How to buy crypto in New York? This question is common among residents of New York State. Buying crypto is not the same in all US states, especially New York. You will have limited choices, and you have to follow strict state regulations.
However, the above facts don’t suggest you cannot buy or sell Bitcoin in New York. But you should know the correct procedures. Crypto could double your investment, and understanding the proper process can give you more.
Okay, it’s time to drive the process that you should follow or know before buying crypto in New York. Have you been patient for three minutes? If yes, then let’s start with the following.
Key takeaways
- Buying crypto is legal in NY
- Crypto exchanges need BitLicense in New York, which means you have limited crypto exchange options.
- You can use CoinATMRadar and Coinme to find Bitcoin ATMs in New York.
- You can sell your Bitcoin in New York through any platform that has a valid BitLicense.
How to buy cryptocurrency New York?
New York, the finance capital, has strict regulations for crypto trading. Not all crypto exchanges are allowed in New York, but the procedure for buying crypto is similar to that of other crypto exchange platforms.
Below are the detailed steps on how to buy crypto in New York.
- Step-1 Pick an exchange
Pick any crypto exchanges available in New York. Before choosing any platform, compare and analyze each one based on your financial conditions and personal preferences.
For example, check whether the platform has BitLicense from the New York State Department of Financial Services. Because not all crypto platforms are legally allowed in New York
- Step-2 create account
New York is a highly regulated state for crypto exchange. Therefore, remember that all licensed exchanges must pass KYC & AML requirements. To verify Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, you must provide a government-issued ID, social security number, email & password.
- Step-3 Buy crypto
You can buy from your chosen crypto exchange using bank transfers, credit/debit cards or any supported payment methods. Once you send your order, the exchange platform will hold all your tokens, and you will only own an IOU.
Transfer your tokens from custody to a non-custodial crypto wallet for full ownership.
- Step-4 Non-custodial crypto wallet
A non-custodial type of hardware or software combines private keys that reduce token-holding risk using private keys. Private keys work like a password, allowing you to purchase blockchain crypto.
What crypto exchanges are available in New York?
New York is a highly regulated state for crypto exchanges. Strict law prevents many crypto exchanges from entering. However, there are some reputable crypto exchanges that operate in New York State. Keep in mind that crypto laws change often. So, other cryptos may get permits or bans to operate, which could change the numbers.
The table below shows the names and associated fees of present crypto exchangers that operate in New York State.
| Platforms | Fees range |
| Coinbase | 0.00% to 0.50% |
| Kraken | Up to 0.26% |
| Robinhood Crypto | 0% (only some hidden fees) |
| Binance.US | Up to 0.10% |
| Gemini | 0.25% to 1% |
Bitcoin atm NYC?
You can find Bitcoin ATMs near New York by using the CoinATMRadar and Coinme websites. Just filter the location, and these two websites will give you a detailed map of Bitcoin ATMs in New York. Because of central registry regulation, estimating the exact number of Bitcoin ATMs is difficult. However, due to New York’s crypto-ready status, the number of ATMs could be between 100 and 200. Some ATMs have limited privacy and identity verification requirements, while others support small transactions only.
Let’s introduced with some Bitcoin ATM.
Coinsource bitcoin atm near me?
You can find a Coinsource Bitcoin ATM near you by visiting the two websites mentioned above or visiting the Coinsource website and clicking on the Bitcoin ATM location. However, Coinsource doesn’t disclose fees publicly, so you will not see associated costs in the website locator. Coin Source Bitcoin ATM is commonly known for its user-friendly features. For a beginner, it is one of the best options for Bitcoin exchange. Below, the table gives a detailed analysis of Coinsource bitcoin atm.
| ATM features | Details |
| Type of transactions | You can buy & sell Bitcoin for cash. Coin source Bitcoin atm only supports Bitcoin, i.e., you can’t purchase or sell another cryptocurrency. |
| Availability | You will get Coinsource Bitcoin ATMs in more than 40 locations in New York states. |
| Transaction speed | Direct buy & sell of Bitcoin without waiting for bank transfers. |
| Transparent Fees | 7 to 8% of total Bitcoin transaction amount |
| Verification | You have to verify your ID for more significant Bitcoin transactions. |
| Two-way functionality | Coinsource ATMs offer Two-Way Machines, so you can buy and sell Bitcoin at the same ATM. However, the two-way functionality of Coinsource ATMs is not available in all locations in New York. |
| Security | Coinsource is nationally licensed and federally regulated. |
Bitcoin depot atm daily limit?
Bitcoin Depot’s daily limit ranges from $20 to $15,000. But what if you need more than the $15,000 limit? In this case, you can make multiple transactions for several days or use Bitcoin Depot Concierge to withdraw larger Bitcoin transactions via wire transfer.
Bitcoin depot atm verification?
Bitcoin depot ATM verification follows a process similar to that of other ATMs. Below are the detailed steps for verifying the Bitcoin Depot ATM.
Steps-1 Bitcoin transaction
If you still haven’t chosen the Bitcoin amount, choose your purchase amount and give your wallet address.
Step-2 Code verifies
Now, the ATM system will allow you to enter your phone number. After you provide a valid mobile number, the system will send you a five-digit code via SMS.
Step-3 Enter the code
Enter your verification code on the atm screen to complete phone number verifications.
Step-4 ID scan
The ATM network will ask you to verify your driving license, passport, or government-issued ID if you exceed their limit or make several transactions. They ask this to comply with New York’s bitcoin regulation and for overall security.
Concluding Thought
Buying Bitcoin in New York involves an extra regulatory process. Crypto rules are changing, like Bitcoin’s price. Therefore, this article provides updated information about Bitcoin exchanges in New York state. My final advice is to check whether any Bitcoin ATM or exchange platform has a valid BitLicense before choosing it.
I hope my article makes your crypto trading easy & profitable in New York.
Frequently asked Questions (FAQ)
What is BitLicense?
A BitLicense is a seal of approval from the New York Department of Financial Services that authorizes crypto platforms to buy and sell Bitcoin in New York states.
Bitcoin ATM by CoinBTM?
Bitcoin ATM by CoinBTM is another better option for traders in New York. It is located in Long Island City, New York, and can process up to $25,000 in daily transactions. Limited present data suggest that CoinBTM ATMs no longer operate in New York. However, Bitcoin ATM scenery changes frequently, so CoinBTM ATMs can restart operation in the future.
Bitcoin atm withdrawal limit?
There are no central regulations for Bitcoin ATM withdrawal limits in New York because it varies depending on the state. In the US, the Bitcoin ATM withdrawal limit usually ranges from $299 to $10,000 per day. You don’t need to verify your ID for a small amount, such as $299. However, if you are looking for a $3000 to $10,000 withdrawal, you have to verify your ID.
Disclaimer
This is not a Sponsored post & the purpose of this article is only education. By reading this, you agree that the information of this blog article is not crypto investing advice. Do your own research before making any financial decision. Therefore, if you lost any money, FinanceIdeas.org will not be liable for this.
