How to Buy Bitcoin in the United States in 2021

Mar 1, 2021 | Bitcoin101 | 0 comments

If you’re in the United States and have finally woken up to the exciting world of crypto, or perhaps you’re just looking for a new means to onboard digital currencies, we’ve got you covered in this How to Buy Bitcoin in the United States in 2021 guide. You can expect to find various methods like bank transfer, credit or debit card, as well as a local payment processor, in this case, Venmo. 

How To Buy Bitcoin Via Bank Transfer – Kraken

Launched in 2011, Kraken proves to be one of the oldest and most trusted exchanges in the world. The platform currently provides crypto exchange services to 48 states in the United States along with 176 other countries around the world. The platform offers trading in 40 different cryptocurrencies, as well as very low buying fees, anywhere from 0.25% to 0.1% depending on trading volume. 

You will need to create an account on Kraken if you have not done so already (note this will require photo ID). Once you are logged in, select Funding in the top menu, and then Deposit next to your US Dollar account balance line. Then select your bank in the preferred method drop down option. Be sure to read the information provided and pay particular attention to the reference code. Then log into your bank account and make the transfer, using the reference code provided by Kraken. Once the transaction is complete the funds will appear in your USD account balance, from where you can use them to buy Bitcoin by selecting the Buy Crypto option and selecting Bitcoin.

How To Buy Bitcoin Via Credit / Debit Card – Coinbase

Coinbase has been around since 2012 and has built itself into one of the world’s biggest crypto exchanges. The platform has created a very good reputation for itself, attracting a wide range of new and more experienced users amounting to 30 million to be precise. Coinbase offers a flat trading rate of 1.49% on all transactions, and has a wide variety of cryptocurrencies on offer (if you’re after more than just Bitcoin). 

United States users can use their Visa and Mastercard credit / debit cards to instantly buy crypto on the platform or connect it to unlock instant payments via bank transfer. To buy Bitcoin on Coinbase with a credit / debit card you will first need to create an account on the platform. You will also be required to verify your identity with a photo ID, which is common practice when buying crypto from a reputable platform. Once you’re registered go to Payment Methods and click Link A New Account then select Debit Card. You’ll be asked to provide your card information, after which two small payments will be made to your card. You will need to verify your card by indicating the two amounts. You can then head to the Buy page and buy Bitcoin via credit / debit card.

How To Buy Bitcoin With A Local Payment Processor – LocalBitcoins.com

We will be looking at how to buy Bitcoin with the popular Venmo payment service. There are currently only two trading platforms that offer such a service, we will be looking at LocalBitcoins as the main option here. LocalBitcoins is a peer to peer crypto trading platform that originates from Finland but is used around the world. How it works is that users post ads for the Bitcoin they want to sell (including amount and preferred payment option) in their region, and buyers find an ad with preferred measures and fulfill them. The process is simple, and often offers users a more competitive price than traditional crypto exchanges. LocalBitcoins also offers an escrow service which ensures the integrity of both the trade and the traders. 

In order to buy Bitcoin with Venmo you will need to open an account on LocalBitcoins. Once in, scour the Bitcoin offers on the homepage to find one suited to your needs (i.e. must offer Venmo payment and the price should be in line with what you are looking to pay). Alternatively you can put your criteria into the search box. Once you’ve found the right offer, check the trader’s reputation score and how long they take to respond (indicated by the green – 5 minutes, yellow – 30 minutes, and grey – +30 minutes, dot next to the trader’s name).

When you are ready to make the transaction, click Buy. Read the terms and enter the amount you would like to purchase, then click “Accept terms and send trade request”. After making payment select the “I have paid” button and wait for the seller to verify the payment after which the platform will release the funds.

How to Buy Bitcoin in the United States in 2021

Not too complicated was that? As the crypto world continues to expand, more and more options become available for users to onboard various cryptocurrencies. However, don’t trust everything you come across and always verify the validity of a platform before parting ways with your money. Alternatively, stick with 4King and we’ll show you the way with insightful guides and thoroughly researched advice. 

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