Jumping into Crypto

ThreeBx currently supports crypto-to-crypto trading — meaning there is no fiat support within our platform. So, if you don’t already have any cryptocurrency, how do you get it? Buying and investing in cryptocurrencies can be a daunting task and many have difficulties jumping into the market. Here are some of my favorite ways to make the jump into crypto!

Coinbase is one of the most well-known and trusted ways to turn USD into crypto. Originally, Coinbase allowed users to purchase cryptocurrencies with credit/debit cards, but with the recent changes in regulations and credit card processing restrictions, only bank deposits and wire transfers are now supported. Coinbase boasts some of the heavier fees in the industry, but they make up for it with ease of use. Create an account, deposit money into your USD wallet, and then buy your crypto of choice. No complicated trading interfaces are required to invest. Coinbase currently supports Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.

After Coinbase removed their support for credit card processing, Gemini became my go-to option for purchasing crypto. This was primarily because of the fees in relation to Coinbase. Depositing USD is very similar to Coinbase as bank transfers and wire transfers are supported. Gemini has a slightly more complicated interface for the first-time users, and I experienced significant delays in getting cryptocurrency out of the platform. In my experience, the process of completing a bank transfer to withdrawing Bitcoin has taken as long as a seven days. Gemini currently supports Bitcoin, Ethereum, and Zcash.

Abra has become one of my favorite methods for purchasing crypto. Abra is a mobile Bitcoin wallet that allows you to buy crypto through ACH, wire transfers, American Express, Visa and Mastercard. The fees associated with Visa and MasterCard are high (8%), but if you use American Express, fees are only at 4%. In many situations, the ability to buy and withdrawal crypto almost immediately is worth the extra fees. Abra allows you to invest in roughly 25 different cryptocurrencies but only supports Bitcoin and Litecoin withdrawals. This means that you can purchase Monero for the sake of investing but you will not be able to withdraw it from the platform. I believe that the interface is a bit confusing but once you get the hang of it, converting between currencies is pretty simple.

Uphold is another one of my favorite platforms for buying cryptocurrencies. I tend to use Uphold through their mobile app but they also have a very similar web interface. Their interface is fairly easy to use once you understand the idea behind the platform. Each currency is associated with a “card” that you can deposit into, withdraw from, or transfer between. Purchasing Bitcoin is as simple as depositing funds into your USD card (from your bank account or credit/debit cards), transferring it to your BTC card, and then withdrawing from there.

Square cash is probably the simplest way to convert USD into Bitcoin. It takes a second to figure out where the screens are located and navigating isn’t that straightforward, but in terms of features, it has just enough to make it work. To withdraw Bitcoin, you have to go through a KYC process that takes a little bit of time but after this is complete, withdrawal is very simple. Square Cash only supports Bitcoin and allows you to add money via credit cards and bank accounts.

Circle Invest is slightly different from other products as it is an investment platform. This means that you can’t withdraw cryptocurrencies from the app. Circle Invest is only there to allow people to buy into the market and invest. Once you have purchased a cryptocurrency, you have to sell it for USD to get your money out of the system. If you plan on moving your cryptocurrency to other platforms (like ThreeBx), Circle Invest isn’t for you. If you have no interest in pulling your cryptocurrency out to use in other platforms, Circle Invest offers a very simple and intuitive way to invest in the cryptocurrency market.

Once you have purchased your crypto, its time to take it to ThreeBx! Each platform has transfer and/or withdrawal feature to send to other wallets. Go to ThreeBx, find your wallets within your account, and click deposit. This will show you an address that you will use for withdrawals and transfers. Make sure that you are sending your crypto to the right type of address! Sending Bitcoin to Ethereum will result in lost Bitcoin. Cryptocurrencies are very unforgiving if you send them to the incorrect address. If there are any questions related to buying crypto or sending it to ThreeBx, feel free to contact us at hello@threebx.com. We will be happy to help anyone through this process!

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