The Best Ways to Buy Bitcoin as a New York Resident

Updated: Feb 26, 2022

Note: This is not investment advice. Always do your own due diligence.

If you're new to cryptocurrency, there are things you need to know about your location and how it affects your ability to buy and sell. The USA overall is one of the more restricted countries when it comes to availability of exchanges for purchasing crypto such as Bitcoin. Within the USA, it gets even more restricted whereas states such as New York and Washington are very limited in their options. New York in particular is seeing fewer options by the day.

The main qualifying factor for determining where you can transact crypto is your driver's license or state issued ID. This tells the exchange where you live and whether or not you can use their services. In some cases, the exchanges may require utility bills and other documents for further proof of residency.

If you're a New York resident, here are your current options (as of Feb 11, 2021):

Cash App

Create an Account HERE

Pros

Very low fees
Set up recurring investments

Cons

Verification can be an issue when trying to scan the back of your license (Verification is required if you want to withdraw your Bitcoin!)

Get $5 when you sign up for Cash App using my link

Coinbase

Create an Account HERE

Pros

The best place to begin as a newcomer
The world's largest dealer of Bitcoin
Buy crypto instantly with a debit card
Set up recurring investments
Easy to use
Very high limits
Staking rewards up to 6%

Cons

Bank transfers can take up to 5 business days to complete if you're a new customer
Fees on Coinbase Wallet can be high
Limited token availability in New York