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  • Jordan Hinsch

The Best Ways to Buy Bitcoin as a New York Resident

Updated: Feb 27


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


Create an Account HERE


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


Create an Account HERE


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


Create an Account HERE


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


Create an account HERE


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


Create an Account HERE


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 crypto-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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