If you haven’t been bitten by the cryptocurrency bug yet, it’s only a matter of time before it happens. With the spectacular rise of crypto prices at a time when the COVID-19 pandemic brought economies worldwide to their knees, millennials find it one of the best ways to diversify their portfolios.
And, if you are in a place like New York City, which is one of the largest financial capitals of the world, it’s obvious you are well-versed with cryptocurrencies.
Now, the question is, given the mystery centering on cryptocurrencies, where should you buy them from?
Since cryptocurrencies are digital currencies that have no physical existence, you cannot buy and sell them in the same way as fiat money.
How to find the best places to buy cryptocurrency in New York:
While you may have heard stories of crypto-investors turning millionaires overnight, newcomers and conservative investors continue to be hesitant. Horror stories of people who have lost millions because of crypto exchange hacks aren’t uncommon.
Here are some easy tips that you can follow to choose the best places to buy your first crypto:
- User-friendliness: One of the first things to consider when choosing how to buy your first cryptocurrency is ease of use. You need a platform that is both secure and user-friendly. If the process of buying and selling entails a steep learning curve, new investors will be discouraged.
- Easy registration: The registration process for getting started on a platform should not be cumbersome and complex. A tedious process intimidates newcomers and they look for other platforms to transact smoothly.
- Regulated platforms: Today, you can choose from more than 500 decentralized and centralized crypto exchanges when it comes to making your first crypto buy. Exchanges are either centralized, where they are regulated by centralized financial bodies and conform to KYC norms, or decentralized, which are unregulated and allow you to trade anonymously.
- Legally-compliant exchanges: If you are planning to buy cryptocurrency in New York, you need to be aware of the stringent laws governing these digital assets. Make sure to find an exchange that is approved by the state.
- Apps: You can start trading cryptocurrencies vis-a-vis mobile apps launched by different trading platforms. This makes it super-easy for you to buy crypto in NYC on the go using your smartphone. Transactions are secure and quick, and you don’t have to wait long to be the proud owner of your first crypto coin.
- Online payment platforms: Did you know that fintech companies have started allowing investors to transact cryptocurrencies using their email or phone? Platforms like Skrill, PayPal, and Neteller are involved in crypto transactions. These e-wallets have made it easier than ever before for people to send and receive money by buying or selling crypto coins. Transactions hardly take a few minutes and they are seamless and smooth.
- Brokers: Cryptocurrency brokers can be agencies or individuals who act like intermediaries between the buyer and market and facilitate crypto transactions.
- Crypto ATMs: Just like regular cash ATMs, now you have cryptocurrency ATMs in different locations all across the globe. Buying and selling crypto through these machines is almost like transacting cash. Crypto ATMs can be found in high-traffic zones like shopping malls and airports. All you need are a smartphone and internet connectivity.
So, buying cryptocurrency for the first time may seem like an unnerving prospect for you, especially if you are averse to taking risks. However, if you choose exchanges and trading platforms that are reputed and trustworthy, you will find transacting cryptocurrencies isn’t anything different than transacting fiat money.