Buying cryptocurrencies in the US today is not as easy as it was in 2018. With regulatory and anti-money laundering/know-your-customer (AML/KYC) compliance on the rise, it is equally important to know where to buy cryptocurrencies and how to know how. Let’s look at some centralized exchanges or CEXs where you can buy cryptocurrencies. These are some of my favorites:
- Cash App
- Binance.US
- RobinHood
- Crypto.com
- Coinbase
- EToro
- FTX.US
There are many CEXs in the US, but I have certain requirements when looking for a ramp 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.
- Exchanges need to have a decent set of coins to buy and use Bitcoin and Ethereum as the “gold” standard.
- It must have security controls such as IP restrictions and multi-factor authentication.
- It has to be fast. If I can’t buy my cryptocurrency fast, I won’t use it.
- For my tax transaction software, I prefer API (Application Programming Interface) connections to CSV (Comma Separated Values) files. CSV forced me to manually export trades from CEX and upload them to my software.
- Connecting through the 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 $ICX .
The easiest way to buy cryptocurrency in the US and start this journey is to use Coinbase or Cash App. Let’s start here.
Coinbase is the most popular exchange for buying cryptocurrencies with cash in the United States. If you’re new to crypto and want to get started, sign up for a Coinbase account and enter your personal information such as legal name, email address, and a valid government-issued ID such as a driver’s license for identity verification (also known as KYC Verified).
You can buy cryptocurrencies instantly with your debit card. After logging in, you can choose which coins to buy. In this example, I want to buy Solana ($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.)
Cash App
You can buy a small amount of Bitcoin, say B. worth $5.
Which exchanges do you like to use in the US? Let me know in the comments below.
Acronyms in this column
API: An application programming interface is an online connection between computers or computer programs, usually between a data provider and an end user.
CEX: Abbreviation for Centralized Exchange. CEXs include Coinbase, Binance.US and EToro.
CSV: Comma-separated value files are comma-separated text files that use commas to separate values. Each line of the file is a record and is usually used as an import for control software. CSV files can be downloaded from their own CEX.
KYC: Know your customer. CEX needs to be authenticated in the US before it can buy or sell cryptocurrencies.
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