How to get cryptocurrency in the US: a beginner’s steps
You can get cryptocurrency by buying on an exchange, receiving a transfer, or earning it, then moving it to a wallet you control. US rules apply.
Vahe HakobyanEditor-in-chief
Updated Oct 5, 20264 min readFact-checked
On this page
- US exchanges collect identity information and report to tax authorities.
- You can usually buy a fraction of a coin.
- A blockchain transfer to a wrong address is usually irreversible.
- Buying and holding with dollars generally does not create a tax event.
You can buy crypto on an exchange, receive a transfer from another person, or earn it through work or bounties. Each route needs a secure account and a safe place to store the crypto.
What do you need before you start?
Before you send money, pick an exchange that serves US customers in your state. US platforms follow federal rules against money laundering, so they collect your name, address, date of birth, and government ID. Complete identity verification before you fund the account. Exchanges are not anonymous.
How do you get cryptocurrency step by step?
You can fund an exchange account and buy crypto. Until you move it to a wallet you control, a centralized exchange holds it for you. The steps below start with funding and end with self custody. You can usually buy a fraction of a coin, so you do not need a whole one.
- 1Fund your exchange accountLink a bank account, use a debit card, or send a wire. Check the timing and any fee before you confirm.
- 2Place a buy orderChoose the cryptocurrency and the dollar amount. Most exchanges let you buy a fraction of a coin.
- 3Withdraw using the right networkOpen your wallet and copy its public address. Select the blockchain network that matches the wallet and coin. Double-check both before you send.
- 4Move crypto to self custodySend from the exchange to your wallet. The exchange may ask for two factor authentication. Wait for the transfer to confirm.
- 5Secure your seed phraseYour wallet shows a seed phrase that can restore access. Write it on paper or metal and store it offline. Do not keep it in email, photos, or cloud notes.
What should you do after you get crypto?
Keep records from the first purchase. The IRS treats cryptocurrency as property, so buying and holding with dollars generally does not create a taxable event. Selling, trading, or spending crypto can create a capital gain or loss. Income from earning crypto is taxable when you receive it.
Frequently asked questions
Blockchain transfers usually cannot be undone. Contact the exchange or wallet support right away, but recovery is often impossible unless the receiving service agrees to help.
Usually no. The IRS treats crypto as property, and simply buying and holding it with dollars does not create a taxable event. You may owe tax when you sell, trade, spend it, or receive it as income.
It can take minutes or several days. The time depends on the exchange, the documents you provide, and how many checks it runs.
