Crypto Wallets Under 18: A Guide To Secure Wallets For Minors
Many claim that investing in Bitcoin a decade ago could have resulted in substantial wealth today. So, why not extend this prospect to your children who are under the age of 18 and potentially enable them to become millionaires before reaching their early 20s? To achieve this, you require the finest crypto wallets under 18, tailored specifically for minors.
This piece serves as a complimentary handbook, providing guidance on how to establish crypto wallets for your underage children.
Different Categories of Crypto Wallets under 18
When it comes to managing and accessing cryptocurrencies, we can classify crypto wallets into two main categories: Centralized and Decentralized. Let’s delve into each type in more detail.
Centralized Crypto Wallets for Minors
Centralized or custodial wallets are operated by a third-party entity. This means that users do not have full control over their wallets. Unfortunately, individuals under 18 are typically unable to register on centralized wallet platforms due to the requirement of completing a KYC (Know Your Customer) form and providing identification. Popular examples of centralized wallet platforms include Kraken, Coinbase.com, and Binance.
Decentralized Crypto Wallets Under 18
Decentralized or non-custodial wallets offer complete control to users without any involvement of a third party. Minors can use decentralized wallets by simply downloading the wallet app and creating an account. They can do so without the need for identification or KYC procedures. Decentralized crypto wallets can be further classified into two types based on how they store public and private keys: Hot Wallets and Cold Wallets.
These types consist of various subcategories:
Software Wallet Desktop Wallet Mobile Wallet Online Wallet
Hardware Wallet Paper Wallet Offline Wallet
By understanding these different wallet types, you can choose the most suitable crypto wallet under 18 for your underage children.
Advantages & Disadvantages of Hot and Cold Crypto Wallets
When it comes to selecting the best wallet for individuals under 18, security takes precedence. Since children may lack sufficient knowledge about cryptocurrencies and wallets, the risks involved are higher.
Among the popular wallet options are Hot Mobile Wallets, Hot Desktop Wallets, and Cold Hardware Wallets. To assist you in making a more informed decision, the table below provides a summary of their advantages and disadvantages.
|Hot Wallets||– Convenient online access 24/7||– Vulnerable to scams and hacks|
|– Can be used on various devices||– Higher risk compared to Cold wallets|
|– Preferred by active traders||– Not suitable for storing large amounts of cryptocurrencies|
|Cold Wallets||– Enhanced security offline||– May be physically stolen, lost, or damaged|
|– Protection against online scams and hacks||– Less convenient for frequent transactions|
|– Suitable for storing large amounts of crypto|
It’s important to consider the advantages and disadvantages of each wallet type before choosing the most suitable option for your child’s crypto wallet.
Top Crypto Wallet Under 18 Choices for Minors
When it comes to selecting a suitable crypto wallet under 18, decentralized open-source wallets stand out as the top choice. Their key advantage lies in the fact that they do not mandate KYC registrations prior to usage, making them highly favorable. Let’s explore five of the finest options available in the current crypto landscape:
Exodus Wallet: A Beginner-Friendly Option for Minors
Exodus Wallet, established in 2015, offers a user-friendly experience across desktop, Android, and iOS platforms. With free downloads and a simple setup process, it serves as an ideal choice for your crypto novice child.
What sets Exodus apart is its non-custodial nature, ensuring that your child has sole control over their private keys when using it as an investment wallet. This added layer of security allows them to have peace of mind knowing that their assets remain exclusively in their possession.
However, it’s worth noting that Exodus Wallet lacks certain robust security features necessary for long-term coin storage. Therefore, it’s important to consider this aspect when deciding if it’s the right option for your child’s needs.
Atomic Wallet: A Versatile Crypto Wallets Under 18
If you’re searching for a crypto wallet that doesn’t require KYC regulations, Atomic Wallet fits the bill. Created in 2017 by Konstantin Gladych, the CEO of Changelly, this wallet supports a vast array of over 500 cryptocurrencies, with the list continually expanding.
Offering a user-friendly experience, Atomic Wallet is free of charge and compatible with multiple operating systems. It’s an excellent option for beginners, as installation from the Google, Apple, or Windows store is a breeze. Upon installation, you’ll receive a 12-worded seed phrase, which functions as your private keys and allows you to restore your wallet whenever necessary.
With its wide range of supported cryptocurrencies and ease of use, Atomic Wallet stands out as a versatile choice for minors venturing into the world of crypto.
Coinomi: A Secure and User-Friendly Wallet for Minors
When it comes to security and ease of use, Coinomi takes the lead. Developed in 2014 by a company led by George Kimionis, a serial entrepreneur hailing from the University of Manchester, this wallet offers an impressive combination of features.
Coinomi boasts automatic support for ERC-20 tokens, with the flexibility to manually add tokens that aren’t directly supported on the platform. Moreover, it provides the convenience of displaying the fiat value of your holdings alongside each coin’s name, simplifying your understanding of their worth.
With cross-chain payment support, compatibility across various operating systems, and a non-custodial nature, Coinomi is an excellent choice that your child will surely appreciate. Its commitment to security and user-friendly interface make it a reliable option for young crypto enthusiasts.
Trust Wallet: A Popular Decentralized Wallet for Minors
Trust Wallet stands out as a highly popular decentralized wallet, trusted by over 5 million active users. Its user-friendly setup process enables seamless sending, receiving, and storage of tokens from approximately 22 different blockchains. This cross-chain interoperability, combined with robust security features, positions it as one of the top choices for any DeFi scenario.
One notable advantage of Trust Wallet is its integrated staking capabilities. This unique feature allows your children not only to store their coins securely but also to grow their holdings by staking them directly within the platform. This additional opportunity for coin growth adds value and convenience to their crypto journey.
With its wide-ranging functionalities and emphasis on security, Trust Wallet serves as a versatile and reliable option for minors looking to engage in the world of decentralized finance.
Metamask: The Popular DeFi Wallet with Exciting Features for Minors
Metamask is a name that your child may have come across while exploring the internet. As one of the most renowned DeFi wallets, it offers a range of attractive features. Originally developed as an Ethereum and Ethereum-based token wallet, Metamask later expanded its support to include other blockchains in subsequent updates.
One notable aspect of Metamask is its compatibility with NFTs (non-fungible tokens) and NFT-based art. This means that you can send your child an NFT, which holds the potential for increased value in the future. Additionally, Metamask is available for free and can be accessed as a browser extension, as well as through dedicated Android and iOS apps.
With its wide range of supported blockchains and special features like NFT support, Metamask offers an engaging and user-friendly experience for minors venturing into the world of DeFi.
In conclusion, when it comes to choosing the best crypto wallet for minors, it’s crucial to prioritize security, ease of use, and features that cater to their specific needs. Wallets like Exodus, Atomic Wallet, Coinomi, Trust Wallet, and Metamask offer unique advantages, ranging from user-friendly interfaces to cross-chain compatibility and support for NFTs. By selecting a wallet that aligns with their preferences and provides robust security measures, minors can confidently navigate the world of cryptocurrencies while safeguarding their investment