What’s the Best Way to Get Cryptocurrency in the USA?
The best way to buy cryptocurrency in the USA is through an exchange such as Coinbase, Kraken, Gemini, Coinmama, Binance, or Changelly. There is a plethora of options available, so it is best to look at each of the exchanges’ processes for deposits and withdrawals, fees, and transaction speeds to determine which is best for you.
Is it Easy to Buy Cryptocurrency in the USA?
It is relatively easy to buy cryptocurrency in USA. The first step is choosing a hardware or software wallet, and the second is to pick an exchange to buy from. The most difficult step is getting your identity verified through a Know Your Customer (KYC) process. This involves providing your full name, date of birth, and residential address to the exchange. Your identity must then be verified by providing them with a copy of a passport or government issued ID. Some exchanges provide a video call option. Once the exchange has verified your identity it is easy to buy and sell cryptocurrency. You can even use a credit card to buy cryptocurrency in the US, making it even more accessible.
In summary here are the five basic steps for buying crypto in the USA:
- 1. Choose an Exchange
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The first step to getting cryptocurrency is deciding where you are going to purchase it. For most people the most convenient (and cost effective) way to acquire crypto is an exchange.
There are a variety of different factors to consider when picking a crypto exchange but we’d argue that security and reputation should always be the most important consideration. In addition here are some other factors to think about: Software or user interface, fees, number of different cryptocurrencies available for purchase.
Here’s a shortlist of the best crypto exchanges.
- 2. Verify identity
Most cryptocurrency exchanges will some form of verification (this is known in the industry as Know Your Customer or KYC). They will likely require some combination of bank account info, driver’s license or passport, proof of residency and current photo. Don’t be dissuaded by this process as the most regulated (and secure) crypto exchanges are required by law to gather that information.
- 3. Purchase Bitcoin
Once you’ve funded your exchange account you should immediately be able to purchase Bitcoin or any other cryptocurrency at whatever the current rate is. Buying crypto on an exchange is generally a very easy process.
- 4. Store Bitcoin
The different methods of storing crypto are hotly debated in the industry. Many prefer to remove their crypto from exchanges to hardware wallets for added security. However, if you’re not technically proficient your crypto might actually be safer on an exchange. Furthermore it’s easier to make numerous transactions from an exchange account. It’s a personal decision in the end.
Learn more in our “Do I Really Need a Hardware Wallet?” article.
- 5. Manage Bitcoin
You’ve finally acquired crypto! What you do from here is up to you. You can simply let it sit and hopefully let it gain value. You could also stake it with a crypto lending company to earn interest. You could send it to friends who want to learn more about the technology. It’s all up to you.