You have likely heard about cryptocurrencies (e.g. Bitcoin, Ethereum, Litecoin) by now, but what’s the best and easiest way to buy crypto? How can you exchange your fiat currency for cryptocurrency? This post highlights five easy-to-use services that will allow you to do just that.
CashApp makes purchasing Bitcoin super easy for the average person. Unlike many options, the app works in all 50 states, and thanks to its many innovative features it has quickly surpassed Venmo in popularity. It works for both Android and iOS devices, and the application is so easy to use that even your grandma could buy Bitcoin.
It has lower fees than Coinbase, and you can purchase using both a bank account or your bank card. You can even use direct deposit to have your paycheck sent to the app and use their free debit card for purchases if you want to.
Coinbase is the most popular site to for non-traders in the United States. While possibly a little slower than using CashApp at first, they do offer a wider array of cryptocurrencies that you can purchase. CashApp only allows Bitcoin purchases, but with Coinbase you can also buy Ethereum, Litecoin, Ethereum Classic, Bitcoin Cash and other popular tokens.
While verifying for Coinbase will likely take a little longer than CashApp, there are many more freedoms available here. This option is available for all 50 states to use, and they have very high purchasing limits for their account holders. Coinbase is also still probably the easiest way to cash out your crypto if you need to, and they also have a new “instant” purchase feature which lets you instantly purchase up to $25,000 of Bitcoin, Litecoin or Ethereum using your bank account. The platform is very easy to understand, and it offers a large number of payment options and benefits. Just be aware that if you purchase crypto for the purposes of crypto sports betting, both Coinbase and CashApp will close your account.
If you’re looking for a more full featured option, then Itbit could be a good choice. This fully regulated and easy to use platform is a full service cryptocurrency exchange. That gives you more options if you’re looking to get a little deeper into crypto in the future, and they also offer other great features such as FDIC insurance for your deposits, strong security, low fees and even OTC trading for those looking to make really big crypto purchases.
If you live in a large metro area, then it might be easier for you to purchase your cryptocurrency locally. By using LocalBitcoins you can easily hook up with someone in your city who is looking to sell Bitcoin or even other altcoins for cash. While this is sort of the “Craigslist of crypto,” the reputation system makes it a little easier to make sure you’re dealing with somebody trustworthy. You can easily view the ratings for every seller and see how many good transactions they’ve managed to have before proceeding.
This is a good option if you don’t want to wait for verification or if perhaps you have a bank which doesn’t like you making cryptocurrency based transactions. Sometimes meeting up with a neighbor at your local Starbucks to make the swap is an easier route to take, and in most cases there will be a provider not too far from your location.
One of the most convenient options available to purchase cryptocurrency is the Crypto ATM. You may actually even be surprised at how many of these are around. Even in smaller towns it’s possible that there could be one at a nearby gas station or convenience store. You can use coinatmradar.com to quickly find out if there are any of these machines in your area. Be aware that sometimes fees can be high, so be sure to check first, the site should inform you of any charges as well.