or guardian has an account on a cryptocurrency exchange and is willing to make the purchase on behalf of the minor.
Apps to buy crypto under 18:
There are several apps available that allow individuals under the age of 18 to purchase cryptocurrency. Some of the popular apps include Coinbase, Binance, and Robinhood. These apps often require users to provide proof of identity and a valid bank account or credit card to complete transactions.
Can you buy crypto under 18?
Technically, there is no legal minimum age requirement for buying cryptocurrency, but many exchanges and wallets have a minimum age limit of 18 due to regulatory compliance reasons. However, some platforms allow users under 18 to purchase and hold cryptocurrencies with certain restrictions.
How to buy crypto under 18 Reddit:
Reddit is a popular online forum where users can ask questions and share information. To buy crypto under 18 on Reddit, users can search for threads or subreddits dedicated to discussing cryptocurrency purchases for minors. These threads often offer advice on which apps or platforms to use and how to navigate the purchasing process.
Best bitcoin wallet under 18:
For individuals under the age of 18, the best bitcoin wallet would depend on their specific needs and preferences. However, some popular options include Coinbase, Blockchain, and Trezor. It is important to research the features and security measures of each wallet before making a decision.
Crypto wallet under 18:
There are several crypto wallets available that allow individuals under the age of 18 to store and manage their cryptocurrencies. Some popular options include MyEtherWallet, Exodus, and Jaxx. These wallets often offer features such as two-factor authentication and backup recovery options to ensure the security of the user’s assets.
How to sell crypto under 18:
To sell crypto under 18, users can use the same apps and platforms that they used to purchase the cryptocurrency. However, it is important to note that some platforms may require additional verification or approval from a legal guardian before allowing the sale of cryptocurrencies.
Crypto apps for under 18 iOS:
There are several iOS apps available that allow individuals under the age of 18 to purchase and manage their cryptocurrencies. Some popular options include Coinbase, Binance, and Bitstamp. It is important to note that these apps may require additional verification or approval from a legal guardian before allowing transactions.
Crypto wallet under 18 Reddit:
Reddit is a popular online forum where users can ask questions and share information. To find a crypto wallet under 18 on Reddit, users can search for threads or subreddits dedicated to discussing cryptocurrency wallets for minors. These threads often offer advice on which wallets to use and how to navigate the setup process.
Can you buy crypto under 18?
In most jurisdictions, you must be 18 years old to legally buy cryptocurrency. However, there are some ways to buy cryptocurrency under 18, such as through a custodial account or with the help of a parent or guardian.
What apps can I use to buy crypto under 18?
Some popular apps that allow users under 18 to buy cryptocurrency include Coinbase, eToro, and Binance. These apps typically offer custodial accounts for minors, which are controlled by a parent or guardian.
How can I buy crypto under 18 on Coinbase?
Coinbase offers custodial accounts for minors, which can be set up with the help of a parent or guardian. The parent or guardian will need to provide their own identification information, and will be responsible for managing the account until the minor turns 18.
What is the best bitcoin wallet for under 18?
For minors, it is recommended to use custodial wallets, as they are controlled by a parent or guardian. Some popular custodial wallets include Coinbase Wallet, BlockFi, and BitGo.
Can I sell crypto under 18?
If you are under 18, you may be able to sell cryptocurrency through a custodial account or with the help of a parent or guardian. However, it is important to check the regulations in your jurisdiction to ensure that you are acting within the law.
Are there any crypto apps for under 18 on iOS?
Yes, some popular crypto apps for under 18 on iOS include Coinbase, eToro, and Gemini. These apps typically offer custodial accounts for minors, which are controlled by a parent or guardian.
Is there a crypto wallet for under 18 on Reddit?
While there may be some discussion on Reddit about custodial wallets for minors, it is important to do your own research and check the legitimacy of any wallet or app before using it to buy or store cryptocurrency.
In conclusion, while there are legal restrictions in place that limit minors’ access to cryptocurrency exchanges, there are still ways for young investors to participate in this market. Custodial accounts, P2P transactions, prepaid cards, Bitcoin ATMs, and using a parent’s or guardian’s account are all viable options for minors to buy cryptocurrency. However, it’s important to exercise caution and due diligence when engaging in any of these methods, and to always comply with the legal regulations in their jurisdiction.