How to Buy USD Coin
Converter USD Coin to US Dollar
USD Coin (USDC) is a popular stablecoin, the value of which is linked to the US dollar at a ratio of 1:1 – 1 USDC equals 1 USD.
Thus, stablecoins (or stablecoins) allow you to reduce the risks associated with the extreme volatility of the crypto market. Therefore, the question of how to buy USD Coin is relevant for many market participants.
In the new review, we will tell you about the main way to buy USDC – on a cryptocurrency exchange, as well as how to choose a platform where to store the purchased coins and how to withdraw them to your wallet.
What is USD Coin
The USD Coin (USDC) is a cryptocurrency was created and controlled by the Center Consortium in collaboration with its founders Coinbase and Circle.
Where is the best place to buy USD Coin
Next, consider where it is more profitable to buy USD Coin. For this purpose, you can use different platforms: cryptocurrency exchange, payment systems/banks like Revolut. Each method has its own advantages. But if we talk about profit, then the best rate is always given by exchanges. Other advantages of buying cryptocurrency on the exchange:reliability, regulation, high liquidity, a large selection of payment methods (bank transfer, card, p2p, etc.), an option to buy coins by fiat money (dollars, euros, etc.).
Instructions for buying USD Coin
As we have identified above, the most profitable option for buying USDC is on a crypto exchange. Below is a step-by-step instruction: where to start and how the direct purchase happens.
Decide on the level of risk
Every investor wants the concepts of “money” and “loss” to never intersect. But in order to protect yourself from possible losses, you need to determine the level of risk for yourself in advance: how much I am ready to invest, how much I can afford to lose and so on. Remember the basic rules of investing:
- Don’t invest all your money in one asset;
- Do not buy any asset with the last money (and even more so with borrowed money);
- Don’t invest more than you can afford to lose.
Choose a crypto exchange
Trading platforms differ from each other in the conditions that they offer to users. Basic parameters: verification (mandatory/optional), available trading pairs, fiat support, commissions (deposit/withdrawal/trading), limits, trading terminal capabilities, available orders and so on. In order to choose the cryptocurrency exchange that is fits you, we advise to read reviews from real users. Pay attention to specific moments of working with the site: what you didn’t like and why, what were the problems, etc.
Best crypto exchanges to buy USDC in 2023:
Register an account
As an example, we will use Binance exchange (you can choose any trading platform).
To create an account on Binance:
- Open the official website of Binance;
- Click Register in the upper right corner;
- Specify country of residence → Create Personal Account;
- Add email address, create a strong password → Next;
- The last step is to verify your email and phone number. Enter in the dialogue window the activation code received by e-mail, and then the code that will be sent to the phone number.
Access to your personal account will be open after verifying the data. It gives you access to all further actions with the account.
Top up your account
Depending on the selected exchange, the user can replenish the account in different ways. Some sites work only with cryptocurrency, others support fiat. Study in which pairs the asset you need is traded and choose the most convenient way. The USDC coin is traded on Binance in pairs with other cryptocurrencies (BTC, ETH, USDT, ADA, EOS, SOl, TRX and others). For example, let’s transfer ETH to the exchange. For this:
- In the upper right corner of your personal account click Wallet → Fiat and Spot;
- Specify ETH as the deposit currency and activate the Deposit option next to it;
- Select network for transferring;
- Copy address and send ETH to it from your crypto wallet;
- Check the receipt of money in the account.
Buy USD Coin (USDC)
In order to buy USDC with ETH on the Binance Spot Market, you need to create a buying order. For this:
- In your account, select Trade → Spot;
- Specify the trading pair as ETH/USDС;
- Specify order type, for example, Market;
- Enter the amount of USDC you want to purchase with ETH;
- Click Sell ETH to sell ETH and buy USDC.
How to sell USD Coin
To sell USDC coins, you need to follow the same sequence of actions, with one difference: fill out the form on the left and click Buy ETH. As a result, USDC coins will be exchanged for ETH.
Where to store USDC
The choice of crypto storage depends on what you plan to do with the coins:
- If you trade actively, then hot wallet is what you need. It will provide quick access to funds by constantly maintaining connection to the network. But you need to take care of the security of assets: set up two-factor verification, save the recovery password from the wallet, etc.;
- If you do not plan to trade and actively use assets, then cold wallets are better for long-term storage. They are connect to the network only at the time of the transaction, thus this is a more reliable method of storage.
How to withdraw USD Coin to my wallet?
You can withdraw USDC from Binance to Trust Wallet, the official wallet of the exchange. For this:
- In your personal account on the exchange, open the tab Wallet → Fiat and Spot;
- Select Withdraw → Withdraw Crypto;
- Select cryptocurrency and transfer network;
- In the Address field, you will need to enter Trust Wallet wallet address;
- To get the address, go to the Trust Wallet and click Receive;
- Select USDC and its network from the list of supported currencies;
- Copy the address (or scan the QR-code);
- Insert it into Address field for withdrawal;
- Withdraw USDC from the exchange to Trust Wallet.