Bitcoin Forum

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into  my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..

Thank you

Yes, for as long as you pay all the applicable taxes. Make sure you document everything, including the transfer of coins to them in case they try to do anything shady because they'll likely be traced back to you.

If you really care about your friend better to tell him everything, and teach them how to play in the market. I’m not saying that you idea is illegal, its legal as long as you are committed but again teaching him about cryptocurrency is the best thing that you can do, let him enjoy the cryptomarket.

Frankly speaking,  I also consider the idea of introducing the crypto market industry to your friend to be a much better variant in this case.

It's legal. But after you exchange your bitcoins for Fiat you will have to pay taxes. You may need to confirm the origin of the capital for which you bought the coins. Why do you need it? To buy coins. I think your friend made that money illegally. I don't see any other reason to give you that money.

Depend on how your government policy against bitcoin, if there is no law against bitcoin then you can use it as usual
Usually every country have their own local exchange to trade bitcoin so it should easy to understand their mechanic because they are using your language,right...

If it was me I would show him how to do it with a smaller amount of FIAT like $50.
Get him up and running and be self sufficient and you can be "on call" for further questions,
because there will be questions!

It is legal as everything will be done from a bank transaction. You and your friend both would have to pay tax if your income comes under tax bracket or whatever is the rule of your country. Another thing is that you can teach him how to do it so that he can do it form next time by himself unless you will get some extra % for doing this than it is a different story.

As long as you went from all the legal process like paying taxes, it is considered as legal. The bank is also involved so it has not violated any bank crimes. But why does it has to pass thru you ? I mean, you can teach him to buy his own bitcoins without your involvement unless you want to charge him for your services.

In my view, I think there will no problem with it and there are many people who are doing it for others who may not be able to buy the Bitcoin directly for any reason. The only possible problem is if both of you may have some falling away and both of you are claiming ownership of the Bitcoin bought using the money of the other person though of course its is just a wild imagining. After buying the next best thing to do is to teach your friend the whole process and to transfer the Bitcoin into his own wallet.

Bitcoins are not illegal (At least not in the US) You can buy them from a friend with access to an exchange.

What you've just described doesn't stick out as illegal in any view but does beg the question: why the complicated process? If your friend already owns a bank account, he probably knows how to do online banking. Using Bitcoin isn't so difficult that he should put it off, especially if he's thinking of owning that much worth of coins!

Even if you or your friend isn't convinced that education is more important, here are some other risks you'd avoid by getting him to do it himself:
1. No legal dispute over who actually owns the coin. If you buy it for him, you own the coins. Since he doesn't know how to buy them, he wouldn't know how to access the bitcoin. You'd be the only one with the private keys and hence are the only one in control of those funds.
2. It's actually against terms of conditions of many exchanges to perform third-party trades (ie. selling or buying bitcoins on behalf of someone else). This is for the protection of the trader, in case they get an audit. I specify strictly on all my trades that no 3rd party trades are allowed and buyer must use the same name/ID as payment sender.

Transferring the money to your account to me is a long process for me i don't see any good reason  for that process because you can easly educate your friend and he/she will do it directly from his account in other to avoid long process.

Its not illegal as long as your friend trusted you so much and you will commit on that. But hey, don’t spoon feed your friend because its not healthy to do so, let him know the market of cryptocurrency so no one can blame for if he incur losses because in the first place you guide him to start his journey here and the rest would be depend on his goal.

Be careful of buying bitcoins through your bank account or through wire transfer. Do some research first if your bank does have set of rules about crypto related purchase or transfer.

There are reports that there are banks disabled their bank holders account after getting involved in some crypto exchange transfer or trades.

Why not just buy bitcoin through fiat or trade for someone on localbitcoins on your country?

Looks like you're in the UK. It's not America so you won't be shot in the face until you're dead for dabbling with a few hundred quid.

I've done the same for mates. It was fine.

What I would do though is document the deposit of the money and the sale and hand it to him. If Bitcoin becomes billions of pounds then he might need a paper trail in the future.

Even better advise him how to do it himself. Removing yourself completely from anyone else's crypto dealings is always a good idea.

There are several circumstances in which regulation or banning could come into play, each of which has certain drawbacks from the standpoint both of consumers of Bitcoin and regulators. There are certain ventures within the Bitcoin community which involve cooperation with mainstream banking entities, something that effectively "regularizes" the currency. This, which allows both easy entry and high volume transactions, also is the easiest to regulate, since banks are forced to be compliant with a great number of regulations. In this sense, the more normalized and regularized certain aspects of the Bitcoin economy become, the more vulnerable it is to regulation.

Buying for someone else is not a problem, but when he decides to sell, he might have some problems, especially if profit from cryptocurrencies is taxed in your country. He will need to prove that he bought those bitcoins.

I don't think it will cause any problem at all especially if you trust that someone, but if we are in doubt then just buy bitcoin to legit exchange so you won't have any trouble. So, it is better to buy at legit exchange or those companies who does buy and sell in bitcoin rather than in somebody.

I am always concerned about such requests. Why your friend does not buy bitcoins himself. This is legal in almost all countries. Maybe he's in trouble with the law? In this case, you can become an accomplice to the crime. I recommend you tell your friend how to buy bitcoins and not do it instead.

No it is not Illegal unless you country totally banned bitcoin,actually you are going to trade instead of your friend so it is just like you are going to work for him but legally you are not working you are the boss here so you need to pay taxes on your name because your bank account is involving here.But you need to make records that from where the capital amount came.If the amount is huge then there maybe high taxes.But it is totally legal to do.

It is a very simple task for you to teach your friend on how he or she can buy Bitcoin and other altcoins for i don't see any need for the long process of him sending it to you.

It's legal. Better, show him the websites of exchangers where it is possible to buy quickly and easily bitcoin. Anyway, let he will make it independently, so you will be insured from problems in case the bitcoin falls in price or the friend will decide to bring him ahead of time.  :-\  friends such friends....

That’s right, better to teach your friend for you not to be liable on buying bitcoin for him. Better to help your friend in that way instead of doing it on your own. Feed him the knowledge he needs to so he can do it alone, and give thanks to you later on.

Yes, it is legal but it shoul be better for both if he does it by himself

That’s legal, but only depends on which country your talking about. If buying and selling crypto or bitcoin in your place is illegal for some reason, then don’t do it. Otherwise you’re violating it and might be punished accordingly. If it isn’t regulated and all are legal, then buying it won’t be a problem for you to directly use bank in exchange of bitcoin from any online wallet your using.

It is not illegal to assist someone to get a business transaction done . What you should be sure of is to transact in utmost good faith. You be sure of no shady dealings.

Yes, you can do this but pay all taxes. Here is how you can buy:

Go to the exchange of your choice, and browse to see their “buy” section. Select the amount of bitcoin you like to purchase. You will find the recent high price of bitcoin in every exchange and you could easily buy less than one bitcoin on these exchanges. You can divide bitcoin up to eight decimal places. This denotes one can buy 0.11 bitcoin, 0.001 bitcoin or even 0.00000001 bitcoin, the one that suits your budget. Now depending on the kind of exchange you have performed you can purchase bitcoin using a credit card, bank transfer or through cash.

Buying in a person that you did not know is very risky, if you are a risk taker you may buy bitcoin in people trusted who are dealing with.
Why you did not choose a legit exchange site for more secure of investing in your money, dont trust other people except if you know already that man. Buying for someone else it's just like you are helping him to know more in cryptoand that's a good idea to help him and make to understand further more in bitcoin. Hope at the first invest he did not fell disapointed.

I agree with you. Teaching him the ways to cryptocurrency will be beneficial for it because another member is added into that field, not to mention that his friend will, later on, introduce it to another friend. It is like advertising. Moreover, it is better that he does it by himself because if something goes on the wrong foot, he will blame you for it. It is better to avoid taking risks even though I believe there will be no risk taken. But still he should do it by himself.

Wait, does your country prohibited people from buying to any cryptocurrency/bitcoin? No matter what you guys want of investing into bitcoin it doesn't matter but remember you have to know how the market works in order for you and your friend to gain such good profit. Just "buy low, sell high"

During mutual trust I feel no problem, of course beforehand there must be agreement about the results and transparency about the movement of bitcoin prices during stored.

See, it depends on the law of the country you reside in. You must be aware of the applicable policies in the government your country. So, if you want to help your friend, guide him properly, and help him to understand the basics of bitcoin investment. the transaction you are talking about is legal in most of the countries, but that would be good if you consider the legal requirements of your country.

hello guys...maybe in your case if your friend gave you that money and he want you to buy bitcoin why not?this is legal as long as you know what you are doing,and you have to be aware in our country for there policies.and you have to teach him how the market it works.

There is no harm in it as long as the money being invested comes legal. At times, block money is converted in legal money by investing the block money into bitcoin. Even my friend yesterday approached me to get some bitcoin with his fiats he has. Bought from Localbitcoin.com . Guided him to track the value everyday and be updated.

I see problems will arouse on that particular decision. You are not sure in the coming days if what will happen. Absolutely it can be turn into good or bad things will come. This is what the truth we face in real world and in this world of cryptocurrency. If your friend are really interesting with crypto why not both of study the techniques on the particular issue. Your friend is an investor if she/he wanted to do such things on investing to bitcoin. In futuristic thinking if she knows how to buy, sell, and trade coins then she can be good enough to handle what will be the next steps.

I hope it won't harm you anything if you buy Bitcoin for your friend. Check not all the taxes before buying bitcoins from your bank account, even I did many times to my friend because they don't have any knowledge about purchasing Bitcoin.

I think it's better, give an explanation first about the bitcoin trade, so he can understand the workings and their impact, so that there is no misunderstanding for the future if something happens that we do not want

Come on, you're trying to freak him out or something? It's just 1k, people are earning more every month. I had sold used stuff on ebay and amazon that was worth more than 1k and no questions were asked. Let's not be paranoid here, nobody cares whether you put 1k here or there and no police or other agents will come knocking on your door because you bought some coins online.

If cryotocurrency is not banned in your country then you can buy bitcoin for you or for someone else, either you can help jim to explain how to buy or you can buy instead of him,but you need to pay the taxes in the name of you because it will be considered as your earnings so don't forget to file the taxes for what you made it.

It does not depend on authority's acceptance. If you want to buy bitcoin either for you or for anyone else, you can very well go ahead and buy them. So many countries are yet to accept bitcoin as of now, so should we still wait for the government to allow buying bitcoin or any other crypto currencies? Though its not yet allowed in countries, people from the same countries do buy or earn bitcoin and exchange to their fiats when needed. So no need to worry about. You can very well buy bitcoin for anyone's purpose.

It will be safe if you will not be involved in somebody else's money. You just mentioned that your friend doesn't know anything about bitcoin and cryptocurrency, what if your friend might think that you had scammed him if it's investment didn't work? So, it's better to teach your friend all about the stuff in bitcoin, cryptocurrency and trading, so that he will have an idea of what he is getting involved to.

Yes it can be done.  No harm in it.  As long as the purpose of purchase and the source to buy the bitcoin came from is legal it won't be a problem. It's another support to increase see the value. Please don't stop at just buying and handing over.  Just teach the guy how the coin should be protected and watch the growth in CMC.

I agree mate, the OP should teach his friend on how to play in the market it feels better when there is someone who is willing to learned about crypto and you are the one who teaches him. Yes,it in not illegal but it is much a good idea if your friend will not rely on you someday.

You could do an offline exchange, where he gives you cash and you sell him BTC in exchange for that cash. You could set up a wallet for him, and transfer BTC from your wallet and existing amount to that BTC wallet. Could keep it offline or online, either way, and thus he's now purchased legally BTC from you. You could agree on the price set and there's nothing illegal about it, could be a market rate you both agree on, or could charge him higher for the liquidity and work.

No problem of course, I think it's still legal/not prohibited in the most countries, especially if the state really legalize bitcoin. In my country had already many people who doing that, from the one person to another person, initially who do not knowing it till can knowing it, and giving a lot of knowledge about crypto to further deepening it.

Yes of course it will depend on that person if he trust you that much, though its risky on the part of your friend because he is clueless about what's happening in the market. Help them to learn more about the market don't feed him much because at the end of the day you are responsible for that.

You can do that so if its really needed. But teach him/her how the crypto works on. Teach how to find out the values of each day and how to sell them when the value is too high or when they wish to sell it. Just take them through CMC if you have time. This would better explain them of each coin's growth and its move.

Well said dude, this is true because he/she regretted when they having a problem with cryptocurrencies or it might blame you if you will not explain it well. Most people who adopt in cryptocurrencies are get influenced by others I'm not believed that he/she discovered on their own.
So, do your best of explaining if you want to help your friends or relatives to have extra income in cryptocurrencies.

It depends on the law of your country. However this kind of transaction is not illegal in most of countries. Well you can confirm it from your country's penal code and code of conduct. Also make sure you tell your friend about all the basics of bitcoin. And the advantages, disadvantages and consequences of bitcoin market, trading and investment.

P.S.: It would be good to tell your friend before hand out everything so that he can make wise and well informed decision!!

Yes sure you can buy bitcoin for others. But you have to explain the benefits of bitcoin. Where to buy, how and when to sell coin. Teach him or her esecially the coinmarketcap.com. Every coin growth from its birth and till the end is updated on the chart. Its really easily understood. We can compare one to other in. Teaching wold help the friend to grow deper into it .

That's actually a best thing that you can do than to buy for them. If they really want to understand this thing, better to teach them. Personally, I will not buy coins for them because I don't want to be liable if something bad happen so I just guide them and tell them everything I know about this market for sure they will easily understand it.

If your country allows buying bitcoin then its okay, but you still need to explained later to the tax department on how you get those money, its legal but if the amount you bought is too big and you do it quite often then it can become some problem, in my country you will be summoned by the tax officers and your bank account could be freeze if they found you got suspicious transactions in crypto, but I still think its better to teach your friend about bitcoin, more people using bitcoin will make bitcoin price become better

At first I would like to know ,have to buy a bitcoin before by a trade.If you know how to buy the bitcoin and which website is best to buy,then you can proceed to buy for your friend.Why I am asking this is,you are responsible for the money you are going to invest in the bitcoin.
Suppose if you had loss by buying at high price without trading knowledge ,you have to give that money.Keep that in mind.

Well it will be legal if he has to send to your account but why can't your just put him through instead of the long process for him to transfer from his own account before you process it on the blochain.

Now there is lot transaction fee in between the exchange, of course, you can buy for him but after purchase again you need to send the Bitcoin to his wallet. In this case, there will be some transaction fee, explain to him about the transaction before purchasing Bitcoin to him.

If your friend asks you to buy bitcoins for him, then I assume that the use of cryptocurrencies is prohibited in his country. He will trade on the stock exchange and, if successful, he will face the problem of cashing out bitcoin. Probably it will ask to do it through your Bank account. Don't forget to consider taxes.

It is legal but all the authorities will think that this is your 1000$ that you have now put into system and you are now using it to buy cryptos. Which means that any gains arising from it will be taxable in your hand until you create a full procedure by explaining how this income belongs to him. In any case however this can never be illegal until the money you are having is black money or money earned through unethical means. And yeah cryptos must also be legal in your country to do this.

Depends really. Some accounts are closed because some banks linked their accounts to crypto when they bought coins with fiat. I bought coins on Localbitcoin few times and my account is still good. I didn't hear that someone's account got closed in my country.

I think it's legal, because both have agreed to do that, you do not steal and you do not cheat, make it all transparent so there is no suspicion among you. Provide further explanation of possible bad risks later. Everything will be easy and it will be fine if you understand each other. Be careful

This thing happened to me when my friend introduced bitcoin to me as source of income or investment. He explain thoroughly what bitcoin is and the system and I think he got me because I am investing now. You do this as a gift to them.

Yes, we can buy bitcoin for others. Before that you have to explain about the wallet, CMC and the transaction exchange. If they want to sell or buy bitcoin through exchange you have to knoweldge the person about transaction fees. Investing in bitcoin is good for future. But you have to educate about the bitcoin.

You can also buy crypto coins for other people, who have no idea about it and just safekeep the coins for them. There has to be trust between the two parties, of course. For instance, you could buy BTC for your parents and put them on a paper wallet as a gift. But then you should explain the gift  ;)

It seems that both of you had no knowledge yet in trading. A simple research through the internet is quite helpful while reading the most basic. It will take a lot of time to invest before you learn the basics through tutorial. You will gonna learn quickly when you always ask, but you gotta have to find the real person to train you.

It depends upon you if you have a knowledge in bitcoin you can buy bitcoin for others. First you can educate about the bitcoin to that person. Then only he knows at what time to sell or buy bitcoin. Explain the benefits of bitcoin it really helps him in future. He must know the trading exchange sites then only he can use bitcoin.

well first of all you should know the existing laws on taxes on cryptocurrency in your place, if there is one just pay the assessed tax so the transfer would deem legal.
but as far as my knowledge is concern i think as long as the government doesn't impose ban trade of bitcoin any transaction as long as it is not for a criminal act should be legal.

If Bitcoin is legal in your country then of course your transaction will be a legal but better if you teach your friend on how Bitcoin trading and investing will work to ensure the safety of the money of your friend like what if something will happen to you let's say an accident that may cause death and he don't know how Bitcoin will works for sure the capital will be lost because only you know the transactions and the only one who keep the keys.

if he trust u why not, and why other should know this? bank, government, fortet them, with crypto we are building the new and better wolrd than they did!

Criminals are always seeking new ways to gain access to cash or to use third parties to move property or conceal transactions.
If you are considering buying or selling bitcoin for someone else, consider that you will have no practical recourse if money promised to you as a fee or commission isn't paid or if a cheque or money transfer is cancelled or reversed leaving you with a loss.

if your country didnot ban bitcoin then nothings wrong of buying bitcoin for your friend. explain to your friend what bitcoin really is ang the risk that may come out.

He doesn't know anything about bitcoins so he entrusted you to do the buying for him for his investment. I think there's nothing wrong with that and it's legal as long as you've done it lawfully.

If you manage well what your friends have given you I think is something that is profitable for you and of course your friends too
What's wrong if you give something to your friends about bitcoin

The question is "does the bitcoin in your country is legal? "if yes I think there is no reason for it to ask and you can  easily proceed to make his request. So you don't have to worry about it.and I think your friend is a good investor because he knows about when is the perfect time to buy btc. So if I were you I would buy it now if it is legal before it's too late. Good luck buddy and to your friend! See you in success.

Ofcoures you can buy bitcoin for your friend, if bitcoin is legal in your country. Before that you can educate your friend about bitcoin benefits and savings of bitcoin. Help him out how to cash the bitcoin through local exchange. He had a knowledge of buying bitcoin at whattine he buy the coin and what time he can sell. Then only he had a more benefits than he invest. Bitcoin is the good source of income to many people. So teach him thoroughly about the bitcoin and then help him to buy.

As it’s always risky as buying for third party whom you do not know may end up in a trouble as we are unaware the purpose for which the Btc would be used. So ideally better not to buy as their documents could be fake one as well and end up we being in trouble .

You can yes do that unless and until you don't have any issues. I don't think purchasing bitcoin or other crypto currencies to someone will be illegal. We do have authorities who deny ICOs to involve their citizens to trade the new coins. I recently helped my dude to purchase around .040 BTC in local fiats. We purchased using LBC. The transaction was smooth and quick. I assisted him to open up a wallet with Coinbase. Activated security features provided. The bitcoin is safe now.

I would suggest you to make sure you teach them whats required after you purchase the bitcoin for them as that is very important keeping them safe.

That's why I must prefer when buying bitcoin those trusted and you already know. Money is very sensitive to the people, so it's better to avoid the possible scam than to say thank your money lost. Third parties it's risky, yeah you are right it is very risky so be careful on people that you dealing with. Peer to peer transaction is must better to deal with compared to the third-party transaction.

That's a very wrong step if done, if your friend does not know how you should explain how to buy bitcoin. If you buy, your friend's wallet will be known to you and you are someone who knows it, no someone else.The danger is if your friend loses the bitcoin he has, he will blame you even if you don't do that. The money is sensitive you can blame each other and not good for your relationship.

You're right. Bitcoin is a personal currency and the personal responsibility of each user. You may also have problems with the tax authorities. In fact, you buy bitcoins. Money can take away your friendship. For this reason, I never open a joint business with friends and do not hire friends.

There are banks who accepts Bitcoin or exchange your fiat to Bitcoin without moving it out from your bank, you can also use your credit card to buy Bitcoin. But it all depends on which country you belong coz there were also banks who stopped accepting Bitcoin.
But you should atleast teach your friend the basic to avoid confusions and misunderstanding during investment failure.

That's okay for you to do, and you can make purchases and trades on your friend's bitcoin in your leave, and it's very good what if you do.

I do not think that at the current time it is necessary to conduct any investments at all with bitcoin, the cryptocurrency market is too unstable now,
although this is your business.

I think it's legal and it's okay, it's important that you take full responsibility for your friends money so your friends will not feel disadvantaged.

I agree but just to make sure that you are not deceiving your friend on doing it and you both agreed on what will happen after you get your profits from it because what you did will certainly complicate things.

legit if I think, we want to trending or buying to certain parties, as long as we get bitcoin is not a problem, because it is one way that we can do business bitcoin world or other digital currency

I think it should be okay if you take full responsibility, and if you benefit from your friends money and it is very fun for you to do.

You can do that and I think it's okay for you to use, and you can earn from your friends money you use in purchasing bitcoins.

Personally, I prefer to buy BTC from reliable sources. I always use https://buycoinnow.com/. Low fee (4,99%) , good support and transaction security give me a guarantee of a good investment.

It's better to teach your friend how to buy Bitcoin on his own. Messing with someones money often creates unnecessary problem you want to avoid.

I agree with this, I think this idea is the most appropriate and wise way for you and your friend.
Give him an understanding of the cryptocurrency market, that way, there will be no problem later.

it is better to invest in the bitcoin rather than just the person you took. because there are so many scammer in crypto today.

I did . My friend doesn't know that how to deposite, how to transfer. So he gave me the money and he wanted me to buy some coin for him. And I did it for him. İt is legal I said him every movement honestly.

no matter what person you know with bitcoin you can buy, but it's better to have your bitcoin invest. but if you only buy someone you know it or that you trust. There are so many scammer in the crypto so be careful.

Just take care of scammers, you can buy btc with whatever it has, but I only advise you that you know only to prevent the scam from being called.

For your own safety it is better to teach your friend and help him.  He does not know what kind of swindler and wants to launder money.

It's better for him to first understand bitcoin, how it works and how to actually deal with it. But if he's on a hurry better document everything. Also it would be best to pay all necessary legal taxes and alike.

I do not advise you to do it yourself, better teach him and let him do it yourself.

Tell your friend to figure it out himself. It's his 1000 pounds to lose if he wants to take the risk, not yours. It's not that difficult, he can find lots of information online about how to do it. You can even walk him though it step by step and show him which wallet to use, which exchange, etc.

Essentially this is the same as a friend sending you money to buy stocks, another currency, commodity, etc. It's being done on his behalf, so it's perfectly legal. He just should do it himself so he can accept full responsibility for his money.

We can very well do so as long as the guy is not from a country where they are not allowed to do crytpo tradings. Besides this, any crypto currencies can be bought for anyone. Teach him or her how to purchase and trade the coins in the future.         

It's okay but I wouldn't touch others money.

I'm off with this type of transaction, you can give him instructions on how to set up and exchange's account and buy it on his own.

And take the blame when his friend sees no progress with his money.

Rightful thing to be done by a friend not just ordering you to do things which he can actually done without any problems.Its just all the same because you are residing on a same country but be sure on the laws that is connected to crypto before making such any transactions because you might able to face up problems if they would find you out making transactions.


maybe his friend do give out some bonus money for the help that he would do.(possibly)

This will be your opportunity to help your friend to learn on how crypto investments works in which we really need more people to increase the real demand of this investment specially in this time of difficulties in which the market is not healthy. There is nothing to worry about the process in which its really legal because you use the money for investments and not for money laundering. Maybe they will required you KYC in the future due to amount involved but that will not be a problem as long as you are legal people.

There's nothing wrong with whom you invest in the market or buying btc, just take care of the scammers. but it's better to invest in bitcoin itself. for seurity.

 :)

as long as the money earned by your friend is legitimate and if you keep a proper record of all transactions it should be safe but as I see the earlier posts I feel that it is always safe to make him do it by himself.

Avoid this scam site.

Previously, it was said that bitcoin was lost by hundreds or thousands of coins. Who bought pizza for 10,000 bitcoins when the price was very cheap.  And now divorced a lot of scams because the price of bitcoin has grown. And the bitcoin technology itself is revolutionary.

It's become your opportunity to gain profit.
Just make sure that you have explain the risk and the transaction fee detail before proceed.


As long as they are trust partner, It's fine !

Yes, I agree with this statement.

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Good Luck to all!

Just be honest and speak frankly. I think you'd better introduce crypto world to him even better. If, he's not interested, yaaa you can give him advice to exchange to fiat. But, if it does happen, you probably have to pay tax, and maybe the value you get will not be the same as you exchange you bitcoin to fiat money.

You have to pay government taxes so i think this is legal processing to buying Bitcoin from banks and this is secure investment because banks is the main escrow both of you and your friends.

giving an understanding of crypto is more useful than we buy for others,  because an understanding and knowledge is more useful in the future,  with a good understanding can make someone able to buy and sell independently.

This should not be used for other people because it is very risky, it might be better to tell how to buy and maybe we can accompany the purchase, this is to keep all the bad things from happening, because this is related to a very large amount of money.

sharing knowledge with close friends or relatives is very good, besides being more educating so that our success is enjoyed with us, success that has no effect on the surrounding environment that I feel is just vanity, because we are not always at the top because one day we also need help from others, so let's start sharing knowledge about bitcoin and how to trade properly.

really, better to give a little direction and start sharing knowledge, it's more useful than we buy for others, because a science can produce many benefits rather than just buying, sharing with others will give us many advantages, in bitcoin all can be interrelated, especially the existence of important information sharing, can change the perspective of the general public.

Yes as long as he told you to do so and it is his wish for you to grant. But, you have to made it clear that you only will just buy bitcoin for him. Provide him a hardware wallet which he will going to pay for it and then store the bitcoins in the wallet you provide and give him teach him how to trade his/her bitcoin holdings. This is way better for you are not will ask to be liable of anything that will going to arise. Hand to him/her the hardware wallet including the private key.

I think buying bitcoin won't be that complicated by thinking about legality and tax. if your friend's money is already in your bank account. you only need to make a deposit on the exchange site and buy bitcoin. and you can give that bitcoin to your friends. just simple like that

giving help to friends may be better, than we make a purchase for someone else, because the potential loss that we can get is unknown to our friends, this can create a bad problem, we must open ourselves up in trading, always provide assistance in bitcoin trading maybe safer, profit and loss, we will always be detected.

buy for someone else we do with a buy and sell system,  we can take advantage of services what we do, or commonly called getting commissions from buying and selling, because the value of bitcoin changes very quickly if you buy for someone else and in the long run is very risky, because of the purchase price figures will always change from time to time always happens.

I think it's valid if you live in a country that doesn't ban Bitcoin. but my advice is better before buying it, you have to teach a little how to exchange Bitcoin to your friends so your friends can use it to trade in the crypto market or at least he can sell it again if he feels bored.

Yes you can buy bitcoin for your friends through some local exchanges. Before that you can check whether bitcoin is legal in your country. Along with that you can educate about the bitcoin to your friend. Then only it will help for him in future to sell the bitcoin. And also explain when he wants to buy and sell.

It's legal, it's no different than purchasing an item/product for someone using their money because they can't purchase it directly.

As many have said though, document it, everything (including convos with your friend if you have them)

It seems that if the purpose for good does not hurt, I agree with you at least need to also know that the money to be spent giving friends is indeed proven legitimate and not from actions that violate the rules

what if his friend already knows how to use cryptos but he is busy to take care of his investments that why he ask his friends to pilot his account  .

 if thats the case then theres no need to teach them about the basics of understanding the cryptos instead we will only buy for them because we are his friend  .  that happend to me once because my friend ask me if i can lend him some cash to buy btc .

 what i do is i buy him a btc directly using his own wallet and voila  , he have now a btc on his balance  .

just dont buy btc if you dont know the person because they might scam you   .

Always choose those people that being close to you if you buy Bitcoin or just conduct meetups to provide possible scam. Scammers people are now in telegram they fool noobs just to scam Bitcoin and they are also offering withdrawal from their given exchange but when you withdraw it you can't, you need to deposit first. Then, if you do, your deposit will be lost. That just an example that we must not trust online transaction when buying Bitcoin. There are many legit exchanges that we can buy and sell Bitcoin.

legal and does not depend on where you are. I think if you're still struggling with crypto, I'm sure you are in a country that doesn't ban Bitcoin.
and you don't need to worry about your friend, you have to start guiding him how to invest in Bitcoin.

I am sure if your friend is serious about studying, he will quickly understand Bitcoin investment.

Better tell your friend to study and learn cryptocurrency specially blockchain before investing that 1000 euros since this market is volatile and risky,though i am pretty Sure that he will be safe in bitcoin investments,still he needs to be knowledgeable about how this goes and whats the ins and outs of crypto tradings

Just make that friend you are talking about is close personal friend and not the type you met online because he might be trying to use you to launder  money and buy crypto. If he has no knowledge then teach him and not let you do the job and he won't succeed in trading or investing in cryptocurrencies if only rely on other people.

Even if you are not a friend as long as you can trust him in meeting personally I think the transaction that might be made by them are safe.
Buying bitcoin with someone else is not risky if you meet in personally but if you are going to communicate online much better to use a third person/middleman as an act to escrow the fund between the buyer and the seller.

Bitcoin is legal in your country means then there is no doubt you can buy bitcoin for someone else. For that you have to choose the good and trusted exchange. In that you can replace your Fiat and buy Bitcoin. For that you have to pay some transaction fees it varies from one exchange to other. But your friend knows little knowledge about bitcoin then only he can use it future.

It's Legal in my opinion but buy from a certified exchange and make sure you document and carry out your Know your customer verification.

There is nothing strange about buying bitcoin for someone else, because bitcoin is digital money consisting of complicated code, so nobody knows who owns bitcoin.
Buying bitcoin is then transferred to the destination wallet address, after that it belongs to the wallet owner. This is as easy as moving cash into a friend's wallet.

if in my opinion, it would be nice if you taught your friends about how to create an online account, how to invest it and also how to sell it, and more, if one day your friend is proficient, you can exchange ideas with your friends.

In my opinion the need to provide understanding, it is better for him to first understand bitcoin, and how to handle it. But if he is in a hurry to document everything. It would also be better to pay all the legal taxes needed. But what is certain is to understand everything to do right.

i'd be worried about being hit with the tax bill for buying 1000 dollars of bitcoin... then again, maybe i'm just a bit paranoid.
also, could be trying to wash some possibly dirty money without realizing bitcoin is heavily taxed.

Its much better, he won't ask for your help at another time after you tell him about anything, how to buy, about the bitcoin market, and so on. tell him everything, and he will buy it himself, its much better I think

Right. If I have a friend who are not that knowledgeable about bitcoin, it is better to introduce  him and tell him any positive things or how does btc works like trading, investing, etc. It isn't hard to give him useful informations about bitcoin. The more he knows, the more he is being dependent and will not waste your time using your account by buying btc.

I do not see anything wrong in doing that and this means it is legal. Legal in the sense that money been exchange for fiant and can be used for the any purpose either trading bitcoin as stated or other coin for the purpose of investment and probably profit derive.

Yes it is possible to do via localbitcoins exchange.

There you can find the traders available for both online and offline purchase options. Can you check your country availablity and how many traders there. In that choose the most trusted trader while you dealing.
Always release the fund only you got the fund to your wallet.

This sounds like money laundering. I don't think he really is your friend and you are looking for a job and you got caught in his post and now he wants to use your account to fulfill his evil plans. I've seen this scenario many times but they use your paypal to withdraw their cash by using yours to transfer their dirty money.

With his fiat currency then it might worth ;) but with your money, you are going to buy Bitcoin for some else then dude it's quite risky because of the unstable  Bitcoin price.