If you are an investor who lives in New York, you are probably aware that NY had some pretty strict regulations in regards to Bitcoin. Fortunately, the rules in New York have been eased over the past few years, making Bitcoin more accessible for anyone living in the area. Many options now exist for anyone looking for how to buy Bitcoin in NY.
This article aims to outline the best way to buy Bitcoin in New York; we will look at some popular online platforms and also outline how to buy Bitcoin from a Bitcoin ATM.
Best crypto exchanges in New York
Let me first quickly show you the 3 best exchanges to buy Bitcoin and other crypto assets in New York. After that, we will go through each of them in more detail and its competitors.
Coinbase is perhaps the best platform for anyone looking to buy Bitcoin for the first time. The platform launched back in 2012 and boasts over 56 million users worldwide.
If you are looking for how to buy Bitcoin in New York, then Coinbase is a great solution.
How to Buy Bitcoin in New York – Coinbase
- Sign up at Coinbase
- Complete the KYC process – Provide ID
- Click the Buy/Sell tab
- Enter the amount you want to spend
- Select Bitcoin
- Select a payment method
Alternatively, you can top up your account via bank transfer and then use the funds to buy Bitcoin in the same way; however, you will need to select pay with account balance when choosing a payment method.
It’s also worth noting that Coinbase offers a free $10 in Bitcoin when making your first purchase of $100 Bitcoin or more on the Coinbase standard platform.
Coinbase users can also head to the Coinbase Earn section of the site and earn over $10 in free cryptocurrency by completing a few short quizzes.
For more experienced traders, Coinbase Pro offers lower fees and comes at no extra cost.
The sign-up bonus is only available on the standard platform, so we recommend using that before using the Pro version.
- Great user interface
- Geared towards beginners
- Low Fees when using Coinbase Pro
- Great sign up incentives
- High fees on the Standard platform
Yes, I know – KuCoin is not regulated and very risky to use if you are a US resident, let alone if you are a New Yorker.
However, KuCoin is still hovering in the grey area of regulatory spectrum and a lot of Americans use Kucoin with no issues for years now. It is a great place to buy, trade, stake, mine, loan, lend, bot trade etc crypto. It is a real swiss knife, a poor-man’s Binance if you want.
Plus, they are always among the first exchanges to list low-cap gems that are yet to explode in price (usually once they are listed on Coinbase or Binance). That is why Kucoin (and Gate.io) are two of the most popular smaller exchanges among real crypto nerds.
You can buy crypto on Kucoin with credit cards and bank transfer. They also have a P2P marketplace that supports dozens of other more rare payment methods.
Gemini was founded by Tyler and Cameron Winklevoss (Co-Creators of Facebook) in 2015. Despite launching more recently than most of their competitors, they’ve quickly built a great reputation in the community and they consistently have some of the largest daily Bitcoin trading volumes of all exchanges.
As a New York-based cryptocurrency exchange, Gemini is fully regulated by the New York State Department of Financial Services (NYSDFS). This requires them to meet capitalization, consumer protection, anti-money laundering, compliance, and cyber security requirements set by the NYSDFS.
If you are looking for the most straightforward way to buy Bitcoin, then CashApp is the best option.
How to Buy Bitcoin in New York – Cash App
CashApp allows its users to buy Bitcoin in a few clicks.
- Sign up at CashApp
- Complete verification
- Go to the Investing tab
- Select Bitcoin
- Enter how much you want to buy
- Make a purchase
After buying Bitcoin on CashApp, you will find it in your CashApp Bitcoin wallet.
- Straightforward way to Invest
- Also a Great app for banking
- Sign up bonus
- Limited features
- Higher fees than using an exchange
Robinhood was primarily made for people interested in the stock market. Robinhood has recently moved into the world of cryptocurrency, allowing its users to invest in Bitcoin.
It’s worth noting that Robinhood is offering three free shares for anyone who signs up to the platform through a referral link.
How to Buy Bitcoin in New York – Robinhood
Sign up at Robinhood
Complete the KYC process
- Navigate to the Bitcoin details page.
- Click trade.
- Click buy.
- Click order types
- Select your preferred order type
- Enter how much you would like to buy
- Review your order
- Click to submit your order
When buying Bitcoin on Robinhood, you don’t get a Bitcoin wallet. Robinhood holds your funds for you, but you are free to sell your Bitcoin whenever you want.
Robinhood is planning to launch Bitcoin wallets as soon as they can.
- Straightforward way to invest
- Can also be used for stocks
- Sign up incentive
- Good UI
- Not the best customer support
- No Bitcoin wallet
How to Buy Bitcoin in New York – Bitcoin ATM’s
Another option that is becoming more popular is to purchase Bitcoin through a Bitcoin ATM. There are more and more locations across New York State that are installing Bitcoin ATMs. LibertyX has over 1,000 Bitcoin ATMs spread across New York State.
Bitcoin ATMs allow you to purchase Bitcoin with a bank card.
Note: You will need a Bitcoin wallet to use a Bitcoin ATM.
A great Bitcoin wallet can be made at Blockchain.com.
How to use a Bitcoin ATM
- Get the LibertyX app – To buy Bitcoin from an ATM, you need to create a free LibertyX account and complete the KYC process.
- Find a Bitcoin ATM – Find a nearby Bitcoin ATM location through the app.
- Make an order – Make an order number by providing your Bitcoin address.
- Pay for Purchase – Click the LibertyX icon on the ATM screen to start the purchase.
- Enter your order number and purchase amount. Insert your debit card and enter your PIN to make the payment.
To summarise, buying Bitcoin in New York isn’t all that difficult. Updated regulations mean that there are now more options than ever before for investors looking to buy Bitcoin. We recommend using Coinbase as they have a generous sign-up incentive that will allow you to get an extra $10 in Bitcoin when making your first $100 purchase. The Coinbase Earn program will also allow you to earn an extra $10 in assets.
If you are looking for the most straightforward way to buy Bitcoin, then CashApp is a great choice. The app has a great user interface and allows its users to buy Bitcoin in just a few taps; this option is, however, limited and lacks features when compared to Coinbase or Binance.
For anyone looking for a more personal experience, purchasing Bitcoin from a Bitcoin ATM is a good option. Anyone looking to buy Bitcoin can download the LibertyX app and use it to find an ATM and create an order. Payment can then be made through card, and the Bitcoin sent to your wallet.
All in all, Bitcoin regulations in New York have come a long way in the past few years. Many options now exist, and with more and more ATMs appearing across the state, more people are starting to become interested in Bitcoin and other assets.
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com