How To Buy Cryptocurrencies In The USA In 2022

Last Updated August 3rd 2022
17 Min Read

Cryptocurrencies have become a household name in the USA seeing that 9 in 10 Americans are familiar with these digital assets. The number of individuals who currently own or have ever bought crypto has also shot up tremendously to surpass 16% of the USA adult population - approximately 40 million individuals.

Moving forward, the looming economic crisis that is characterized by the high inflation rates is expected to drive more investors towards crypto. Note that in the last decade, cryptocurrencies outperformed every other asset class.

In light of this, most investors view crypto as an excellent hedge against inflation and other conventional investments. They also look at it as an excellent store of value, and these are the two primary reasons why we expect more Americans to buy crypto today.

You too are probably looking to buy crypto but aren’t sure how to get started.

In this guide, we will be teaching you how to buy cryptocurrencies in the USA. We will also tell of the best places to buy cryptocurrencies in the USA, discuss the most popular ways of buying cryptocurrencies in the USA, and tell you if cryptos are worth buying.

Read on.

How To Buy Cryptocurrencies On eToro

Want to jump straight to buying cryptocurrencies in the USA? We recommend that you use the reputed and multi-regulated eToro exchange. Follow this simplified 3-step guide to get started: 

  • Step 1: Open a crypto trader account - Start by creating a crypto trader account on eToro. It takes no more than 10 minutes because eToro maintains one of the most straightforward and beginner-friendly account registration processes
  • Step 2: Fund the account - Deposit funds into the approved trader account. eToro will present you with a wide selection of payment options, and you can deposit and start buying crypto with as little as $10. 
  • Step 3: Buy crypto - eToro will present you with tens of all the most popular and most promising cryptocurrencies. Choose one or a few you would like to buy, indicate how much fiat you would like to spend on the purchase, and hit the “Open trade” button to execute the order.

You have just learned in minutes how to buy and sell cryptocurrencies in the USA with eToro. 

 

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eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.

If you are new to crypto trading or have never interacted with the eToro trading platform, read on. We will provide you with a more detailed guide on how to buy cryptocurrencies in the USA via eToro further below in this post.

Where To Buy Cryptocurrencies In The USA In 2022

The US crypto space is crowded with crypto trading platforms. Virtually all the most popular crypto exchanges have set up shop in the country, which makes choosing the best place to buy cryptocurrencies overwhelming.

We, however, have vetted all the popular trading platforms and eventually settled on 5 of what we consider to be the best exchanges to buy cryptos in the USA.

Let us discuss each in detail, highlighting why we consider them the best and why you too should consider buying cryptocurrencies here.

1. eToro - Overall Best Place to Buy Cryptocurrencies in the USA

etoro crypto exchange

eToro USA Inc. is available in 45+ states and tops our list of the best exchanges to buy cryptocurrencies in the USA because of its user-friendliness. This starts with a straightforward trader account creation process and extends to its affordability. For instance, you only need $10 to buy cryptocurrencies on the eToro crypto trading platform. Moreover, it charges highly competitive trading fees - fixed at 1% of the crypto trading volume.

The exchange also maintains one of the most intuitive trading interfaces - appealing to beginner and expert traders. To draw in novice traders, eToro USA integrates a host of educational content relating to crypto investing. And to appeal to expert traders, eToro integrates a wide range of highly advanced market research, trading, and risk management tools.

eToro is also fast in processing crypto trades, supports a wide range of cryptocurrencies, and maintains a straightforward crypto buying process.

Above all else, eToro is a social and copy trading platform. The social aspect of trading allows for the seamless interaction of all its platform users. Here, experts can share trading and research tips while beginners learn from experts and receive mentorship.

On the other hand, the copy trading tool lets novice traders copy winning trade strategies from highly successful investors. This not only allows them to earn as they learn but also earns popular investors passive income as they share in the profits made from their copied traders - 20% commission. 

Other reasons you may consider buying cryptocurrencies on eToro include that the exchange supports a wide range of payment options. It doesn’t charge a deposit-processing fee and is committed to securing crypto trader assets and data.

Its network is secured through SSL encryption while client digital assets are held in offline vaults. Not forgetting that it is FDIC-insured and provides users with a free non-custodial crypto wallet app.

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eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.

2. Crypto.com - Best Place to Buy Cryptocurrencies in the USA for High Deposit Limits

crypto.com exchange

Crypto.com is one of the newest entrants into the USA crypto market. But this hasn’t stopped it from maintaining some of the highest deposit and withdrawal limits - as high as $1 Million via bank - which is why we consider it one of the best exchanges to buy cryptocurrencies in the USA.

But the high deposits aren’t the only reason we feature Crypto.com among the best places to buy cryptocurrencies in the USA. We also feature it here because of its user-friendly user platform. This starts with a quick account creation process before extending to an affordable initial deposit of $20 and a highly intuitive user interface. Here, Crypto.com integrates a wide range of both educational and trading tools to draw in novice and expert crypto investors. 

We also liked Cryto.com because of its ultra-fast transaction processing speeds and deep liquidity, seeing that it constantly ranks among the most liquid exchanges. Additionally, it is actively growing its list of supported crypto assets and crypto trading pairs. Not forgetting that, like most popular exchanges, it too presents you with multiple ways of buying cryptocurrencies.

You would like to buy cryptocurrencies on Crypto.com because it charges competitive and highly discounted trading fees. For instance, when buying any crypto on Crypto.com, you will only be charged a fixed maker/taker fee of between 0.4% and 0.5% of the trade amount - depending on your 30-day trading volume on the exchange. And if you had staked a minimum of 5000 CRO (Cronos) tokens on the exchange, you qualify for a 10% discount on the fees.

Speaking of staking, Crypto.com integrates several DeFi programs, key among them being Crypto.com Staking and Crypto.com Lending. Staking lets you save/lock your digital coins on the exchange in return for interest rates of up to 14.5% for crypto and 8% for stablecoins.

Lending, on the other hand, lets you borrow up to 50% of your staked crypto. You get to pay it back in flexible installments of up to 12 months availed at highly competitive interest rates.

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eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.

3. Binance - Best Place to Buy Cryptocurrencies in the USA at Low Fees

binance crypto exchange

Binance US is one of the most popular crypto exchanges in the country. It is available in 40+ states. We attribute its acceptance in the country has soared thanks to such factors as its deep liquidity, support for the widest range of cryptocurrencies and crypto trading pairs, as well as its easily navigable and intuitive trading platform.

But we consider it the best exchange to buy cryptocurrencies in the USA primarily because of its ultra-low trading fees. When buying any crypto asset on Binance US, you will only pay a fixed maker/taker fee of between 0.1% and 0.04% of the trade volumes - depending on your cumulative 30-day trade volume on the exchange. And if you choose to settle the transaction fee using BNB coins, you qualify for a 25% discount on fees - bringing the cost of trading on Binance down to between 0.75% and 0.03%

You, too, would consider adding to your list of preferred exchanges to buy cryptocurrencies in the USA because of the many DeFi programs integrated on the exchange. These include Staking, Saving, and Lending, to liquidity pools.

Most of these let you earn passively - in the form of interest and other rewards - when you lock your cryptocurrencies into these programs for a predetermined period and at pre-determined interest rates. Lending, on the other hand, lets you borrow against the staked crypto.

You would also like that Binance US is strongly committed to securing user funds and data. It, for instance, operates the largest private insurance fund dedicated to reimbursing its platform users in case of a network breach that results in the loss of their crypto assets.

Moreover, it provides all its platform users access to a free custodial wallet that holds client coins in offline vaults as well as a non-custodial but ultra-safe mobile wallet app - the Trust wallet.

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eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.

4. Coinbase - Best Place to Buy Cryptocurrencies Instantly in the USA

coinbase crypto exchange

Coinbase is arguably the most popular exchange in the USA. It is one of the oldest, one of the most regulated, the most reputed, and the most liquid crypto trading platforms. It is also one of the few pro-regulation crypto exchanges and is regulated by the SEC, FINRA, and FINCEN. In 2021, Coinbase became the world's first publicly traded crypto exchange when it debuted on NASDAQ.

However, we feature it among the best places to buy cryptocurrencies in the USA because of its beginner-friendliness. This is evidenced by the fact that Coinbase operates one of the most straightforward trading account creation process. It then presents its users with a highly intuitive interface that lets anyone buy cryptocurrencies instantly with either fiat or other digital currencies.

Coinbase is dedicated to novice crypto investors while Coinbase Pro is dedicated to expert crypto investors. Therefore, it presents its platform users with a wide collection of educational content to improve their crypto education.

You, too, would want to buy cryptocurrencies in Coinbase because it lets you earn while you learn. The exchange runs different crypto education campaigns that teach its platform users about different coins. It then rewards them with free coins when they complete questions related to the topic at the end of the session.

Like most popular exchanges, Coinbase too integrates staking and lending DeFi protocols to its platform. Staking lets you earn interest and rewards for locking crypto here for a predetermined period. Lending, on the other hand, lets you borrow against the staked coins.

Other reasons why you should consider buying cryptocurrencies on Coinbase include the fact that it supports a wide variety of coins. It is ultra-fast in processing crypto transactions. It is a multi-platform exchange - available as a web trader and mobile app. And it too presents you with a custodial wallet that stores 98% of your coins offline as well as an ultra-safe non-custodial Coinbase wallet app.

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eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.

5. Kraken - Safest Exchange to Buy Cryptocurrencies in the USA

kraken crypto exchange

Kraken is the oldest crypto exchange in the USA - launched in 2011. But we feature it among the best places to buy cryptocurrencies in the USA because of its outstanding safety reputation. Despite having been around for longer than arguably all other popular crypto exchanges - Kraken has never been hacked.

This is made possible by the fact its servers are maintained in an ultra-secure environment under 24-hour surveillance and the watch of armed guards. Kraken then confirms that private keys for client digital assets are stored in physically distributed offline vaults.

We also liked that Kraken was the first popular exchange to conduct a proof-of-reserves audit. This speaks volumes about the crypto trading platform’s transparency and commitment to the safety of its client funds.

Other reasons why you would consider buying cryptocurrencies on Kraken include the fact that it supports 100+ crypto assets and more trading pairs. It maintains highly competitive crypto fees, ranging between 0.26% and 0% - depending on your 30-day crypto trading volume on the platform. Plus, it runs one of the most beginner-friendly trading platforms - allowing anyone to buy crypto instantly with another crypto or fiat currency.

Additionally, Kraken maintains relatively high crypto trading limits for investors in the Intermediate and PRO verification levels. Moreover, Kraken runs a dark pool - which is excellent for high-volume traders who want to maintain their anonymity. This lets you open large orders on a separate order book not visible by the general market.

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eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.

Are Cryptocurrencies Worth Buying In The USA?

Yes, the majority of analysts, fintech experts, investors, and the general public agree that cryptocurrencies are worth buying.

Most cite past stellar performance, usefulness as a store of value, and usefulness as a hedge against other investments as the key reasons digital currencies are worth buying.

Here are a few more reasons why cryptocurrencies are worth buying in the USA:

  • Potentially rewarding future: Cryptos outperformed virtually all other investments in the last decade. They are expected to replicate this success and help grow investor portfolios at unimaginable rates - which is why they are one of the most sought-after investments in the USA today.
  • Diversify portfolio: Most individuals are looking at crypto as one of the most effective ways of diversifying their investment portfolios.
  • Transaction freedom: More ecommerce stores and physical stores are embracing crypto payments. By buying crypto, you can enjoy the transaction freedom of paying with digital currencies.
  • Potential for high yields over a short time: Not all cryptocurrencies make a good store of value. Some, especially meme currencies like SHIB and DOGE, are highly speculative investments that come in handy to investors looking to maximize their portfolio in the shortest time possible - while exposing you to higher risk.
  • Passive income appeal: Most cryptocurrencies are expected to sustain their current uptrend for the next few years. This makes them an excellent investment for HODLers looking to expand their income base and incorporate passive income streams.

Ways Of Buying Cryptocurrencies In The USA

Crypto exchanges in the USA have constantly worked on increasing the ways Americans can interact with their platforms and cryptocurrencies listed herein.

To this end, most have sought to expand ways of buying cryptocurrencies on their platforms. Here, we look at the three most common ways of buying cryptocurrencies in the USA.

How to Buy Cryptocurrencies in the USA With Credit Cards and Debit Cards

Most crypto exchanges - including the three we have discussed hereinabove - will let you buy cryptocurrencies with credit cards and debit cards. After all, cards are one of the most popular payment methods for online transactions in the USA.

You will likely prefer buying cryptos with cards in the USA because exchanges do not charge a deposit-processing fee for card payments. They also maintain relatively high maximum deposit limits and deposit processing is near instantaneous.

How to Buy Cryptocurrencies in the USA With PayPal

You can buy leading cryptocurrencies like Bitcoin and Ethereum directly on your PayPal account. A growing number of crypto exchanges operating in the USA will also process your PayPal deposits.

The upside to buying cryptocurrencies with PayPal is that exchanges do not charge a deposit-processing fee. They also maintain relatively high deposit limits, and deposit processing is near-instantaneous.

How to Buy Cryptocurrencies With US Bank

There are two primary ways of buying cryptocurrencies in the USA with bank. You have the option of funding your crypto account with ACH checks or wire transfers. Most crypto exchanges support either method.

But if you are like most crypto investors, you will prefer ACH check to bank wire because of the speed of transaction processing, especially when you consider that Bank wire transfers take between 3 and 8 business days before reflecting in your crypto trading account.

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eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.

How To Buy Cryptocurrencies In The USA For Beginners - Step-by-Step Guide

As promised, here is a more detailed step-by-step guide on how to buy cryptocurrencies in the USA.

Step 1: Register a crypto trader account on eToro

On your browser, open the official eToro website and click the “Join Now” button on the home page. Complete the user registration form that pops up. It seeks to capture such basic personal details as your name, email address, phone number, country of residence, income sources, and trading experience.

Step 2: Verify your identity

In the USA, eToro is regulated by SEC and FINRA, which demand all online trading platforms to subject their clients to KYC and AML tests. The exchange will, therefore, subject you to mandatory identity verification. But it is simple as you only have to upload a copy of your driver’s license or passport.

Step 3: Deposit funds

Log in to your eToro trader account and click on the “Deposit Funds” tab in the bottom left corner. On the funding tab that pops up, choose a payment option and follow the prompts to deposit funds into your trader account - noting that the minimum you can deposit here is $10.

Step 4: Choose the cryptocurrency to trade

On the user dashboard, hit the “Discover” tab and choose “Crypto” from the list of supported asset classes. eToro then presents you with its growing list of supported cryptocurrencies. Choose one or a few that you would like to buy and hold long-term or trade short-term.

Step 5: Buy cryptos

Tap on the “BUY” option against the cryptocurrency you wish to buy. Customize the trading tab that pops up by indicating the number of coins you wish to buy or the amount of cash you wish to spend buying cryptocurrencies on eToro. Hit the “Open Trade” button to initiate the purchase order.

Note: The private keys to the private keys you just purchased will be delivered to the exchange-provided custodial wallet. You, however, are free to transfer these coins to the eToro mobile wallet app, a third-party online wallet, or the more secure hardware wallet that stores your coins offline - away from hackers and malware.

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eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.

Conclusion - How To Buy Cryptocurrencies In The USA Now

Whether you wish to buy cryptocurrencies anonymously, at the lowest trading fees, or on the most beginner-friendly platform - the market is saturated with exchanges that make all these possible. In the above post, we have taught you how to buy cryptocurrencies and introduced you to what we consider the 5 best exchanges to buy crypto in the USA.

We have also told you why each made the cut to our list of best crypto exchanges in the USA and why you, too, should consider registering with them. We have also outlined some of the reasons why you should be buying cryptocurrencies in 2022 and explained some of the most popular ways of buying cryptocurrencies on these exchanges.

Want to start buying cryptocurrencies immediately? Follow the step-by-step guide that we have detailed in the above post. It teaches you how to buy crypto on eToro USA.

eToro - The Best Platform To Buy Cryptocurrencies In The USA

Open an account with eToro, deposit some funds with USD, and finally – buy cryptocurrencies for just $10.

eToro cryptocurrency trading

eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. This is not meant to be tax advice or financial advice of any kind. The above information we compiled from online tax forums. Please, consult a CPA or lawyer if you have questions about filing your tax return, forms to use, or what is/is not taxable. eToro is not a tax advisor.

FAQs On How To Buy Cryptocurrencies In The USA In 2022

Is it legal to buy cryptocurrencies in the US?

Yes, cryptocurrencies are legal in the USA. You can buy, sell, hold, and spend cryptocurrencies in the country without breaking the law.

What is the best exchange to buy cryptocurrencies in the US?

We would recommend buying cryptocurrencies in the US via the eToro crypto exchange. It is user-friendly, maintains affordable deposits, and is highly transparent with trading fees. Other equally effective crypto exchanges include Coinbase, Binance, Kraken, and Crypto.com.

How much do I need to start buying crypto in the US?

Your preferred crypto trading platform often sets the minimum crypto buying limits. At eToro, for instance, you only need to deposit $10 to start buying cryptocurrencies.

Can I buy cryptocurrencies instantly in the US?

Yes, a growing number of exchanges will let you buy cryptocurrencies instantly in the US. At the moment, these include eToro, Coinbase, and Kraken. 

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