How to buy cryptocurrency in New York?
Cryptocurrency works a bit differently in States. So many new investors question how to buy cryptocurrency in New York. Worry not, as we have all the answers. Despite a purple patch, cryptocurrency is gaining ground in New York. Recently, there was a crackdown on lending services in New York.
Despite all the hurdles, buying crypto coins for New York residents is not difficult.
We will introduce you to the procedure of how easy it is to purchase cryptocurrency. Even if you reside in the world’s economic capital, you can buy cryptocurrencies without much ado.
So let us get started with our inquiry on how to buy cryptocurrency in New York?
Cryptocurrency and New York
New York has always been a global business hub. When cryptocurrency surfaced a decade ago, it was no different. Many crypto exchanges started trading.
However, with increased exposure, states drew laws and regulations to monitor trade activities. One of the significant laws imposed regarding cryptos was BitLicense.
BitLicense is a certificate the New York Department of Financial Services issues for digital currency handling. The license essentially allows the holding, controlling, buying, and selling of cryptocurrency.
Many exchanges left New York state as the law was strict. However, businesses like Coinbase and Gemini complied with the requirements. Since it took around two years for these exchanges to register, crypto-related activity was minimal.
Most recently, there was another crackdown by New York Attorney General (NYAG). It is yet another bump for cryptocurrency trade.
Buying cryptocurrency in New York
The easiest way to get hands-on cryptocurrency in NY is to purchase them from a crypto exchange. The world’s top crypto exchanges are operating in the state.
Consider below listed the best New York crypto exchanges for buying crypto coins in New York.
Gemini is one of the world’s most trusted exchanges. It is a clean platform that complies with all rules and regulations. Additionally, it supports operations in all US states, including New York. An estimated Gemini fee is between 0.5% to 3.99%.
Payments are accepted through SEPA, ACH transfer, or via wire transfers.
It is one of the oldest crypto exchanges. You can easily buy cryptocurrency from Ney York through Bitstamp. Their charges range from 0 to 0.5%.
You can make payments through bank transfers, SEPA, credit cards, or international wire transfers.
- Bitcoin IRA
Bitcoin IRA is more prevalent among retired individuals. It offers a tax-advantaged way to invest in cryptocurrency.
Since Bitcoin IRA is registered and bears a USA license, you can invest with complete confidence. Additionally, it has a user-friendly interface. You can easily open your account by sitting in your bedroom.
It is one of the largest crypto exchanges. They have a Bitlicense. Hence you can choose them with peace of mind that the government fully vets your trade.
New York residents can set up their account with Coinbase and purchase cryptos through a bank account, ACH, debit card, or international wire transfer.
The majority of investors trust Coinbase. Newcomers are highly welcomed. They also have an instant buy option.
- Bitcoin ATM
Bitcoins ATM makes a feasible option for buying cryptocurrencies in the States. They are entirely private. They help to locate ATMs through their map options.
However, the convenience is not free, and you are charged an ATM fee of 5-10%.
Process for buying cryptocurrency in New York
Let us further explore how to buy cryptocurrency in New York? Previously we have sorted out our options for where we can buy cryptocurrency in NY. Let us now learn how to buy cryptocurrency?
As stated earlier, it is straightforward to buy cryptocurrency. All you need is to follow the below-mentioned simple steps. The steps may vary slightly from one exchange to another, but generally, they look similar.
- Make a selection of your preferred crypto exchange.
- Create an account by signing up with the exchange (you need a valid email address).
- Submit KYC (Know Your Customer) data like passport, driving license, etc.
- Transfer funds through a debit card, credit card, wire transfer, or bank account (SEPA, ACH).
- Purchase your desired cryptocurrency
- Withdraw crypto to your wallet (optional)
The entire process hardly takes five to ten minutes. However, a first-time account setup may take a day or two since the documentation verification takes time.
The cheapest way of buying cryptocurrency in New York
The cheapest way of buying cryptocurrency in New York is through an exchange. We have already mentioned the top exchanges in this article. However, the cheapest option depends on multiple factors, such as investment amount, funding method, and what asset you will buy.
In general, debit card or credit payments cost the most. There are banking charges associated with them. However, direct bank transfers have low to no charges.
Frequently Asked Questions
Can I sell Bitcoin in New York?
Yes, you can sell Bitcoins in New York. You have to use any crypto trading platform. Remember that any gain on the sale of Bitcoins is subject to applicable taxes.
Is it legal to buy cryptocurrency in New York?
Yes, it is legal to purchase cryptos in New York. However, crypto exchanges must get a BitLicense to trade in New York.
Where to find Bitcoin ATMs in New York?
The simplest way to find a Bitcoin ATM is to locate it through the Bitcoin ATM finder tool.
What can I buy with cryptocurrency in New York?
You can buy a variety of things with your cryptocurrency. Routine shopping for clothing, bars, nightclubs, and restaurants is possible with cryptocurrency in New York City.
What is New York BitLicense?
The Bitlicense is authorized by the New York Department of Finance Services (NYDFS). It is a seal of authorization to start operating as a crypto exchange in New York.
How to buy cryptocurrency in New York? The simple answer is to use the crypto exchange. Many famous crypto exchanges are licensed to operate in New York City. So, you can easily register with any of them and start trading cryptocurrencies. Registering with a crypto exchange is like a walk in the park.
We hope you know all the details required to buy cryptocurrency in New York. Do leave your thoughts in the comments. It is goodbye for now!