If you are under 18 years old and wish to get some coins, this can be done on several platforms under parental control. In addition, an adult can launch a dedicated account or create personal digital or hardware wallet for a 16-year-old person.
How Old Do You Have To Be To Buy Crypto Legally?
21 Apr, 2023
The world of crypto attracts everyone and both adults and children may think of purchasing some. However, as happens with other areas of life there are certain age restrictions and limitations. On the one hand, you cannot hold cryptocurrency in your hands and it seems to be different from other financial instruments. On the other hand, transactions made with it may be risky and lead to losses. How old do you have to be to buy crypto? Let us learn more on the subject and current restrictions as well as on the ways to become a crypto owner even as a child.
How old do you have to be to buy cryptocurrency?
One can say that for mining and trading age is not important. It may be so. Still, when you open any exchange platform you will see certain rules and age restriction is always present among them. Actually how old do you need to be to buy cryptocurrency depends on the country and its laws. The most common practice all over the world is to limit those under 18 years old from any manipulations with crypto. For instance, this rule is applied in the USA. The thing is that when one wants to swap or convert coins and visit an exchange, he needs to pass the verification procedure. Some services like Exolix provide a possibility to try them out as a trial. However, for regular activity as an investor or trader one has to prove his personality. Thus, the system can easily reveal minors and stop their activity. This is done because of the probable lack of knowledge and the following risks:
- Children and teenagers can be truly interested in crypto but they have only the money of their parents to use. This means that the family must be informed about this decision;
- It may be challenging for a minor to select a reliable and secure platform. That means that the risk of fraud and losses is even higher;
- They may lack experience with real money and do not know all the intricacies of digital money to operate responsibly;
- They may be lured by some fraudsters into criminal schemes and lose not only money but also valuable sensitive information.
Last but not least, according to the legislation of most countries, underage have less liability. Therefore, their rights, especially financial ones, are also limited. Now you understand the reasons for the occurrence of this age limit. For now, it exists as such on most platforms and in most countries all over the world. Maybe someday this restriction will be changed or canceled. However, for now, one has to wait and become 18 years old to freely operate on the crypto market.
Legal age to buy cryptocurrency and other options
Can you buy crypto before 18? If you want to do this on your own, then the answer is no. However, a 16-year-old can make an investment under parental consent. It is possible only on some platforms and services but it is still real to find the suitable one. To safeguard this action such platforms usually introduce several mechanisms:
- the parent or guardian must complete identification or KYC procedure;
- there will be an upper limit for such an investment;
- any transaction will be possible only under parental consent;
- the education component is often included that is also useful not only for minors.
Thus, the parents can decide on the proper age to buy crypto and help their child to select a secure exchange for the first investment. It is crucial for minors to learn more about thefts, frauds and other threats that may await them in this sphere and how to prevent them. Furthermore, parents may want to present their children with some coins and save them as an investment for the future. In this case, the question at what age can you buy cryptocurrency does not matter at all. It is possible to set up a dedicated account and make a child the beneficiary. In addition, personal digital and hardware wallets can be created for minors by adults. All these steps can be done together with a child to teach him and show how the system works. If the minor is truly interested in this area, it is better to start with education and involve him in your financial transactions. Now you know what is the legal age to invest in cryptocurrency. However, this does not mean that there is no way to this world until 18 years. The age limits were introduced to save minors from harm and financial losses and risks. Still, at any age, one can start to explore the crypto world and learn more to create a solid base for future financial success.
Frequently Asked Questions
Unfortunately, this platform has a solid age restriction and allows only those who are 18 years old and more to register and operate on it. For now, minors are not allowed to make transactions here on their own or even under the control of adults.