If you want to buy Bitcoin on your own, you must be at least 18 years old with a bank account or credit card. However, there is no legal age to buy Bitcoin so you can buy Bitcoin if you are 17, 16, or even 15 years old. But, most cryptocurrency exchanges mandate a minimum age of 18 to open a crypto wallet. So, you will need help from a senior person to open a crypto wallet or you have to apply different tactics if you want to buy Bitcoin underage.
Key Takeaways
- It is not mandatory to be at least 18 years old to buy Bitcoin or other cryptocurrencies
- If you want to have your own crypto wallet before the age of 18, then you will need help from your parents or guardians
- Buying Bitcoin from Bitcoin ATMs is one of the simplest ways you can own Bitcoin as a minor
- LocalBitcoins is a very popular peer-to-peer marketplace where you can buy Bitcoins from other holders online or in cash
- As a minor, you can also buy Bitcoin from OTC (Over the Counter) platforms
Do I Have To Be At Least 18 To Buy Bitcoin?
No, you don’t have to be at least 18 to buy Bitcoin. You can easily trade Bitcoin if your age is below 18 years. Most crypto exchanges have requirements like confirming the Know Your Customer (KYC) guidelines to purchase Bitcoins to avoid scammers or fraud activates. So, if you want to have your own crypto wallet then you will require help from your parents or guardians to open a crypto wallet for you. Moreover, you can also buy Bitcoin without being at least 18 by following the below methods –
1. Bitcoin ATMs
2. LocalBitcoins
3. Buy Bitcoin Over the Counter (OTC)
4. Gift Cards on Paxful
5. Mine Bitcoins
6. Buy Bitcoin Using Phone Number (the USA Only)
7. Buy Bitcoin without Identification
How To Buy Bitcoin Underage
There is no age restriction in buying and selling cryptocurrency. The main mission of digital currency is to bring everyone on board but because of age restrictions on various crypto exchanges sometimes it becomes difficult for minor people to buy Bitcoin. But, don’t be sad, there are many other ways available to buy Bitcoin underage without breaking any law. Let’s check them out!
1. Ask The Parents
If you are interested in Bitcoin and have clear knowledge about how Bitcoin works then you can simply ask your parents to help you buy Bitcoin. You can ask your parents, older brother or sister, cousins, or friends to help you open a crypto wallet on your behalf. If you can convince your guardian that you need money for higher education or business then surely they will invest in your future. If your parents have minimum knowledge about Bitcoin or cryptocurrency then you can talk to a mentor to convince them.
2. Bitcoin ATMs
This is one of the simplest ways you can buy Bitcoin underage. If you are a minor then you can easily buy Bitcoin from the Bitcoin ATMs. Currently, there are more than 40,000 Bitcoin ATMs available in the USA so you can easily find the nearest Bitcoin ATMs and buy Bitcoin. Moreover, it will be a safe method for minors because it requires no in-person meet-ups. You can easily trade cash for Bitcoin or use a credit card to buy Bitcoin. The only drawback of using Bitcoin ATMs is the higher transaction fees compared to other available options.
3. LocalBitcoins
LocalBitcoins is a very popular peer-to-peer marketplace where you can buy Bitcoins from other holders online or in cash. The best part of LocalBitcoins is, there are no age limits to buy and sell. Thi8s platform helps you find people who want to sell their Bitcoins near you and connects you to that person. Here, you can buy Bitcoin via Interac, e-transfer, Paypal, or cash deposit. With advantages, there are also disadvantages, right? LocalBitcoins require dealing with another human being so it can be risky for minors because older people can take advantage of minor people.
4. Buy Bitcoin Over The Counter (OTC)
As a minor, you can also buy Bitcoin from OTC platforms and it is completely legal. OTC means you are buying Bitcoin without any exchanges. The best part of OTC platforms is you don’t require any kind of verification to buy or sell Bitcoins. All you have to do is, find a reliable Bitcoin broker and trade. You can easily find brokers through online platforms like Facebook forums, Reddit, or other peer-to-peer groups. However, before using any OTC platform makes sure you do some researches to avoid scammers.
5. Gift Cards On Paxful
You will be surprised to know that, you can buy Bitcoin using gift cards. There is a platform named Paxful where you can buy Bitcoin using gifts cards like Amazon Gift Card, iTunes Gift Card, Google Play Gift Card, Steam Wallet Gift Card, and many more to purchase Bitcoin. The best part is, you can buy gifts-card using your cash and then buy Bitcoins using the gift cards.
6. Mine Bitcoins
This is a convenient way to have your own Bitcoin. But you should understand that mining is not buying Bitcoin. There are many ways you can mine Bitcoins. You can build your own mining rig or you can sign up for a cloud mining service like Genesis mining or Hashflare. However, mining requires more technical knowledge and months of research to fully understand the process. So, if you are a minor then this process might be a bit complicated for you.
7. Buy Bitcoin Using Phone Number (The USA Only)
If you live in the USA then you can also buy Bitcoin using a phone number. There are platforms like LibertyX that allow anyone to purchase Bitcoin using a valid phone number including the underage. Moreover, in Canada, there are some Bitcoin ATMs that allow people to buy Bitcoin using phone numbers.
Buy Bitcoin Without Identification
Self-Identity is a big problem for minors. Most platforms require identity verification to open an account and buy, sell cryptocurrency. However, there are few platforms available where you can trade Bitcoin without the hassle of KYC or any form of identification. Some of the platforms where you can buy and sell Bitcoin without ID are –
1. Coinatmradar: Here you can buy BTC in subsequent time without ID verification. Just require to pay the transaction fees and you are good to go.
2. Bisq: This is open-source desktop software that works based on a peer-to-peer network. Here you can trade Bitcoin with no registration.
3. Solidi.co: This is a UK-based platform that allows you to buy Bitcoin for as minimum as £2. There is no requirement to submit any document to prove the age and identity to buy Bitcoin on this platform.
4. Purse: It allows you to exchange your Amazon gift cards for Bitcoin.
5. Bitzlato: This is another popular platform that allows people to buy and sell Bitcoin, Ethereum, Litecoin, Bitcoin Cash, etc. without identification verification or age.
6. AgoraDesk: It allows you to purchase Bitcoin using Cash by mail with no KYC/AML or verification. Moreover, it also accepts payment from PayPal, credit/debit cards, bank transfers, and gift cards.
FAQs About How Old Do You Have To Be To Buy Bitcoin
1. Can A 16-Year-Old Buy Bitcoin?
Yes, a 16 years old boy can buy bitcoin. There are many platforms available that allow minors or underage to trade bitcoin like LocalBitcoins, Bitzlato, etc. Moreover, he/she can buy bitcoin directly from Bitcoin ATMs using cash or credit cards.
2. Can You Invest In Bitcoin Under 18?
Yes, you can invest in bitcoin under 18. If you have sufficient money then you can buy various gift cards. Then use those gift cards to buy bitcoin. There are many platforms available that allow people to buy Bitcoin using gift cards and without verifying their age. For example, Paxful is a very popular platform to trade Bitcoin using gift cards.
3. How Do I Gift A Bitcoin To A Minor?
If you want to gift bitcoin to a minor then the best option for you is to buy Bitcoin Gift cards and give that to a minor. You can easily buy Bitcoin Gift cards from online platforms like bit4coin. Simply fill up the online form and make the payment. The gift card or the voucher will be mailed to the specified address.
4. Do You Need To Be 18 To Use Bittrex?
Yes, you need to be at least 18 years old to use Bittrex. The services from Bittrex are for users who are 18 or older and fulfill the requirements described in their terms and condition.
5. Do You Need To Be 18 To Use Coinbase?
At the very beginning, there were no age restrictions on Coinbase. So minors and underage were able to open an account on Coinbase. But since July 2017 Coinbase has enforced age restriction and its users have to be at least 18 to access Coinbase services. So, now you need to be 18 to use the Coinbase service.
References:
1. https://news.bitcoin.com/buy-bitcoin-youre-underage/
2. https://infomediang.com/buy-bitcoin-as-underage/
Last Updated on October 25, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.
