Can I open a crypto account for my child?

Yes, you can open a crypto account for your child if it’s a custodial account, joint account, or another type of account that allows the child to earn crypto without directly buying it. Minors cannot buy, sell, or trade any type of securities. But a parent or custodian can buy crypto on a child’s behalf, or let them earn crypto without purchase.

Who owns a custodial account for a minor?

With a custodial account for a minor, the custodian is usually a parent, a guardian or another close relative. The minor is the account owner, and the custodian has limited rights to manage the account until the child becomes an adult. Account ownership transitions solely to the child when the child reaches the age of majority .

How does a custodial account work?

Custodial accounts help adults save and invest money on behalf of a child—until the child reaches a certain age when the account must be transferred to them. Money put into a custodial account is an irrevocable gift to the child the account was established for—the custodian must ensure that it is invested and used for the child's benefit.

Can you buy Crypto for a minor?

Although there might be some specific cryptocurrency platforms available in the market offering similar services (buying crypto for a minor) they might not be the standard way to proceed. The only way in which you can eventually create a crypto savings plan for your child is by using a decentralized platform like Uniswap or IDEX.