Topic: Buy bitcoin for someone else? - page 7. (Read 1165 times)
That’s legal, but only depends on which country your talking about. If buying and selling crypto or bitcoin in your place is illegal for some reason, then don’t do it. Otherwise you’re violating it and might be punished accordingly. If it isn’t regulated and all are legal, then buying it won’t be a problem for you to directly use bank in exchange of bitcoin from any online wallet your using.
Yes, it is legal but it shoul be better for both if he does it by himself
Hi, Can some one advise
My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..
Thank you
It is a very simple task for you to teach your friend on how he or she can buy Bitcoin and other altcoins for i don't see any need for the long process of him sending it to you.My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..
Thank you
That’s right, better to teach your friend for you not to be liable on buying bitcoin for him. Better to help your friend in that way instead of doing it on your own. Feed him the knowledge he needs to so he can do it alone, and give thanks to you later on.
It's legal. Better, show him the websites of exchangers where it is possible to buy quickly and easily bitcoin. Anyway, let he will make it independently, so you will be insured from problems in case the bitcoin falls in price or the friend will decide to bring him ahead of time. 
friends such friends....
friends such friends.... Hi, Can some one advise
My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..
Thank you
It is a very simple task for you to teach your friend on how he or she can buy Bitcoin and other altcoins for i don't see any need for the long process of him sending it to you. My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..
Thank you
Hi, Can some one advise
My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..
Thank you
No it is not Illegal unless you country totally banned bitcoin,actually you are going to trade instead of your friend so it is just like you are going to work for him but legally you are not working you are the boss here so you need to pay taxes on your name because your bank account is involving here.But you need to make records that from where the capital amount came.If the amount is huge then there maybe high taxes.But it is totally legal to do. My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..
Thank you
I am always concerned about such requests. Why your friend does not buy bitcoins himself. This is legal in almost all countries. Maybe he's in trouble with the law? In this case, you can become an accomplice to the crime. I recommend you tell your friend how to buy bitcoins and not do it instead.
Buying for someone else is not a problem, but when he decides to sell, he might have some problems, especially if profit from cryptocurrencies is taxed in your country. He will need to prove that he bought those bitcoins.
I don't think it will cause any problem at all especially if you trust that someone, but if we are in doubt then just buy bitcoin to legit exchange so you won't have any trouble. So, it is better to buy at legit exchange or those companies who does buy and sell in bitcoin rather than in somebody. 
Buying for someone else is not a problem, but when he decides to sell, he might have some problems, especially if profit from cryptocurrencies is taxed in your country. He will need to prove that he bought those bitcoins.
There are several circumstances in which regulation or banning could come into play, each of which has certain drawbacks from the standpoint both of consumers of Bitcoin and regulators. There are certain ventures within the Bitcoin community which involve cooperation with mainstream banking entities, something that effectively "regularizes" the currency. This, which allows both easy entry and high volume transactions, also is the easiest to regulate, since banks are forced to be compliant with a great number of regulations. In this sense, the more normalized and regularized certain aspects of the Bitcoin economy become, the more vulnerable it is to regulation.
Looks like you're in the UK. It's not America so you won't be shot in the face until you're dead for dabbling with a few hundred quid.
I've done the same for mates. It was fine.
What I would do though is document the deposit of the money and the sale and hand it to him. If Bitcoin becomes billions of pounds then he might need a paper trail in the future.
Even better advise him how to do it himself. Removing yourself completely from anyone else's crypto dealings is always a good idea.
I've done the same for mates. It was fine.
What I would do though is document the deposit of the money and the sale and hand it to him. If Bitcoin becomes billions of pounds then he might need a paper trail in the future.
Even better advise him how to do it himself. Removing yourself completely from anyone else's crypto dealings is always a good idea.
Be careful of buying bitcoins through your bank account or through wire transfer. Do some research first if your bank does have set of rules about crypto related purchase or transfer.
There are reports that there are banks disabled their bank holders account after getting involved in some crypto exchange transfer or trades.
Why not just buy bitcoin through fiat or trade for someone on localbitcoins on your country?
There are reports that there are banks disabled their bank holders account after getting involved in some crypto exchange transfer or trades.
Why not just buy bitcoin through fiat or trade for someone on localbitcoins on your country?
Its not illegal as long as your friend trusted you so much and you will commit on that. But hey, don’t spoon feed your friend because its not healthy to do so, let him know the market of cryptocurrency so no one can blame for if he incur losses because in the first place you guide him to start his journey here and the rest would be depend on his goal.
Transferring the money to your account to me is a long process for me i don't see any good reason for that process because you can easly educate your friend and he/she will do it directly from his account in other to avoid long process.
What you've just described doesn't stick out as illegal in any view but does beg the question: why the complicated process? If your friend already owns a bank account, he probably knows how to do online banking. Using Bitcoin isn't so difficult that he should put it off, especially if he's thinking of owning that much worth of coins!
Even if you or your friend isn't convinced that education is more important, here are some other risks you'd avoid by getting him to do it himself:
1. No legal dispute over who actually owns the coin. If you buy it for him, you own the coins. Since he doesn't know how to buy them, he wouldn't know how to access the bitcoin. You'd be the only one with the private keys and hence are the only one in control of those funds.
2. It's actually against terms of conditions of many exchanges to perform third-party trades (ie. selling or buying bitcoins on behalf of someone else). This is for the protection of the trader, in case they get an audit. I specify strictly on all my trades that no 3rd party trades are allowed and buyer must use the same name/ID as payment sender.
Even if you or your friend isn't convinced that education is more important, here are some other risks you'd avoid by getting him to do it himself:
1. No legal dispute over who actually owns the coin. If you buy it for him, you own the coins. Since he doesn't know how to buy them, he wouldn't know how to access the bitcoin. You'd be the only one with the private keys and hence are the only one in control of those funds.
2. It's actually against terms of conditions of many exchanges to perform third-party trades (ie. selling or buying bitcoins on behalf of someone else). This is for the protection of the trader, in case they get an audit. I specify strictly on all my trades that no 3rd party trades are allowed and buyer must use the same name/ID as payment sender.
Bitcoins are not illegal (At least not in the US) You can buy them from a friend with access to an exchange.
Hi, Can some one advise
My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them. Thank you.
My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them. Thank you.
In my view, I think there will no problem with it and there are many people who are doing it for others who may not be able to buy the Bitcoin directly for any reason. The only possible problem is if both of you may have some falling away and both of you are claiming ownership of the Bitcoin bought using the money of the other person though of course its is just a wild imagining. After buying the next best thing to do is to teach your friend the whole process and to transfer the Bitcoin into his own wallet.
As long as you went from all the legal process like paying taxes, it is considered as legal. The bank is also involved so it has not violated any bank crimes. But why does it has to pass thru you ? I mean, you can teach him to buy his own bitcoins without your involvement unless you want to charge him for your services.
Hi, Can some one advise
My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..
Thank you
My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..
Thank you
It is legal as everything will be done from a bank transaction. You and your friend both would have to pay tax if your income comes under tax bracket or whatever is the rule of your country. Another thing is that you can teach him how to do it so that he can do it form next time by himself unless you will get some extra % for doing this than it is a different story.
Hi, Can some one advise
My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..
Thank you
My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..
Thank you
If it was me I would show him how to do it with a smaller amount of FIAT like $50.
Get him up and running and be self sufficient and you can be "on call" for further questions,
because there will be questions!
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