5 Easy Ways to Buy Bitcoin in New York

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• Published: April 13th, 2020
• Updated: October 12th, 2020

You’re from New York, and you want to buy some Bitcoin.

But, you’re not really sure where to start.

That’s where we come in.

For most readers, Coinbase will be the best option in terms of fees, ease of use, and purchasing limits.

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Based out of San Francisco, California, Coinbase is considered by many to be the most reputable beginner-friendly exchange. Since 2012, they’ve made it simple for any crypto newbie to buy and sell Bitcoin through their gorgeous user interface.

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Coinmama is another beginner-friendly cryptocurrency brokerage that focuses on credit and debit card purchases. They offer instant delivery and sell Bitcoin, Ethereum, Ripple, Litecoin, and more to 46 US States, and most countries.

Coinmama doesn’t provide its users with a wallet on the exchange. Instead, users are asked to provide a wallet address to send the purchased cryptocurrency to. As long as you have your own wallet, this shouldn’t be an issue!

Coinmama charges a fee of around 5% for credit and debit purchases with instant delivery and high purchasing limits of a max of $5,000 daily and $20,000 monthly.

Click here to see a step by step guide on how to purchase Bitcoin on Coinmama.

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Kraken is another popular exchange based in the United States that's been around since 2011. When it comes to currencies, Kraken supports dozens of cryptocurrencies and fiat currencies such as USD, GBP, and EUR.

Fees on the exchange can range from 0%-.26% depending on the type of order and your trading volume. For funding options, Kraken offers deposits in USD (FedWire), EUR (SEPA), and CAD(Wire & EFT).

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Gemini is an exchange based in New York, US that allows for the trading of USD against Bitcoin, Ethereum, Litecoin, Zcash, and more. For fees on Gemini's brokerage service, expect 1.49% fees on buys and sells for orders over $200. Gemini's brokerage service is an intuitive way for beginners to purchase cryptocurrency.

If you feel comfortable using their exchange feature, have your account switched to ActiveTrader mode. On this mode, fees scale base off your trading volume and are between .35% and 0% depending on if you are a maker or taker.

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LocalBitcoins offers a highly trustworthy escrow service and peer-to-peer (P2P) exchange.  On the exchange, users to trade among themselves by posting a quick buy or quick sell ad on the exchange platform. Fees and limits will depend on the offer or ad that you select.

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Bitcoin ATMs in New York

Another way to buy Bitcoin in New York is to do it via Bitcoin ATMs. This is a very easy method to purchase Bitcoins because ATMs do not ask for sensitive information or private data. Instead, you need to pay higher fees than doing it via a crypto exchange.

But, to find a Bitcoin ATM that works at all times and has low fees is quite a problem. Additionally, the ATM may be located in central areas, leaving those in smaller cities without the chance of buying and purchasing virtual currencies.

Bitcoin in New York

New York receives a lot of attention in txhe cryptocurrency world due to the well known BitLicense. In July 2014, the state released the license making it slightly more difficult for companies to operate in the virtual currency space. While there’s no exact number out, it appears to cost around ~$100,000 for companies to get a hold of the precious license. Let alone all of the different paper and legal work that goes into it.

While the legislation makes it much more difficult for new businesses to operate with Bitcoin in New York, all of the options here are certainly able to.

Contrary to popular belief, there’s also a fair amount of Bitcoin mining that goes on within New York. Greenridge Generation, a powerplant in Upstate NY, recently sold 30% of its mining power to institutional buyers.

Conclusion

Now that you know where to purchase Bitcoin in New York, we’re excited for you to begin your cryptocurrency journey. If you have comments about purchasing Bitcoin in New York let us know in the comments!

Austin Tuwiner Administrator
Austin is the owner of Bitpremier, and got involved in Bitcoin in 2012. After working as a cryptocurrency journalist and and at several blockchain startups, he decided to start Bitpremier and educate the world on Bitcoin.
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