Registering and buying currency (bitcoin) at an exchange is not a smooth experience for most. If I am registered at an exchange, can I buy for people (friends and family)?

I think it might involve either a license or transparent bookkeeping in case my accounts are audited, but I'm not sure. It might also depend on:

  • the total yearly amount I buy (which will probably exceed my stated income if I pitch this to all my friends).
  • if I make any discernable profit (I don't intend to for now, just break-even).

How legal is being an informal non-profit broker?

  • 1
    What country are you in? What country are your friends and family in?
    – Dheer
    Commented Oct 13, 2017 at 9:29
  • @Dheer I have access to exchanges in the US, EU and Asia. I spend most of the year living in Hong Kong but I have an EU passport. Most of the requesters will live in EU. I have bank accounts in EU and HK.
    – jiggunjer
    Commented Oct 13, 2017 at 10:07

1 Answer 1


If you do not plan on charging for the service or are not planning on making money off potential pricing differences (arbitrage) I would think that there are no problems buying from the exchange and having friends or family pay you back. Even if family gave you a little incentive for your help, that shouldn't be a problem. Notice how I never say you should offer them a service, if you are doing it this way it has to be (1) for free (2) for family and close friends and (3) as a helping hand NOT a service.

If you do plan to be a broker of sorts and facilitate exchanges for a fee or percentage, you should create a business, with all the paper work that goes along with that. It is not difficult, and if you're only doing a little bit of brokering, you'll not pay much in taxes and certain costs (such as computers used) could be written off for tax purposes.

You should have no issues if you follow these guidelines:

  • buying for family and close friends
  • no fees or charge
  • offer help not service

If you want to make money doing this, you should:

  • incorporate a small business
  • come up with a defined fee structure
  • keep detailed records of all services and fees charged
  • file taxes for the small business

Hope this helps!

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