When you ask if you are eligible to trade Bitcoin when you’re below 18, the answer can be YES and NO. In nature, there is no one who can forbid you from buying Bitcoin for investment or other purposes. If you are old enough and understand the product you purchased, you must be ready to trade it.
However, the KYC requirements in plenty of exchanges prevent underage users from proceeding. Most exchanges mandate their users to be a minimum age of 18.
There is a law that regulates all of the things operated by these crypto exchanges. Some exchanges might not be compliant with the KYC requirements so that you can transact immediately. But I won’t recommend those options to you because those sites are pretty risky. Scammers and hackers flock to those sites.
In the formal exchanges, you are required to provide documents for identity verification and sign your name. If you’re underage, you won’t be able to apply for the membership.
So, is there any other way to get Bitcoin when I am underage? Is that a dead-end?
When you are underage, it does not mean that you can not get a bitcoin. Keep in mind that the Bitcoin address is anonymous. The transaction is reversible. As for the transaction, anonymity gives you the best perks. If you can not register on a site that requires documents submission, you could delegate them to someone older than you.
Your delegation can be your older brother, father, mother, or whoever you can trust. Register a user on those exchange sites using your relative’s identity. Offer them some commissions. But I am sure your family members won’t think about commission. It is an easy favor to do for their loved ones. Then you could use their credentials to trade bitcoin.
When you’re old enough, you can reclaim your accounts from them.
The other way that you can try is the Bitcoin ATM. It is a great way for underage people to get cryptocurrency without any hassle. But Bitcoin ATMs are available only in several countries.
P2P exchanges can be a great alternative to take. There are some websites that can make their rules more flexible for those under 18. For instance, the Solidi exchange requires underage users to contact them first before registering an account.
If none of the options above work, you could just use social media to seek out local markets. Chances are there are some groups that focus on Bitcoin or other cryptocurrency trades. Preferably, you could choose a crypto meetup in your area so that the chance of getting deceived will be minimized. Use precautions when you are meeting and trading with them. Do not hand over your cash until you can see the transaction is correctly done on the blockchain from their wallets to your wallet.
And if you meet with groups of crypto in real life, consider choosing a public place to meet. Also, bring your best friends to protect you. It is important to practice safety precautions as meticulously as possible.
These are the 4 ways to trade Bitcoin if you are under 18
1. delegate someone older than you;
2. Bitcoin ATM;
3. Solidi exchange;
4. use social media to seek out local markets;