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Bitcoin price

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Ethereum price

BNB (BINANCECOIN)
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BNB price

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Solana price

XRP (RIPPLE)
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XRP price

Shiba Inu (SHIBA-INU)
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Shiba Inu price

Pepe (PEPE)
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Pepe price

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Bitcoin (BITCOIN)
$99,497 -0.09%

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Ethereum (ETHEREUM)
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Ethereum price

BNB (BINANCECOIN)
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Solana (SOLANA)
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Solana price

XRP (RIPPLE)
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Pepe (PEPE)
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$99,497 -0.09%

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Ethereum (ETHEREUM)
$3,972 -0.59%

Ethereum price

BNB (BINANCECOIN)
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Solana (SOLANA)
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XRP (RIPPLE)
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Shiba Inu (SHIBA-INU)
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Buy Cryptocurrency

HOW TO BUY CRYPTOCURRENCY IN NEW YORK IN 2024 – THE ULTIMATE BEGINNERS GUIDE

Wajeeh Khan
Crypto Expert
Fact Checked by Kamal Masri
Last updated: November 28, 2024
Disclosure
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Where can you buy cryptocurrency in New York, a state with some of the strictest
crypto laws? The laws enacted in the Empire State have locked out some of the
most popular exchanges, including eToro, Kraken, and even Binance.US. However
there still are highly reputable exchanges still operating in the state. In this
post, we review the best altcoin exchanges in New York.

Read to learn everything you need to know about buying cryptos in the Empire
State. We also discuss crypto regulation and taxation policies in the undisputed
capital of American banking and business.

HOW TO BUY CRYPTOCURRENCY IN NEW YORK – AN EASY 4-STEP GUIDE

Here is a quick overview of the crypto buying processes via Coinbase in New York
. Coinbase is considered by many to be one of the best crypto exchanges in the
US. It is regulated by the SEC, listed on NASDAQ, and is easy to use.

* Step 1: Open a crypto trading account: Open the official Coinbase exchange
website and click on the “Sign Up” icon. Complete the user registration form
that appears. It will only ask for your basic personal information.
* Step 2: Verify your identity: Coinbase demands that all its platform users
verify their identity before they can start trading. This involves emailing a
photo of your passport or driver’s license exchange to Coinbase.
* Step 3: Identify the best crypto to buy: At the moment, Coinbase exposes you
to close to 100 cryptos. Identify the best altcoins to invest in from this
list and hit the “Buy” button.
* Step 4: Buy cryptocurrency: The “BUY” tab will appear and you can use it to
customize this investment. Indicate how much you wish to invest then hit the
“Buy Now” button to execute the investment.

Buy Crypto Now

We will walk you through this crypto investing process later on in this guide.
Before then, we need to take a closer look at the best crypto exchanges in New
York. We will explore how they work and what makes them stand out, as well as
their pros and cons. Later on, we will share tips on how to buy cryptocurrency
in New York.

MOST POPULAR CRYPTOS TO BUY IN NEW YORK

You will be interested to note that the strict crypto laws in New York haven’t
dissuaded crypto investing in the state. This is evidenced by the fact that the
Empire State has one of the highest crypto adoption rates. By the end of 2023,
for example, a Coinbase study indicated that as much as 19% of the New Yorkers
owned cryptos. It also stated that close to 700 blockchain organizations had
been registered in the state.

As is the case with the rest of the USA, Bitcoin is the most popular crypto in
New York. It takes a larger portion of crypto investor portfolios. It is also
the most readily accepted crypto by New York businesses that support crypto
payments. But it is the only coin being added to crypto portfolios en masse by
New Yorkers. They are also collecting undervalued cryptos as well as the next
100x cryptos. These include:

* Ethereum (ETH)
* Ripple (XRP)
* Dogecoin (DOGE)
* Shiba Inu (SHIB)
* Pepe (PEPE)
* Solana (SOL)
* Litecoin (LTC)
* Toncoin (TON)
* Bitcoin Cash (BCH)

WHERE TO BUY CRYPTOCURRENCY IN NEW YORK

When searching for the best exchange to buy cryptocurrency in New Yorke, we
first considered their accessibility. We needed to know that the exchange is
authorized to offer crypto trading and investing services here. We also assessed
their reputation, cost of trading, ease of use, and safety.

Here is a quick review of top altcoin exchanges that adhere to New York’s crypto
laws:

1. COINBASE – THE OVERALL BEST CRYPTO EXCHANGE FOR NEW YORKERS

Coinbase launched in 2012, about three years after the launch of Bitcoin. Since
then it has followed a path that eventually made it one of the most successful
crypto exchanges in the world. The success is evidenced by the fact that it was
the first crypto exchange to go public. It is also the most liquid exchange in
the US and has more Bitcoins in its reserve than any other exchange in the US.

We, however, don’t list it here primarily because it is a successful brand. We
also list it here because it is a great trading platform for both beginner
investors and expert traders. It has integrated many tools and resources that
appeal to the two asset classes. These include a one-click buy option, an easily
navigable trading interface, and extension educational material that draws in
beginners.

Coinbase draws in expert traders and institutional investors via Coinbase PRO
and Coinbase Institutional programs. The exchange even caters to high rollers,
families, and trust via its Coinbase Private Client program. To the experts, it
provides highly advanced trading, indicators, and research tools. To the rest,
Coinbase guarantees the safety of their private keys.

There are two more reasons why you would consider buying cryptos on Coinbase.
These include the fact that it will provide you with safe and free digital
wallets. It also gives you access to all the popular cryptos. Here, you get to
interact with a mix of the most promising cryptos as well as the most
undervalued coins.

Pros:
* Coinbase supports all the popular fiat deposit methods
* Start trading cryptos with as little as $2 on Coinbase
* Coinbase has a quick onboarding process and is user-friendly
* Coinbase is a safe exchange
* Coinbase charges higher fees than competitor exchanges

Cons:
* Doesn’t offer staking services to New York residents

Buy Crypto Now

Investments are subject to market risk, including the possible loss of
principal. Virtual currencies are highly volatile. Your capital is at risk.

2. GEMINI – THE SAFEST CRYPTO EXCHANGE IN NEW YORK

Gemini is a New York-based crypto exchange. It was launched in early 2014 and is
licensed by the New York State Department for Financial Services. Top among the
reasons making it the best crypto exchange in New York is its solid reputation
for safety and reliability. The exchange offers institutional-grade
security-level service to all its client assets. Further, Gemini doesn’t share
client data with third parties.

Since its launch, Gemini has consistently gone out of its way to optimize
customer experience. It achieves this by maintaining one of the highest uptimes
for its website and trading platforms. It has also oversimplified the process of
buying and selling cryptos on the exchange. Its transaction processing speeds
are also fast and support team responsive.

At the time of writing, you can interact with 100+ of the best future cryptos on
the Gemini exchange. The Winklevoss brothers-led exchange is also
multi-platform. This implies that you may choose to buy and sell cryptos on the
Gemini web trader, mobile app, or active trader. While web and mobile apps
appeal to beginners, ActiveTrader features advanced trading tools that suit
expert traders.

Gemini is also a great crypto exchange because of its highly responsive support
team that is available online and over the phone. You may also opt to sign up
for a Gemini Credit card. It is fee-free and you can use it to pay for goods and
services both locally and internationally.

Pros:
* One of the most trustworthy crypto exchanges around
* Charges highly competitive crypto trading fees
* You only need $2 to start buying cryptos on Gemini
* Supports popular payment methods, including cards and bank deposits

Cons:
* Recently lost a case against New York’s financial regulator and was fined $37
Million
* Gemini doesn’t offer passive investing programs to New York residents

Buy Crypto Now

3. ROBINHOOD – THE BEST CRYPTO TRADING PLATFORM FOR BEGINNERS IN NEW YORK

Robinhood is a multi-asset and highly regulated trading platform. In addition to
crypto, you can buy stocks, metals like Gold, ETFs, and even trade options. At
the time of writing, New York residents can buy and sell up to 11 digital assets
on Robinhood. In addition to these, Robinhood provides you with real time market
data for tens of the most popular and most promising cryptocurrencies.

In addition to being a multi-asset platform, Robinhood is one of the few
commission-free crypto trading platforms in New York. Further, you only need $1
to start investing in cryptos on the platform. The platform doesn’t even have a
minimum deposit limit and supports all the popular payment methods. But even
more importantly, the low cost to trade ensures you carry home more cryptos than
you would on other exchanges.

There are several other reasons why you will want to trade cryptos on Robinhood.
For starters, the platform lets you automate trades and set recurring buys with
a minimum of $1. You will also note that though Robinhood appeals to beginner
investors, it has integrated multiple tools that appeal to expert traders. These
include advanced trading tools, custom price alerts, technical indicators, and
financial news.

Robinhood is also a great trading platform because it is safe. Like all the top
exchanges, it holds your crypto assets in an ultra-secure offline vault. It also
provides all its crypto traders with a secure and non-custodial Web 3 wallet.
Not forgetting that it has put in place adequate safeguards around your trading
account, including multi-factor authentication.

Pros:
* It has a quick client onboarding and a friendly user interface
* Lets you buy cryptos instantly with cards
* You can buy cryptos fee-free on Robinhood
* It lets you diversify your portfolio by adding traditional assets

Cons:
* Supports a limited number of cryptos
* The platform makes money selling client data to third parties

Buy Crypto Now

4. BITSTAMP – THE BEST CRYPTO EXCHANGE IN NEW YORK FOR LOW FEES

BitStamp USA was the 19th company to receive BitLicense from the New York
Department of Financial Services. But there is a twist. While crypto trading is
available on the BitStamp web trading platform, you cannot buy and sell cryptos
via the BitStamp mobile app in New York – yet. This notwithstanding, we still
believe BitStamp to be a top crypto trading platform in New York for its low
fees.

For starters, you only need $2 to start investing in virtual currencies on
BitStamp. Further, the exchange doesn’t charge a trading fee if your trade
volume for the month stays below $1000. The rest will be subject to a
volume-based maker/taker fee of between 0.08% and 0.4%. Note that deposits into
BitStamp via ACH and bank transfers are free. Card deposits, however, attract a
5% charge.

In addition to low fees, the BitStamp trading platform strikes a balance in its
appeal to both beginner and expert traders. It is rich in educational material
and has oversimplified the crypto-buying process for newbies. But it also
integrates a range of sophisticated trading tools that help expert traders.

Other factors making BitStamp the best place to buy cryptocurrency in New York
include its responsive support team. They are available over the phone, email,
and online. You will also appreciate that the exchange has also improved the
level of security around its client funds. Much of these came after the 2015
hack that saw it lose over 19,000 Bitcoins.

Pros:
* BitStamp provides users with both the web wallet and mobile wallet app
* It supports all popular deposit methods and has no minimum deposit limit
* Institutional grade security for your private keys
* BitStamp supports the Bitcoin Lightning network

Cons:
* A limited number of cryptos available to New Yorkers
* Charges high payment processing fees for card deposits

Buy Crypto Now

IS CRYPTO INVESTING LEGAL IN NEW YORK?

Yes, crypto investing and trading is legal in New York. Crypto and blockchain
businesses like crypto exchanges are also legal in the state. In fact, the
financial capital of the US has already launched its own crypto – the New York
Coin. We must, however, mention that New York has some of the strictest crypto
laws in the US.

In a first-of-its-kind regulation in 2022, for example, New York banned
crypto-mining operations that relied on fossil fuels. Crypto exchanges wishing
to establish operations in the country are also required to first acquire the
costly and bureaucratic BitLicense. Most recently state affected the Guidance
Regarding Listing of Virtual Currencies policy. This provides guidance for
listing and delisting of coins on exchanges.

New York has also been rather forceful in going after crypto businesses that it
considered bad actors. In June 2023, the New Attorney General’s office settled
with CoinEX. The exchange had been sued for not registering as a securities and
commodities broker-dealer in the state. It was banned from the state and fined
$1.8 Million.

The New York AG also sued Gemini, Genesis, and the Digital Currency Group (DCG)
and accused of defrauding investors $1 Billion. Most recently, the NYAG’s office
sued NovaTechFX, AWS Mining, and their founders for running a $1 Billion pyramid
scheme.

CRYPTO TAXES IN NEW YORK

New York has a rather elaborate and transparent tax system. These can be broken
into crypto taxes for individuals as well as for businesses. Crypto taxes
impacting individuals include income tax that ranges between 4% and 10.90% and
Capital gains tax of up to 20%. They also extend to property taxes, gift tax,
and estate tax of up to 40%.

Taxes impacting crypto business, on the other hand, include income tax, capital
gains tax, sales tax, and tax on mining income. They may also include payroll
tax as well as self-employment tax. Note that in addition to the state taxes,
you also get to pay federal taxes as stipulated by the IRS.

PRACTICAL TIPS FOR BUYING CRYPTO AND BITCOIN IN NEW YORK

Below, we look at some of the tips and tricks you need to implement in your
crypto trading strategy. These are the things you need to know before investing
in cryptos:

* Do your own research: You need to do your own research about crypto before
investing in it. Understand how it works, its underlying blockchain
technology, its tokenomics, and its past price action.
* Consider dollar cost averaging: You will want to use a dollar-cost-averaging
investment strategy, especially if you are a long-term investor. This helps
you reduce risk, lower the overall cost of acquiring crypto, and avoid bad
timing.
* Understand your investing goals: Decide whether you want to be a long-term
investor or a short-term trader. Embrace the crypto investing strategy that
matches your investing goal. Equally important, only add cryptos that match
your goals to your portfolio.
* Avoid FOMO: You can avoid succumbing to FOMO of impulsive buying and selling
by limiting social media exposure. You also need to combine this with doing
your own research.
* Learn how to secure your crypto: Crypto exchanges are susceptible to hacks or
misuse of client funds. We, therefore, always encourage our readers to invest
in a safe and reliable hardware wallet. This stores your private keys
offline, away from hackers and malware.
* Stay informed: You will also want to follow news and crypto market trends.
These come in handy in helping you determine the course of action for
different cryptos or markets at large. Follow reputable crypto sites and
reliable crypto experts.

HOW TO BUY CRYPTOCURRENCY IN NEW YORK WALKTHROUGH

We have already stated that Coinbase has a straightforward crypto-buying
process. In this section, we walk you through this process and teach you how to
buy your first crypto on the exchange.

STEP 1: CREATE A FREE CRYPTO TRADER ACCOUNT ON COINBASE

On your browser, open the official Coinbase website. Alternatively, download the
Coinbase crypto trading mobile app. On either platform, hit the “Sign Up” icon
and complete the registration form that pops up here. This will ask for basic
personal details such as your name and address, phone number, and zip code. You
will also need to come up with a strong password for this account.

STEP 2: VERIFY YOUR IDENTITY

Being a regulated crypto trading platform, Coinbase subjects all its platform
users to KYC and AML checks. This implies that you need to verify your identity
and answer general questions about your income before you can start trading.

STEP 3: ADD A PAYMENT METHOD

On your Coinbase account dashboard, tap on the “Accounts” tab and choose to add
a payment method. The exchange will provide you with a range of deposit methods
available to New Yorkers. The most popular methods are credit cards, debit
cards, PayPal accounts, and bank transfers. Choose one and link the payment
method to your crypto trading account.

STEP 4: IDENTIFY THE BEST CRYPTO TO BUY

Coinbase gives you access to all the best cryptocurrencies to buy in the US.
Find the coin that appeals to you from this list and hit the “Buy” button.

STEP 5: BUY TOP ALTCOINS

A trading tab will pop up. Here, indicate how much cash you want to spend buying
this crypto. You can then hit the “Preview Buy” button to check that this buy
order is correct. To execute the trade, click on the “Buy Now” button. The funds
will be drawn from your preferred payment method to fund this investment.

Buy Crypto Now

Investments are subject to market risk, including the possible loss of
principal. Virtual currencies are highly volatile. Your capital is at risk.

> Note: As is the case with all crypto exchanges, the private keys of the coins
> you just purchased will be deposited to the Coinbase custodial wallet. This
> keeps 98% of your keys offline. You are also free to send them to a
> third-party exchange or wallet or a non-custodial hardware wallet of your
> choice.

HOW TO SELL CRYPTOS ON COINBASE

The process of selling cryptos on Coinbase is equally quick and straightforward.
Let us break it down below.

* Step 1: Log back into your Coinbase crypto trader account via the web trader
or mobile app.
* Step 2: On your user dashboard, select the “Buy and Sell” icon and choose the
“Sell” option.
* Step 3: You will be directed to a window that shows your crypto portfolio on
Coinbase. Choose the crypto you wish to sell.
* Step 4: On the sell tab that appears, indicate how much you wish to sell and
select the fiat currency that you would want the crypto converted to – it
could be USD or USDC. Review the order and hit the “Sell Now” button to
execute the transaction.

> Note: Coinbase will sell the cryptos and immediately deposit the proceeds of
> the sale in your cash balance. You may choose to use these funds to buy some
> of the hottest cryptos supported on the exchange. You may also choose to
> withdraw the cash.

CONCLUSION – HOW TO BUY CRYPTO IN NEW YORK TODAY

New York has been at the forefront of regulating the crypto industry. However,
unlike in states such as Nevada or Florida, the crypto laws here have been
described by many in the space as hardhanded. Nevertheless, the state has still
managed to attract a few top crypto exchanges. These expose you to the best
altcoins to buy in the US today.

Do you wish to start investing in cryptocurrency in New York right away? The
step-by-step guide we have outlined above will teach you how to buy your first
altcoin on Coinbase.

Buy Crypto Now

Investments are subject to market risk, including the possible loss of
principal. Virtual currencies are highly volatile. Your capital is at risk.

MORE STATES BUYING GUIDES ON CRYPTO2COMMUNITY

* How to Buy Cryptocurrency in New Jersey
* How to Buy Cryptocurrency in Nevada
* How to Buy Cryptocurrency in Maryland
* How to Buy Cryptocurrency in Illinois
* How to Buy Cryptocurrency in Hawaii
* How to Buy Cryptocurrency in Georgia
* How to Buy Cryptocurrency in California
* How to Buy Cryptocurrency in Colorado
* How to Buy Cryptocurrency in North Carolina
* How to Buy Cryptocurrency in Washington
* How to Buy Cryptocurrency in Connecticut
* How to Buy Cryptocurrency in Delaware
* How to Buy Cryptocurrency in Idaho
* How to Buy Cryptocurrency in Indiana
* How to Buy Cryptocurrency in Kansas
* How to Buy Cryptocurrency in Iowa
* How to Buy Cryptocurrency in Louisiana
* How to Buy Cryptocurrency in Kentucky
* How to Buy Cryptocurrency in Arizona

REFERENCES:

1. https://www.wsj.com/articles/gemini-to-return-1-1-billion-to-customers-in-new-york-regulator-settlement-9b647f30
2. https://www.coinbase.com/blog/united-states-of-crypto-new-york
3. https://www.coindesk.com/policy/2023/11/15/nydfs-rolls-out-stricter-guidelines-for-cryptocurrency-listings-de-listings/
4. https://cointelegraph.com/news/us-subsidiary-of-eu-crypto-exchange-bitstamp-seals-bitlicense-from-new-york-regulator
5. https://www.reuters.com/legal/coinex-accepts-new-york-ban-pay-18-mln-resolve-attorney-general-lawsuit-2023-06-15/
6. https://www.cnbc.com/2022/11/25/new-york-is-the-first-state-to-ban-certain-types-of-crypto-mining.html
7. https://www.bitwave.io/blog/how-new-york-taxes-cryptocurrency
8. https://ag.ny.gov/press-release/2024/attorney-general-james-sues-cryptocurrency-companies-novatechfx-and-aws-mining

FAQS

WHAT IS THE BEST CRYPTO EXCHANGE IN NEW YORK TODAY?

Coinbase is our top pick for the best crypto trading platform in New York. It is
regulated in the state, easy to use, lists all the popular cryptos, and is safe.

HOW DO I FIND THE BEST CRYPTO EXCHANGE IN NEW YORK?

You can rely on a number of metrics to vet trading platforms and decide which
one works best for you. These include its safety, regulation status, reputation,
cost of trade, crypto library, liquidity, and customer support.

HOW MUCH DOES IT COST TO BUY CRYPTOS IN NEW YORK?

The minimum trade amount will mostly depend on your preferred crypto exchange.
When trading on Coinbase, for example, you need a minimum of $2.

WHAT IS THE CHEAPEST WAY TO BUY CRYPTOS IN NEW YORK?

Some exchanges like Robinhood will let you buy and sell cryptos fee-free.

IS CRYPTO.COM AVAILABLE IN NEW YORK?

No, Crypto.com doesn't have a BitLicense and is, therefore, not authorized to
operate in New York.

IS ETORO AVAILABLE IN NEW YORK?

No, eToro doesn't have a BitLicense and is, therefore, not authorized to operate
in New York.

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Author: Wajeeh Khan

Wajeeh Khan is a financial researcher and writer with 7 years of experience. He
has immense exposure to a range of financial assets, including stock,
cryptocurrencies and forex - and is particularly well-versed in asset valuation,
analysis, and portfolio management. Since 2016, Khan has worked with notable
online platforms within financial journalism, including Invezz,
Trading-Education, Dog of Wall Street, and News Break. All in all, he has
written, editted, and published over 7,000 articles, guides, and market insight.
Online casinos started as a hobby for Khan in 2018. But in only two years, it
had already become another niche that he started actively researching. Over the
past three years, he has written a diversified set of content around gambling
for clients from all over the world. Academically, Khan has a Bachelor's in
Economics and a Master's degree in Finance. He's also completed a bunch of
courses on digital journalism and financial markets at large.

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MORE BY THIS AUTHOR:

* How to Buy Cryptocurrency in Arizona in 2024 – The Ultimate Beginners Guide
* The Next Cryptos to Hit $1 in 2024 – Top 10 Contenders
* How to Buy Cryptocurrency in Kentucky in 2024

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researched, accurate, and unbiased content. We uphold strict editorial policy
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