Topic: Buying Bitcoin - page 3. (Read 645 times)

They actually block minors from registering the platform as it isn't legal to give access to them considering the kind of activity they do (Coinbase[1], Kraken[2], Binance[3] just to give some examples). The same happens to casinos as well (once again, considering the service that they provide, they must abide by the rules of the market).

As far as being illegal or not holding bitcoin while < 18, I'm sure that the rule is mostly iffy in countries - if bitcoin isn't seen as an investment vehicle then most likely there isn't anything stated that having it under 18 years old is also illegal. We can all debate on the justification as to what's the difference between having 16-17 years old vs. 18 years, but as it stands the rules are those (and will be for the foreseeable future).

My recommendation would be - assume that you are aware of what you are actually buying and your expectations match the underlying behaviour of bitcoin (especially if you are buying it just because of what you heard vs. buying it because you understand what's behind it) - you can try to purchase voucher cards (such as Azteco[4]) and then redeem the bitcoin in those.

I'm only sharing that recommendation because I know that some P2P markets do require that you have at least 18 years old to use the service (for example PeachBitcoin[5]). Being P2P markets they won't ask you for ID checks, but I suppose that if they do found out that you've signed up under false claims they could suspend your account.

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[1]https://help.coinbase.com/en/coinbase/getting-started/getting-started-with-coinbase/create-a-coinbase-account
[2]https://support.kraken.com/hc/en-us/articles/360059110151-Creating-and-verifying-your-account-on-the-Kraken-app
[3]https://www.binance.com/en/terms
[4]https://azte.co/
[5]https://peachbitcoin.com/terms-and-conditions/

With £10 for one purchase, I doubt that you can do it on centralized exchange. You need to check their minimal trade value and see can you do it or not. For other information like Taker fee, Maker fee, Withdrawal fee and so on, you can check with following sites
https://www.cryptowisser.com/exchanges/
https://exchangewar.info/

If you can not do it with £10 for one purchase monthly, you can try to increase it to £20 monthy or wait for two months to make one purchase.

Legal or illegal depends on your country policy on Bitcoin and Bitcoin market. It is not related to your age and as I know, centralized exchanges don't block you to use their services if you are under 18 years old. I am unsure about it, just thinking, and you need to double check it with Terms of Service in an exchange you want to use.

If you are looking to get your hands on some BTC, you have got options beyond just setting up an account with a centralized crypto exchange.  Id suggest doing a quick Google search to see if there happen to be any Bitcoin ATMs in your area.  In some bigger cities, these are popping up in cornershops and convenience stores all over the place.  And you may even have some luck contacting local Bitcoin meetup groups or associations to find people who are willing to meet up in person to sell you some coin peer-to-peer style.  Point is, depending where in the world you call home you can likely dig a little deeper beyond the most obvious routes and uncover some solid local options for entering the world of Bitcoin.

This is very helpful thank you.

My bitcoin is being stored in an exodus wallet and I can't remember how I bought it.

I will have a look at binance.

These are centralized exchanges that only allow 18 years old and above to have access to their exchange products and services.  Except maybe his dad, mum, relative can give him one of their identity documents to get the verification done but which is not ideal but who cares.

This is just it. He used P2P like from somewhere like on this forum, through telegram etc cetera. Or he used centralized exchange that do not require KYC. Or a decentralized exchange.

The best way is to buy from an exchange depending the country that you are but I believe that Binance, Bybit or Kucoin should be operating in your country. Register with any of these exchange that operates in your country and complete their KYC verification first.

After that you can buy bitcoin through p2p from traders in your country, you send them the amount of money that you want to use to buy bitcoin and you will get your bitcoin in your exchange wallet but you need to be very careful since it is the first time to avoid complications.

How did you buy the first €20 bitcoin that you said you bought. Don't forget to use a noncustodial wallet like Electrum wallet, Blue wallet or Sparrow wallet which only you have the private keys to store your coins and don't leave your bitcoin in an exchange.

Yes I understand.
How do you recommend I go around buying bitcoin. I have a wallet however almost all places I go to buy it either has an age restriction or a £20-30 minimum.

You should move this topic to Bitcoin discussion board.

Is it legal for a child to have a bank account where his parents saves money for him... As long as you have the money to invest in bitcoin and know how to keep your bitcoin safe, anyone can invest in bitcoin because there is no age barrier in bitcoin investment.

Of course 10 pounds is cool to invest with on bitcoin monthly and if you can do this persistently every month for 4 years and above, you will be surprised at the size of your bitcoin portfolio. Buy bitcoin now that the price is at the dip for better profit on the long run.

I want to know if it is possible to buy £10 of bitcoin as I am young and do not have the money to start investing loads of money. I am planning on putting £10 every month into bitcoin.

Also is it even legal for an under 18 year old to invest in bitcoin.

I have already invested £20 which is now worth £40.