In a short 10-year time span, bitcoin has managed to establish a firm foothold in the global financial market reaching a market cap of $201 billion.
Bitcoin offers safe and anonymous transactions without the interface of central authorities such as banks and government, making it a much-needed solution in today’s world.
There are several ways one can buy bitcoin from fiat currency, namely, exchanges, P2P, bitcoin ATMs, the most common and convenient of which is a bitcoin exchange.
Bitcoin exchange is an online marketplace that connects buyers and sellers of bitcoin and other cryptocurrencies.
If you are looking to buy bitcoin in USA, here is a guide to get you started.
The exchanges mentioned in this guide require ID checks for all its users in compliance with the anti-money laundering (AML) regulations for each region.
Plus, all of them offer an integrated bitcoin wallet to store bitcoin.
Let’s get started!
Coinbase is one of the most popular and perhaps the easiest way to buy bitcoin in the USA.
Coinbase offers a suite of crypto products for both individuals and businesses, including a trading platform, crypto wallet, Stable coin (USD Coin), payment gateways, and much more.
To deposit USD on Coinbase, the supported payment methods include:
- Bank Account deposit
- PayPal
- Debit Card
*The USD wallet is available to customers in all US states excluding Hawaii.
Like any other cryptocurrency exchange, Coinbase levies a fee for transacting on its platform and this includes buying bitcoin.
You can refer to Coinbase’s pricing and fees for more information.
Here are the steps to buy bitcoin from Coinbase:
Step 1: Account Setup
Head on over to Coinbase and select the ‘Get started’ button.
Fill out the information and select ‘Create account’.
After you create an account, you will need to confirm your email address by clicking a link sent to the email you provided.
After your email is confirmed, you will be prompted to add your US phone number, this is part of the 2-factor authentication process which makes your account more secure.
Step 2: Identity Verification and Bank Account Linking
After you have successfully created an account and set up 2-step verification, you will have to provide some personal details as part of their KYC protocol.
Once your identity is successfully verified you will be prompted to link your bank account. The bank account you link will be used to make purchases on this site.
Also, make sure that your Coinbase account and the bank account you link is registered under the same name.
After you have successfully linked your bank account you are now ready to Buy/Sell Bitcoin on Coinbase!
Step 3: Buy Bitcoin
To buy bitcoin, select the ‘Trade’ option at the top right corner of your dashboard.
A pop-up window will appear, where you mention the amount (in USD) worth of bitcoin you wish to purchase.
After entering the desired amount, select the ‘Preview Buy’.
The window will now show a summary of your transaction, including the amount of bitcoin you will receive, fees, etc.
Select ‘Buy now’ & follow the verification procedure.
That’s it! You just purchased your first bitcoin on Coinbase.
The purchased bitcoin will be deposited to your Coinbase bitcoin wallet. To access your wallet, simply select Bitcoin from the list of assets mentioned. One way to do so is to follow this path:
Prices -> Bitcoin -> Wallet
More options for Buy Bitcoin in the USA:
While Coinbase is one of the most popular places to buy bitcoin in the USA it certainly isn’t the only one. Some more places where you can buy bitcoin in the USA include:
Cryptocurrency Exchange:
Bitcoin ATM: Bitcoin ATM provides the convenience to purchase bitcoin using Cash. The best part about these is that there is no need for KYC verification and the transactions are anonymous.
