In this article, we explore a few exchanges, wallets, and other places to buy crypto in the United States.

 

 

You’re looking to buy some crypto.

You’ve done your homework, you’ve got your ducks in a row, and you’re ready to make a crypto purchase.  Awesome.  Now where to begin?  I mean, there can’t be that many places that sell crypto these days.  So you open up your browser and search for “where to buy crypto.”

And… oh boy.

There are more strange-sounding names than you can shake a stick at.  Kraken?  Coinbase?  Binance?  Gemini?  Just so many freakin’ options.  Where do you begin?

Not to worry, I’m here to help you find the right exchange for your needs.

 

What’s an “exchange?”

First off, a brief definition.  For the sake of this article, an “exchange” is a place where people can buy and sell cryptocurrency.  Back in the day, people would actually meet in person at the exchange to find a person selling the thing they were looking for, but these days most exchanges are much more efficient and exist purely online.

With so many different exchanges specializing in different things, it can be overwhelming, I know. So I’m going to start by breaking down a few noteworthy places you can buy crypto if you’re just getting started.

 

1.  Coinbase

When I was getting my crypto feet wet, Coinbase was the biggest and most easy exchange to use for a newbie like me.  That is…someone who had never even purchased a single stock or any financial anything before.

Pros:  

• Easy, intuitive setup   
• Links directly to your bank account for instant purchases
• Over 60 different coins to choose from  
• User-friendly mobile app for use on-the-go 
• Allows both buying and selling

Cons:

• Relatively high fees for buying and selling
• The market price is marked up when you buy
• You’ll have to wait several days before you can withdraw your purchase  
• Notoriously slow customer service
• Does not serve Hawaii

Note: Coinbase also runs a more advanced trading platform, Coinbase Pro, which allows you to place orders at a cheaper fee rate as well as other more sophisticated features not offered on their standard Coinbase site.

Summary:

It’s easy to see why Coinbase is one of the biggest names in crypto with its easy-to-use mobile and desktop interface and a variety of some of the most popular coins available.  They also offer an educational service called Coinbase Earn, which is an easy way to earn free crypto for answering short quizzes on various coins.

 

2.  Cash App

Owned and operated by payment processing giant Square, Cash App is a platform that allows users to send money to one another seamlessly.  They also offer instant purchases of stocks and bitcoin.

Pros:

• Intuitive, easy-to-use interface for those looking to buy some quick Bitcoin
• Can link your bank account for instant purchase
• Cash App pays your transaction fee for bitcoin withdrawals (big bonus)
• Can immediately buy and immediately transfer your bitcoin (which is rare)
• Notifies you via text when your transaction has been confirmed on the blockchain
• Available in all 50 US states

Cons:

• Only offers bitcoin
• Has been known to limit daily withdrawals
• As always, you pay a fee to buy and sell (generally around 1.5%)

Summary:

• Cash App takes an existing money-transfer app that many will likely be familiar with. Cash App has added bitcoin purchases to its functionality.  This may serve as a nice transition for those who may not even have been looking for crypto to get their feet wet in trying it.  And what better place to start than with bitcoin?

 

3.  Binance US

The US arm of global company Binance, Binance US, offers many of the most popular cryptos with various trading pairs.  Binance US operates in 43 US states, excluding Louisiana, Texas, Idaho, Connecticut, Hawaii, Vermont, and New York.

Pros:

• Tons of coins (over 50 to choose from)
• Can buy directly with your bank account
• Allows users to buy certain coins with bitcoin and stablecoins, not just USD
• Multi-faceted app and desktop interfaces
• Lower fees on certain coins than many competitors (e.g., Binance Smart Chain coins)

Cons:

• Purchase platform a bit complex for beginners
• The waiting period to withdraw (sometimes up to a week or more)
• Trading pairs can be hard to understand for those just getting started
• The existence of both “Binance” (for non-US users) and “Binance US” might be confusing
• Higher fees on certain coins than many competitors (e.g., Ethereum-based coins)
• Registration can take up to several days or more

Summary:

While it may not be an ideal starting place for true beginners, Binance US can be a good way for newer users to get more accustomed to features that more advanced exchanges offer, like trading pairs and limit orders.  I will be discussing these features at length in another article.

 

Other Places to Get Crypto

Of course, these are not the only three resources you have to buy crypto in the US, as there are numerous other reputable sources like:

• Gemini
• Kraken
• CEX.io
• Crypto.com (currently app only)
• Coinmama
• Bittrex
• eToro
• BlockFi
• Celsius
• Voyager (currently app only)

I’ll be covering other sites in greater depth later, as well as decentralized exchanges (DEXs), but for now, this should be a good way to get your crypto feet wet and pick up some of your first coins.

 

Go get it!

 

Stay golden.

 

So you’ve managed to score some crypto but not sure where to store it?  Check out my article on crypto wallets.

Have you been on any exchanges yet? Got a favorite?  Have questions?  Leave a comment below.