Buying USDC (USD Coin) in the US can provide investment opportunities and also expose you to several risks, especially if you’ve never explored the crypto space before. Nonetheless, buying the stablecoin in the United States is totally legal. Read this guide to learn how you can buy USDC in the US.
Is the US Crypto-Friendly?
Although the United States has millions of crypto users, the country still lacks clear rules for digital currencies. However, the American government has never prohibited citizens from buying and holding crypto assets like USDC.
The IRS (Internal Revenue Service), the government body tasked with collecting taxes, treats cryptocurrencies as property. It provides guidelines for crypto holders to follow while filing their tax returns.
To buy USDC Coin on a crypto exchange in the United States, you must verify your identity by completing the Know Your Customer checks, which involve providing your ID and proof of residence. Identity verification is key as it helps to prevent money laundering.
Circle, the company that issues USDC, manages the stablecoin while following the US money transmission policies. This makes USDC one of the most trusted cryptocurrencies despite experiencing depegging problems from time to time.
Why Should You Buy USDC in the United States?
Before buying USDC, it is crucial you understand its importance. Stablecoins like USDC are key in the crypto ecosystem as they allow users to explore the digital asset space with minimal exposure to extreme volatility. Moreover, they facilitate quick and cheap transactions.
But what separates USDC from other stablecoins? Well, this digital currency is regulatory-compliant, and its issuer embraces transparency by publicly disclosing reserves and conducting regular audits.
How to Buy USDC Coin in the United States
Purchasing USDC in the US is easy, given that the stablecoin is available on almost all the leading crypto exchanges in the country.
Here are the steps to follow to buy USDC:
1. Select a Crypto Exchange
When choosing a crypto exchange, you should always prioritize security. Check the measures adopted by the platform to keep your funds safe before signing up. Moreover, be sure to understand the fee structure of the crypto exchange and read customer reviews.
Despite lacking clear regulations, the United States hosts several cryptocurrency exchanges that support USDC trading. Some of the most popular include Bybit, Gemini, Coinbase, and Crypto.com.
2. Register With Your Preferred Crypto Exchange
You will need your email or phone number to get started with any centralized exchange. And as mentioned earlier, you must complete the Know Your Customer procedure to buy USDC.
3. Fund Your Account and Buy USDC
Once your exchange approves your identity verification documents, you can deposit funds to acquire USDC. Most exchanges support fiat currencies, which can be deposited using payment methods like debit/credit cards, bank transfers, and e-wallets. After depositing funds, go to the spot market to purchase USDC. Depending on the order type you choose, your USDC tokens should arrive in your exchange wallet instantly or within a few minutes.
How to Purchase USDC on P2P Platform
P2P (peer-to-peer) crypto exchanges allow users to trade the USDC Coin directly with each other. To purchase USDC, pick a reliable seller by going through their transaction history and reading buyer reviews.
Once you place a buy order, the P2P platform will hold the ordered USDC tokens in its escrow and release them to you immediately after the seller confirms payments. Some of the platforms in the United States with P2P functionalities include Paxful, KuCoin, OKX, and Binance US.
How to Purchase USDC via Telegram
You read it right! You can buy USDC via Telegram. In this case, buyers and sellers use Telegram to communicate directly in an effort to agree on trading terms, such as payment methods and exchange rates. However, buying USDC on Telegram is very risky, so practice caution.
Can I Use USDC to Pay for My Online Purchases?
Yes! Several exchanges in the United States now offer debit cards that users can load up with USDC and use the stablecoin to make online purchases at any merchant that accepts Visa or Mastercard.
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