Dealing with cryptocurrency in the USA is more complicated than one might think. It is more connected because the country consists of many states, and cryptocurrency`s status differs significantly from one state to another.
Thus, some difficulties might arise in determining whether a specific state allows buying and selling cryptos like Bitcoin or Ethereum. If one lives in a state where cryptocurrency isn’t permitted, the number of options to buy or sell the coins becomes very limited.
If you live in the USA, the best option is to use the services of instant exchange. The main benefit of such an exchange is that you don`t need to register an account or verify it. Thus, you don`t need to provide any data about your residence address and similar.
All you need to have is a wallet where you hold your coins and a wallet where you can receive new coins when you convert BTC to ETH or any other cryptocurrency type.
It would not work with a custodial exchange where to open an account. You need to provide not only your residence address but plenty of other data. To verify the account, you will need to provide more information.
And then, to lift a limit, even more, information will be needed. Finally, if a custodial exchange doesn`t have the needed permissions to operate in the state where you live, you will be rejected the service.
Where to Find an Instant Exchange?
While this exchange type is relatively new, there are many of them nowadays because demand is growing.
One of the most reliable platforms that provide instant exchange services is LetsExchange.
There, you can find not only plenty of coins to swap but other perks such as:
- No registration/KYC. You can swap whenever you want.
- No upper limits; clients decide how many coins they want to change.
- Instant transactions, clients get their coins as soon as a transaction is confirmed in the network.
- Non-custodial services, the exchange doesn`t get ownership over your coins.
- Easy-to-use interface: users can exchange coins in a couple of clicks. It is enough to follow a step-by-step guide to complete any swap.
Among the main drawbacks we can distinguish such:
- Instant exchanges don`t provide operations with fiat money. If you use fiat, you need to register an account and provide some information to confirm it.
- An instant exchange doesn`t offer a wallet. To open a wallet, one needs to provide personal information and confirm it, while an instant exchange doesn`t collect any personal data.
- Fees might be slightly elevated due to the specifics of the service.
If you live in a USA state where cryptocurrency is officially accepted, there is no issue to swap any coins.
However, for people who live in the states where cryptocurrency has either a dubious status or is not accepted, getting involved in activities with crypto might be problematic. A custodial exchange would reject the registration.
Such people can use the services of instant exchange.