Trading cryptocurrency has become so profitable that lately, everyone seems to find it an interesting idea. The new generation of young people who grew up with the internet sees crypto as the next big thing, and they want to join in. But the question is, how old do you have to be to trade cryptocurrency?
Being business-minded knows no age. It is nice to have a business initiative and drive while still young. We understand the youth’s enthusiasm but knowing all the possible repercussions of trading is also important to ensure safety. In this article, we will try to flesh out all the possibilities of trading to put a number on how old do you have to be to trade cryptocurrency. Let’s find out!
Some users create a crypto wallet first before they start trading crypto. Most crypto wallets, however, have age verification in their account creation. You have to be at least 18 years old to create an account. Some wallets have old policies that allowed 13-17-year-old kids to create an account as long as they have parental consent. They recently changed this policy and provided those people ample time to withdraw the funds in their accounts before closing them.
Crypto wallets have an age requirement in order to keep up with KYC (know-your-consumer_ requirements. This is also one of the safeguards for the users too. Kids should not give out personal information on the internet because it opens them to harassment and scams. It also protects the company that owns the crypto wallet from any lawsuits regarding data privacy and other laws protecting children. Lastly, this avoids accidentally using the parents’ credit cards for purchasing crypto. For the wallet creation—that’s 18 for how old do you have to be to trade cryptocurrency.
Suppose your main goal is just to trade cryptocurrency. There are still some other options we can consider. One of them is creating accounts on exchange platforms and buying cryptocurrencies in some different ways. Let’s explore each method to determine which of these is the safest for underage cryptocurrency trading.
Exchange Platform Accounts
Cryptocurrency trading can be found in exchange platforms and even mainstream trading platforms. However, these exchange platforms also perform age verification to be compliant with KYC requirements. Major trading platforms that carry cryptocurrency also have age requirements. So underage cryptocurrency trading will still not be possible.
Some websites allow the creation of accounts without age verification, but it will have a very low balance limit until you verify your account. Other websites allow the purchase of cryptocurrency units but also have very low limits for unverified accounts.
So, if you’re wondering how old do you have to be to trade cryptocurrency, there’s no clear-cut age requirement, especially when online. But there are places and business avenues in the trade that requires their customers to be of legal age.
One of the last resorts you can do if you’re unsure if your age fits the minimum requirement is to buy cryptocurrency from an unsafe platform. Some crypto owners sell their crypto assets on eBay and other item selling websites. But before you engage in this trade, please consider your safety first. If you are not confident with the seller, please avoid transacting, especially meeting up with the seller. These can be very bad for minors.
Other ways of buying cryptocurrency are through ATMs. There are Bitcoin ATMs around the world, although very limited. This is a safer way to buy Bitcoin than transacting with strangers from eBay or other ad sites.
Some platforms on the internet allow minors to purchase cryptocurrency but have very low limits. Its exchange depends on p2p transactions, so buying through your bank account can be achieved. Some of these sites are localbitcoins, solidi, and bitcoinprijzen. Learn more about cryptocurrency trading here!
It is understandable why many people, including minors, want to start investing in bitcoin at this time. However, it is in their best interest that these age restrictions are in place to protect them and their money. If you really want to proceed with trading, you can involve your parents or any adult at least until you reach legal age. There is no definite answer on how old do you have to be to trade cryptocurrency, but achieving the minimum legal age of 18 might be better than rushing into crypto.