Note: This is not investment advice. Always do your own due diligence.
If you're new to cryptocurrency, there are things you need to know about your location and how it affects your ability to buy and sell. The USA overall is one of the more restricted countries when it comes to availability of exchanges for purchasing crypto such as Bitcoin. Within the USA, it gets even more restricted whereas states such as New York and Washington are very limited in their options. New York in particular is seeing fewer options by the day.
The main qualifying factor for determining where you can transact crypto is your driver's license or state issued ID. This tells the exchange where you live and whether or not you can use their services. In some cases, the exchanges may require utility bills and other documents for further proof of residency.
If you're a New York resident, here are your current options (as of Feb 11, 2021):
Cash App
Pros
- Very low fees
- Set up recurring investments
Cons
- Verification can be an issue when trying to scan the back of your license (Verification is required if you want to withdraw your Bitcoin!)
Get $5 when you sign up for Cash App using my link
Coinbase
Pros
- The best place to begin as a newcomer
- The world's largest dealer of Bitcoin
- Buy crypto instantly with a debit card
- Set up recurring investments
- Easy to use
- Very high limits
- Staking rewards up to 6%
Cons
- Bank transfers can take up to 5 business days to complete if you're a new customer
- Fees on Coinbase Wallet can be high
- Limited token availability in New York
Get $10 when you sign up for Coinbase using my link
Coinbase Pro
Pros
- The lowest fees in the US
- Instant, free exchange between Coinbase Pro and Coinbase
- App interface is very easy to use
Cons
- Limited token availability in New York
Get $10 when you sign up for Coinbase using my link
Gemini
Pros
- Trustworthy exchange
- Instant deposit
- Low fees
- Interest-bearing accounts
Cons
- Platform can be confusing for newcomers
- Limited token access, but more variety than Coinbase Pro
Get $10 when you sign up for Gemini using my link
KuCoin
Pros
- More decentralized
- Large variety of tokens
Cons
- The only way US citizens can use it is if you don't verify/KYC. This means your daily withdrawal limit is lower.
Get $5 and a 10% discount on trading fees when you sign up for KuCoin using my link
Here are some other crypo-related posts for you to consider.
The Best Crypto Savings Accounts in 2021
The Best Ways to Earn Free Bitcoin in 2021
The Best Cryptocurrencies to Buy & Hold in 2021
The Best Alternative to the Robinhood App
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