How to Buy and Sell Bitcoin with a Sponsored Account
Once a sponsor approves their sponsored person’s request to invest in stocks and bitcoin, the sponsored person can start buying bitcoin.
Buying Bitcoin in NY (for sponsored accounts)
Sponsored accounts are unable to use bitcoin features if they or their sponsor are New York residents.
Bitcoin Buying Limits
Sponsors can set their sponsored account’s rolling monthly (30-day) bitcoin buy limit. Bitcoin buy limits can be low as $5 per rolling month and as high as $400 per rolling month.
The bitcoin buy limit includes combined activity across bitcoin purchases, including accepting gifts, getting Paid in Bitcoin, and Round Ups.
For example: If the sponsor sets a limit of $400 per month, and the sponsored account buys $200 in bitcoin, accepts $100 in bitcoin gifts, gets paid $50 in bitcoin, and rounds up $50 in bitcoin within a month, the sponsored account will have reached the bitcoin limit.
To set or change your sponsored account’s limit:
- Navigate to the Profile icon in the top right hand corner
- Tap Family
- Select your sponsored account’s name
- Tap Controls & limits
- Scroll to Stocks or Bitcoin
- Set your sponsored account’s monthly buy limit
- Tap Monthly buy limit
If a sponsored account wants to learn how to sell your bitcoin, visit this article.
To close an account, the parent or trusted adult associated with the sponsored account will need to contact support.