How Do I Get Cryptocurrency?

Getting your first cryptocurrency is much easier than it used to be but still requires a few steps and often a few days to do. The most common way is to buy it online at a cryptocurrency exchange.

The first thing you have to do is set up an account at an exchange and satisfy the requirements mandated by law for KYC (Know Your Customer) and AML (Anti-Money Laundering) just as you do with most other Financial Institutions.

Next you must add money to your account via one of the methods the exchange supports (E.G. ACH, debit card).

After you’re approved and funded the next step is to buy the cryptocurrencies you want.

United States Citizens: Find a Cryptocurrency Exchange that serves your level of experience and Goals

ExchangeTarget AudienceEase of UseCustomer SupportRegulationFocus
CoinbaseBeginnersVery user-friendlyLimited optionsFinCEN & stateEasy buying/selling
Robinhood CryptoBeginnersVery user-friendlyLimitedFinCENSimple investing
eToroBeginnersUser-friendlyLimitedVarious licensesSocial investing
KrakenGlobal & USMore advancedMore responsiveFinCEN & stateAdvanced trading
Binance.USUS residents onlyUser-friendlyLimited supportFinCEN & stateSpot trading (US)
Crypto.comCrypto enthusiastsBeginner-friendlyChat & emailVarious licensesDeFi & features
GeminiExperienced usersUser-friendlyResponsiveNYDFS & stateSecurity & features
BitstampExperienced usersMore advancedResponsiveFCA & variousExperienced trading

There are a couple main ways to get cryptocurrency as a United States Citizen:

  • Buying it on a Crypto Exchange:

    •  See charts below

  • Earning it through Participation: 

    • Cloud Mining: Rent computing power to help verify transactions on a blockchain and earn a small amount of crypto. (Not super profitable and can be risky)
    • Staking: Some cryptocurrencies reward users for holding their coins for a set period. (Requires research on which coins offer staking and owning those coins)
    • Playing Games or Completing Tasks: A few online games and apps offer crypto rewards for playing or completing tasks. (Earnings are usually minimal)

Important Note: Cryptocurrency is a complex and volatile investment. Before you put any money in, it’s important to do your research and understand the risks involved. Only invest what you can afford to lose.

United States Citizens: Find a Cryptocurrency Exchange that Serves your Financial Needs and Offers the Cryptocurrencies You Want

ExchangeFeesSupported CryptoDeposit MethodsWithdrawal Methods
Advanced Features
CoinbaseFlat feeLarge selectionACH, debit cardCrypto, limited fiatLimited
Robinhood CryptoSpread-basedLimited selectionACH transferCrypto onlyNo
eToroSpread-basedLimited selectionVarious methodsVarious methodsCopy trading
KrakenMaker-taker feeOver 65 (US)ACH, wire transferCrypto, wire transferMargin, futures
Binance.USMaker-taker feeOver 75 (US)cryptoCryptoLimited (margin)
Crypto.comVariable feesOver 100Fiat & CryptoFiat & CryptoStaking, margin
GeminiTiered feeOver 70ACH, wire transferCrypto, wire transferMargin, futures
BitstampMaker-taker feeOver 70SEPA, wire transferCrypto, wire transferMargin

We’re going to focus on Buying Cryptocurrency on a Crypto Exchange

  • Buying it on a Crypto Exchange:

    This is the most common way. Think of a crypto exchange like a stock market for digital currencies. Here’s the process:

    • Choose a reputable exchange: There are many options, so research and compare security fees, and ease of use. Some popular ones include Coinbase, Binance, and Kraken.

    • Set up your account: You’ll need to provide ID verification and link a payment method like a bank account or debit card.

    • Deposit money: Transfer funds into your exchange account to use for buying crypto.
    • Place your order: Pick the cryptocurrency you want (Bitcoin, Ethereum, etc.) and choose how much to buy.
    • Store your crypto: Once purchased, you’ll need a secure digital wallet to store your cryptocurrency. Never store large amounts on the exchange itself