If you are an adult, investing in crypto is not a problem. However, if you are under 18, it will be more difficult. After all, most cryptocurrency platforms require Know Your Client (KYC) verification. This will hinder you from investing in crypto as a minor. How to invest in crypto under 18?
The good news is, there are ways to invest in crypto even if you are under 18. There are some platforms that don’t have KYC verification as well. Below, we explain how to invest in crypto if you are under 18 and many other things you should know.
Can You Invest in Crypto Under 18?
First thing first, if you are under the age of 18, can you invest in crypto? The answer is yes, you can. Although a lot of US-based investments aren’t available to minors, just about anybody can invest in crypto.
Yes, there are some roadblocks to investing, but at the moment there are no regulations that prevent teenagers from buying or selling crypto. There is no minimum age requirement to own crypto, either. That said, having the help of a parent or guardian will make investing in crypto for a minor a lot easier.
How to Invest in Crypto Under 18
So, how to invest in crypto if you are under 18? The good news is, there are various ways to do so. We explain some of them below.
1. Through a parent or guardian
One of the easiest ways to invest in crypto if you are under 18 is through a parent or guardian. Your parent or guardian creates an account with a crypto exchange on your behalf.
Then, using the account, they purchase crypto with their bank account. Once the purchase is done, it is transferred to your external wallet.
2. Crypto custodial account
This works similarly to the previous way but with less workaround. A custodial account is an investment account that enables parents or guardians to open an account on behalf of a child.
The account gives parents or guardians the ability to invest for their child. The assets belong to the child.
3. Use a crypto debit card
There are some platforms that don’t require KYC to buy crypto with funds from a bank account using a credit card. Note that it can be more difficult to obtain a debit/credit card and some banks may restrict cryptocurrency purchases.
4. Buy crypto with gift cards
How to invest in crypto under 18? By using gift cards. P2P platforms offer various payment methods such as Amazon gift cards and prepaid cards, which can be converted into cryptocurrency.
5. Crypto apps
Some cryptocurrency applications allow minors to earn crypto. Apps such as Step offers an easy way to trade Bitcoin for a flat fee. Opening an account for a minor on Step requires an adult sponsor, however.
6. Crypto rewards programs
Another way to invest in crypto is by participating in a crypto rewards program. Such programs are usually done to promote blockchain projects. They offer the opportunity to earn free crypto. Plus, they are usually available for any age group, too.
Where to Buy Crypto Under 18?
Know you know how to invest in crypto under 18. But where can you buy crypto under 18? Keep in mind that most payment methods require holders to be 18 and above, which means the possibility to acquire crypto on centralized exchanges is limited if you are under 18.
That said, there are a lot of places where you can buy crypto. Here are some of them and their highlights:
KuCoin
KuCoin is a trading platform that allows investors to buy more than 700 different cryptocurrencies. If you are under 18 and looking for crypto options, KuCoin is worth considering. Account verification is optional. With just an email or phone number, you can buy and trade crypto.
Highlights:
- Access to more than 700 different cryptocurrencies
- Spot trading fees start from 0.1% and they can be reduced by holding the platform’s native token
- Withdraw up to 1 Bitcoin every 24 hours
- Free educational material on the basics of cryptos
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ByBit
ByBit is one of the leading crypto platforms that doesn’t require KYC verification to make spot buying. It provides a secure, safe, and clean environment to start building a cryptocurrency portfolio.
Highlights:
- “One Click Buy” across 20 different cryptocurrencies
- Spot trading fees start from 0.1%
- Withdraw up to 2 BTC every 24 hours
- Buy crypto using 50+ different fiat currencies
PrimeXBT
PrimeXBT allows investors to use Bitcoin as collateral to trade forex, commodities, and indices. It allows withdrawals of up to $20,000.
Highlights
- Trade cryptocurrencies, forex, commodities, and indices using BTC as collateral
- Withdraw up to $20,000
- Trading fees start from 0.5%
- Demo trading feature
CoinEx
Knowing how to invest in crypto under 18 is necessary. But where you can invest if you are concerned about privacy? If you are looking for a privacy-focused crypto exchange, look no further than CoinEx. No KYC documentation is required.
Highlights:
- Access to more than 500 different cryptocurrencies
- All features accessible even to unverified users
- Withdraw up to 10,000 USDT per 24 hours
- Spot trading fees start from 0.2%
Crypto Wallets
When you are investing in crypto, you will need a crypto wallet. That is, a digital wallet where you store your private keys. The wallet controls the keys to your cryptocurrency, thus allowing you to manage it.
There are two types of crypto wallets,
Hot wallets
These wallets are connected to the Internet. Since hot wallets are online wallets, they are easier and more convenient to use. The downside is that hot wallets are more vulnerable to hacks than their cold counterparts.
Cold wallets
These wallets are not connected to the internet. As a result, they are more secure and almost impossible to hack. Since they are offline, these wallets are less convenient to use, however.
That’s how to invest in crypto under 18. While it may not be as easy as it would be if you were an adult, it is possible to invest in crypto even if you are under 18. As we have explained, there are multiple ways to do so. There are various places where you can buy cryptocurrencies as well.
