Crypto Coach: How and where to buy cryptocurrency in the US

Buying cryptocurrencies within the US is not as straightforward right now because it was again in 2018. With elevated regulation and anti-money laundering/know your buyer (AML/KYC) compliances, understanding the place to buy cryptocurrency is as essential as understanding purchase it. Let’s take a look at a number of the centralized exchanges, or CEXs, the place you should buy crypto. These are a few of my favorites:

  • Binance.US
  • Money App
  • Coinbase
  • EToro
  • FTX.US
  • RobinHood

There are numerous CEXs out there within the US, however I’ve sure necessities when in search of an on-ramp to buy crypto:

  • It will need to have a simple consumer interface (UI) to work with, akin to an simply navigable web site or user-friendly app. A clunky UI is not definitely worth the trouble.
  • It have to be straightforward to switch out of the trade with none wait durations. Some exchanges will not allow you to withdraw for twenty-four hours.
  • An trade will need to have a good set of cash to buy and will need to have Bitcoin and Ethereum as its “gold” requirements.
  • It will need to have safety controls akin to IP restrictions and multifactor authentication.
  • It have to be quick. If I am unable to buy my crypto rapidly, I will not use it.
  • I desire an software programming interface (API) connection somewhat than a comma-separated values (CSV) file for my tax buying and selling software program. A CSV forces me to manually export trades from a CEX and add them into my software program. With an API connection, I can join and automate end-to-end.
  • I’d somewhat buy a coin from an trade straight somewhat than use one other coin to ship to an trade to swap for it. For instance, if I wish to buy the coin ICON ($ICX), I might somewhat buy it straight from somewhat than shopping for Bitcoin ($BTC) from Coinbase after which sending my $BTC to Binance.US to swap for $ICX.
Trending :   10 Best Crypto Exchanges & Platforms Of August 2022

The best approach to buy crypto within the US and get began on this journey is to make use of both Coinbase or Money App. Let’s start right here.

Trending: Best online brokers for buying and selling cryptocurrency in August 2022

Coinbase is the preferred trade within the US for buying crypto with money. In case you are new to crypto and need to get your ft moist, join a Coinbase account and enter your private data akin to authorized identify, e-mail, legitimate state-issued IDs like a driver’s license for identification verification (in any other case generally known as getting KYC-verified).

Along with your debit card, you should buy cryptocurrency immediately. When you sign-up you possibly can choose a coin you wish to buy. On this instance, I wish to buy Solana ($SOL). Coinbase permits me to buy straight. I’ll buy SOL after which switch it to my Solana Pockets.

In case you are new to crypto, begin by buying Bitcoin or Ethereum. Stick with the large cash for now. You should purchase fractions of those cash, so there isn’t any hurt in buying just a few {dollars}.

NOTE: See my tutorial on arrange a Solana sizzling pockets. A sizzling pockets is a cryptocurrency pockets that is at all times linked to the web, enabling the consumer to retailer, ship and obtain tokens. (Chilly wallets aren’t linked to the web and are used to carry cryptocurrencies offline, stopping hackers from with the ability to entry a consumer’s holdings.)

Trending: Buy Crypto & Bitcoin in the USA

Right here is an infographic I created exhibiting you buy Solana utilizing Coinbase in six steps:

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Picture: Steve Warren

The subsequent on-ramp is Money App and it is very straightforward to make use of. Merely obtain Money App to your cell phone and connect a debit card. As soon as that is full, faucet the Bitcoin icon and run by way of the KYC. You may solely buy $BTC by way of Money App. (In a future column, I am going to stroll you thru ship that Bitcoin to an trade to transform it to Ethereum or one other cryptocurrency.)

Money App

You should purchase a small quantity of Bitcoin, akin to $5 price, as proven on the best:

What exchanges do you want to make use of within the US? Please let me know within the feedback beneath.

Acronyms on this column

Trending: 10 Best Crypto Exchanges & Platforms Of August 2022

API: Utility Programming Interface is an internet connection between computer systems or between pc applications, typically between an information supplier and an end-user.

CEX: Quick for centralized trade. CEXs embrace Coinbase, Binance.US and EToro.

CSV: A comma-separated values file is a delimited textual content file that makes use of a comma to separate values. Every line of the file is an information report and is usually used as an import into tax software program. CSV recordsdata may be downloaded from one’s CEX.

KYC: Know Your Buyer. CEXs require identification verification within the US earlier than you should buy or promote cryptocurrency.

Have you been searching for the Where to buy cryptocurrency in usa for your needs? You are at the right place. We recognize that amidst so many choices in the market, it can be perplexing and confusing to make the right pick.

Trending :   Best online brokers for buying and selling cryptocurrency in August 2022

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