How to Buy Bitcoin in the US?
While it may seem difficult, or even intimidating, it’s actually quite easy to buy bitcoin in the US! In this article we will explain the entire process and even compare the best platforms that are available to use.
Bitcoin has proven to be the best dollar cost-average investment in the world over the last decade. Cryptocurrency as a whole has given retail clients and average people access to an incredibly lucrative investment opportunity. Historically only accredited investors, the very wealthy, and large institutions were able to grow their wealth with such ease. But blockchain technology and decentralization have changed the world forever in this regard! Buying bitcoin in the US is now very easy for anyone and everyone.
Education – Know How to Buy Bitcoin in the US
First of all, you need to be educated before getting into any investment. You’ve come to the right place! If you’re new to blockchain technology, check out this video explaining how bitcoin works. The CoinMetro YouTube channel has several informative videos to get you on the right track.
As you may have heard, there’s no shortage of scammers looking to steal or trick people out of their bitcoin. So make sure to use this guide and stay well informed. Check out our other blog posts, or talk to a real person anytime day-or-night with our 24/7 live support!
Digital Bitcoin Wallets for US Customers
You’ll need to ensure you have a safe place to store your bitcoin even before buying it. A digital currency requires a digital wallet. Digital wallets maintain a cryptocurrency balance by use of public and private keys. Your public key is essentially an address you can share. It’s the location the asset is coming from and/or where’s being sent. The private key, however, is more like a password. Funds stored within your wallet cannot be accessed without the private key.
The most secure way to store bitcoin, and all cryptocurrency for that matter, is the use of a cold storage wallet. This means the assets are kept offline and thus disconnected from any viruses, scammers, or hackers on the internet.
There are several options of cold storage hardware wallets for personal use, including the popular Ledger wallets. But there are also commonly used online digital wallets. MetaMask is a popular choice for online storage.
Storing crypto on an exchange
Some cryptocurrency exchanges also make use of cold storage wallets to store client funds. Keeping bitcoin on an exchange avoids transaction fees. This also allows you to quickly trade the asset if you wish to do so. But as we have seen far too often, exchanges themselves can be hacked. Many people who decided to store on an exchange have lost their funds due to poor security and untrustworthy companies.
Therefore, a general rule of thumb in the cryptocurrency space is to avoid keeping your bitcoin on an exchange. We encourage everyone to store their assets wherever they feel safe. Here at CoinMetro, we’ve made security a top priority. All of our client wallets are kept in cold storage. Traders can have full confidence in the security of their bitcoin while they buy and sell using our platform.
Cryptocurrency Regulations in the United States
The regulatory framework around cryptocurrency in America is still rather inconsistent and regulations vary from state to state. So you will need to be aware of your state’s rules & regulations. Also make sure to pick an exchange that is able to operate in your state.
Multiple government organizations claim bitcoin falls under their jurisdiction, and they all view cryptocurrency differently. The Securities and Exchange Commision (SEC), the Commodities Futures Trading Commission (CTFC), and the Financial Crimes Enforcement Network (FinCEN) all have their own legal views of bitcoin & cryptocurrency.
CoinMetro is registered with both the SEC & FinCEN, providing a legally compliant, safe, & secure platform for Americans to buy bitcoin in the United States.
Picking an exchange, or a place to actually purchase bitcoin, is an important step. There are many different aspects to keep in mind when making your decision. Especially as an American! Many exchanges over the years have been forced to shut down and stop accepting US clients. As previously mentioned, too many bad actors and downright criminals have created an exchange and accepted money from absolutely anyone. They then get hacked or find themselves under investigation for illegal activities. Therefore everyone using exchanges like that had their funds locked for unknown amounts of time, or even lost altogether.
Where can I buy bitcoin in the US?
Below you will find several important points to consider when comparing exchanges to buy bitcoin in the US:
Know-Your-Customer (KYC) Process
A sure fire sign of an exchange you should avoid is one that takes your money without asking any questions. This is a big red flag. KYC is something banks and traditional financial services have always had to do. It helps ensure their users aren’t money laundering or participating in any other nefarious activities. In order for an exchange to legally allow you to buy bitcoin in the US, they need a legitimate KYC solution in place.
An exchange that fails to properly implement KYC is putting ALL user funds at risk. A government agency can shut them down with an investigation and those assets may never be accessible again. Quickly accepting money without any questions is another red flag. This likely means that exchange is not very safe.
So, you’ll need some form of identification and financial documents to open an account with a reputable exchange. But the exact process will vary from company to company.
CoinMetro has built our entire KYC solution from scratch and perfected it based on extensive user feedback! It’s an incredibly simple & smooth process. Our dedicated team is working 24/7 and will get you approved to buy bitcoin instantly.
Some of the largest cryptocurrency exchanges are notorious for excessive fees. You will be charged a fee on most exchanges every time you buy, sell, or withdraw bitcoin to your bank, or digital wallet. You need to know EXACTLY how much bitcoin you will receive (or send) BEFORE you complete any transaction.
The fee structure on the CoinMetro platform blows all other exchanges out of the water. Makers are not even charged a fee at all! While takers pay a fee of just 0.1%. Not only is buying & selling cheaper than Coinbase or Gemini, but the withdrawal fees are even more impressive.
The initial fees when you buy bitcoin in the US are cheaper than all of our competition, but we go above and beyond with our rebate system to reward our users! You’ll earn part of the fees back in our native token, XCM.
CoinMetro is able to charge lower fees because we provide several awesome products for our users. This means we do not rely solely on exchange fees to operate.
One problem in the bitcoin & cryptocurrency world is a lack of transparency. There is a lack of communication between companies and their communities. You shouldn’t be kept in the dark! You’ll always know exactly what CoinMetro is doing, why we do it, and what you can expect in the future. Our CEO Kevin Murcko is very accessible and happily interacts everyday with our community on Telegram and social media.
Plus, he does a live AMA every single Friday in which he… answers anything! Join us and ask him anything you want from big forehead questions to bitcoin or fintech analysis.
Help & Support
Another important point to think about when deciding where you are going to buy bitcoin in the US, is the quality of support an exchange can offer. This is truly where CoinMetro shines! It’s unfortunately the norm among bitcoin exchanges to largely ignore help & support. Support tickets at other exchanges can take months to be answered… if they answer at all!
CoinMetro’s 24/7 support is truly unheard of in this industry. One of our many support specialists will respond in just a matter of minutes!
The difference is clear! Just look at the contrasting reviews from users on the major bitcoin exchanges for Americans.
It’s not even close! CoinMetro knows that putting users first and foremost in business strategy is the way to success. You need to choose a bitcoin exchange you can trust.
It may be scary at first but hopefully the information above reassures you that it’s easy, safe & affordable to buy bitcoin in the US. You’re ready to make your first bitcoin purchase now that you’ve done your research! Or perhaps you learned your current exchange isn’t up to par. It’s time to switch over to a fast growing exchange that will put YOU first!
If you are an American wanting to get into bitcoin, look no further than CoinMetro.