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How to buy cryptocurrency with USD

Emma Thompson
Updated

If you find yourself constantly wondering how to buy cryptocurrency with USD, then don’t worry. By the end of this article, you will know exactly where to go and what to do.

Before you start thinking about how to buy cryptocurrencies, you will need to choose which digital asset you want to invest in. Websites such as CoinMarketCap and Investing.com will give you a list of the top-100 cryptocurrencies by market capitalisation and how much they are currently trading for against USD.

Chosen your cryptocurrency? Great! Now it’s time to buy. Exchanges are the easiest and safest way to buy cryptocurrencies with your fiat currency. Exchanges are online platforms that allow users to buy and trade cryptocurrencies with fiat currencies. These exchanges will either take a commission or simply charge usage fees for their service. Here are some of the most popular and trusted exchanges you can use to buy crypto.

Coinbase

One of the most popular exchanges for trading cryptocurrency is Coinbase. The online exchange offers two services: Coinbase for beginners and Coinbase Pro (formerly GDAX) for more seasoned traders. The beginner’s version of Coinbase is the most commonly downloaded version and has around 20 million users.

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The Coinbase app – available on iOS and Android – offers several services, including cryptocurrency storage. Coinbase supports Bitcoin, Bitcoin Cash, Ethereum, and Litecoin to name just a few. It also allows users to instantly buy and sell their crypto by using a combination of bank accounts, credit cards, debit cards, and PayPal. To aid with trading, the Coinbase app tracks the prices of cryptocurrencies through charts and a price ticker, giving users the option to receive alerts during price movements.

Binance

The Hong Kong-based exchange Binance is an industry leader in terms of user count and trading volume. With a range of around 390 cryptocurrency pairs, Binance caters to retail investors looking to invest in smaller market cap projects as well as professional traders who wish to utilise its slick UI and trading tools.

Despite not being around for as long as Coinbase, it’s a competitive exchange that’s attracting a lot of users. With low trading fees and discounts that stem from its own ERC-20 token dubbed Binance Coin (BNB), users can benefit from a cost-effective and transparent service for digital assets.

Like Coinbase, the Binance mobile app allows users to keep tabs on the leading cryptocurrencies and watch their performances. Users can also respond to sudden price movements around the clock, with the ability to deposit, trade, and withdraw their cryptocurrency anywhere at any time.

Kraken

The Kraken cryptocurrency exchange is amongst the oldest and most popular cryptocurrency exchanges currently open. Residents of the US, Canada, Japan, and parts of Europe are able to trade on the platform.

Registering with Kraken is essentially the exact same process as registering with other exchanges. Almost all exchanges require users to complete ‘Know-Your-Customer’ (KYC) and ‘Anti-Money Laundering’ (AML) checks. The checks have become increasingly common, and for good reason. They assess a customer’s likelihood of committing illicit acts such as money laundering.

If you are a beginner, Kraken offers a basic user interface alongside detailed documentation to help you become acquainted with the platform. There are also charts provided to assist more seasoned traders with visualising trends.

LocalBitcoins.com

Another way to buy cryptocurrencies is with the online advertisement platform LocalBitcoins.com. This website allows buyers and sellers to meet online. It is a peer-to-peer cryptocurrency exchange network designed to provide digital currency investors with a simple solution to share money with others in a decentralised manner.

The platform allows people from different countries to exchange local currencies into Bitcoin. The company’s mission is straightforward: to allow the general public the ability to buy and sell crypto in a simple manner. LocalBitcoins’ goal is to bring Bitcoin to every country, person, and device globally.

To become a member and user of LocalBitcoins, all you have to do is enter your email and go through the verification process. This makes it very easy for first-time traders to sign up and start using the platform. With this in mind, the community it provides is also a great way for beginners to learn from other traders.

Warning

Now that you have bought your first digital currency, what next? It is important you do not invest blindly. If you want to become an investor and hold your crypto for longer periods, then make sure you have a trusted, well-known wallet where you can store your tokens. This is a safer option than keeping them on an online exchange or an online website due to the number of hackers there are.

If this article has helped you, then check out our guides covering different wallets and what you need to know about them.

The post How to buy cryptocurrency with USD appeared first on Coin Rivet.