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The first step in becoming a crypto investor is to purchase your first set of cryptocurrencies. But, with so many options and exchanges available, it’s difficult to know where to begin. If you are a New York resident looking for information on how to purchase your first cryptocurrency investment, you have come to the right place.
New York, most notably, has stricter restrictions than all the other states combined. To put it in context, the state of New York prohibits several crypto services, including crypto mining. Furthermore, they discourage their citizens from confining their investments to the industry. They also restrict the exchanges and services available in the state.
With those challenges in mind, it is easy to determine that, as a New York-based investor, you might have a harder time investing in crypto than other investors. However, as long as you understand the laws and regulations governing crypto investments in New York, you will be able to navigate this industry with ease.
Best Exchanges to Purchase Crypto for New Yorker Customers
Best Method to Buy Crypto in New York
The easiest way to buy crypto in New York is through a state-approved crypto exchange. Crypto exchanges are online platforms that provide crypto services to their clientele. In New York, only a select few of them are licensed and legal to operate. To get started, find a crypto exchange that has a BitLicense, such as bitFlyer, Coinbase, Gemini, Robinhood, SoFi, and Webull.
Here are the instructions on how to buy cryptocurrency, such as Bitcoin, in the state of New York. After selecting the crypto exchange you want to start with, follow these simple steps to buy cryptocurrency:
Create an account on the cryptocurrency exchange where you want to start.
Make a cash deposit into your exchange account or connect your bank account, e-wallet or debit/credit card.
Navigate to the crypto market, select a crypto token (for example, Bitcoin (BTC)), and click Buy.
Fill out the required information, such as the purchase price and payment method.
Finally, review and confirm your transaction.
It should be noted that some exchanges frequently include additional steps in addition to the basic structure shown above. Don’t worry, because popular exchanges usually have an accompanying guide to each step to help beginners.
Does Coinbase Operate in New York?
Coinbase is a popular beginner-friendly crypto exchange that possesses a BitLicense, making it one of the few exchanges allowed to operate in New York. Coinbase is a major exchange that is regarded as an excellent choice for crypto investors in New York. To get started with Coinbase, just head to their official page and complete the signup interface. Once done, you are now free to explore the crypto exchange and perform trades.
Does Gemini Operate in New York?
Just like Coinbase, Gemini is another popular major exchange that successfully obtained a BitLicense allowing it to operate in the state of New York. Gemini is a good crypto exchange with a lot of crypto-related services and an easy-to-use interface. To get started, go to the Gemini homepage and register an account. After that, you are now free to navigate and use the crypto services on the platform.
Can I Exchange Bitcoin for Other Cryptocurrencies?
Other cryptocurrencies can be purchased directly with Bitcoin. This can be accomplished by trading Bitcoin for other cryptocurrencies such as Ethereum on a cryptocurrency exchange platform. You can also use a cryptocurrency debit card, which allows you to withdraw or exchange bitcoin for fiat currency or another cryptocurrency.
For example, in Coinbase you can directly convert two cryptocurrencies, in this case, Bitcoin (BTC) to Ethereum (ETH) or any other cryptocurrency. To do this:
Go to Coinbase and click Buy/Sell > Convert in the top panel on the page.
Select the cryptocurrency you would like to convert, and the cryptocurrency you want to convert it into.
Enter the amount of cryptocurrency you want to convert, and click Preview Convert.
Confirm your transaction.
Gemini’s conversion also functions similarly. You can also convert a cryptocurrency to another, in this case, Bitcoin (BTC) to another cryptocurrency. To do this, you must:
Go to Gemini and find Bitcoin (BTC) in the Market tab.
Select Convert as the order type.
Select the crypto you would like to turn Bitcoin into under the To tab.
Enter the quantity and click Review Order.
Go over the order to double-check the information then click Confirm to finish the transaction.
Can I Easily Sell Bitcoin in New York?
Yes, you can sell cryptocurrency, Bitcoin (BTC), in New York and it is legal to do so. Your earnings, however, are expected to continue to follow the taxation guidelines on obtained commodities as listed in the general New York taxation regulations.
- Simply go to your crypto exchange account to sell cryptocurrency in New York.
- Find the crypto token you want to sell in the Market and select Sell.
- Input the amount you want to sell and other required information.
- Then, confirm the transaction.
Is it Legal to Buy Cryptocurrency in NY?
It is legal to buy, sell, and trade cryptocurrency in New York as long as you do so through authorized crypto exchange platforms and crypto services and follow the state’s crypto-related regulations.
What is the easiest and best method to Buy Cryptocurrency in NY?
The best way to get cryptocurrency in New York is through any authorized crypto exchange that holds a valid BitLicense. BitLicense is a license that certifies a cryptocurrency business to legally operate in New York. Currently, crypto exchanges that hold BitLicenses are: Coinbase, Gemini, bitFlyer, Robinhood, SoFi, and Webull.
Aside from crypto exchange platforms, there are 210 Bitcoin ATMs scattered around New York that allows crypto investors to transact their Bitcoin (BTC) directly into cash.