Buying cryptocurrencies in the US today is not as easy as it was in 2018. With increased regulation and combating money laundering/know your customer (AML/KYC), knowing where to buy cryptocurrencies is as important as knowing how to buy them. Let’s look at some centralized exchanges or CEXs where you can buy cryptocurrencies. These are some of our favorites:
- Binance.US
- Cash App
- Coinbase
- Crypto.com
- EToro
- FTX.US
- RobinHood
There are many CEXs in the US, but we have certain requirements when looking for on-ramps to buy cryptocurrencies:
It must have a simple user interface (UI) that you can use, such as B. an easy-to-navigate website or a user-friendly application. A clunky user interface isn’t worth the trouble.
Easily exit the exchange without waiting. Some exchanges do not allow you to withdraw within 24 hours.
The exchange must have a decent set of coins to buy, and must have Bitcoin and Ethereum as the “gold” standard.
It must have security controls such as multifactor authentication and IP restrictions.
It must be fast.
For our tax transaction software, I prefer API (Application Programming Interface) links to CSV (Comma Separated Values) files. CSV forced me to manually export CEX transactions and upload them to my software. Connecting via API allows me to connect and automate end-to-end.
I would rather buy the coin directly from the exchange than use another coin to send it to the exchange for trading. For example, if I wanted to buy ICON ($ICX) coins, I would prefer to buy directly from Crypto.com rather than buy Bitcoin ($BTC) from Coinbase, then send my $BTC to Binance.US to trade $ICX .
Prefer to buy the coin directly from the exchange rather than using another coin to send it to the exchange for exchange. For example, if I wanted to buy ICON coins ($ICX), I would prefer to buy directly from Crypto.com rather than buying Bitcoin ($BTC) from Coinbase, then sending my $BTC to Binance.US to trade $ICX.
The easiest way to buy cryptocurrency in the US and start this journey is to use Coinbase or Cash App. Let’s start here.
Coinbase is the most popular exchange for buying cryptocurrencies with cash in the United States. If you’re new to crypto and want to get started, sign up for a Coinbase account and enter your personal information such as legal name, email address, and a valid government-issued ID such as a driver’s license for identity verification (also known as KYC Verified).
You can buy cryptocurrencies instantly with your debit card. After logging in, you can choose which coins to buy. In this example, I want to buy Solana ($SOL). Coinbase allows me to buy directly. I will buy SOL and transfer it to my Solana wallet.
If you are new to cryptocurrencies, start by buying Bitcoin or Ethereum. Stick with big coins for now. You can buy a fraction of these coins, so it doesn’t hurt to buy a few bucks.
The next step is the Cash app, which is very easy to use. Just download the Cash App to your phone and create a debit card. Once done, click on the Bitcoin icon and perform KYC. You can only buy $BTC through Cash App. (In a future column, I’ll explain how to send this bitcoin to an exchange to convert it to ethereum or other cryptocurrencies.)
You can buy a small amount of Bitcoin, say B. worth $5, as shown on the right:
Which exchanges do you like to use in the US? Let me know in the comments below.
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