Childrens Wallets

[Lanatsa]

No, even DEX exchange we dont know when the site becomes shutdown, IMO, isn't a good idea to save your Bitcoin for a long time purpose there.
You can create a paper wallet or a Hardware wallet and here is a [BIG LIST] Hardware wallets (80+), either Ledger or Trezor which are very common to use.

In crypto, we have an important rule to follow in order for your coin to be safe for a long time (Not your key Not your coin), that key means your private key which is you are the only one who controls it and no one will access it.  Saving Bitcoin on exchange isn't a good idea at all.

I am somehow guilty with this especially on the last paragraph you pointed out.

As someone who started with the world of cryptocurrencies last 2017, I mainly deposit almost all of my earnings to our local exchange which is recognized here in the country. While I do acknowledge the convenience it provides (e.g. direct bank transfer, credits, exchanges, etc.), the best way to really secure my funds is by transferring them to a hardware wallet. I might actually check those out with the link that you provided- got me really curious as to how these hardware wallets function.

Non custodial wallets like hardware is much more preferred rather than storing up your coins mainly on a custodial one which we know that we don't possess the keys which means that it is really riskier in terms of possible losing those coins.

So don't really be that confident on making it a storage no matter how reputable or known it is because you wouldn't know on when they would be hacked.

As for giving your children a wallet for his own crypto savings then it isn't a bad idea as long he/she do knows on how things works then it wouldn't matter.

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[passwordnow]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

No need for you have make new wallets under dex's. You can make them new wallets with any common and reputable wallets. Like if you are using a hardware wallet, you can name wallets for them.
And if you use desktop wallets for them, you can also make one for them without having problems. You just have to keep the private keys for each of them.

Well as long as you are holding the private key that is a safe wallet to store your bitcoin, there are 3 kinds of bitcoin wallets which are I know to store bitcoin safely. It should you have to control the key like ^{[paper wallet]}, ^{[hardware wallet]}, and the ^{[air-gapped device wallet]}. All of them you hold the key so perhaps that is very safe in storing bitcoin for a long time and keep the private key safe so that no one will access it except your children.

There's no problem as long as you're holding your private key. It's all that matters and you can import that whenever you can. The thing is about how they'll keep the private keys. Or before he gives it to them.
Maybe before they turn 18 or until they understand how wallet works and if they know how to make their own wallets and understands the concept already of bitcoin and wallets.

[Dhaniii]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

No need for you have make new wallets under dex's. You can make them new wallets with any common and reputable wallets. Like if you are using a hardware wallet, you can name wallets for them.
And if you use desktop wallets for them, you can also make one for them without having problems. You just have to keep the private keys for each of them.

Well as long as you are holding the private key that is a safe wallet to store your bitcoin, there are 3 kinds of bitcoin wallets which are I know to store bitcoin safely. It should you have to control the key like ^{[paper wallet]}, ^{[hardware wallet]}, and the ^{[air-gapped device wallet]}. All of them you hold the key so perhaps that is very safe in storing bitcoin for a long time and keep the private key safe so that no one will access it except your children.

There's no problem as long as you're holding your private key. It's all that matters and you can import that whenever you can. The thing is about how they'll keep the private keys. Or before he gives it to them.
Maybe before they turn 18 or until they understand how wallet works and if they know how to make their own wallets and understands the concept already of bitcoin and wallets.

Looks like the OP is worried enough about the future of his kids to have to think about making a dex wallet for his kids. I think it's not necessary to worry about preparing a wallet for children from now on, you just need to invest bitcoin for yourself and save it well, after your child is old enough and has understood about cryptocurrency, you just need to transfer the bitcoin to your child, done and not too much trouble. Looks like the OP is thinking of a wallet for kids like building a house or building.

[topbitcoin]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

Hardware wallet, or maybe even the centralized wallet i think no matter what wallet it is as long we save the private key securely it can be done. But maybe hardware wallet can be best option to take, i have ledger nano s and don't have any problem with it until now. But for kids, maybe i just made savings in fiat,i am not aim anything with savings because i want it to be safe.

[deadmousehat]

Are you sure your chosen DEX still operate until your child grows up? it seems like hardware wallets like ledger or trezor are more suitable and more secure in the long run and don't have to worry about losing them and don't need your personal data to use them either.

[lixer]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

Don’t know what plans you are having for now, but my suggestion would be that you should make use of a wallet that is a non-custodial wallet and then you can back up the wallets using the twelve word phrase, which you will write down and keep it in a safe place for your children to have access to them whenever they are ready for it.

Moreover, I don’t think I have seen a custodial wallet that allows people to add a next of kin that would inherit their wallet later on. But, when you store on a non-custodial wallet and you keep the private keys safe for them, anyone can be able to have access to their own wallets, without any problems at all. The decision is still left for you to make anyway.

[passwordnow]

There's no problem as long as you're holding your private key. It's all that matters and you can import that whenever you can. The thing is about how they'll keep the private keys. Or before he gives it to them.
Maybe before they turn 18 or until they understand how wallet works and if they know how to make their own wallets and understands the concept already of bitcoin and wallets.

Looks like the OP is worried enough about the future of his kids to have to think about making a dex wallet for his kids. I think it's not necessary to worry about preparing a wallet for children from now on, you just need to invest bitcoin for yourself and save it well, after your child is old enough and has understood about cryptocurrency, you just need to transfer the bitcoin to your child, done and not too much trouble. Looks like the OP is thinking of a wallet for kids like building a house or building.

If you're a parent, you get to understand why parents are thinking of their kid's future. It's not about being worried but just wanting to make sure that his kids will have a good place whenever they grow up and OP becomes older. But what you've said is also correct about him being the investor and eventually, he's going to introduce it to them and I think there's no difference from it from doing so. It's not questionable if someone is thinking of it and we're also doing the same as him but we have a different priority.

[noormcs5]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

You or your children will be the owner of the coins if you have the private key with you. I can advise that you should create one or more trust wallets for your kids and deposit funds in those wallets. Once they grow up, you can hand these wallet to the kids by giving them the private keys. If you can afford, you can buy a hardware wallet for each of your kid.

[Ararbermas]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

maybe it's not necessary since you already have one.. Even it's for your kid it doesn't matter i think , because the more you hold there will be a good profits afterwards. but just keep your private key to the safest place.. Or i suggest print it to a piece of stainless like what others doing to prevent lossing it from any disaster, and of course it's up to you where do you want to hide which is for you easy to find as well.

[Rehan Zakir]

Its a good idea. But don't forget to save their keys. Every person have their own opinion and strategy for long term holding coins. Don't forget to name these wallets.
How many wallets you are creating according to your children future planning. Its a good idea but i did not think about this. Because i am still unmarried.

[Welsh]

There's no problem as long as you're holding your private key. It's all that matters and you can import that whenever you can. The thing is about how they'll keep the private keys. Or before he gives it to them.
Maybe before they turn 18 or until they understand how wallet works and if they know how to make their own wallets and understands the concept already of bitcoin and wallets.

Partly true, but not in all instances. Some websites for example allow you to have a wallet, retrieve the private key, and therefore you have the private key to that address. However, you can't guarantee that they also haven't stored that private key in their databases, which is a risk. Its much better to generate the private key yourself, and not rely on someone else doing it for you.

I think this is a point often missed when recommending what wallet to go for. Usually, we recommend anything which allows you to have access to the private key, but really we should be recommending only keys that you've generated yourself.

When it comes to security or even privacy to some extent, third parties are generally not a great idea. There are a few exceptions, but not for your personal wealth.

[stomachgrowls]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

What DEX you've been talking into?

Doesnt really need to be a DEX or something like that because if you particularly talks about web wallets then stick with non custodial ones like Electrum
which you could really possess its keys which is a must.

Thing here is that make sure that you have able to explain it well about into your Children on what is crypto is all about.
On how to access funds and how to make out conversions so that on the time that they are already
aware then thats  the time on giving out that posession of those wallets.

[awik p]

if this is to be realized, then each child has their own wallet, besides that we can set aside cold money to start investing according to their abilities, if your child is still small at this time, then over time at least they can be guaranteed good educational facilities at affordable costs. later taken from their respective wallets, without paying attention to it, the investment will grow in value and avoid inflation

[amihada]

I do not allow my child to manage a digital wallet because my child is not ready, I will wait for my child to be over 15 years old then I will introduce my child to how to manage a digital wallet.

[AakZaki]

You or your children will be the owner of the coins if you have the private key with you. I can advise that you should create one or more trust wallets for your kids and deposit funds in those wallets. Once they grow up, you can hand these wallet to the kids by giving them the private keys. If you can afford, you can buy a hardware wallet for each of your kid.

A wallet for a child is a great idea, it's like preparing money for the future. By storing crypto currency, of course there are risks and benefits. Luckily without admin fees but you certainly have to consider unstable prices and you also have to choose a cryptocurrency that will not scam. Honestly, at this time I have not prepared a special wallet for children. But for fiat money I set up a bank account. Then regarding the hard wallet, maybe that's the best way to secure funds, because I also store there.

[Mahiyammahi]

So you wants to save for your children simply just use Hardware wallet it for safe and secure. Although you should teach your child crypto basics knowledge if you lost then who will recover savings.
Don't youse Cex - Centralized Exchange

[zaesvlas]

In general, this is not a bad idea. But you should also understand that you need to prepare your children for this. Otherwise, the result may not be the most positive.

[pawanjain]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

Why not a paper wallet ?
Why not generate seed from a non-custodial wallet in a cold storage device ?

Just keep the seedphrase protected at all times and you will be good to go.
You will just need the public key to keep depositing the bitcoin whenever you can.
Once your children are old enough to understand how to use cryptocurrencies you can teach them all about crypto.

[Ucy]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

I think what matter is to have the seed phrase or private keys. The name you use for registrating them on a decentralized platform wouldn't matter as far as I can tell. If your kids control the keys, they can use they keys on another platform/wallet and your name will not appear on their accounts.

You could also lock the funds for certain period of time to prevent them from withdrawing when you give them the keys. The locking of the fund wouldn't prevent you or them from always sending or adding more money to the addresses/accounts

[BIT-BENDER]

I would like to set up a wallet for each of my kids and start saving accordingly.  I am not sure it is the best idea to create new accounts with DEX's under my name where the future owner will be my kids.  Any ideas on best practices a for this?

Consider this factor, +how old are your children, + when is the ripe time you intend to let the cat out of the bag and give them what you have saved up for them, also would DEX and exchange still be a thing or even available then and if they are what if they create some new law by themselves or forced on them by the government of your country, you have to be very sensitive when trying to save for future reference or usage.