Coinbase
Exchange with a Visa debit card
- Fees
- 1.875% + spread
- You need
- SSN
- Debit card
- Visa debit, not in Hawaii
Open account
on the Coinbase website
on the Coinbase website
How to buy crypto in the US: step by step
To buy crypto, you open an account on an exchange or app, verify your identity with a photo ID and an SSN (some platforms accept an ITIN), add dollars from your bank and place an order. Many apps let you start with $1. Crypto prices go up and down fast, and you can lose money.
The full cost of a buy is the fee plus the spread, the gap between the buy and sell price: a quick buy is 1% plus a spread at Kraken and 1.875% plus a spread at Coinbase. Put in only money you can afford to lose.
Step by step
- 1
Choose a platform
A quick buy costs 1% plus a spread at Kraken and 1.875% plus a spread at Coinbase, while Cash App charges 0-2% depending on the amount. Kraken does not work in New York and Maine, and Binance.US is not available in 12 states, including New York and Texas.
- 2
Verify your identity
US platforms must check who you are before you can buy. You give your legal name, date of birth, home address, an SSN or other tax number and a photo of your ID, such as a driver's license; some also ask for a selfie. Binance.US, Webull, Cash App and Venmo accept an ITIN instead of an SSN.
- 3
Add money
A bank transfer (ACH) from a US account in your name usually costs least: at Binance.US it is free. Cards cost more: 3.99% at Binance.US and an extra 2.99% at Crypto.com. After a deposit, some platforms hold withdrawals for a while; at Kraken it is 7 days after an ACH deposit through Plaid.
- 4
Place your first order
Type the amount in dollars: you do not have to buy a whole coin. Minimums are small: $1 at Cash App and Venmo, $2 at Webull, $10 at Kraken. Before you confirm, check the total with the fee and the spread. Recurring buys, for example every week, are free at Strike after the first week and at River after 7 days.
- 5
Decide where to keep it
Keeping crypto on the platform is simpler, but it is not FDIC-insured, and if the account is lost or hacked, nobody may be able to get it back. In your own wallet you hold the keys: write the recovery phrase down in the right order, keep it offline and never share it, because the wallet company cannot restore it. Sending crypto out costs a network fee, though Strike and Cash App withdraw bitcoin for free at standard speed.
- 6
Keep records for taxes
For US taxes crypto is property. Buying with dollars is not taxed, but selling, swapping for another coin or paying with crypto is. Save the date, amount and price of every buy, including fees: that is your cost basis. For sales from 2025, platforms report to the IRS on Form 1099-DA.
Big exchanges: many coins and pro trading
Each asks for a photo ID and a US tax number, usually an SSN. Crypto.com lists 400+ coins, Gemini works in all 50 states, and Kraken Pro fees start at 0.40%.
Kraken
Simple app plus pro trading
- Fees
- 1% in app, Pro from 0.40%
- Minimum
- From $10
- You need
- SSN or tax ID
Open account
on the Kraken website
on the Kraken website
Gemini
Available in all 50 states
- Cryptocurrencies
- 90+
- Fees
- ActiveTrader from 0.60%
- You need
- SSN
Open account
on the Gemini website
on the Gemini website
Crypto.com App
400+ cryptocurrencies
- Fees
- 0.8% + spread
- Cost
- +2.99% if you pay by card
- Cryptocurrencies
- 400+
Open account
on the Crypto.com website
on the Crypto.com website
With an ITIN instead of an SSN
All four accept an ITIN. Binance.US and Webull also ask for a US-issued photo ID, such as a state ID, driver's license or green card; Binance.US does not accept foreign passports. Webull also needs a green card or a visa such as E, F-1, H-1B, L-1, O-1 or TN.
Binance.US
ITIN and low fees
- Fees
- 0% / 0.02% advanced
- Debit card
- Card buys 3.99%
- Cryptocurrencies
- 200+
Open account
on the Binance.US website
on the Binance.US website
Webull Crypto
Stocks and crypto with ITIN
- Fees
- 1% spread
- Minimum
- $2 ($1 in NY)
- Cryptocurrencies
- 70+
Open account
on the Webull website
on the Webull website
Cash App Bitcoin
Bitcoin with an ITIN
- Fees
- 0-2% + spread up to 0.75%
- Minimum
- $1
- You need
- Last 4 of SSN or ITIN
Buy crypto
on the Cash App website
on the Cash App website
Venmo Crypto
Crypto for Venmo users
- Fees
- 1.5-2.2% + spread
- Minimum
- $1
- You need
- SSN or ITIN
Buy crypto
on the Venmo website
on the Venmo website
Bitcoin only, bought on a schedule
For buying a little bitcoin every week or month. Recurring buys are free at Strike after the first week and at River after 7 days; Swan charges 1%, with no fee on a new client's first $250.
Strike
Bitcoin with low fees
- Fees
- 0.89% or less + spread
- Transfer fee
- Free withdrawals to your wallet
- You need
- Tax ID + photo ID
Buy crypto
on the Strike website
on the Strike website
River
Recurring bitcoin buys
- Fees
- $0 on recurring buys
- You need
- Citizenship or green card
- Cryptocurrencies
- Bitcoin only
Buy crypto
on the River website
on the River website
Swan Bitcoin
Bitcoin savings on a schedule
- Fees
- 1% buys and sells
- Transfer fee
- $0 withdrawals
- Cryptocurrencies
- Bitcoin only
Buy crypto
on the Swan website
on the Swan website
Questions people ask
How do I buy crypto for the first time?
Pick a platform that accepts your documents and works in your state, verify with a photo ID and an SSN or ITIN, link your bank account and buy a small amount. In Cash App and Venmo you can start with $1. Check the total with fees on the confirmation screen before you buy.
What is the cheapest way to buy crypto?
Pay by bank transfer and use a platform with low trading fees. Advanced trading on Binance.US costs 0-0.02%, Kraken Pro starts at 0.40%, and recurring bitcoin buys at Strike are free after the first week. Quick buy buttons cost more because a spread is built into the price.
Can I buy crypto with a debit or credit card?
Yes, on many platforms, but it costs more: 3.99% at Binance.US, an extra 2.99% at Crypto.com and up to 4.5% for some credit cards at MoonPay. A bank transfer from your own account is cheaper.
Can I buy crypto without an SSN?
Yes, with an ITIN: Cash App, Venmo, Binance.US and Webull accept it. With only a passport the choice is small: CoinFlip bitcoin ATMs accept one, but their markup is 4.76-19.99%. Details are in our guide to buying crypto without an SSN.
Do I pay taxes when I buy crypto?
Not for buying with dollars. Tax comes when you sell, swap one coin for another or pay with crypto, and you report the gain or loss on Form 8949. Form 1040 has a digital asset question: if you only bought with dollars, you answer No.
Is it safe to keep crypto on an exchange?
There is risk either way. On an exchange, crypto is not FDIC-insured or backed by the government, and if the account is lost or hacked, nobody may step in. In your own wallet the risk is yours: if you lose the recovery phrase, nobody can restore access.