Crypto Coach: How to buy crypto in the US

Crypto Coach: How to buy crypto in the US

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Purchasing cryptocurrencies successful the US isn't arsenic casual contiguous arsenic it was backmost successful 2018. With accrued regularisation and anti-money laundering/know your lawsuit (AML/KYC) compliances, knowing where to acquisition cryptocurrency is arsenic important arsenic knowing how to bargain it. Let's look astatine immoderate of the centralized exchanges, oregon CEXs, wherever you tin acquisition crypto. These are immoderate of my favorites:

There are galore CEXs disposable successful the US, but I person definite requirements erstwhile looking for an on-ramp to acquisition crypto:

  • It indispensable person an casual idiosyncratic interface (UI) to enactment with, specified arsenic an easy navigable website oregon user-friendly app. A clunky UI isn't worthy the hassle.
  • It indispensable beryllium casual to transportation retired of the speech without immoderate hold periods. Some exchanges won't fto you retreat for 24 hours.
  • An speech indispensable person a decent acceptable of coins to acquisition and indispensable person Bitcoin and Ethereum arsenic its "gold" standards.
  • It indispensable person information controls specified arsenic IP restrictions and multifactor authentication.
  • It indispensable beryllium fast. If I can't acquisition my crypto quickly, I won't usage it.
  • I similar an exertion programming interface (API) transportation alternatively than a comma-separated values (CSV) record for my taxation trading software. A CSV forces maine to manually export trades from a CEX and upload them into my software. With an API connection, I tin link and automate end-to-end.
  • I would alternatively acquisition a coin from an speech straight alternatively than usage different coin to nonstop to an speech to swap for it. For example, if I privation to acquisition the coin ICON ($ICX), I'd alternatively acquisition it straight from alternatively than buying Bitcoin ($BTC) from Coinbase and past sending my $BTC to Binance.US to swap for $ICX.

The easiest mode to acquisition crypto successful the US and get started connected this travel is to usage either Coinbase oregon Cash App. Let's statesman here.

Coinbase is the astir fashionable speech successful the US for purchasing crypto with cash. If you are caller to crypto and are looking to get your feet wet, motion up for a Coinbase relationship and input your idiosyncratic accusation specified arsenic ineligible name, e-mail, valid state-issued IDs similar a driver's licence for individuality verification (otherwise known arsenic getting KYC-verified).

With your debit card, you tin acquisition cryptocurrency instantly. Once you sign-up you tin prime a coin you privation to purchase. In this example, I privation to acquisition Solana ($SOL). Coinbase allows maine to acquisition directly. I volition acquisition SOL and past transportation it to my Solana Wallet.

If you are caller to crypto, commencement by purchasing Bitcoin oregon Ethereum. Stay with the large coins for now. You tin acquisition fractions of these coins, truthful there's nary harm successful purchasing a fewer dollars. 

NOTE: See my tutorial connected however to acceptable up a Solana blistery wallet. A blistery wallet is simply a cryptocurrency wallet that's ever connected to the internet, enabling the idiosyncratic to store, nonstop and person tokens. (Cold wallets aren't connected to the net and are utilized to clasp cryptocurrencies offline, preventing hackers from being capable to entree a user's holdings.)

Here is an infographic I created showing you however to acquisition Solana utilizing Coinbase successful six steps:    

Purchasing Crypto connected  Coinbase Chart Image: Steve Warren

The adjacent on-ramp is Cash App and it's precise casual to use. Simply download Cash App to your mobile telephone and connect a debit card. Once that's complete, pat the Bitcoin icon and tally done the KYC. You tin lone acquisition $BTC done Cash App. (In a aboriginal column, I'll locomotion you done however to nonstop that Bitcoin to an speech to person it to Ethereum oregon different cryptocurrency.) 

3-cc-3-21.png Cash App

You tin acquisition a tiny magnitude of Bitcoin, specified arsenic $5 worth, arsenic shown connected the right:

What exchanges bash you similar to usage successful the US? Please fto maine cognize successful the comments below.

Acronyms successful this column

API: Application Programming Interface is an online transportation betwixt computers oregon betwixt machine programs, often betwixt a information supplier and an end-user. 

CEX: Short for centralized exchange. CEXs see Coinbase, Binance.US and EToro.

CSV: A comma-separated values record is simply a delimited substance record that uses a comma to abstracted values. Each enactment of the record is simply a information grounds and is typically utilized arsenic an import into taxation software. CSV files tin beryllium downloaded from one's CEX. 

KYC: Know Your Customer. CEXs necessitate individuality verification successful the US earlier you tin bargain oregon merchantability cryptocurrency.

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