Opening a crypto exchange account
The first step in giving crypto as a gift is to get some crypto for yourself so that you can give it to someone else. If you already have crypto in a wallet or on an exchange, then you can skip to the next step. If you don’t already own crypto, then this page is for you.
Purchasing Crypto
In order to purchase Bitcoin, Ethereum, or some of the other coins that would make a good gift, you need to have a way to buy the crypto. The easiest way to do this is through an exchange. Several large exchanges exists although the one you may want to consider using will vary by country. Below are a list of some of the more common exchanges in the United States. For most exchanges, you will need to verify your identify by taking a picture of your government issues identification and sending it to them. This is so the exchanges comply with worldwide anti-money laundering laws and KYC (know your customer) regulations.
Crypto Exchanges in the United States
We’re going to start by adding exchanges that operate in the United States although most of the companies below are international and can be used to purchase crypto outside of the U.S. Over time, I hope to add more info about exchanges outside of the United States also information about decentralized exchanges. But for now, I want to keep it simple.
- Coinbase – a publicly traded company and one of the largest exchanges in the world. Their user interface is similar to opening a brokerage account. They have a mobile app that makes the process of buying and sending crypto very easy.
- Kraken – another exchange popular in the United States. They are more trader oriented. They recently added a mobile app.
- Binance.us – This exchange is part of the overall Binance group, which operates worldwide.
- Gemini – Founded by the Winkelvoss Twins of Facebook fame, this exchange also gets pretty high reviews.
Once you have an account open, you’ll not only be able to purchase crypto as a gift, but will be able to start investing in it yourself.