Cryptocurrencies are becoming so popular that everyone wants to buy and invest in them. Crypto trading platforms like Coinbase have a legal age restriction that restricts you from using their services if you are not eligible. There are legal guidelines that state the legal age to start your crypto investment.
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In this article, you will get insights into the legal age to open an account on Coinbase and ways to buy Bitcoins legally if you are below 18 years.
Legal age to open an account on Coinbase
As per the latest guidelines, the legal age required to open a Coinbase account is 18 years or older. To use Coinbase and access their services you must be at least 18 years old. These new guidelines were adopted in July 2017.
As per old guidelines, children who are 18 years or older were completely eligible. Also, children who were at least 13 years had the opportunity to access Coinbase features with parental consent, and children below the age of 13 were totally ineligible.
The new guidelines were notified to all account holders and accounts below the age of 18 years were given the opportunity to withdraw their funds within a specified date. After that, the accounts were closed and removed from the server.
It’s important to turn 18 first and complete your primary high school education before getting into trading and investing. Moreover, cryptocurrencies are highly volatile, decisions must be made after a lot of strategic judgment, market analysis, and research.
Cryptocurrencies are extremely valuable especially Bitcoins, Ethereum, and a few others and it can be a financial burden on the parents if the children make a wrong judgment. Some kids are exceptionally smart but the risk would be too high. Hence, it’s better to wait until they are 18 years or older before you start trading or investing in cryptocurrency.
Other ways to buy Bitcoins legally if you are below 18 years
Discuss with your parents
If you are really fascinated with investing in bitcoins and other digital currencies then you must probably discuss the whole crypto market and future possibilities of cryptocurrencies with your parents. They might also get impressed and will be ready to help you invest in bitcoins for your better future.
You can tell your parents to open their crypto wallets and guide them through trading or investing in bitcoins. The future profits you will make will help you to pay for your higher education at leading colleges or you can start a business of your own in near future.
You might have heard about bitcoin ATMs where you can convert your FIAT currency into Bitcoins. If you are under 18 years of age you can go to your nearest bitcoin ATM and you can own Bitcoins easily without any identification or age verification. You might receive an OTP to verify your transaction.
The only problem with BTC ATMs is that they are not yet available in every country. Only a few countries like the USA, Canada, Brazil, Netherlands, and a few other countries have bitcoin ATMs. In the coming years, more and more countries are installing BTC ATMs in different cities to make bitcoin transactions convenient.
Store Bitcoins in offline wallets
If you are below 18 years and want to buy Bitcoins without breaking the law then you can simply buy offline wallets to store Bitcoins and altcoins and use them later in future. These are commonly known as cold wallets or hardware wallets. These are considered a secure option to store your cryptocurrency.
You don’t have to worry about hacking because you don’t require an internet connection to access these wallets. You are provided with a user address and a private key which you can use to make a transaction in future. If you want to invest in cryptocurrency then you can store them in offline wallets without putting your identity at risk.
Try out P2P platforms
You may not have many options to buy Bitcoins legally when you are not legally eligible to buy cryptocurrencies. But you can try out P2P platforms where you can buy Bitcoins and altcoins anonymously. You can buy crypto with complete privacy and safety.
These platforms also offer different payment options to make buying and selling Bitcoins easy for everyone. There is no middleman involved, no identity verification required, a simple transaction between buyers and sellers without sharing any information.
The only issue with this platform is that you might encounter fraudulent sellers who might be looking for opportunities to scam with you. Hence, look for trusted and verified P2P platforms to avoid chances of fraud and scams.
Take help from your elder siblings or a trusted senior
Lastly, you can take help from your elder siblings if they are legally eligible to trade and invest in BTC and altcoins. You have to make them understand your interest in investment to make profits for your future.
Discuss cryptocurrency and its future benefits if they are not aware of them. They may be equally fascinated with your investment plan and get ready to invest in cryptocurrency.
You can guide them through and help them in trading and investment in cryptocurrency. Also, in case you don’t have elder siblings then you can request any trusted senior from your neighborhood who can help you to buy cryptocurrencies for yourself.
There are a lot of smart kids out there who have the brains and interest in investing in cryptocurrency. The future profits will not only help them to pay for their college fees, or help them start a business.
Most crypto trading platforms like Coinbase have an age restriction and you have to be 18 years or older to start your crypto trading and investment.
These are a few other ways that will help you to buy cryptocurrency without legal restrictions even if you don’t fit under the legal eligibility criteria.