Most cryptocurrency exchanges don’t allow buying crypto for underage users. This is because they require customers to be at least 18 years old in compliance with KYC (Know Your Customer) regulations.
However, there are a few ways for underage people to buy crypto without breaking the law. Here are some of them:
1. Online Exchanges
If you’re under 18 and want to buy bitcoin, there are a few ways you can do it. One of the easiest and safest ways is to use online exchanges.
These exchanges do not require you to verify your identity in order to open an account. However, it is important to note that crypto investing is considered a high-risk and speculative investment, so teens should not invest more than they can afford to lose.
Another way to purchase bitcoin under 18 is through OTC transactions. These can be done through a variety of methods, including Paxful and gift cards.
There are also local exchanges that allow you to exchange cryptocurrency in person. Some of these services, such as LocalCryptos, are peer-to-peer marketplaces that connect buyers and sellers in a real-world manner.
2. Local Exchanges
If you are under 18 and want to buy bitcoin, there are a few ways you can go about it. However, you will need to know what your options are and be aware of the law in your country.
One way to do this is by using a local exchange. Typically, these exchanges will require an ID and may have a minimum age of 18.
Another way is by trading with people in your local area. Often, you can find local crypto groups on social media. These groups will typically be happy to help you learn about cryptocurrency and help you start buying and selling.
Finally, there are also a few bitcoin ATMs that will allow you to buy without having to verify your age. Some of these ATMs will have a small purchase limit for minors.
3. Cash Transfer
There are a few safe and easy ways that teens can buy their first bitcoin. These include peer-to-peer, decentralized exchanges, getting cryptocurrency payments for work or freelancing, and gift cards.
One of the most convenient ways for kids to buy crypto is through ATMs, which have swollen in popularity over the past few years. However, you should be aware of hefty transaction charges.
Another option is to find a local exchange that offers a free cash transfer service. Some banks will even facilitate transfers between your account and an exchange’s account.
You could also use a cash-forward app such as Coinbase. This app is a good choice for beginners as it’s designed to help you understand the basics of crypto exchanges and trading. The app has a variety of features, including a calculator to help you find your best deal. Its other great feature is its ability to track your account. You can set it to notify you when your balance is low or high.
4. Parental Permission
If you are a parent and want to buy your child their first crypto, there are several options to do so. One way is to set up a custodial account that you can manage for them and give them when they turn 18.
Another option is to purchase a cold wallet, which stores the purchased cryptocurrency safely without ever interacting with the exchange again. These wallets also help parents keep track of their child’s assets in case they need to sell them.
Lastly, buying gift cards is another method for kids to get their hands on some crypto. These digital gift cards can be bought from various places, including iTunes, Amazon, and Google Play.
The only downside is that you will have to answer questions about your age throughout the process, so this may be a difficult method for kids who do not understand the concept of Bitcoin https://www.bybit.com/en-US/ . Still, it’s a good option to try if you’re looking for an easier way to get your kid a bit of cryptocurrency without breaking the law.