USDC is a widely circulated popular stablecoin in the market. A stablecoin is a form of cryptocurrency whose value is attached to the value of the US dollar. This just means that theoretically, one USDC should always be worth around $1.
Unlike most cryptocurrencies, USDC offers a much more stable way to seek exposure to the world of cryptocurrency.
This guide should orient you on how to buy USD coin. Thereafter we shall provide a summary of the available methods and the considerations used in choosing an exchange followed by how to store your USDC safely.
Before You Buy
Before you go ahead and purchase USDC, at least understand some basics and possible risks that are tied to it. Here are a few things to keep in mind:
- Regulation: The rules are changing constantly because the cryptocurrency market remains nascent. Be sure to be well informed about regulations in your jurisdiction before you buy USDC.
- Security: At times, cryptocurrency exchanges and wallets are highly vulnerable to hacks. It is good to identify trusted platforms and explore security measures one can impose on USDC.
How to Buy USD Coin
There are basically two ways to buy USD Coin:
- Cryptocurrency Exchanges: These are the platforms from which we can make the purchase and sale of various cryptocurrencies, including USDC. Most such platforms also allow you to deposit money by bank transfer or with a credit or debit card.
- Peer-to-Peer Exchanges: These platforms connect potential buyers directly with the seller of the cryptocurrency. This could be the right platform for you if you are more interested in acquiring USDC privately. Most of all, mind the potential hazards in person-to-person trading.
Choosing a Platform for Purchasing USD Coin
And here are some of the things you need to look at when considering the right platform to purchase USDC:
- Security: Be aware that a vendor has a good repute in this industry and has high-grade security practices in place.
- Fees: Compare the fees applied by different platforms before deciding on where to buy your USDC from. Fees may vary depending on the payment method you use and the amount of USDC you want to buy.
- Payment Plans: Look at what payment methods are acceptable on the platform. Some only take bank transfers while others do take the usage of credit cards or debit cards.
- Compliance: Ensure your platform is compliant with the relevant laws and regulations applicable within your jurisdiction.
These are some of the more popular places to purchase USD Coin:
- Cryptomus
- Kraken
- Gemini
- Crypto.com
How to Get USD Coin on a Crypto Exchange
Below is the general basic process of how to buy USD coins from a cryptocurrency exchange. Thereafter, the specific process depends on the choice of platform:
- Sign Up: You will need to sign up for an account in a crypto exchange before you can purchase USDC. This usually involves fields like full names, email addresses, and phone numbers. You may also be required to verify your identity.
- Add Funds to Your Account: By creating an account, you may have to deposit some funds into the account. The methods of making a deposit vary in a number of ways which depend on the platform.
- Buy USDC: With money available in the account, a user can then go to the USDC market and place an order to buy USDC. Usually, you are supposed to input the amount of USDC to buy and the price to buy at.
How to Store Your USD Coin
Once you’re through with your USDC purchase, the next thing will be to secure them. For this, you will have two primary options:
- Wallets for Cryptocurrency: This is the digital wallet for storing USDC. Wallets come in two main types: hot and cold wallets. A hot wallet is connected to the internet, whereas a cold wallet is not.
- Cryptocurrency Exchanges: You may also store your USDC on the cryptocurrency exchange through which you bought them. But after all, this is not the safest place; cryptocurrency exchanges are places where a hacker is likely to make a beehive.
Conclusion
USDC is a leading stablecoin, and it does provide the user with a way to access the ecosystem in a relatively stable manner. Should you wish to buy USDC, be sure to understand the risks and then purchase through a reputable platform. With the approaches outlined in this guide, you can go ahead to buy USD Coin vastly safely and easily.
