How to buy USD Coin (USDC) in 2021

With so many traders making inquiries, we decided to come up with this short guide on how to buy USD coin. For those unfamiliar altogether, it is a stablecoin that runs pegged to the United States Dollar (USD). It was developed by a company called Centre, on multiple blockchains; SOLANA, STELLER, ALGORAND and ETHEREUM. It is available for purchase on most exchange platforms.

Quick guide on buying USD Coin: buy instantly with fiat or crypto on Binance

Binance may be the best place to buy USDC, or any other crypto at that, especially for those asking how to buy USDC with USD. The steps to purchasing the coin are as follows:

  1. Register in Binance, and go through KYC
  2. Go to Funds and deposit money into your account
  3. Click on the Exchange tab and place a USDC trade pair order
  4. State the amount you want and click on ‘Buy USDC’ to finalise the purchase

Exchanges to buy USDC

These are some of the best crypto exchanges for buying USD coin:

Binance

Binance is among the most utilised crypto exchanges in the history of the industry. Since its reease in 2014, it has been nothing but an uphill climb for the platform, with some negligible bumps here and there. Today, they trade in hundreds of coins and tokens, inclusive of the USD Coin. You can pay for the trades with Debit Card, Credit Card, WorldRemit, Bank Transfer or Western Union. As for the purchase, it can be made by:

  • Signing up for a Binance account
  • Verifying the account with a supported mode of payment
  • Depositing money into the platform account, then initiate a trade order.
  • Selecting a trade pair under ‘Buy’, one with USDC in it
  • Providing parameters regarding the amount to purchase and that to be used in the transaction
  • Clicking on the Buy order and waiting for the funds to be transferred

Coinbase

This is yet another 2014 launch, highly regarded for its usability and vast crypto circulation. It is based in the United States, operated from the main offices in San Francisco. USDC is just one among the numerous cryptocurrencies supported by the platform. You can pay for it with PayPal, Neteller, Skrill and MasterCard, among others. The actual steps to making the purchase are:

  • Registering to join Coinbase, creating an account
  • Verifying the account with a supported mode of payment
  • Fund your account, then go to ‘Buy Crypto’ and pick out a trade pair
  • State the amount to purchase and finalise the transaction
  • View your funds in the Coinbase account wallet

Huobi

Huobi payments can be made with Credit/Debit cards, Skrill, crypto wallets or Bank Transfers. This exchange is great for all traders, new and old. It features quite a number of crypto coins, allowing users to purchase any of them with outstanding ease. Among these is the USD Coin, which you can purchase by:

  • Logging into your platform account, or signing up to create one if none already exists
  • Funding the account by placing a deposit in crypto or fiat.
  • Going to the Spot Market, then to the Exchange tab, where you need to search for USDC
  • Picking a trade pair and stating the amount you would like
  • Finalising the purchase, then withdrawing the coins from the platform account

Kraken

Kraken accepts payments with Bank Cards, Direct Bank Transfers, SEPA or Visa. The platform supports quite a number of cryptocurrencies, large cap coins and lesser tokens alike. You can use it to purchase USD coin as follows:

  • Register onto the platform to create a user account
  • Link your account to a fiat mode of payment, making sure to provide all the information requirements for user verification
  • Place a deposit into your platform account, making it via an external crypto wallet, or with the fiat account
  • Go to ‘Prices’ and select the preferred USDC trade pair
  • Select ‘Buy’ and ether the amount of coin you would like to acquire
  • Confirm the purchase and wait as the funds are credited accordingly

Uniswap

This is a specialised quotation exchange, one that facilitates in trades among a number of cryptocurrencies. It can be a bit complicated for new users, but it gets easier as none becomes more acclimated to it. The trades can be made with the platform’s own native token, the $UNI, or with the ETH coin. Both can be purchased using fiat modes of payment, the likes of Bank Cards, Bank Transfers or Visa. To purchase USDC on Uniswap, you need to:

  • Register with the platform to create an account
  • Log into the account, and find it with ETH or $UNI
  • Go to the Buy Crypto page and place a UNI/USDC or ETH/USDC purchase order
  • Use the provided quote to finalise the transaction, providing extras credentials where necessary

Poloniex

Poloniex operates on straightforward ideology. It supports dozens of individual currencies, fiat and crypto alike. Its coverage encompasses the whole world, where just about anyone in any major city can purchase crypto as they please. The developers come through with a user friendly and highly efficient user interface, allowing payments to be made with Debit and Credit cards, via the Simplex service. You can buy USD Coin by:

  • Creating a user account by registering
  • Verifying the account by linking it to a fiat mode of payment
  • Funding your account, then clicking on Exchange.
  • Selecting the Market reference, then going choosing USDC
  • Clicking in Buy USDC, then entering the required amount
  • Clicking on Buy to finalise the transaction

How USDC is different

The coin is operationally linked to the USD, but the two are very different. The difference is in the representation, where one USDC is created to be used on the virtual crypto space after being minted by a deposit of one USD. So the coin is basically a representation of the USD that can be used on the space for cryptocurrencies.

Things to consider before buying USDC

Loss Probability – though it is a stable coin, USDC can also experience price drops. So one much always be prepared, maybe even making an investment that they can stand to lose.

Where to buy USDC – comparatively put, there are less places where you can buy USDC, and each of these have their own traits. The choice of an exchange should be taken seriously.

Storage – once the purchase is made, the coins will need to be placed in a location that is safer than exchange wallets

How to find the best price

This can always be done manually by going through individual exchanges. Alternatively, there are now dedicated platforms that run comparisons of multiple exchanges at once, something that could prove to be quite feasible in terms of time. Finding the best price is crucial as it has an effect on your overall finances, most notably after some time.

Where to store USD Coin

In terms of coin security, no crypto location trumps out hardware wallets. These devices store the crypto offline, rendering it invulnerable to hackers. The most used hardware wallets are listed as follows:

  • Ledger Nano S
  • Ledger Nano X
  • Trezor Model 1
  • Trezor Model T

Security Tips

You should never skip out on the KYC and 2FA procedures. These are time consuming processes, but they do ensure that your account is safe from unauthorised entry. You should also make it a habit to withdraw money from the exchange into a more secure wallet – exchange wallets are prime targets for cyber crime.

Conclusion

The USD Coin is a fully functional crypto alternative for USD, where it captures some key traits like market stability. Since its launch in 2018, it has racked up quite the following online, where VISA just recently made their acceptance of the coin public. This makes it all the more convenient to buy USDC, where it can be used for just about anything.




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