The next major thing in today’s digital environment is cryptocurrency. These days, everyone is willing to invest in and trade in cryptocurrencies. Numerous apps provide the chance to invest in cryptocurrencies. But the issue is that all of them demand KYC, which can only be completed by adults.
In this guide, I’ll assist you on how to buy crypto under 18, and avoid the technical aspects of purchasing Bitcoin as well as being conned.
In some places, that option is still available right now, but what about teenagers who are old enough to live independently but not old enough to purchase bitcoin? Or kids whose family member can’t or won’t help them with their request? When that happens, young people who want to purchase cryptocurrencies are compelled to act alone.
You must search for a beginner-friendly crypto exchange that you can use while still under the age of 18 as a teen. But, the good thing is, there is no legal age in any region of the world to purchase Bitcoin and other cryptocurrencies for children.
How old should you be to purchase bitcoin?
Bitcoin does not have any centralized regulations, such as age restrictions, and neither does its website. Bitcoin is an item that has no inherent limitations, so asking if there is a minimum age requirement for it is like asking if there is a minimum age requirement for the internet, chairs, or microphones.
Age limits may apply to some businesses, reputable exchanges, or electronic wallets, but as Bitcoin is a protocol, there are no limitations on how it may be used.
Although there is no stated age limitation for purchasing or selling bitcoins, you will be limited by any age restrictions that may be in place if you purchase or sell bitcoins using a bank account.
The majority of exchanges do not want to take the risk of allowing minors to buy bitcoin on their platform because it is in the gray area. Popular exchanges prohibit minors from using their site because of this (e.g. no crypto trading on Coinbase under 18).
How To Buy Crypto Under 18?
According to polls, millennials are more interested in cryptocurrencies than any other generation as technology advances even more rapidly. Teenagers are looking to purchase some bitcoin. However, they are unsure of how to do it or even if they can. We’re here to let you know that yes, it is possible to purchase bitcoins while underage.
Teenagers with a desire to purchase bitcoin have a variety of possibilities. Although the “legality” of each method is open to interpretation, the following are at least practical from a technological standpoint:
It can be difficult to invest while under the age of 18. LocalBitcoins will link buyers and sellers online, but it is not their responsibility to handle customers’ money directly. Although there are no [official] age restrictions for using this site, users must be aware of local legislative requirements to ensure they act legally.
It is also feasible to acquire bitcoin in person from nearby dealers using cash, but you should proceed with caution, especially when doing so for the first time. A responsible adult should be with the purchasers.
However, depending on who you’re buying from, there are restrictions on how many BTC you may buy at once with this option as well. However, as I said earlier, this level is likely much greater than what the ordinary minor will be planning to purchase.
Theoretically, using ATMs to purchase a digital currency is the best way for those who are under 18. In reality, they are rare in the majority of nations. Currently, there are more than 4,000 bitcoin ATMs in operation worldwide, and this figure is rising every day.
Simply locate a bitcoin ATM nearby and head there with cash in hand. Then, you exchange your money for bitcoin. Though generally speaking, ATM fees are higher than those of most other options.
However, keep in mind that some ATMs demand ID verification if you withdraw more money than a particular amount; in most cases, the limit is so large that a youngster cannot do so with the money they have.
If you use different bitcoin ATMs and carry little amounts with you, these constraints can also be readily avoided. Researching this choice is worthwhile in either case.
On eBay, you can purchase more than just sneakers and bumper stickers—sellers will also give you bitcoin. It is simple to acquire tiny amounts of bitcoin via eBay and/or Paypal, but you will pay a high price for the convenience, thus it is advised to read seller reviews before transferring money.
Local cryptocurrency groups
It’s not necessary to purchase Bitcoin from an exchange. Try the over-the-counter remedy. The over-the-counter option will benefit you if you’re underage because you don’t require any verification. All you need to do is choose a trustworthy Bitcoin broker and place a deal.
The positive thing about most cryptocurrency brokers is that they don’t care about your age or nationality as long as they can close a deal quickly and earn from the transaction.
You may certainly locate local crypto meetups by searching on Facebook or Twitter. The leaders of these organizations are eager to promote the adoption of bitcoin and may be willing to assist.
It’s crucial to exercise caution while working with online brokers to prevent fraud. Before making a purchase, you can read some evaluations about the broker on the forums where you can locate these brokers.
P2P exchanges or peer-to-peer network
In addition to Localbitcoins, there are websites like the UK-based platform Solidi that state in their terms and conditions that “Persons under the age of 18 who desire to trade must contact us first.”
Particularly for those under 16, minimal purchasing limitations will be allowed, though the exchange advises that children seek a parent or legal guardian to open an account in their name. Another website where minors appear to be allowed to acquire cryptocurrencies via iDEAL is Bitcoinprijzen in the Netherlands.
You can also check out these additional top P2P exchanges:
- Huobi Pro
Gift Cards on Paxful
Anyone can purchase a gift card, young or elderly. There are other choices, including gift cards for Google Play, Amazon, and iTunes. You only need to purchase your favourite gift card, go to Paxful, and exchange it for Bitcoin to use this payment option.
Gift card purchases are an excellent way for minors to purchase cryptocurrencies because you’ll never be asked about your age.
Exchanges with Less-Strict Know Your Customer (KYC) Regulations
It’s amazing how carefree some cryptocurrency exchanges are, not even requiring authentication to open an account or conduct transactions.
The list below discusses a few of these platforms. But, this is challenging since using a credit card or debit card from another person is still required to purchase cryptocurrency on these exchanges. USE YOUR PARENTS’ CREDIT CARDS ONLY WITH THEIR CONSENT!
KuCoin (for United States Users)
For customers who purchase and exchange tiny quantities of cryptocurrency, KuCoin does not have stringent KYC requirements. You may easily open an account and begin exchanging your Bitcoin for alternative cryptocurrencies.
Binance (for Non-US Users)
Similar to KuCoin, opening an account is all that is necessary to begin purchasing your first Bitcoin. Because the best options are limitless with Binance, you may also exchange your Bitcoin for other digital currencies.
In the end, you can purchase bitcoin in complete anonymity using your favourite online payment methods, such as PayPal, a credit/debit card, bank transfers, or gift cards.
How can a minor purchase bitcoin? To purchase or even trade Bitcoin, you don’t even need to be of legal age. Even at the age of 13 years of age, you can own crypto without running afoul of the law.
However, in addition to discussing the promise of cryptocurrencies, crypto investors should also warn young people of their security and volatility dangers.
Do you believe that minors can buy crypto under 18? Comment below with your thoughts and let us know.
Want to learn how to start day trading crypto? Check out Martina’s Learn to Trade & Invest Crypto Academy platform to get access to a complete trading & investing video curriculum, educational content, trading resources, our trading community, e-mail support, and 2 Zoom lives with Martina every month! Try it out for 2 weeks 100% FREE!